NEW YORK, NY, Oct 30, 2008 (MARKET WIRE via COMTEX) -- Silver Falcon Mining, Inc. (PINKSHEETS: SFMI) announced today that the Company continues to move aggressively with its 3-stage transportation of the "Belle Peck" tailing piles. A fleet of 30-ton articulated trucks, load and transport the ore to a staging area on the bottom of War Eagle Mountain. Next, regular "off road" trucks take the ore to a second staging site near the Owhyee county road. Finally, road semis deliver this ore to SFMI's mill in Melba, ID, where it's being stockpiled on site. This stockpile will provide plenty of mill-feed material, allowing the mill to operate throughout the winter months without interruption.
A local ribbon cutting ceremony marked the arrival this week, of the first tonnage at the mill site. The Company estimates the total cost of processing the ore at $30.00 to $40.00 per ton including transport. A photo log of this event can be viewed at the Company's website.
The "Belle Peck" adit, leading into the 800-foot level of the "Poorman" silver mine, is sporting a new entrance with the installation of a 170 feet length of 10' high steel pipe. This entrance will now allow easy access and exploitation of this adit next spring. The adit will be explored in its entirety and assays of the accessible veins will be done under the direction of SFMI's geologist to allow a fair assessment of the reserves in this particular piece of property. This entrance will allow mining equipment to enter the adit, as well as, provide drainage for the Poorman shaft and associated mine tunnels.
Mr. Pierre Quilliam, President of Silver Falcon Mining, Inc., said, "Now that we are within a few weeks of shutting down operations on top the mountain for the winter season, our Board of Directors, mining engineers and geologist will start to review planned mining operations for 2009. We have no doubt that we will have a positive outcome to both our current and future mining operations and developments."
Silver Falcon Mining, Inc., is an exploration and development Company specializing in high-grade Gold and Silver mining properties in North America.
Further Information contact Rich Kaiser, Investor Relations 800-631-8127 and/or the Company at 941-761-7819, www.silverfalconmining.com.
Silver Falcon Mining, Inc. cautions that the statements made in this press release constitute forward-looking statements, and not guarantees of future performance and actual results or developments may differ materially from the projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made.
Contact
Rich Kaiser
Investor Relations
800-631-8127
SOURCE: Silver Falcon Mining
Copyright 2008 Market Wire, All rights reserved.
Thursday, October 30, 2008
Tuesday, October 28, 2008
Cadan Comfirms New T'boli Gold Silver Zone; Possible Increase in Area and Grade of Resource
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 28, 2008) - CADAN RESOURCES CORPORATION (TSX VENTURE:CNF) (the "Company") is pleased to announce the results from a new zone of ongoing underground vein sampling at the T'Boli epithermal gold-silver deposit with a NI 43-101 Inferred Mineral Resource (2.4Mt @ 5.5g/t gold and 21g/t silver) for some 420,000 ounces of gold and 1,600,000 ounces of silver.
The veins, ranging in widths from 12cm to 30.80cm, are closely spaced and located in a new zone some 400m east, and possibly along strike, of the existing Southern Vein System which has a resource of 584,000 tonnes @ 10.2 g/t gold and 50 g/t silver. This new area is open and mapping and sampling continues.
Assays across the veins:
--------------------------------------------
Sample No Gold g/t Silver g/t Width cm
--------------------------------------------
TMC 050 18.20 42.80 30.80
--------------------------------------------
TMC 051 15.50 46.30 25.00
--------------------------------------------
TMC 052 22.30 6.80 15.00
--------------------------------------------
TMC 054 20.60 34.20 28.00
--------------------------------------------
Assays across the hanging wall:
--------------------------------------------
Sample No Gold g/t Silver g/t Width cm
--------------------------------------------
TMC 053 5.20 - 12
--------------------------------------------
Samples were assayed by JB Laboratory Inc, based in Monkayo, Philippines. Gold was analyzed by fire assay technique and silver by flame AAS technique. The check standard was 1.00 g/t Au and JB Laboratory assay returned 0.980 g/t Au.
Cadan operates the T'Boli gold-silver project through affiliate company, TMC Tribal Mining Corporation, headed by its President, Edgar D Martinez, a mining engineer.
Martinez said that these latest higher grade results continue to indicate that the Tboli gold-silver resource not only appears to be larger in area but also the grade appears to be higher than that of the NI 43-101. For more information see Cadan's News Release dated September 23, 2008 and available on Cadan's website: www.cadanresources.com.
Within this some 400m strike length, there has been no drilling or development aditing at depth and only minimal surface exploration has been undertaken. However, results of previous assays on the eastern side of the resource ranged from 13.37 g/t gold to 81.14 g/t gold and are highlighted on diagram one.
T'Boli Exploration Program Approved
TMC Tribal Mining Corporation has received approval from the Philippine government, dated September 9, 2008, for its ongoing exploration program and potential development of its T'Boli gold-silver deposit.
T'Boli Copper Target - Update
In a news release dated Monday May 25, 2008, Cadan announced a copper soil and coincident magnetic anomaly that covered an area of 1,000m x 1,000m. The soil samples returned up to 190ppm copper while background values ranged from 10 to 20ppm copper.
Geophysics IP crew test lines returned low chargeability in the target area indicating a deep seated target. Further ground geophysics is suspended pending compilation of the helicopter geophysical survey which will provide a more precise location of the target.
Qualified Person and Quality Control and Assurance
Technical aspects of this news release were prepared and verified by William Donald Goode, a member of the AusIMM and Technical Director of Cadan Resources. He is the qualified person as required by National Instrument 43-101, and is the technical person responsible for this news release. The qualified person has verified the data disclosed in this news release.
The Inferred Mineral Resource Estimate conforms with CIM Standards and is a NI 43-101 compliant Inferred Mineral Resource as defined in the Technical Report filed on SEDAR February 12, 2003.
For further information relating to the historical resource of the project, readers are referred to SUR technical report, specifically "T'Boli Group of Properties" pages 33 - 49, that is published and available on www.sedar.com - news release dated February 12, 2003. It is the opinion of the qualified person that all geological information in the report, as it relates to the T'Boli gold silver project, is current.
Cadan Resources Corporation is a junior exploration company with operations in the Philippines and Colombia and trades on the TSX Venture Exchange (Canada) with trading symbol CNF-V.
On behalf of the board of directors,
Brett Taylor, President & CEO
To view diagram one accompanying this press release, please click on the following link: http://media3.marketwire.com/docs/CADAN.pdf
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
Cadan Resources Corporation
Matthew Bell
(604) 910-4908
Email: mattcnf@yahoo.ca
or
Cadan Resources Corporation
Brett Taylor
President & CEO
+63-920-909-5852
Email: btaylor@philco.bayands1.ph
Website: Cadan Resources
2008 Marketwire, Incorporated. All rights reserved.
Your newswire of choice for expert news release distribution.
