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Showing posts with label Gold. Show all posts
Showing posts with label Gold. Show all posts
Tuesday, November 17, 2015
Monday, October 26, 2015
Primero Mining Corp Continues to Grow Black Fox at Depth and Announces Wide Extension of the Froome Zone
SOURCE: Primero Mining Corp.
October 26, 2015 06:50 ET
TORONTO, ON--(Marketwired - October 26, 2015) - Primero Mining Corp. ("Primero" or the "Company") (TSX: P) (NYSE: PPP)
today announces further extensions to the Deep Central Zone at the
Company's Black Fox mine, located near Timmins, Ontario, Canada. Primero
additionally reports the expansion of the Froome zone, located
approximately 1 kilometre west of the open-pit at its Black Fox Complex.
Highlights:
Black Fox Continues to Grow at Depth
Today Primero announces additional drilling from the Black Fox mine, targeting the high-grade mineralization in the Deep Central Zone, located between the mine's 600 metre level and the 820 metre level. Two exploration holes have encountered the deeper extensions of this mineralized zone, returning long intercepts including 16.0 grams per tonne ("g/t") gold over 11.9 metres (520-EX482-76) and 15.4 g/t goldover 10.9 metres (520-EX482-64). Both intersections are located over 800 metres below surface.
Delineation drilling also targeting the Deep Central Zone continues to demonstrate wide intervals of high-grade mineralization. Specific highlights include 10.9 g/t gold over 10.5 metres (580-F392-38A), 8.7 g/t gold over 9.1 metres (580-F392-37) and 9.2 g/t goldover 8.4 metres (580-F392-41). The area remains open along strike and down dip and is expected to continue to expand with the results of additional exploration drilling.
Underground exploration drilling results are included in Table 1 with locations identified in Figure 1.
Table 1: Deep Central Zone - Highlighted Drilling Results
*All assays are capped at 30 g/t gold, average gold grades over core length widths.
Froome Zone Demonstrates Black Fox's Continued Prospectiveness
The Company's surface drilling program at Black Fox has also been successful in expanding the Froome zone discovery. The Froome zone, located approximately 1 kilometre west of the Black Fox open-pit, was initially encountered in late-2014 and intersected by the discovery hole 14BF-591 which targeted a strong Induced Polarization ("IP") chargeability anomaly. Results from this initial hole were reported in the Company's February 23, 2015 news release and highlighted a long intercept of continuous mineralization grading 1.7 g/t gold over 66.0 metres. The Froome zone became a priority for 2015 surface exploration, and to-date 39 holes have targeted this new mineralized area.
Highlighted recent drill results from the Froome zone include 5.1 g/t gold over 56.7 metres (15PR-G015) and 4.8 g/t gold over 52.4 metres (15PR-G007) both less than 200 metres below surface, and provide the Company with confidence that this area could continue to expand. The Froome zone continues to be a priority for surface exploration through the remainder of 2015 and 2016.
The Froome zone demonstrates considerable continuity of mineralization and extends laterally over 500 metres dipping 70 to 75 degrees and is located along the highly prospective Gibson-Kelore Fault Zone ("GKFZ"). The GKFZ has been interpreted to be a southeast trending 2nd order splay of the Destor Porcupine Fault Zone ("DPFZ"), which is the major fault structure controlling much of the gold mineralization in the Timmins Gold Camp. The GKFZ is projected to originate from the DPFZ a few kilometres west-northwest of the Black Fox deposit, trending southeast and gradually splitting near the Grey Fox 147 zone at the south boundary of the Black Fox Complex properties.
The GKFZ is an economically important regional structure hosting a series of significant gold deposits including the 147, Contact, Gibson, and Gibson South zones at Grey Fox. It also hosts the two Hislop open-pit deposits, and the Ross Gold Mine. These deposits are all hosted along a 4 to 5 kilometre stretch of this fault.
Additional drilling is still required to fully define the extension of the Froome zone, which is open to the east, west, and at depth. The zone has been traced to the bedrock surface, located 30 metres below the ground surface level. Primero expects to complete approximately 9,000 metres (30 holes) of additional drilling in 2015 at the Froome zone.
Highlighted exploration drilling results from the Froome zone are included in Table 2 with locations identified in Figure 2. The true depth of the Froome intercepts listed below is approximately 100 metres below surface.
Table 2: Froome Zone - Highlighted Surface Exploration Drilling Results
*All assays are capped at 100 g/t gold, average gold grades over core length widths.
**90 assay intervals (less than 1.0 metre each) are still pending for hole 15PR-G015.
Gibson South Zone Continues to Show Promise
Primero also announces recent drilling results from its Grey Fox project, located approximately 4 kilometres south-east of the Black Fox mine. The Grey Fox project currently includes two potential open-pits at the Contact and 147 zones, but the Grey Fox property also contains a number of other mineralized zones (Grey Fox South, Whisky Jack, Gibson, and Gibson South zones), all within close proximity to each other. These zones also have the potential to become additional sources of ore as part of the Black Fox Complex and are within trucking distance of the Black Fox mill facility.
Similar to the Froome zone, as described above, the Gibson South zone is also located along the GKFZ. The Gibson South zone is located approximately 300 metres southwest of the Contact Zone and south of the historic Gibson Decline, which was used in 1989 to extract an 8,000 tonne bulk sample with an average grade of 27.4 g/t.
Recent drilling at the Gibson South zone has returned results including 5.2 g/t gold over 34.0 metres (GF15-1043).
Highlights of Gibson South zone exploration drill results are included in Table 3 with locations identified in Figure 3.
Table 3: Gibson South Zone - Highlighted Surface Exploration Drilling Results
*All assays are capped at 100 g/t gold, average gold grades over core length widths.
The majority of 2015 drilling has been focused on infilling the Contact zone. This drilling continues to confirm the continuity mineralization within that zone. The two main Grey Fox area deposits, Contact zone and 147 zone have now been drilled off at 15 metre centres.
Highlights of Contact zone infill drill results are included in Table 4 with locations identified in Figure 3.
Table 4: Contact Zone - Highlighted Surface Exploration Drilling Results
*All assays are capped at 100 g/t gold, average gold grades over core length widths.
Black Fox Complex drilling was conducted by Norex Drilling supervised by Primero's exploration team. Mr. Gabriel Voicu, P. Geo., Vice President Geology and Exploration, reviewed the technical exploration information in this news release as the Qualified Person ("QP") for the Company for the purposes of National Instrument 43-101 ("NI 43-101"). All samples are 1/2 core and analyses reported herein were performed by the independent laboratories Polymet Labs of Cobalt, Ontario, which is ISO 9001:2000 certified in North America using standard fire assay procedures, AGAT Laboratories of Mississauga, Ontario, which is ISO 9001/IEC17025 certified, Accurassay Laboratories, which is ISO/IEC 17025 certified, ALS Laboratories, which is ISO 9001/IEC17025 certified, SGS Canada Laboratories, which is ISO9001/IEC17025 certified, using fire assay with ICP-OES finish or using gravimetric finish for values generally over 10 g/t gold, or Swastika Laboratories, which is ISO 17025 certified. Intercepts cited do not necessarily represent true widths, however drilling is generally intersecting interpreted mineralized zones at a high angle. Primero's quality control program includes systematic insertion of blanks, standard reference material and duplicates to ensure laboratory accuracy. Generally, in a block of twenty samples one will be a duplicate, one will be a standard and one will be a blank.
About Primero
Primero Mining Corp. is a Canadian-based precious metals producer that owns 100% of the San Dimas gold-silver mine and the Cerro del Gallo gold-silver-copper development project in Mexico and 100% of the Black Fox mine and adjoining properties in the Township of Black River‐Matheson near Timmins, Ontario, Canada. Primero offers immediate exposure to un-hedged, below average cash cost gold production with a substantial resource base in politically stable jurisdictions. The Company is focused on becoming a leading intermediate gold producer by building a portfolio of high quality, low cost precious metals assets in the Americas.
Primero's website is www.primeromining.com.