1-800-774-9473 (US) | 1-888-299-0338 (Canada) | +44-20-7562-6550 (UK)
The veins, ranging in widths from 12cm to 30.80cm, are closely spaced and located in a new zone some 400m east, and possibly along strike, of the existing Southern Vein System which has a resource of 584,000 tonnes @ 10.2 g/t gold and 50 g/t silver. This new area is open and mapping and sampling continues.
Assays across the veins:
--------------------------------------------
Sample No Gold g/t Silver g/t Width cm
--------------------------------------------
TMC 050 18.20 42.80 30.80
--------------------------------------------
TMC 051 15.50 46.30 25.00
--------------------------------------------
TMC 052 22.30 6.80 15.00
--------------------------------------------
TMC 054 20.60 34.20 28.00
--------------------------------------------
Assays across the hanging wall:
--------------------------------------------
Sample No Gold g/t Silver g/t Width cm
--------------------------------------------
TMC 053 5.20 - 12
--------------------------------------------
Samples were assayed by JB Laboratory Inc, based in Monkayo, Philippines. Gold was analyzed by fire assay technique and silver by flame AAS technique. The check standard was 1.00 g/t Au and JB Laboratory assay returned 0.980 g/t Au.
Cadan operates the T'Boli gold-silver project through affiliate company, TMC Tribal Mining Corporation, headed by its President, Edgar D Martinez, a mining engineer.
Martinez said that these latest higher grade results continue to indicate that the Tboli gold-silver resource not only appears to be larger in area but also the grade appears to be higher than that of the NI 43-101. For more information see Cadan's News Release dated September 23, 2008 and available on Cadan's website: www.cadanresources.com.
Within this some 400m strike length, there has been no drilling or development aditing at depth and only minimal surface exploration has been undertaken. However, results of previous assays on the eastern side of the resource ranged from 13.37 g/t gold to 81.14 g/t gold and are highlighted on diagram one.
T'Boli Exploration Program Approved
TMC Tribal Mining Corporation has received approval from the Philippine government, dated September 9, 2008, for its ongoing exploration program and potential development of its T'Boli gold-silver deposit.
T'Boli Copper Target - Update
In a news release dated Monday May 25, 2008, Cadan announced a copper soil and coincident magnetic anomaly that covered an area of 1,000m x 1,000m. The soil samples returned up to 190ppm copper while background values ranged from 10 to 20ppm copper.
Geophysics IP crew test lines returned low chargeability in the target area indicating a deep seated target. Further ground geophysics is suspended pending compilation of the helicopter geophysical survey which will provide a more precise location of the target.
Qualified Person and Quality Control and Assurance
Technical aspects of this news release were prepared and verified by William Donald Goode, a member of the AusIMM and Technical Director of Cadan Resources. He is the qualified person as required by National Instrument 43-101, and is the technical person responsible for this news release. The qualified person has verified the data disclosed in this news release.
The Inferred Mineral Resource Estimate conforms with CIM Standards and is a NI 43-101 compliant Inferred Mineral Resource as defined in the Technical Report filed on SEDAR February 12, 2003.
For further information relating to the historical resource of the project, readers are referred to SUR technical report, specifically "T'Boli Group of Properties" pages 33 - 49, that is published and available on www.sedar.com - news release dated February 12, 2003. It is the opinion of the qualified person that all geological information in the report, as it relates to the T'Boli gold silver project, is current.
Cadan Resources Corporation is a junior exploration company with operations in the Philippines and Colombia and trades on the TSX Venture Exchange (Canada) with trading symbol CNF-V.
On behalf of the board of directors,
Brett Taylor, President & CEO
To view diagram one accompanying this press release, please click on the following link: http://media3.marketwire.com/docs/CADAN.pdf
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
Cadan Resources Corporation
Matthew Bell
(604) 910-4908
Email: mattcnf@yahoo.ca
or
Cadan Resources Corporation
Brett Taylor
President & CEO
+63-920-909-5852
Email: btaylor@philco.bayands1.ph
Website: Cadan Resources
2008 Marketwire, Incorporated. All rights reserved.
Your newswire of choice for expert news release distribution.
1-800-774-9473 (US) | 1-888-299-0338 (Canada) | +44-20-7562-6550 (UK)
Apogee Increases Resources at the Pulacayo-Paca Silver-Lead-Zinc Project, Bolivia
TORONTO, ONTARIO, Oct 28, 2008 (MARKET WIRE via COMTEX) -- Apogee Minerals Ltd. (CA:APE) today announced it has increased the mineral resources at its Pulacayo-Paca project (To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/ape01.pdf). The new resource estimate for the Pulacayo Deposit, excluding consideration of mining and metallurgical dilution, adds 11.6 million ounces of silver in the Indicated category plus 22.4 million ounces of silver in the Inferred category, 225 million pounds of zinc in the Indicated category plus 307 million pounds of zinc in the Inferred category and 97 million pounds of lead in Indicated category plus 128 million pounds of lead in the Inferred category (see below for classification, grades and tonnages) to the Pulacayo-Paca project. This is in addition to the previously disclosed resource estimate from the Paca deposit (press release February 19, 2007 or technical report on SEDAR), which contains 24.7 million ounces of silver, 469 million pounds of zinc and 275 million pounds of lead (all resources in the Paca Deposit are classified as Inferred). The independent third party resource estimate completed by Micon International Limited (Micon), is based on CIM standards and compliant with the requirements of National Instrument 43-101.
The Pulacayo Deposit remains open for further expansion (To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/ape02.pdf) as Apogee has focused on a limited area of the known mineralized structure in order to advance the deposit to a point where scoping and feasibility studies can be completed. Drill holes reported in the news release dated September 29, 2008 were not included in this resource estimate as the assay data was pending while the study was being done. The Pulacayo-Paca project is the major growth focus for Apogee and is an option-joint venture with Apex Silver Mines Limited. ("Apex"). The property was the second largest silver mine in the history of Bolivia with over 600 million ounces past production of silver. The extent of the known mineralization in Figure 2 is based on the extent of the historical workings from this production and shows the section where Apogee's drilling has focused.
According to David Gower, P.Geo., CEO of Apogee; "The results are very encouraging and we have already started the work to consider possible production scenarios for the Project. The Pulacayo Deposit will be the initial focus because of the higher grades in areas of the deposit where there is existing underground access from the historical production. This presents an interesting opportunity whereby we can use existing underground workings to access the highest grade sections of the deposit at an early stage of a potential development plan and it is expected that having this access will significantly lower development cost and shorten the development time frame." Historical workings occur adjacent to and intersecting most of the length of the current resource (To view Figure 3, please visit the following link: http://media3.marketwire.com/docs/ape03.pdf).