TECHNICAL INFORMATION AND QUALIFIED PERSON NOTES
The scientific and technical information regarding exploration results contained herein is based on information prepared by or under the supervision of Mr. Gabriel Voicu P.Geo., Vice President, Geology and Exploration, of Primero and a QP for the purposes of National Instrument 43-101 ("NI 43-101"). Mr. Voicu has reviewed and approved the contents of this news release.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This news release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, concerning the business and operations of Primero Mining Corp. and its consolidated subsidiaries (collectively, "Primero" or the "Company"). All statements, other than statements of historical fact, are forward-looking statements. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "in order to", "is focused on" (a future event), "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", or the negative connotation thereof. Forward-looking information is also identifiable in statements of currently occurring matters which will continue in future or other statements that may be stated in the present tense and are not historical facts.
Forward-looking statements include, but are not limited to, statements regarding the Company's estimation of mineral reserves and resources and the realization of mineral reserve estimates (including all assumptions), the ability to identify new resources and convert resources into reserves and resources, the ability to access or find ore below the current mining level, the timing, nature and success of exploration activities, the ability to replace its estimated 2015 full-year production, and intentions to becoming an intermediate gold producer. The assumptions made by the Company in preparing the forward-looking information contained in this news release, which may prove to be incorrect, include, but are not limited to: the expectations and beliefs of management; the specific assumptions set forth above in this news release; that there are no significant disruptions affecting operations; that the Company does not change its development and exploration plans; that prices for gold and silver remain consistent with the Company's expectations; that the Company identifies new mineralization and extensions of existing mineralization, that the Company's current estimates of mineral reserves, mineral resources, mineral grades and mineral recovery are accurate, the discovery of additional ounces close to infrastructure and that mine development progresses as planned.
Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, performance or achievements of Primero to be materially different from those expressed or implied by such forward-looking statements, including: the ability to achieve planned production levels; the ability to fund exploration and development expenditures and for the expenditures to discover mineralization in minable quantities; possible variations in ore reserves, grade or recovery rates, mine development and operating risks; that there are no significant disruptions affecting operations, whether due to labour disruptions, supply disruptions, damage to or loss of equipment, whether as a result of natural occurrences including flooding, political changes, title issues, intervention by local landowners, loss of permits, or environmental concerns or otherwise; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, exploration and development plans; mining risks, including unexpected formations and cave-ins, which delay operations or prevent extraction of material; risks associated with foreign operations; governmental and environmental regulation; landowner dissatisfaction and disputes; damage to equipment; and the ability to build a portfolio of precious metals assets in the Americas. Certain of these factors are discussed in greater detail in Primero's registration statement on Form 40-F on file with the U.S. Securities and Exchange Commission, and its most recent Annual Information Form on file with the Canadian provincial securities regulatory authorities and available at www.sedar.com. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. In addition, although Primero has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Forward-looking statements are made as of the date hereof and accordingly are subject to change after such date. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Primero does not undertake to update any forward-looking statements that are included in this document, except in accordance with applicable securities laws.
Image Available: http://www.marketwire.com/library/MwGo/2015/10/26/11G068958/Images/BF_Highlight_Holes_FINAL-1188292015719.jpg
Image Available: http://www.marketwire.com/library/MwGo/2015/10/26/11G068958/Images/Froome_Map_October_19th,_2015-881063557483.jpg
Image Available: http://www.marketwire.com/library/MwGo/2015/10/26/11G068958/Images/GF_Map_October_19th,_2015-70484734502.jpg
Attachment Available: http://www.marketwire.com/library/MwGo/2015/10/26/11G068958/PR20-15_BF_Exploration_Release_Final-1298314484896.pdf
Highlights:
- Black Fox Continues to Grow at Depth: Wide intercepts demonstrate the continuation of high-grade mineralization at depth and include highlights of 16.0 grams per tonne ("g/t") gold over 11.9 metres (520-EX482-76) and 15.4 g/t gold over 10.9 metres (520-EX482-64) located over 800 metres below surface.
- Delineation Drilling Continues to Grow the High-Grade Deep Central Zone: Results from the Deep Central Zone including 10.9 g/t gold over 10.5 metres (580-F392-38A), 8.7 g/t gold over 9.1 metres (580-F392-37) and 9.2 g/t gold over 8.4 metres (580-F392-41) have given Primero increased confidence in the wide, high-grade mineralization characteristics of this zone.
- New Gold Zone Materializing at Black Fox:
Recent drilling from the Froome zone, located 1 kilometre west of the
Black Fox open-pit, include long mineralized intercepts of 5.1 g/t gold over 56.7 metres (15PR-G015),4.8 g/t gold over 52.4 metres (15PR-G007) and 5.1 g/t gold over30.9 metres (15PR-G013), demonstrating considerable continuity over long mineralized intervals.
- Gibson South Zone Shows Promise: Highlights include 5.2 g/t gold over 34.0 metres (GF15-1043), and 6.4 g/t gold over 7.0 metres (GF15-1045) at the Gibson South deposit, located 300 metres to the southwest of the Grey Fox Contact zone.
Black Fox Continues to Grow at Depth
Today Primero announces additional drilling from the Black Fox mine, targeting the high-grade mineralization in the Deep Central Zone, located between the mine's 600 metre level and the 820 metre level. Two exploration holes have encountered the deeper extensions of this mineralized zone, returning long intercepts including 16.0 grams per tonne ("g/t") gold over 11.9 metres (520-EX482-76) and 15.4 g/t goldover 10.9 metres (520-EX482-64). Both intersections are located over 800 metres below surface.
Delineation drilling also targeting the Deep Central Zone continues to demonstrate wide intervals of high-grade mineralization. Specific highlights include 10.9 g/t gold over 10.5 metres (580-F392-38A), 8.7 g/t gold over 9.1 metres (580-F392-37) and 9.2 g/t goldover 8.4 metres (580-F392-41). The area remains open along strike and down dip and is expected to continue to expand with the results of additional exploration drilling.
Underground exploration drilling results are included in Table 1 with locations identified in Figure 1.
Table 1: Deep Central Zone - Highlighted Drilling Results
| Hole | From (m) |
To (m) |
Core Length (m) |
Gold Grade (g/t) |
|||||
| 520-EX482-64 | 361.4 | 372.3 | 10.9 | 15.4 | |||||
| 520-EX482-76 | 366.4 | 378.3 | 11.9 | 16.0 | |||||
| 520-L401-63A | 334.0 | 339.5 | 5.5 | 7.6 | |||||
| and | 341.0 | 343.1 | 2.1 | 15.0 | |||||
| 520-L401-67 | 337.0 | 345.5 | 8.5 | 7.6 | |||||
| 580-F392-37 | 145.2 | 154.3 | 9.1 | 8.7 | |||||
| 580-F392-38A | 114.6 | 117.8 | 3.2 | 8.7 | |||||
| and | 129.7 | 140.1 | 10.5 | 10.9 | |||||
| 580-F392-39A | 129.6 | 132.5 | 2.9 | 11.2 | |||||
| and | 137.3 | 140.6 | 3.3 | 6.8 | |||||
| and | 148.8 | 155.2 | 6.4 | 5.3 | |||||
| 580-F392-40 | 151.9 | 153.7 | 1.8 | 18.3 | |||||
| 580-F392-41 | 152.0 | 160.4 | 8.4 | 9.2 | |||||
| 580-F392-46 | 104.0 | 106.5 | 2.5 | 14.0 | |||||
| and | 119.0 | 122.6 | 3.6 | 4.8 | |||||
Froome Zone Demonstrates Black Fox's Continued Prospectiveness
The Company's surface drilling program at Black Fox has also been successful in expanding the Froome zone discovery. The Froome zone, located approximately 1 kilometre west of the Black Fox open-pit, was initially encountered in late-2014 and intersected by the discovery hole 14BF-591 which targeted a strong Induced Polarization ("IP") chargeability anomaly. Results from this initial hole were reported in the Company's February 23, 2015 news release and highlighted a long intercept of continuous mineralization grading 1.7 g/t gold over 66.0 metres. The Froome zone became a priority for 2015 surface exploration, and to-date 39 holes have targeted this new mineralized area.