Joaquin Merino, Vice President Exploration for Apogee states; "We are very excited about the results at Pulacayo. The grade of the mineralization is good due to its polymetallic nature. When we plot silver equivalent values based on the criteria established by Micon for the resource estimate (To view Figure 4, please visit the following link: http://media3.marketwire.com/docs/ape04.pdf), there is a significant amount of high grade mineralization over widths that are suitable for modern mining methods. We have rehabilitated parts of the underground workings for the underground phase of the recently completed drill campaign which has provided a clear indication that many the workings can be used to access many parts of the deposit."
The Resource Estimate:
The independent mineral resource estimation was prepared by Messrs. Reno Pressacco, P. Geo. and Sam J. Shoemaker, M. AusIMM of Micon International Limited of Toronto, Canada, in accordance with CIM Standards for Mineral Resources and Mineral Reserves (2005). Both Messrs. Reno Pressacco, P. Geo. and Sam J. Shoemaker, M. AusIMM are qualified persons as defined by NI 43-101. The current mineral resource estimate is based on drilling completed and results received up to hole PUD-110.
Detailed information pertaining to the mineral resource estimate will be included in a NI43-101-compliant Technical Report that is being prepared and will be filed under the Company's profile on SEDAR within 45 days as required.
The mineral resources for the Pulacayo deposit are reported for three conceptual operational scenarios. The supporting data was derived from a data base collected from 109 diamond drill holes.
Open pit mineral resources include all material that is located above the optimized open pit shell, that is below the oxidized surface, that is not flagged as mined out, and that contains metal grades greater than a net value zero (i.e. all profitable blocks). The report is prepared using the capped, Inverse Distance, Squared average grade estimates for silver, zinc and lead.
Underground mineral resources include all blocks that are below the oxidized surface, that are not flagged as mined out, and that contain metal grades sufficient to generate a block NSR of greater than USD$45/tonne. The report is prepared using the capped, Inverse Distance, Squared average grade estimates for silver, zinc and lead.
The mineral resources for the combined operational scenario comprise all blocks that are within the optimized open pit shell, along with all blocks that lie beneath this shell that are not flagged as mined out and that contain metal grades sufficient to generate a block NSR of greater than USD$45/tonne. The report is prepared using the capped, Inverse Distance, Squared average grade estimates for silver, zinc and lead.
Summary of Mineral Resources, Pulacayo Deposit
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Class Tonnes Silver (g/t) Zinc (%) Lead (%)
---------------------------------------------------------------------------
Open Pit Only (Base Case Ag, 50 degrees Wall Slope Angle)
---------------------------------------------------------------------------
Indicated 6,577,000 49 1.41 0.63
---------------------------------------------------------------------------
Inferred 8,358,000 64 1.48 0.62
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Underground Only (all blocks with NSR greater than $45)
---------------------------------------------------------------------------
Indicated 3,201,000 93 1.88 0.94
---------------------------------------------------------------------------
Inferred 5,191,000 116 1.79 0.84
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Combined Pit and Underground
---------------------------------------------------------------------------
Pit Indicated 6,577,000 49 1.41 0.63
---------------------------------------------------------------------------
UG Indicated 426,000 116 1.63 0.64
---------------------------------------------------------------------------
Total Indicated 7,003,000 53 1.42 0.63
---------------------------------------------------------------------------
Pit Inferred 8,358,000 64 1.48 0.62
---------------------------------------------------------------------------
UG Inferred 1,198,000 149 1.30 0.58
---------------------------------------------------------------------------
Total Inferred 9,556,000 75 1.46 0.61
---------------------------------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
(1) Tonnages have been rounded to the nearest 1,000 tonnes. Average grades
may not sum due to rounding.
(2) Mineral resources that are not mineral reserves do not have demonstrated
economic viability. The estimate of mineral resources may be materially
affected by environmental, permitting, legal, title, taxation,
sociopolitical, marketing, or other relevant issues.
(3) The quantity and grade of reported inferred resources in this estimation
are conceptual in nature and there has been insufficient exploration to
define these inferred resources as an indicated or measured mineral
resource. It is uncertain if further exploration will result in
upgrading them to an indicated or measured mineral resource category.
For the purposes of this initial mineral resource estimate, Micon judged that the most appropriate method to deal with the polymetallic nature of the mineralization was to apply a Net Smelter Return (NSR) to the assay data. This method recognizes that more than one metal can contribute to a potential revenue stream and proceeds to derive a factor that accounts for such items as recovery to concentrate, metal prices payable fraction, penalties, treatment and refining charges and freight. In this manner, a set of factors are derived that convert the in-situ grades to net revenue for each metal. The revenue for each metal is summed to arrive at a NSR value for a given sample. Given that the exact values of many of these input parameters is not known at such an early point in the project's history, estimates were derived on the basis of the best available information from a variety of sources including initial test work results and Micon's experience with current smelter terms for zinc and lead concentrates in the region. A summary of these factors is provided below. Silver was found to contribute approximately 50% of the total value, with zinc and lead each contributing approximately equal amounts of 25% each.
-----------------------------------------------------------------------
----
------------------------------------------------------------------
---------
Item Silver Zinc Lead
---------------------------------------------------------------------------
Metal Price $USD14.38/oz $USD0.86/lb $USD0.92
---------------------------------------------------------------------------
Recovery to 31.3% to zinc conc 87.6% to zinc conc 2.1% to zinc conc
Concentrate 63.4% to lead conc 3.9% to lead conc 88.8% to lead conc
---------------------------------------------------------------------------
NSR Factor 0.37 per g Ag 14.07 per % Zn 22.64 per % Pb
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Additional Criteria used for Estimation of Pulacayo Resource Estimate:
1. Drill hole data base 109 drill holes.
2. Average specific gravity for intrusive hosted mineralization is 2.28 and for sedimentary hosted mineralization is 2.29.
3. High grade sample values capped; based upon the distribution of the silver, zinc and lead grades, Micon believes that 2,050 g/t Ag, 14.5% Zn and 19% Pb are appropriate capping values.
4. With respect to existing underground workings the width of the modeled stopes was estimated from a description of the mining presented in Ahlfeld and Schneider-Scherbina (1964) that describes the widths of the stopes as ranging from 1.1 to a maximum 6 meters. For the purposes of this initial mineral resource estimate, Micon assumed a constant, average stope width of 3 metres for the model of the mined out voids. Micon assumed that stoping was carried out for each of the parallel drifts and that the stopes extended completely up to the next level above.
5. A detailed topographic survey was carried out by Apogee where each two metre contour and all important topographical features such as roads and shaft collars were surveyed in such a manner that a high quality topographical map for an area that measures approximately 2,600 metres in an east-west direction and 1,600 metres in a north-south direction. A digital format of this information was provided to Micon who proceeded to generate a three-dimensional surface for use in subsequent steps. The topography in the Pulacayo area ranges in elevation from approximately 4,100 metres to 4,500 metres above sea level and consists largely of rolling to steep-sided slopes along incised valleys.
6. There is a cap of oxidized, mineralized material overlying the deposit. As there is no metallurgical data for this material it has been treated as waste for the purpose of the resource estimate.
Quality Control
The Company employs a QA/QC protocol on all aspects of the analytical procedures. Core samples are sawn and one half of the NQ and HQ core is restored to the core box for future reference. One half of the core is sent for analysis. Samples are taken in approx. 1.0 meter intervals or less. Sample preparation is completed at the ALS Chemex preparation lab in Oruro, Bolivia and assayed at ALS Chemex in Lima, Peru, using multi-acid digest/ AAS technique, method ME-AA46 for Ag, Pb, Zn and Cu. A blank sample is inserted every 20th sample and standard samples representing a range of grades are inserted at intervals of 1 in 20 samples. Five percent of pulps are re-analyzed at ALS Chemex Lab in Lima, Peru.
The Quality Control and all aspects of the exploration program are supervised by Apogee's Vice President of Exploration, Joaquin Merino and Mr. Merino has reviewed the technical information in this press release. Dr. Fernando Tallarico, P.Geo., a qualified person as defined by NI 43-101 has supervised the implementation of the QA/QC for the project has reviewed and approved the technical content in this release.
The technical information in this release relating to the Pulacayo Resource Estimate was reviewed and approved by Mr. Reno Pressacco, P.Geo., of Micon International Limited on behalf of the Micon team that completed the resource calculation.
This press release has been reviewed and approved by David Gower, P. Geo., CEO, a qualified person as defined by National Instrument 43-101.
About Apogee Minerals
Apogee Minerals Ltd. is a Canadian producer of silver-zinc-lead and also carries out exploration and development activities. The Company is listed on the TSX Venture Exchange under the symbol APE. Apogee is focused on advanced silver-zinc-lead projects in South America that demonstrate the potential to be rapidly developed to production. Currently all of its projects are located in the historic silver producing regions of central and southwest Bolivia.
The Company's 100%-owned La Solucion Mine has a 14 year production history and has a 120 tonne per day flotation mill. The Pulacayo-Paca project is an option to joint venture with Apex Silver Mines Limited. The project occupies the property that includes the second-largest silver mine in the history of Bolivia with over 600 million ounces of past production.
Forward Looking Statements
Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to mineral resource estimates and the ability to realize such estimates; capital and operating expenditures; metal prices; permitting time lines and permitting; ability to develop mining operations in Bolivia; government regulation of mining operations; and environmental risks. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Estimates regarding the mineral resources are based on the assumptions and parameters set out above and on advice from independent, qualified consultants. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks described in the public record of the Company posted under the profile of the Company on SEDAR at www.sedar.com. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause 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 information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Apogee Minerals Ltd.
Ana Lopes
Investor Relations
(416) 861-5902
Email: info@apogeeminerals.com
Website: Apogee Minerals
SOURCE: Apogee Minerals Ltd.
mailto:info@apogeeminerals.com
http://www.apogeeminerals.com
Copyright 2008 Market Wire, All rights reserved.
The Pulacayo Deposit remains open for further expansion (To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/ape02.pdf) as Apogee has focused on a limited area of the known mineralized structure in order to advance the deposit to a point where scoping and feasibility studies can be completed. Drill holes reported in the news release dated September 29, 2008 were not included in this resource estimate as the assay data was pending while the study was being done. The Pulacayo-Paca project is the major growth focus for Apogee and is an option-joint venture with Apex Silver Mines Limited. ("Apex"). The property was the second largest silver mine in the history of Bolivia with over 600 million ounces past production of silver. The extent of the known mineralization in Figure 2 is based on the extent of the historical workings from this production and shows the section where Apogee's drilling has focused.
According to David Gower, P.Geo., CEO of Apogee; "The results are very encouraging and we have already started the work to consider possible production scenarios for the Project. The Pulacayo Deposit will be the initial focus because of the higher grades in areas of the deposit where there is existing underground access from the historical production. This presents an interesting opportunity whereby we can use existing underground workings to access the highest grade sections of the deposit at an early stage of a potential development plan and it is expected that having this access will significantly lower development cost and shorten the development time frame." Historical workings occur adjacent to and intersecting most of the length of the current resource (To view Figure 3, please visit the following link: http://media3.marketwire.com/docs/ape03.pdf).
Joaquin Merino, Vice President Exploration for Apogee states; "We are very excited about the results at Pulacayo. The grade of the mineralization is good due to its polymetallic nature. When we plot silver equivalent values based on the criteria established by Micon for the resource estimate (To view Figure 4, please visit the following link: http://media3.marketwire.com/docs/ape04.pdf), there is a significant amount of high grade mineralization over widths that are suitable for modern mining methods. We have rehabilitated parts of the underground workings for the underground phase of the recently completed drill campaign which has provided a clear indication that many the workings can be used to access many parts of the deposit."
The Resource Estimate:
The independent mineral resource estimation was prepared by Messrs. Reno Pressacco, P. Geo. and Sam J. Shoemaker, M. AusIMM of Micon International Limited of Toronto, Canada, in accordance with CIM Standards for Mineral Resources and Mineral Reserves (2005). Both Messrs. Reno Pressacco, P. Geo. and Sam J. Shoemaker, M. AusIMM are qualified persons as defined by NI 43-101. The current mineral resource estimate is based on drilling completed and results received up to hole PUD-110.
Detailed information pertaining to the mineral resource estimate will be included in a NI43-101-compliant Technical Report that is being prepared and will be filed under the Company's profile on SEDAR within 45 days as required.
The mineral resources for the Pulacayo deposit are reported for three conceptual operational scenarios. The supporting data was derived from a data base collected from 109 diamond drill holes.
Open pit mineral resources include all material that is located above the optimized open pit shell, that is below the oxidized surface, that is not flagged as mined out, and that contains metal grades greater than a net value zero (i.e. all profitable blocks). The report is prepared using the capped, Inverse Distance, Squared average grade estimates for silver, zinc and lead.
Underground mineral resources include all blocks that are below the oxidized surface, that are not flagged as mined out, and that contain metal grades sufficient to generate a block NSR of greater than USD$45/tonne. The report is prepared using the capped, Inverse Distance, Squared average grade estimates for silver, zinc and lead.