Highlighted recent drill results from the Froome zone include 5.1 g/t gold over 56.7 metres (15PR-G015) and 4.8 g/t gold over 52.4 metres (15PR-G007) both less than 200 metres below surface, and provide the Company with confidence that this area could continue to expand. The Froome zone continues to be a priority for surface exploration through the remainder of 2015 and 2016.
The Froome zone demonstrates considerable continuity of mineralization and extends laterally over 500 metres dipping 70 to 75 degrees and is located along the highly prospective Gibson-Kelore Fault Zone ("GKFZ"). The GKFZ has been interpreted to be a southeast trending 2nd order splay of the Destor Porcupine Fault Zone ("DPFZ"), which is the major fault structure controlling much of the gold mineralization in the Timmins Gold Camp. The GKFZ is projected to originate from the DPFZ a few kilometres west-northwest of the Black Fox deposit, trending southeast and gradually splitting near the Grey Fox 147 zone at the south boundary of the Black Fox Complex properties.
The GKFZ is an economically important regional structure hosting a series of significant gold deposits including the 147, Contact, Gibson, and Gibson South zones at Grey Fox. It also hosts the two Hislop open-pit deposits, and the Ross Gold Mine. These deposits are all hosted along a 4 to 5 kilometre stretch of this fault.
Additional drilling is still required to fully define the extension of the Froome zone, which is open to the east, west, and at depth. The zone has been traced to the bedrock surface, located 30 metres below the ground surface level. Primero expects to complete approximately 9,000 metres (30 holes) of additional drilling in 2015 at the Froome zone.
Highlighted exploration drilling results from the Froome zone are included in Table 2 with locations identified in Figure 2. The true depth of the Froome intercepts listed below is approximately 100 metres below surface.
Table 2: Froome Zone - Highlighted Surface Exploration Drilling Results
| Hole | From (m) |
To (m) |
Core Length (m) |
Gold Grade (g/t) |
|||||
| 14BF-591 (previously reported) | 219.0 | 285.0 | 66.0 | 1.7 | |||||
| 15PR-G007 | 191.6 | 244.0 | 52.4 | 4.8 | |||||
| 15PR-G010 | 349.0 | 352.0 | 3.0 | 4.5 | |||||
| 15PR-G012 | 280.0 | 306.3 | 26.3 | 2.9 | |||||
| 15PR-G013 | 176.9 | 207.8 | 30.9 | 5.1 | |||||
| And | 213.0 | 225.5 | 12.5 | 2.5 | |||||
| And | 275.0 | 277.5 | 2.5 | 6.2 | |||||
| 15PR-G014 | 214.7 | 258.5 | 43.8 | 4.9 | |||||
| Including | 231.8 | 240.1 | 8.4 | 10.1 | |||||
| 15PR-G015** | 160.9 | 217.6 | 56.7 | 5.1 | |||||
| 15PR-G042A | 124.3 | 162.5 | 38.3 | 4.5 | |||||
**90 assay intervals (less than 1.0 metre each) are still pending for hole 15PR-G015.
Gibson South Zone Continues to Show Promise
Primero also announces recent drilling results from its Grey Fox project, located approximately 4 kilometres south-east of the Black Fox mine. The Grey Fox project currently includes two potential open-pits at the Contact and 147 zones, but the Grey Fox property also contains a number of other mineralized zones (Grey Fox South, Whisky Jack, Gibson, and Gibson South zones), all within close proximity to each other. These zones also have the potential to become additional sources of ore as part of the Black Fox Complex and are within trucking distance of the Black Fox mill facility.
Similar to the Froome zone, as described above, the Gibson South zone is also located along the GKFZ. The Gibson South zone is located approximately 300 metres southwest of the Contact Zone and south of the historic Gibson Decline, which was used in 1989 to extract an 8,000 tonne bulk sample with an average grade of 27.4 g/t.
Recent drilling at the Gibson South zone has returned results including 5.2 g/t gold over 34.0 metres (GF15-1043).
Highlights of Gibson South zone exploration drill results are included in Table 3 with locations identified in Figure 3.
Table 3: Gibson South Zone - Highlighted Surface Exploration Drilling Results
| Hole | From (m) |
To (m) |
Core Length (m) |
Gold Grade (g/t) |
||||
| GF15-1016 | 317.0 | 324.0 | 7.0 | 5.0 | ||||
| GF15-1043 | 305.0 | 339.0 | 34.0 | 5.2 | ||||
| GF15-1045 | 370.0 | 377.0 | 7.0 | 6.4 | ||||
The majority of 2015 drilling has been focused on infilling the Contact zone. This drilling continues to confirm the continuity mineralization within that zone. The two main Grey Fox area deposits, Contact zone and 147 zone have now been drilled off at 15 metre centres.
Highlights of Contact zone infill drill results are included in Table 4 with locations identified in Figure 3.
Table 4: Contact Zone - Highlighted Surface Exploration Drilling Results
| Hole | From (m) |
To (m) |
Core Length (m) |
Gold Grade (g/t) |
||||
| GF15-1013 | 24.00 | 37.00 | 13.0 | 4.1 | ||||
| GF15-1024 | 59.00 | 83.00 | 24.0 | 3.0 | ||||
| GF15-1027 | 82.00 | 85.60 | 3.6 | 8.8 | ||||
| GF15-1031 | 116.00 | 125.00 | 9.0 | 5.8 | ||||
| GF15-1034 | 127.65 | 150.00 | 22.4 | 6.3 | ||||
Black Fox Complex drilling was conducted by Norex Drilling supervised by Primero's exploration team. Mr. Gabriel Voicu, P. Geo., Vice President Geology and Exploration, reviewed the technical exploration information in this news release as the Qualified Person ("QP") for the Company for the purposes of National Instrument 43-101 ("NI 43-101"). All samples are 1/2 core and analyses reported herein were performed by the independent laboratories Polymet Labs of Cobalt, Ontario, which is ISO 9001:2000 certified in North America using standard fire assay procedures, AGAT Laboratories of Mississauga, Ontario, which is ISO 9001/IEC17025 certified, Accurassay Laboratories, which is ISO/IEC 17025 certified, ALS Laboratories, which is ISO 9001/IEC17025 certified, SGS Canada Laboratories, which is ISO9001/IEC17025 certified, using fire assay with ICP-OES finish or using gravimetric finish for values generally over 10 g/t gold, or Swastika Laboratories, which is ISO 17025 certified. Intercepts cited do not necessarily represent true widths, however drilling is generally intersecting interpreted mineralized zones at a high angle. Primero's quality control program includes systematic insertion of blanks, standard reference material and duplicates to ensure laboratory accuracy. Generally, in a block of twenty samples one will be a duplicate, one will be a standard and one will be a blank.
About Primero
Primero Mining Corp. is a Canadian-based precious metals producer that owns 100% of the San Dimas gold-silver mine and the Cerro del Gallo gold-silver-copper development project in Mexico and 100% of the Black Fox mine and adjoining properties in the Township of Black River‐Matheson near Timmins, Ontario, Canada. Primero offers immediate exposure to un-hedged, below average cash cost gold production with a substantial resource base in politically stable jurisdictions. The Company is focused on becoming a leading intermediate gold producer by building a portfolio of high quality, low cost precious metals assets in the Americas.
Primero's website is www.primeromining.com.
TECHNICAL INFORMATION AND QUALIFIED PERSON NOTES
The scientific and technical information regarding exploration results contained herein is based on information prepared by or under the supervision of Mr. Gabriel Voicu P.Geo., Vice President, Geology and Exploration, of Primero and a QP for the purposes of National Instrument 43-101 ("NI 43-101"). Mr. Voicu has reviewed and approved the contents of this news release.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This news release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, concerning the business and operations of Primero Mining Corp. and its consolidated subsidiaries (collectively, "Primero" or the "Company"). All statements, other than statements of historical fact, are forward-looking statements. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "in order to", "is focused on" (a future event), "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", or the negative connotation thereof. Forward-looking information is also identifiable in statements of currently occurring matters which will continue in future or other statements that may be stated in the present tense and are not historical facts.