The mineral resources for the combined operational scenario comprise all blocks that are within the optimized open pit shell, along with all blocks that lie beneath this shell that are not flagged as mined out and that contain metal grades sufficient to generate a block NSR of greater than USD$45/tonne. The report is prepared using the capped, Inverse Distance, Squared average grade estimates for silver, zinc and lead.
Summary of Mineral Resources, Pulacayo Deposit
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Class Tonnes Silver (g/t) Zinc (%) Lead (%)
---------------------------------------------------------------------------
Open Pit Only (Base Case Ag, 50 degrees Wall Slope Angle)
---------------------------------------------------------------------------
Indicated 6,577,000 49 1.41 0.63
---------------------------------------------------------------------------
Inferred 8,358,000 64 1.48 0.62
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Underground Only (all blocks with NSR greater than $45)
---------------------------------------------------------------------------
Indicated 3,201,000 93 1.88 0.94
---------------------------------------------------------------------------
Inferred 5,191,000 116 1.79 0.84
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Combined Pit and Underground
---------------------------------------------------------------------------
Pit Indicated 6,577,000 49 1.41 0.63
---------------------------------------------------------------------------
UG Indicated 426,000 116 1.63 0.64
---------------------------------------------------------------------------
Total Indicated 7,003,000 53 1.42 0.63
---------------------------------------------------------------------------
Pit Inferred 8,358,000 64 1.48 0.62
---------------------------------------------------------------------------
UG Inferred 1,198,000 149 1.30 0.58
---------------------------------------------------------------------------
Total Inferred 9,556,000 75 1.46 0.61
---------------------------------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
(1) Tonnages have been rounded to the nearest 1,000 tonnes. Average grades
may not sum due to rounding.
(2) Mineral resources that are not mineral reserves do not have demonstrated
economic viability. The estimate of mineral resources may be materially
affected by environmental, permitting, legal, title, taxation,
sociopolitical, marketing, or other relevant issues.
(3) The quantity and grade of reported inferred resources in this estimation
are conceptual in nature and there has been insufficient exploration to
define these inferred resources as an indicated or measured mineral
resource. It is uncertain if further exploration will result in
upgrading them to an indicated or measured mineral resource category.
For the purposes of this initial mineral resource estimate, Micon judged that the most appropriate method to deal with the polymetallic nature of the mineralization was to apply a Net Smelter Return (NSR) to the assay data. This method recognizes that more than one metal can contribute to a potential revenue stream and proceeds to derive a factor that accounts for such items as recovery to concentrate, metal prices payable fraction, penalties, treatment and refining charges and freight. In this manner, a set of factors are derived that convert the in-situ grades to net revenue for each metal. The revenue for each metal is summed to arrive at a NSR value for a given sample. Given that the exact values of many of these input parameters is not known at such an early point in the project's history, estimates were derived on the basis of the best available information from a variety of sources including initial test work results and Micon's experience with current smelter terms for zinc and lead concentrates in the region. A summary of these factors is provided below. Silver was found to contribute approximately 50% of the total value, with zinc and lead each contributing approximately equal amounts of 25% each.
-----------------------------------------------------------------------
----
------------------------------------------------------------------
---------
Item Silver Zinc Lead
---------------------------------------------------------------------------
Metal Price $USD14.38/oz $USD0.86/lb $USD0.92
---------------------------------------------------------------------------
Recovery to 31.3% to zinc conc 87.6% to zinc conc 2.1% to zinc conc
Concentrate 63.4% to lead conc 3.9% to lead conc 88.8% to lead conc
---------------------------------------------------------------------------
NSR Factor 0.37 per g Ag 14.07 per % Zn 22.64 per % Pb
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Additional Criteria used for Estimation of Pulacayo Resource Estimate:
1. Drill hole data base 109 drill holes.
2. Average specific gravity for intrusive hosted mineralization is 2.28 and for sedimentary hosted mineralization is 2.29.
3. High grade sample values capped; based upon the distribution of the silver, zinc and lead grades, Micon believes that 2,050 g/t Ag, 14.5% Zn and 19% Pb are appropriate capping values.
4. With respect to existing underground workings the width of the modeled stopes was estimated from a description of the mining presented in Ahlfeld and Schneider-Scherbina (1964) that describes the widths of the stopes as ranging from 1.1 to a maximum 6 meters. For the purposes of this initial mineral resource estimate, Micon assumed a constant, average stope width of 3 metres for the model of the mined out voids. Micon assumed that stoping was carried out for each of the parallel drifts and that the stopes extended completely up to the next level above.
5. A detailed topographic survey was carried out by Apogee where each two metre contour and all important topographical features such as roads and shaft collars were surveyed in such a manner that a high quality topographical map for an area that measures approximately 2,600 metres in an east-west direction and 1,600 metres in a north-south direction. A digital format of this information was provided to Micon who proceeded to generate a three-dimensional surface for use in subsequent steps. The topography in the Pulacayo area ranges in elevation from approximately 4,100 metres to 4,500 metres above sea level and consists largely of rolling to steep-sided slopes along incised valleys.
6. There is a cap of oxidized, mineralized material overlying the deposit. As there is no metallurgical data for this material it has been treated as waste for the purpose of the resource estimate.
Quality Control
The Company employs a QA/QC protocol on all aspects of the analytical procedures. Core samples are sawn and one half of the NQ and HQ core is restored to the core box for future reference. One half of the core is sent for analysis. Samples are taken in approx. 1.0 meter intervals or less. Sample preparation is completed at the ALS Chemex preparation lab in Oruro, Bolivia and assayed at ALS Chemex in Lima, Peru, using multi-acid digest/ AAS technique, method ME-AA46 for Ag, Pb, Zn and Cu. A blank sample is inserted every 20th sample and standard samples representing a range of grades are inserted at intervals of 1 in 20 samples. Five percent of pulps are re-analyzed at ALS Chemex Lab in Lima, Peru.
The Quality Control and all aspects of the exploration program are supervised by Apogee's Vice President of Exploration, Joaquin Merino and Mr. Merino has reviewed the technical information in this press release. Dr. Fernando Tallarico, P.Geo., a qualified person as defined by NI 43-101 has supervised the implementation of the QA/QC for the project has reviewed and approved the technical content in this release.
The technical information in this release relating to the Pulacayo Resource Estimate was reviewed and approved by Mr. Reno Pressacco, P.Geo., of Micon International Limited on behalf of the Micon team that completed the resource calculation.
This press release has been reviewed and approved by David Gower, P. Geo., CEO, a qualified person as defined by National Instrument 43-101.
About Apogee Minerals
Apogee Minerals Ltd. is a Canadian producer of silver-zinc-lead and also carries out exploration and development activities. The Company is listed on the TSX Venture Exchange under the symbol APE. Apogee is focused on advanced silver-zinc-lead projects in South America that demonstrate the potential to be rapidly developed to production. Currently all of its projects are located in the historic silver producing regions of central and southwest Bolivia.
The Company's 100%-owned La Solucion Mine has a 14 year production history and has a 120 tonne per day flotation mill. The Pulacayo-Paca project is an option to joint venture with Apex Silver Mines Limited. The project occupies the property that includes the second-largest silver mine in the history of Bolivia with over 600 million ounces of past production.
Forward Looking Statements
Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to mineral resource estimates and the ability to realize such estimates; capital and operating expenditures; metal prices; permitting time lines and permitting; ability to develop mining operations in Bolivia; government regulation of mining operations; and environmental risks. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Estimates regarding the mineral resources are based on the assumptions and parameters set out above and on advice from independent, qualified consultants. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks described in the public record of the Company posted under the profile of the Company on SEDAR at www.sedar.com. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause 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 information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Apogee Minerals Ltd.
Ana Lopes
Investor Relations
(416) 861-5902
Email: info@apogeeminerals.com
Website: Apogee Minerals
SOURCE: Apogee Minerals Ltd.
mailto:info@apogeeminerals.com
http://www.apogeeminerals.com
Copyright 2008 Market Wire, All rights reserved.
Friday, October 24, 2008
What Happens if Silver and Gold Price Ratio Returns to Historic Pattern?
It's an understatement to say gold and silver have been struggling lately, as the two metals continue to plunge, along with the worldwide economies.
What is fascinating about silver in particular, is the current ratio that is completely out of sync with its historic levels with gold.
The historical average ratio between the prices of gold and silver has been silver holding close to a 1/20 price of gold. At this time it is sitting at only a 1/75th price in relationship to gold's price.
What silver investors need to ask themselves is what happens if the price ratio between silver and gold reverts back to historic norms.
We can be sure some of that will come from the continual fall of the price of gold, but I don't think we can assume that in and of itself will bring back the ratio. I think we'll start to see the rise of silver prices again, and when that happens, there will be an abundance of opportunities to play the metal.
Once the forced liguidation of commodities unwinds itself, it's at that time we should look seriously at a surge in silver prices, which should drive up the prices of good silver mining companies ... and others as well.
The bottom line is we need to keep a close eye on the ratio of prices between silver and gold. They are far too out of sync at this time to remain there. When it changes, we need a plan in place to swoop in and profit from it.
What is fascinating about silver in particular, is the current ratio that is completely out of sync with its historic levels with gold.
The historical average ratio between the prices of gold and silver has been silver holding close to a 1/20 price of gold. At this time it is sitting at only a 1/75th price in relationship to gold's price.
What silver investors need to ask themselves is what happens if the price ratio between silver and gold reverts back to historic norms.
We can be sure some of that will come from the continual fall of the price of gold, but I don't think we can assume that in and of itself will bring back the ratio. I think we'll start to see the rise of silver prices again, and when that happens, there will be an abundance of opportunities to play the metal.
Once the forced liguidation of commodities unwinds itself, it's at that time we should look seriously at a surge in silver prices, which should drive up the prices of good silver mining companies ... and others as well.
The bottom line is we need to keep a close eye on the ratio of prices between silver and gold. They are far too out of sync at this time to remain there. When it changes, we need a plan in place to swoop in and profit from it.
Wednesday, October 22, 2008
Liberty Star and NPX Metals Enter Revised Agreement on Gold-Silver Nevada Property
TUCSON, Ariz., Oct 22, 2008 (BUSINESS WIRE) -- Liberty Star Uranium & Metals Corp. (LBSU) (the "Company") announces that it has signed an agreement to sell its option land at the Providence Project to NPX Metals Inc ("NPX"). The option land, adjacent to land already held by NPX, is believed to host commercially relevant quantities of disseminated gold and silver in Nevada's historic Beatty Mining District.
The Company's option which was obtained at little cost and forms the northwestern pit wall of the Montgomery-Shoshone (M-S) open pit, last mined in the 1990s by Barrick Bull Frog Mining Company a subsidiary of Barrick Gold Corp. and others for disseminated gold and silver. The mineral zone appears to continue from the M-S open pit on to the Providence Project, but has yet to be drill tested for precious metal mineralization (NR 74, April 29, 2008).
In general, the terms set forth in the sales agreement made during the summer of 2008, with revisions October 15, 2008, provide that the Company will assign its interest in the Providence Project option land to NPX for $200,000. The two companies have also agreed that NPX will hire Liberty Star to provide exploration and development services on the project area. The Liberty Star geology team has begun field work in the area.
ON BEHALF OF THE BOARD OF DIRECTORS
"James A. Briscoe"
James A. Briscoe,
President/Director
SAFE HARBOR STATEMENT
Statements in this news release that are not historical are forward-looking statements. Forward-looking statements in this news release include that we will sell our option land for $200,000 and that we will be hired to conduct exploration and development work on the property. Factors that may prevent or delay these statements coming to fruition include inability to come to final agreement on sale, terms on payment in the sale or in the work, other contractors offering better terms or our inability to perform the work required. Readers should refer to the risk disclosures outlined in the Company's most recent 10-KSB and the Company's other periodic reports filed from time to time with the Securities and Exchange Commission.
About Liberty Star's Mineral Exploration Projects
Liberty Star Uranium & Metals Corp. is a mineral exploration company currently with ongoing exploration interests for the discovery of uranium ore deposits on the Arizona Strip region of the Colorado Plateau (North Pipes Super Project). Liberty Star also maintains exploration projects in Alaska for copper, gold, silver and moly, in Nevada for gold and silver, and southern Arizona for porphyry copper and other metals. Information on these can be found at Liberty Star's web site http://www.libertystaruranium.com/.
About NPX Minerals Inc.
NPX Metals is a mineral exploration company focused on properties in Arizona and Nevada, headquartered in Apache Junction, Arizona. NPX Metals is a Nevada Domestic Corporation (see Nevada Secretary of State Business Entity E0254852006-7) incorporated in April 2006. President/Director Daniel Bleak is a mining industry entrepreneur. Corporate officers include Denis Corin (director), Johnathan Lindsay, (director, secretary, treasurer) and Randall Reneau (director). Bret Judd is the manager for Exploration & Land Tenure.
SOURCE: Liberty Star Uranium & Metals Corp.
Liberty Star Uranium & Metals Corp.