Forward-looking statements include, but are not limited to, statements regarding the Company's estimation of mineral reserves and resources and the realization of mineral reserve estimates (including all assumptions), the ability to identify new resources and convert resources into reserves and resources, the ability to access or find ore below the current mining level, the timing, nature and success of exploration activities, the ability to replace its estimated 2015 full-year production, and intentions to becoming an intermediate gold producer. The assumptions made by the Company in preparing the forward-looking information contained in this news release, which may prove to be incorrect, include, but are not limited to: the expectations and beliefs of management; the specific assumptions set forth above in this news release; that there are no significant disruptions affecting operations; that the Company does not change its development and exploration plans; that prices for gold and silver remain consistent with the Company's expectations; that the Company identifies new mineralization and extensions of existing mineralization, that the Company's current estimates of mineral reserves, mineral resources, mineral grades and mineral recovery are accurate, the discovery of additional ounces close to infrastructure and that mine development progresses as planned.
Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, performance or achievements of Primero to be materially different from those expressed or implied by such forward-looking statements, including: the ability to achieve planned production levels; the ability to fund exploration and development expenditures and for the expenditures to discover mineralization in minable quantities; possible variations in ore reserves, grade or recovery rates, mine development and operating risks; that there are no significant disruptions affecting operations, whether due to labour disruptions, supply disruptions, damage to or loss of equipment, whether as a result of natural occurrences including flooding, political changes, title issues, intervention by local landowners, loss of permits, or environmental concerns or otherwise; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, exploration and development plans; mining risks, including unexpected formations and cave-ins, which delay operations or prevent extraction of material; risks associated with foreign operations; governmental and environmental regulation; landowner dissatisfaction and disputes; damage to equipment; and the ability to build a portfolio of precious metals assets in the Americas. Certain of these factors are discussed in greater detail in Primero's registration statement on Form 40-F on file with the U.S. Securities and Exchange Commission, and its most recent Annual Information Form on file with the Canadian provincial securities regulatory authorities and available at www.sedar.com. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. In addition, although Primero has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Forward-looking statements are made as of the date hereof and accordingly are subject to change after such date. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Primero does not undertake to update any forward-looking statements that are included in this document, except in accordance with applicable securities laws.
Image Available: http://www.marketwire.com/library/MwGo/2015/10/26/11G068958/Images/BF_Highlight_Holes_FINAL-1188292015719.jpg
Image Available: http://www.marketwire.com/library/MwGo/2015/10/26/11G068958/Images/Froome_Map_October_19th,_2015-881063557483.jpg
Image Available: http://www.marketwire.com/library/MwGo/2015/10/26/11G068958/Images/GF_Map_October_19th,_2015-70484734502.jpg
Attachment Available: http://www.marketwire.com/library/MwGo/2015/10/26/11G068958/PR20-15_BF_Exploration_Release_Final-1298314484896.pdf
Contact Information
For further information, please contact:
Evan Young
Manager, Investor Relations
Tel: (416) 814-2694
eyoung@primeromining.com
Evan Young
Manager, Investor Relations
Tel: (416) 814-2694
eyoung@primeromining.com
Monday, January 5, 2015
Lomiko Plans to Spin Out two new Technology Plays
Lomiko Metals Inc. TSX VENTURE : LMR
OTCQX : LMRMF
FRANKFURT : DH8B
January 05, 2015 09:00 ET
Lomiko Plans to Spin Out two new Technology Plays, Establish a Graphite Resource and Drill Deep Gold Targets at Vines Lake in 2015
VANCOUVER, BRITISH COLUMBIA and NEW YORK, NEW YORK--(Marketwired - Jan. 5, 2015) -
Lomiko Metals Inc. ("Lomiko") (TSX
VENTURE:LMR)(OTCQX:LMRMF)(FRANKFURT:DH8B) has made significant strides
forward on several fronts in 2014. The strategic plan to create new
ventures in the technology sector has been very successful.
"Lomiko's work in 2014 has set the stage for the accelerated creation of value in 2015, stated A. Paul Gill, CEO "This news release outlines our direction and goals in 2015 for shareholders, analysts, the media and new venture investors looking for a company that is moving forward despite difficult market conditions."
2014 Technology Highlights
Management is confident the work done on both technology and exploration puts Lomiko in an excellent position to capitalize on the coming graphene revolution.
At the same time, we believe that by concentrating on finding high grade, near surface, graphite deposits, we will position Lomiko to be a low cost graphite producer when the time comes to mine graphite.
For more information on Lomiko Metals, review the website at www.lomiko.com.
A. Paul Gill, Chief Executive Officer
We seek safe harbor. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
"Lomiko's work in 2014 has set the stage for the accelerated creation of value in 2015, stated A. Paul Gill, CEO "This news release outlines our direction and goals in 2015 for shareholders, analysts, the media and new venture investors looking for a company that is moving forward despite difficult market conditions."
2014 Technology Highlights
- In August, Lomiko participated in the Graphene 3D Lab IPO. A $ 350,000 investment in the private 3D printing company eventually became the TSX listed Graphene 3D Lab which currently has a $ 44 Million market cap. This transaction provided proof of concept for our vision to create new technology ventures. It also provided Lomiko with over 4 Million shares in Graphene 3D Lab, which have traded as high as $2.50. (link)
- Lomiko has also transferred our graphene super capacitor investment into 40% ownership of a US corporation, Graphene Energy Storage Devices (Graphene ESD), in anticipation of a similiar transaction in 2015 (link)
- Through our 100% owned subsidiary, Lomiko Technologies Inc., we have licensed the rights to manufacture and sell three power converter system designs and have acquired a pending supply contract for an existing customer from Megahertz Power Systems Ltd. (link)
- Lomiko continued to explore our wholly owned Quatre Miles graphite property in the Province of Quebec. In July, 2014, we announced the discovery of 23 new high priority magnetic anomalies on this property. (link)
- In September, Lomiko announced the acquisition of a 40% interest in Canada Strategic Minerals' La Loutre Crystalline Flake Graphite Property in Quebec. (link) The La Loutre property has since then been drilled and has produced very encouraging results. (link and link) We are particularly encouraged by the high grades and near surface locations of this graphite discovery.
- Lomiko was pleased to close financings for gross proceeds of $5,520,800 in March of 2014. (link)
- Lomiko was approved for trading on the OTCQX Exchange in the USA in April, 2014 allowing new American investors there to participate in the growth and development of the Company.
- Lomiko was also pleased to announce that a Shareholders Rights Plan came into effect at our October Annual General Meeting. (link) In the current market, technological innovation can create tremendous value literally overnight and our Shareholders' Rights Plan will ensure that our shareholders are treated fairly when such value is created.
- Lomiko has arranged for a Market-maker to provide liquidity to the market and a better trading experience for investors.
- Recently filed financial information for Q1 2015 (link) indicates Lomiko has $ 4.04 Million of cash and cash equivalents, $ 7.7 Million in un-realized equity (Graphene 3D Lab shares) and $ 1.7 Million in exploration assets.
Management is confident the work done on both technology and exploration puts Lomiko in an excellent position to capitalize on the coming graphene revolution.
- Lomiko Technologies goal is to create revenue from its licensing deals and e-commerce site and launch Lomiko Technologies as a new public company.
- Graphene 3D Lab is making significant progress in developing their business plan for revenue and profitability. Lomiko will continue to meet any graphite needs that arise from demand created.
- Graphene ESD will continue its development of energy storage devices and launch as a new public company in 2015.
- Lomiko Metals will focus on creating a resource estimate and PEA for the La Loutre Graphite Property located near the Imerys Graphite and Carbon Mine in Quebec.
- Lomiko will also drill deep gold targets at the 100%-owned Vines Lakes Project in Cassiar, B.C. which is adjacent to the historic Table Mountain Mine (link). The Magnetic Anomaly Map is available here (link).