Tracy Myers, 520-731-8786(Investor Relations)
info@LibertyStarUranium.com
Liberty Star Uranium
Copyright Business Wire 2008
The Company's option which was obtained at little cost and forms the northwestern pit wall of the Montgomery-Shoshone (M-S) open pit, last mined in the 1990s by Barrick Bull Frog Mining Company a subsidiary of Barrick Gold Corp. and others for disseminated gold and silver. The mineral zone appears to continue from the M-S open pit on to the Providence Project, but has yet to be drill tested for precious metal mineralization (NR 74, April 29, 2008).
In general, the terms set forth in the sales agreement made during the summer of 2008, with revisions October 15, 2008, provide that the Company will assign its interest in the Providence Project option land to NPX for $200,000. The two companies have also agreed that NPX will hire Liberty Star to provide exploration and development services on the project area. The Liberty Star geology team has begun field work in the area.
ON BEHALF OF THE BOARD OF DIRECTORS
"James A. Briscoe"
James A. Briscoe,
President/Director
SAFE HARBOR STATEMENT
Statements in this news release that are not historical are forward-looking statements. Forward-looking statements in this news release include that we will sell our option land for $200,000 and that we will be hired to conduct exploration and development work on the property. Factors that may prevent or delay these statements coming to fruition include inability to come to final agreement on sale, terms on payment in the sale or in the work, other contractors offering better terms or our inability to perform the work required. Readers should refer to the risk disclosures outlined in the Company's most recent 10-KSB and the Company's other periodic reports filed from time to time with the Securities and Exchange Commission.
About Liberty Star's Mineral Exploration Projects
Liberty Star Uranium & Metals Corp. is a mineral exploration company currently with ongoing exploration interests for the discovery of uranium ore deposits on the Arizona Strip region of the Colorado Plateau (North Pipes Super Project). Liberty Star also maintains exploration projects in Alaska for copper, gold, silver and moly, in Nevada for gold and silver, and southern Arizona for porphyry copper and other metals. Information on these can be found at Liberty Star's web site http://www.libertystaruranium.com/.
About NPX Minerals Inc.
NPX Metals is a mineral exploration company focused on properties in Arizona and Nevada, headquartered in Apache Junction, Arizona. NPX Metals is a Nevada Domestic Corporation (see Nevada Secretary of State Business Entity E0254852006-7) incorporated in April 2006. President/Director Daniel Bleak is a mining industry entrepreneur. Corporate officers include Denis Corin (director), Johnathan Lindsay, (director, secretary, treasurer) and Randall Reneau (director). Bret Judd is the manager for Exploration & Land Tenure.
SOURCE: Liberty Star Uranium & Metals Corp.
Liberty Star Uranium & Metals Corp.
Tracy Myers, 520-731-8786(Investor Relations)
info@LibertyStarUranium.com
Liberty Star Uranium
Copyright Business Wire 2008
Pan American Silver President and CEO Geoff Burns Upbeat about Future Prospects
With no debt and an eighth mine about to be opened soon in Argentina, Pan American Silver president and CEO Geoff Burns is positive about the future of the company.
Burns acknowledges that profit margins have fallen as forced liquidity continues to pummel the commodity market, yet the company has positioned itself strongly in contrast to other debt-laden competitors.
In economic challenges like the one we're in, those companies with less debt and solid operations will far outperform those who will struggle just to survive, let alone thrive.
"We have no debt and have never had any significant quantity of debt. We make our investment decisions on our operating properties and in our new constructions activities based on fundamental rates of return," said Burns.
Once liquidity comes back into the overall market, the underlying fundamentals are the same as before the financial crisis, and consumers and investors will gravitate back toward the safety of gold and demand of silver.
Burns added the company will still be able to remain profitable at $11 silver and $850 gold.
While India and China are experiencing slower growth, they will still offset the contraction of Western countries, and maintain a demand for base metals, although a slower one.
Pan American Silver is looking to produce around 25 million ounces in 2009.
Burns acknowledges that profit margins have fallen as forced liquidity continues to pummel the commodity market, yet the company has positioned itself strongly in contrast to other debt-laden competitors.
In economic challenges like the one we're in, those companies with less debt and solid operations will far outperform those who will struggle just to survive, let alone thrive.
"We have no debt and have never had any significant quantity of debt. We make our investment decisions on our operating properties and in our new constructions activities based on fundamental rates of return," said Burns.
Once liquidity comes back into the overall market, the underlying fundamentals are the same as before the financial crisis, and consumers and investors will gravitate back toward the safety of gold and demand of silver.
Burns added the company will still be able to remain profitable at $11 silver and $850 gold.
While India and China are experiencing slower growth, they will still offset the contraction of Western countries, and maintain a demand for base metals, although a slower one.
Pan American Silver is looking to produce around 25 million ounces in 2009.
Friday, October 17, 2008
Silver Falcon Mining Updates Progress on the Belle Peck Completion and Ore Transport
NEW YORK, NY -- (Marketwire) -- 10/17/08 -- Silver Falcon Mining, Inc. (PINKSHEETS: SFMI)details progress on the War Eagle Project.
The entrance to the Belle Peck tunnel has now been protected by the installation of massive steel pipes which will allow easy vehicularentrance to the Belle Peck adit and permanent access to the Gold and Silver(Poorman) veins on the mountain. The adit will be explored in its entirety and assays of the accessible veins will be done under the direction of ourgeologist to allow a fair assessment of the reserves in this particular piece of our property.
In the meantime, the "Belle Peck" tailings pile is being attacked by ourtransport contractor who has marshaled enough loading and transportation equipment to ensure the current ferrying of a sufficient quantity of ore toour mill site. This allows the Company to operate the mill uninterrupted for the next twelve months.
The installation of our mill in Melba is progressing at a rapid pace withthe recent arrival of a few crucial pieces of equipment. The companiessupplying the remaining balance of equipment ordered, have guaranteed thatthese items are either under assembly and/or ready to ship from theirlocations.
We have at present, adequate financial reserves to allow us to complete, start up the mill, and carry on developments on the mountain until the spring. The Company believes milling operations will provide adequate cashflow to pursue other developments on War Eagle Mountain throughout 2009.
Mr. Pierre Quilliam, President of Silver Falcon Mining, Inc., said, "With the recent world financial development, it is very comforting to realizethat we are in the business of extracting the only means of commerce that has withstood the test of time and has always been accepted as a solidmeans of payment, namely GOLD."
Silver Falcon Mining, Inc. is an exploration and development Companyspecializing in high-grade Gold and Silver mining properties in NorthAmerica.
Further Information contact Rich Kaiser, Investor Relations 800-631-8127 and/or the Company at 941-761-7819, www.silverfalconmining.com.