- Lomiko will launch an extensive advertising and brand awareness campaign designed to focus attention on our new products.
At the same time, we believe that by concentrating on finding high grade, near surface, graphite deposits, we will position Lomiko to be a low cost graphite producer when the time comes to mine graphite.
For more information on Lomiko Metals, review the website at www.lomiko.com.
A. Paul Gill, Chief Executive Officer
We seek safe harbor. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information
Lomiko Metals Inc.
A. Paul Gill
604-729-5312
info@lomiko.com
www.lomiko.com
Wednesday, June 11, 2014
Besides owning a 3% Royalty on the Barrick Gold "Spring Valley" property, Terraco now sits between two active majors
Terraco Gold Corp. TSX VENTURE : TEN
Terraco Gold Humboldt Range Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 10, 2014) - Terraco Gold Corp. ("Terraco" or the "Company") (TSX VENTURE:TEN) is pleased to announce a Humboldt Range update including activity on its Spring Valley Assets.
Terraco Humboldt Range Background
Terraco holds net smelter return ("NSR") royalty assets of up to 3% on claims covering the vast majority of the currently outlined Spring Valley gold deposit. The Spring Valley gold project is operated by Barrick Gold Corp. ("Barrick") and is a joint venture with Midway Gold Corp. ("Midway") whereby Barrick is the 70% partner. Terraco's royalty assets include direct NSR ownership, options to purchase NSR royalties and a right of first refusal to purchase a 1.0% NSR on an area of interest within a half-mile of the core claim block. Terraco's holds its Spring Valley royalty assets and its northerly adjoining 35 km2 Moonlight exploration project land holdings within one Nevada domiciled subsidiary (collectively, the "Spring Valley Assets").
Spring Valley Activity - Barrick
Activity on the Spring Valley gold project is continuing aggressively with Barrick advancing the project to a pre-feasibility stage and confirming production potential for the project (see Barrick's April 30, 2014 announcement Barrick Reports First Quarter 2014 Results(1) and Midway's May 16, 2014 announcement, Midway Reports Barrick Advances to Pre-Feasibility Spring Valley Gold Project, Nevada(2)). In addition, Midway announced that it had received Barrick's 2014 budget regarding the Spring Valley gold project and that it included USD$8,300,000 for project development and USD$5,000,000 for exploration work. The total budget of USD$13,300,000 announced was to advance the project (see Midway's announcement May 16, 2014, Midway Announces Barrick's $13.3 Million Planned 2014 Expenditures for Spring Valley, Nevada(2)).
Southern Humboldt Range New Entrant - Sumitomo
Regional Southern Humboldt Range activity, in addition to the above noted Spring Valley developments, includes a new entrant along trend adjoining Terraco's Moonlight Project to the North. Renaissance Gold Inc. ("Renaissance") has signed an exploration agreement with Sumitomo Corporation's U.S. subsidiary, Summit Mining Exploration II, Inc., to earn up to a 70% interest in the Fourth of July project that is along strike (to the north) from the Rochester Mine, Barrick's Spring Valley and Terraco's Moonlight Project. Terraco's Moonlight Project now sits between two major mining companies in Barrick and Sumitomo.
"With the completion of Barrick's USD$38,000,000 earn-in on the Spring Valley gold project (in February 2014) and the subsequent announcements made by Midway that Barrick has moved to prefeasibility and is spending USD$13,300,000 in 2014 on the project, we are feeling confident that the Spring Valley gold project will become the mine we had hoped for when we acquired our Spring Valley royalty assets. In addition, there is more activity district wide in the Southern Humboldt trend with other majors like Sumitomo coming into the mix," said President and CEO Todd Hilditch.
For a description of Terraco's Spring Valley Assets, including a narrated video presentation and a royalty map of Spring Valley deposit, please follow the below link to our website, further to the Spring Valley Asset Presentation (bottom right of Home Page): www.terracogold.com.
More information on the Spring Valley project can be accessed through Sedar (further to Midway Gold) or Midway's website.
Shareholder Notice
Shareholders and investors that currently receive news releases or corporate updates from Terraco will be receiving a direct email within a week whereby your consent to receive future Company news releases and updates will be required. In keeping up with Canada's new anti-spam law, which comes into effect on July 1, 2014, Terraco is required to request and receive your consent prior to sending news releases and corporate updates. Your action to our email request is required on or before July 1, 2014.
Corporate
The Company also announces the grant of an aggregate total of 5,051,000 incentive stock options to directors, officers, employees and consultants of Terraco pursuant to its Stock Option Plan with certain vesting provisions. These options will be exercisable at a price of CAN$0.16 per share and will expire on June 9, 2019. The grant of the incentive stock options is subject to regulatory approval.
About Terraco Gold
Terraco is a junior mining company with a gold project portfolio that includes a gold royalty and royalty options on the Spring Valley Project (Nevada), which is a joint venture among the world's largest gold producer, Barrick Gold Corp., and Midway Gold Corp. Terraco also controls over 35 sq kms of early-stage exploration potential (the Moonlight Project) adjoining the Spring Valley Project joint venture to the north. In addition, Terraco has an advanced-stage gold project in Idaho which hosts a National Instrument 43-101 compliant gold resource.
Terraco is listed on the TSX Venture Exchange under the symbol "TEN". Please visit Terraco's website at www.terracogold.com for additional information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward looking statements. Although Terraco believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Terraco can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Additional information on these and other factors that could affect Terraco's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com)
(1) www.barrick.com/investors/news/news-details/2014/Barrick-Reports-First-Quarter-2014-Results/default.aspx
(2) www.midwaygold.com/news/2014/
Terraco Humboldt Range Background
Terraco holds net smelter return ("NSR") royalty assets of up to 3% on claims covering the vast majority of the currently outlined Spring Valley gold deposit. The Spring Valley gold project is operated by Barrick Gold Corp. ("Barrick") and is a joint venture with Midway Gold Corp. ("Midway") whereby Barrick is the 70% partner. Terraco's royalty assets include direct NSR ownership, options to purchase NSR royalties and a right of first refusal to purchase a 1.0% NSR on an area of interest within a half-mile of the core claim block. Terraco's holds its Spring Valley royalty assets and its northerly adjoining 35 km2 Moonlight exploration project land holdings within one Nevada domiciled subsidiary (collectively, the "Spring Valley Assets").
Spring Valley Activity - Barrick
Activity on the Spring Valley gold project is continuing aggressively with Barrick advancing the project to a pre-feasibility stage and confirming production potential for the project (see Barrick's April 30, 2014 announcement Barrick Reports First Quarter 2014 Results(1) and Midway's May 16, 2014 announcement, Midway Reports Barrick Advances to Pre-Feasibility Spring Valley Gold Project, Nevada(2)). In addition, Midway announced that it had received Barrick's 2014 budget regarding the Spring Valley gold project and that it included USD$8,300,000 for project development and USD$5,000,000 for exploration work. The total budget of USD$13,300,000 announced was to advance the project (see Midway's announcement May 16, 2014, Midway Announces Barrick's $13.3 Million Planned 2014 Expenditures for Spring Valley, Nevada(2)).
Southern Humboldt Range New Entrant - Sumitomo
Regional Southern Humboldt Range activity, in addition to the above noted Spring Valley developments, includes a new entrant along trend adjoining Terraco's Moonlight Project to the North. Renaissance Gold Inc. ("Renaissance") has signed an exploration agreement with Sumitomo Corporation's U.S. subsidiary, Summit Mining Exploration II, Inc., to earn up to a 70% interest in the Fourth of July project that is along strike (to the north) from the Rochester Mine, Barrick's Spring Valley and Terraco's Moonlight Project. Terraco's Moonlight Project now sits between two major mining companies in Barrick and Sumitomo.
"With the completion of Barrick's USD$38,000,000 earn-in on the Spring Valley gold project (in February 2014) and the subsequent announcements made by Midway that Barrick has moved to prefeasibility and is spending USD$13,300,000 in 2014 on the project, we are feeling confident that the Spring Valley gold project will become the mine we had hoped for when we acquired our Spring Valley royalty assets. In addition, there is more activity district wide in the Southern Humboldt trend with other majors like Sumitomo coming into the mix," said President and CEO Todd Hilditch.
For a description of Terraco's Spring Valley Assets, including a narrated video presentation and a royalty map of Spring Valley deposit, please follow the below link to our website, further to the Spring Valley Asset Presentation (bottom right of Home Page): www.terracogold.com.
More information on the Spring Valley project can be accessed through Sedar (further to Midway Gold) or Midway's website.
Shareholder Notice
Shareholders and investors that currently receive news releases or corporate updates from Terraco will be receiving a direct email within a week whereby your consent to receive future Company news releases and updates will be required. In keeping up with Canada's new anti-spam law, which comes into effect on July 1, 2014, Terraco is required to request and receive your consent prior to sending news releases and corporate updates. Your action to our email request is required on or before July 1, 2014.
Corporate
The Company also announces the grant of an aggregate total of 5,051,000 incentive stock options to directors, officers, employees and consultants of Terraco pursuant to its Stock Option Plan with certain vesting provisions. These options will be exercisable at a price of CAN$0.16 per share and will expire on June 9, 2019. The grant of the incentive stock options is subject to regulatory approval.
About Terraco Gold
Terraco is a junior mining company with a gold project portfolio that includes a gold royalty and royalty options on the Spring Valley Project (Nevada), which is a joint venture among the world's largest gold producer, Barrick Gold Corp., and Midway Gold Corp. Terraco also controls over 35 sq kms of early-stage exploration potential (the Moonlight Project) adjoining the Spring Valley Project joint venture to the north. In addition, Terraco has an advanced-stage gold project in Idaho which hosts a National Instrument 43-101 compliant gold resource.
Terraco is listed on the TSX Venture Exchange under the symbol "TEN". Please visit Terraco's website at www.terracogold.com for additional information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward looking statements. Although Terraco believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Terraco can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Additional information on these and other factors that could affect Terraco's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com)
(1) www.barrick.com/investors/news/news-details/2014/Barrick-Reports-First-Quarter-2014-Results/default.aspx
(2) www.midwaygold.com/news/2014/
Contact Information
Terraco Gold Corp.
Todd Hilditch
President and CEO
(604) 443-3831 or Toll free: 1 877 792-6688 Ext 2
(604) 682-3860 (FAX)
www.terracogold.com
Friday, June 6, 2014
Gold discovery at Prospect Valley BC spurs field work
Berkwood Announces 2014 Prospect Valley Gold Property
Field Program Plans
Field Program Plans
Berkwood Resources Ltd. (TSX-V: BKR) (the “Company” or “Berkwood”) is pleased to announce plans for summer fieldwork on the Prospect Valley Gold Property near Merritt, British Columbia, Canada.
In 2013 geochemical sampling work on the property confirmed the continuity of the main soil anomaly and extended its length to 5000 metres indicating the large extent of the mineralizing system. See the updated geochemistry map below or click here. To date, several areas of gold mineralization have been identified on the 10,871 Ha Prospect Valley Gold Property. The majority of historic drilling has taken place in the centre of the claim block, along the Discovery Trend. This drilling has outlined an extensive low grade epithermal gold system with indications of potential for additional and higher grade mineralization. The system remains open for expansion and other known zones of gold mineralization have yet to be drilled (see Berkwood news release dated January 25, 2012 for details).
The focus of this year’s work will be in preparation for a drill program to test potentially higher grade gold mineralization within the core of the Discovery Trend epithermal system. Although subject to financing, current market conditions have reduced drill contract rates and as such Berkwood feels this drilling can be carried out in a low cost, effective manner. Berkwood field crews will be visiting the property in the coming days to assess the condition of access roads, field equipment, company vehicles and the field base camp.
Brian Buchanan, CEO and Director of the Company states: "We are pleased to be in a position to conduct fieldwork at Prospect Valley. This is an important project in regards to Berkwood’s growth and Management is very optimistic about what this year’s work program could provide, given the large extent of the gold system defined to date.”
George Gorzynski, P.Eng., a Director of Berkwood and a Qualified Person under the definition of Canadian National Instrument 43-101, approved the technical information in this new release and is monitoring the field programs.
About Berkwood Resources:
Berkwood also holds a 100% interest in the Lac Guéret East Graphite Property, located in northeastern Quebec. The 3,837 Ha Lac Guéret East Graphite Property consists of 71 claims and is adjacent to the eastern boundary of Mason Graphite’s advanced Lac Guéret Project.
If you are not currently on the Berkwood Resources email list, please visit our website by clicking here to opt-in to the list. The Company will send out regular updates and news releases to everyone who asks to be on the list.
For additional information please contact:
Karim Sayani, Corporate Communications
Tel: (604) 662-7455 E-mail: karim@berkwoodresources.com
Tom Steer, Corporate Development
Tel: (604) 681-7455 E-mail: tomsteer@berkwoodresources.com
On Behalf of Berkwood Resources
Brian Buchanan, President and Director
This Berkwood News Release contains certain "forward-looking" statements and information relating to Berkwood that are based on the beliefs of Berkwood's management as well as assumptions made by and information currently available to Berkwood's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitation, competitive factors, general economic conditions, relationships with strategic partners, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. Except as required by law, Berkwood does not assume the obligation to update any forward-looking statement.
Neither
the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release.
Wednesday, May 15, 2013
McEwen Mining's Los Azules Copper Project Continues to Grow!
McEwen Mining Inc. NYSE : MUX
TSX : MUX
May 15, 2013 08:15 ET
TORONTO, ONTARIO--(Marketwired - May 15, 2013) - McEwen Mining Inc. (NYSE:MUX)(TSX:MUX)
is pleased to announce an updated, Canadian National Instrument 43-101
compliant ("NI 43-101") mineral resource estimate for its 100% owned Los
Azules Copper Project in San Juan Province, Argentina. Key developments
include the successful conversion of inferred resources into the
indicated category while increasing the size of the resource. The
resource remains open along strike, to depth, and laterally.
Los Azules
ranks as one of the world's largest, undeveloped, high-grade, open pit
copper projects, and appears to have significant growth potential.
"This Resource Estimate Update marks the completion of
our most successful drilling season at Los Azules. We discovered a new
parallel zone to the west and significantly increased the Indicated
Resource and Inferred Resource Estimates. Congratulations are in order
to our exploration team in Argentina who set a record for the number of
pounds discovered at Los Azules in one drill season," stated Rob McEwen, Chief Owner.
This season's exploration effort focused on expanding the resource base. A total of 15,800 meters of drilling was completed which produced a 17% increase in contained copper in the Indicated Resource category, to 5.4 billion lbs of copper and a 32% increase in contained copper in the Inferred Resource category, to 14.3 billion lbs of copper, since the June 2012 estimate of mineral resources. On February 5, 2013, we released an interim, mid-season resource update (to view click here). Table 1 shows a comparison of the new (May 2013) resource with the resource estimated at the end of last year's drilling program (June 2012).
This updated resource estimate will form the basis of a new Preliminary Economic Assessment (PEA), which is expected to be completed in the third quarter of 2013. This PEA will evaluate the possibility of: (1) increasing the daily throughput; (2) producing copper cathode instead of a concentrate and (3) processing low-grade mineralized material not previously considered, via a heap leach.
The advantages of being able to produce a copper cathode rather than a copper concentrate is two fold: First, it would eliminate the capital intensive, concentrate pipeline through Chile; and second, it would reduce the applicable export tax by 50%.
About Los Azules
Los Azules is a large undeveloped copper porphyry system located in western San Juan Province within a belt of porphyry copper deposits that straddles the Chilean/Argentine border. This belt contains some of the world's largest copper deposits, including Codelco's El Teniente and Andina mines, Anglo American's Los Bronces mine, Antofagasta PLC's Los Pelambres mine and Xstrata's El Pachón project, among others. Los Azules is one of the world's largest, highest grade, undeveloped copper-porphyry deposits not owned by a major base metals company.
Table 2. Los Azules Mineral Resource Estimate
In order to exhibit reasonable prospects for economic viability, the mineral resource estimate has been contained within a conceptual open pit shell generated using general technical and economic parameters that are defined at the end of this news release. For comparison purposes, resources are listed at a series of cut-off grades in Table 2. The Base Case cut-off grade of 0.35% Cu is highlighted in the table below.
Details on the parameters of the resource estimate are as follows:
The goal of McEwen Mining is to qualify for inclusion in the S&P 500 by creating a profitable, mid-tier gold producer focused in the Americas. McEwen Mining's principal assets consist of the San José Mine in Santa Cruz, Argentina (49% interest); the El Gallo Complex in Sinaloa, Mexico; the Gold Bar Project in Nevada, US and the Los Azules Project in San Juan, Argentina.
McEwen Mining has 297 million (common + exchangeable) shares issued and outstanding. Rob McEwen, Chairman, President and Chief Owner, owns approximately 25% of the shares of the Company. As of April 29, 2013, McEwen Mining had cash and liquid assets of approximately US$50 million, remains debt free, and is listed on the New York and Toronto stock exchanges.
Technical Information
Robert Sim, P.Geo., a Qualified Person and independent of McEwen Mining as defined by National Instrument 43-101 ("NI 43-101") has reviewed and approved the technical content of this news release related to the mineral resource estimate presented herein. Bruce Davis, PhD, FAusIMM, who is a Qualified Person and independent of McEwen Mining, as defined by NI 43-101 and responsible for the quality control for the assaying of the Los Azules drill core has reviewed the assay quality control information. All samples were collected in accordance with industry standards. Splits from the drill core samples were submitted to the ACME sample preparation laboratory in Mendoza, Argentina, and then transferred to ACME's laboratory in Santiago, Chile for fire assay and ICP analysis. Accuracy of results is tested through the systematic inclusion of standards, blanks and check assays. The mineral resource estimate referenced in this press release was prepared in April and May 2013 by Robert Sim, P.Geo. and Bruce Davis, PhD, FAusIMM.
For additional information about June 2012 resource estimate and the Los Azules project generally see the Technical Report titled "Los Azules Porphyry Copper Project, San Juan Province, Argentina" dated August 1, 2012, with an effective date of June 15, 2012, prepared by D. Ernest Winkler, P.Eng., Robert Sim, P.Geo., Bruce Davis, PhD, FAusIMM and James K. Duff, P.Geo., all of whom are qualified persons and all of whom are independent of McEwen Mining, each as defined by NI 43-101. The foregoing report is available under the Corporation's profile on SEDAR (www.sedar.com).
Cautionary Note to U.S. Investors
McEwen Mining reports its resource estimates in accordance with standards of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in Canadian National Instrument 43-101 ("NI 43-101"). These standards are different from the standards generally permitted in reports filed with the SEC. Under NI 43-101, McEwen Mining reports measured, indicated and inferred resources, measurements which are generally not permitted in filings made with the SEC. According to Canadian NI 43-101 criteria, the estimation of measured resources and indicated resources involve greater uncertainty as to their economic feasibility than the estimation of proven and probable reserves. Under SEC Industry Guide 7 criteria, measured, indicated and inferred resources are considered Mineralized Material. The SEC considers that in addition to greater uncertainty as to the economic feasibility of Mineralized Material compared to proven and probable reserves, there is also greater uncertainty as to the existence of Mineralized Material. U.S. investors are cautioned not to assume that measured or indicated resources will be converted into economically mineable reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources.
Caution Concerning Forward-Looking Statements
This news release contains certain forward-looking statements and information, including "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, as at the date of this news release, McEwen Mining Inc.'s (the "Company") estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Mining's Annual Report on Form 10-K for the fiscal year ended December 31, 2012 and other filings with the Securities and Exchange Commission, under the caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement.
Table 1. Los Azules Copper Project - Comparison of Previous and Current Mineral Resource Estimates
| June 2012 Resource Estimate Update | May 2013 Resource Estimate Update | % Change | ||||||||||||
| Cut-off Grade (Cu%) |
Tonnage (million tonnes) |
Cu Grade (%) |
Cu lbs (billions) |
Tonnage (million tonnes) |
Cu Grade (%) |
Cu lbs (billions) |
Contained Cu lbs |
|||||||
| Indicated Resource | ||||||||||||||
| 0.35 | 323 | 0.65 | 4.6 | 389 | 0.63 | 5.4 | +17% | |||||||
| Inferred Resource | ||||||||||||||
| 0.35 | 948 | 0.52 | 10.8 | 1,397 | 0.46 | 14.3 | +32% | |||||||
| *Details for gold and silver resources are included in Table 2. | ||||||||||||||
This season's exploration effort focused on expanding the resource base. A total of 15,800 meters of drilling was completed which produced a 17% increase in contained copper in the Indicated Resource category, to 5.4 billion lbs of copper and a 32% increase in contained copper in the Inferred Resource category, to 14.3 billion lbs of copper, since the June 2012 estimate of mineral resources. On February 5, 2013, we released an interim, mid-season resource update (to view click here). Table 1 shows a comparison of the new (May 2013) resource with the resource estimated at the end of last year's drilling program (June 2012).
This updated resource estimate will form the basis of a new Preliminary Economic Assessment (PEA), which is expected to be completed in the third quarter of 2013. This PEA will evaluate the possibility of: (1) increasing the daily throughput; (2) producing copper cathode instead of a concentrate and (3) processing low-grade mineralized material not previously considered, via a heap leach.
The advantages of being able to produce a copper cathode rather than a copper concentrate is two fold: First, it would eliminate the capital intensive, concentrate pipeline through Chile; and second, it would reduce the applicable export tax by 50%.
About Los Azules
Los Azules is a large undeveloped copper porphyry system located in western San Juan Province within a belt of porphyry copper deposits that straddles the Chilean/Argentine border. This belt contains some of the world's largest copper deposits, including Codelco's El Teniente and Andina mines, Anglo American's Los Bronces mine, Antofagasta PLC's Los Pelambres mine and Xstrata's El Pachón project, among others. Los Azules is one of the world's largest, highest grade, undeveloped copper-porphyry deposits not owned by a major base metals company.
Table 2. Los Azules Mineral Resource Estimate
In order to exhibit reasonable prospects for economic viability, the mineral resource estimate has been contained within a conceptual open pit shell generated using general technical and economic parameters that are defined at the end of this news release. For comparison purposes, resources are listed at a series of cut-off grades in Table 2. The Base Case cut-off grade of 0.35% Cu is highlighted in the table below.
| Cut-off Grade (Cu%) |
Tonnage (million tonnes) |
Cu Grade (%) |
Cu lbs (billions) |
Au Grade (grams per tonne) |
Au Oz (millions) |
Ag Grade (grams per tonne) |
Ag Oz (millions) |
|||||||
| Indicated Resource | ||||||||||||||
| 0.15 | 627 | 0.49 | 6.74 | 0.06 | 1.13 | 1.7 | 34.9 | |||||||
| 0.20 | 584 | 0.51 | 6.57 | 0.06 | 1.08 | 1.8 | 32.8 | |||||||
| 0.25 | 523 | 0.54 | 6.27 | 0.06 | 1.02 | 1.8 | 29.7 | |||||||
| 0.30 | 450 | 0.59 | 5.83 | 0.06 | 0.92 | 1.8 | 25.9 | |||||||
| 0.35 | 389 | 0.63 | 5.39 | 0.07 | 0.84 | 1.8 | 22.9 | |||||||
| 0.40 | 338 | 0.67 | 4.97 | 0.07 | 0.76 | 1.9 | 20.2 | |||||||
| 0.45 | 293 | 0.70 | 4.55 | 0.07 | 0.68 | 1.9 | 17.7 | |||||||
| 0.50 | 253 | 0.74 | 4.13 | 0.07 | 0.60 | 1.9 | 15.5 | |||||||
| 0.55 | 217 | 0.78 | 3.72 | 0.07 | 0.52 | 1.9 | 13.4 | |||||||
| 0.60 | 184 | 0.81 | 3.29 | 0.08 | 0.45 | 1.9 | 11.3 | |||||||
| 0.65 | 151 | 0.85 | 2.84 | 0.08 | 0.38 | 1.9 | 9.2 | |||||||
| 0.70 | 120 | 0.90 | 2.38 | 0.08 | 0.30 | 1.9 | 7.2 | |||||||
| Inferred Resource | ||||||||||||||
| 0.15 | 4,141 | 0.32 | 29.47 | 0.05 | 6.02 | 1.6 | 214.3 | |||||||
| 0.20 | 3,583 | 0.35 | 27.32 | 0.05 | 5.43 | 1.7 | 190.1 | |||||||
| 0.25 | 2,785 | 0.38 | 23.36 | 0.05 | 4.46 | 1.7 | 154.9 | |||||||
| 0.30 | 2,016 | 0.42 | 18.72 | 0.05 | 3.46 | 1.8 | 118.0 | |||||||
| 0.35 | 1,397 | 0.46 | 14.30 | 0.06 | 2.58 | 1.9 | 85.8 | |||||||
| 0.40 | 910 | 0.51 | 10.30 | 0.06 | 1.79 | 2.0 | 58.5 | |||||||
| 0.45 | 576 | 0.57 | 7.18 | 0.06 | 1.20 | 2.1 | 38.1 | |||||||
| 0.50 | 360 | 0.62 | 4.93 | 0.07 | 0.79 | 2.1 | 24.1 | |||||||
| 0.55 | 233 | 0.68 | 3.47 | 0.07 | 0.54 | 2.1 | 15.8 | |||||||
| 0.60 | 157 | 0.73 | 2.52 | 0.08 | 0.39 | 2.1 | 10.8 | |||||||
| 0.65 | 110 | 0.77 | 1.87 | 0.08 | 0.28 | 2.2 | 7.7 | |||||||
| 0.70 | 76 | 0.81 | 1.36 | 0.08 | 0.20 | 2.2 | 5.5 | |||||||
| * "Tonnes" is stated in metric and is equivalent to 2205 lbs. | ||||||||||||||
| ** Estimated contained metal values may be subject to rounding errors. | ||||||||||||||
- The resource estimate is based on data from 185 drill
holes comprising a total length of 59,518 meters of drilling completed
to the end of March 2013.
- There were a total of 27,688 individual samples
selected for analysis. The samples were collected and analyzed in
accordance with industry standards. Splits from the drill core samples
were submitted to either Alex Stewart in Mendoza or ALS Chemex or ACME
in Santiago, Chile for fire assay and ICP analysis. Accuracy of results
is tested through the systematic inclusion of standards, blanks and
check assays.
- The May 2013 mineral resource estimate for the Los
Azules Copper Project was prepared under the direction of Robert Sim
P.Geo. of SIM Geological Inc. The mineral resource estimate uses drill
hole sample assay results and the interpretation of a geologic model
that relates to the spatial distribution of copper in the deposit.
Interpolation characteristics were defined based on the geology, drill
hole spacing and geostatistical analysis of the data. Block grade
estimates were done using Ordinary Kriging (OK) with a nominal block
size measuring 20 meters long, 20 meters wide and 15 meters high.
Resources are classified according to their proximity to sample data
locations and are reported, as required under NI 43-101, according to
the CIM Definition Standards for Mineral Resources and Mineral Reserves.
- Mineral resources, which are not mineral reserves, do not have demonstrated economic viability.
- The quantity and grade of reported Inferred
resources are uncertain in nature and there has been insufficient
exploration to classify these inferred resources as Indicated or
Measured, and it is uncertain if further exploration will result in
upgrading them to an Indicated or Measured category.
- As required under NI 43-101, reasonable prospects
for economic viability of the mineral resources has been exhibited by
the application of a resource limiting pit shell built about copper
grades in the model using a projected metal price of US$2.75 per lb. Cu,
mining costs of US$1.00 per tonne, milling and G&A costs of US$4.25
per tonne, 100% recoveries and an average pit slope of 34 degrees.
The goal of McEwen Mining is to qualify for inclusion in the S&P 500 by creating a profitable, mid-tier gold producer focused in the Americas. McEwen Mining's principal assets consist of the San José Mine in Santa Cruz, Argentina (49% interest); the El Gallo Complex in Sinaloa, Mexico; the Gold Bar Project in Nevada, US and the Los Azules Project in San Juan, Argentina.
McEwen Mining has 297 million (common + exchangeable) shares issued and outstanding. Rob McEwen, Chairman, President and Chief Owner, owns approximately 25% of the shares of the Company. As of April 29, 2013, McEwen Mining had cash and liquid assets of approximately US$50 million, remains debt free, and is listed on the New York and Toronto stock exchanges.
Technical Information
Robert Sim, P.Geo., a Qualified Person and independent of McEwen Mining as defined by National Instrument 43-101 ("NI 43-101") has reviewed and approved the technical content of this news release related to the mineral resource estimate presented herein. Bruce Davis, PhD, FAusIMM, who is a Qualified Person and independent of McEwen Mining, as defined by NI 43-101 and responsible for the quality control for the assaying of the Los Azules drill core has reviewed the assay quality control information. All samples were collected in accordance with industry standards. Splits from the drill core samples were submitted to the ACME sample preparation laboratory in Mendoza, Argentina, and then transferred to ACME's laboratory in Santiago, Chile for fire assay and ICP analysis. Accuracy of results is tested through the systematic inclusion of standards, blanks and check assays. The mineral resource estimate referenced in this press release was prepared in April and May 2013 by Robert Sim, P.Geo. and Bruce Davis, PhD, FAusIMM.
For additional information about June 2012 resource estimate and the Los Azules project generally see the Technical Report titled "Los Azules Porphyry Copper Project, San Juan Province, Argentina" dated August 1, 2012, with an effective date of June 15, 2012, prepared by D. Ernest Winkler, P.Eng., Robert Sim, P.Geo., Bruce Davis, PhD, FAusIMM and James K. Duff, P.Geo., all of whom are qualified persons and all of whom are independent of McEwen Mining, each as defined by NI 43-101. The foregoing report is available under the Corporation's profile on SEDAR (www.sedar.com).
Cautionary Note to U.S. Investors
McEwen Mining reports its resource estimates in accordance with standards of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in Canadian National Instrument 43-101 ("NI 43-101"). These standards are different from the standards generally permitted in reports filed with the SEC. Under NI 43-101, McEwen Mining reports measured, indicated and inferred resources, measurements which are generally not permitted in filings made with the SEC. According to Canadian NI 43-101 criteria, the estimation of measured resources and indicated resources involve greater uncertainty as to their economic feasibility than the estimation of proven and probable reserves. Under SEC Industry Guide 7 criteria, measured, indicated and inferred resources are considered Mineralized Material. The SEC considers that in addition to greater uncertainty as to the economic feasibility of Mineralized Material compared to proven and probable reserves, there is also greater uncertainty as to the existence of Mineralized Material. U.S. investors are cautioned not to assume that measured or indicated resources will be converted into economically mineable reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources.
Caution Concerning Forward-Looking Statements
This news release contains certain forward-looking statements and information, including "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, as at the date of this news release, McEwen Mining Inc.'s (the "Company") estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Mining's Annual Report on Form 10-K for the fiscal year ended December 31, 2012 and other filings with the Securities and Exchange Commission, under the caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement.
The NYSE and TSX have not reviewed and do
not accept responsibility for the adequacy or accuracy of the contents
of this news release, which has been prepared by management of McEwen
Mining Inc.
Contact Information
-
McEwen Mining Inc.
Jenya Meshcheryakova
Investor Relations
(647) 258-0395 ext 410 or Toll Free: (866) 441-0690
(647) 258-0408 (FAX)
McEwen Mining Inc.
Mailing Address
181 Bay Street Suite 4750
Toronto, ON M5J 2T3
PO box 792
info@mcewenmining.com
McEwen Mining Inc.
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