Silver Falcon Mining, Inc. cautions that the statements made in this press release constitute forward-looking statements, and not guarantees of future performance and actual results or developments may differ materially fromthe projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made.
Contact:Rich KaiserInvestor Relations 800-631-8127
The Company 941-761-7819
www.silverfalconmining.com
The entrance to the Belle Peck tunnel has now been protected by the installation of massive steel pipes which will allow easy vehicularentrance to the Belle Peck adit and permanent access to the Gold and Silver(Poorman) veins on the mountain. The adit will be explored in its entirety and assays of the accessible veins will be done under the direction of ourgeologist to allow a fair assessment of the reserves in this particular piece of our property.
In the meantime, the "Belle Peck" tailings pile is being attacked by ourtransport contractor who has marshaled enough loading and transportation equipment to ensure the current ferrying of a sufficient quantity of ore toour mill site. This allows the Company to operate the mill uninterrupted for the next twelve months.
The installation of our mill in Melba is progressing at a rapid pace withthe recent arrival of a few crucial pieces of equipment. The companiessupplying the remaining balance of equipment ordered, have guaranteed thatthese items are either under assembly and/or ready to ship from theirlocations.
We have at present, adequate financial reserves to allow us to complete, start up the mill, and carry on developments on the mountain until the spring. The Company believes milling operations will provide adequate cashflow to pursue other developments on War Eagle Mountain throughout 2009.
Mr. Pierre Quilliam, President of Silver Falcon Mining, Inc., said, "With the recent world financial development, it is very comforting to realizethat we are in the business of extracting the only means of commerce that has withstood the test of time and has always been accepted as a solidmeans of payment, namely GOLD."
Silver Falcon Mining, Inc. is an exploration and development Companyspecializing in high-grade Gold and Silver mining properties in NorthAmerica.
Further Information contact Rich Kaiser, Investor Relations 800-631-8127 and/or the Company at 941-761-7819, www.silverfalconmining.com.
Silver Falcon Mining, Inc. cautions that the statements made in this press release constitute forward-looking statements, and not guarantees of future performance and actual results or developments may differ materially fromthe projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made.
Contact:Rich KaiserInvestor Relations 800-631-8127
The Company 941-761-7819
www.silverfalconmining.com
Thursday, October 16, 2008
Sabina Silver Announces Hackett River Study Update
Opportunities to Enhance Project Economics Continue to be Identified
By: Marketwire .
Oct. 16, 2008 08:30 AM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/16/08 -- Sabina Silver Corporation (TSX VENTURE: SBB) announced today an update on work progressing at its 100% owned Hackett River silver-zinc project in Nunavut, Canada.
HACKETT RIVER
Hackett River is a major silver-zinc deposit located approximately 75 kilometres from tide water in the Canadian arctic. Not only is it one of the largest undeveloped silver deposits of its type in the world, but it is located in one of the world's most appealing mining jurisdictions. Nunavut Territory, Canada, is a pro-mining jurisdiction subject to a rigorous achievable permitting process. The Territory is eager to create infrastructure and economic sustainability through the responsible development of mineral projects in the region.
Hackett River is currently in the pre-feasibility phase. As previously announced, the on-site pre-feasibility work required at Hackett for this year has been completed. The Company and its consultants are now waiting for the results of this work, along with other studies to be able to compile the data into a pre-feasibility study.
"It is essential, in today's economic environment, that the study is completed in a manner that is conservative but realistic, especially in light of anticipated increases in capital and operating costs," said Tony Walsh, President & CEO "Work continues to identify opportunities for optimizing project economics for the pre-feasibility study as well as to look for opportunities to grow Hackett River. As previously announced a recent Hackett River exploration review indicates excellent potential for the discovery of additional resources."
One of these opportunities is the potential for increased tonnage. The Hackett River Project will need to utilize a road and port. The costs of either building or using these facilities are fixed, however increased tonnage could mitigate these fixed costs and enhance project economics. The Company plans to look for increased tonnage by: completing further exploration at Hackett River; revising mine sequencing and from potential additional through put from proximal projects.
A review of the proposed mining technology is currently underway. For example, management now believes that the Boot Zone, originally an underground target, might be amenable to open pit mining. This would result in a synergistic open pit mining operation as well as deferring the capital requirements for underground development further into the life of the project. This would significantly bolster the economics of the project.
Other work continues on optimizing mill size, concentrate trucking, and metal recoveries.
Management still expects the pre-feasibility study and the updated mineable resource will be completed during the first quarter of 2009.
The Company is committed to the Hackett River project and to the relationships and partnerships it has created in Nunavut to date. Sabina supports the territory's plans for infrastructure, in particular the Bathurst Inlet Port and Road project as Hackett River operations will rely on a port and road. Nunavut remains one of the most prospective mining jurisdictions in the world.
All contemplated production at the Hackett River project is subject to positive feasibility studies, the availability of financing and permitting and regulatory approval.
CORPORATE UPDATE
As previously announced, management believes there are opportunities in this market to mitigate against the effects of Hackett River's long lead time on the Company's share price. As part of the corporate strategy, management continues to evaluate opportunities and proposals for accretive corporate transactions. The current market presents many affordable opportunities which combined with the Company's very strong balance sheet, puts Sabina in a strong position. Management is favouring assets that are non-grass roots precious metals preferably in North America, although consideration will be given to opportunities in other politically stable jurisdictions.
SABINA SILVER CORPORATION is a Canadian public mineral exploration and development company with assets at the Hackett River silver-zinc project in Nunavut, the Del Norte project in the Stewart-Eskay Creek Mining District and several projects in the Red Lake gold camp. The Company is well capitalized with $44 million in cash and marketable securities at June 30, 2008. Management believes the Company has the financial resources to complete its pre-development initiatives at Hackett River.
Forward Looking Statements
Statements relating to exploration, pre-feasibility work and future operations at the Hackett River Project and the expected results of this work are forward-looking statements within the meaning of securities legislation of certain Provinces in Canada. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Information inferred from the interpretation of drilling results may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metal prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from Sabina's operations and other risks and uncertainties, including those described in Sabina's Annual Report for the year ended December 31, 2007.
Forward-looking statements are based on the beliefs, estimates and opinions of Sabina's management on the date the statements are made. Sabina undertakes no obligation to update these forward-looking statements should management's beliefs, estimates or opinions, or other factors, should change.
This news release has been authorized by the undersigned on behalf of Sabina Silver Corporation.
Tony Walsh, President & CEO
Contacts:
Sabina Silver Corporation
Nicole Hoeller
Director, IR
(604) 648-4216
Email: nhoeller@sabinasilver.com
Website: www.sabinasilver.com
Published Oct. 16, 2008
Copyright © 2008 SYS-CON Media. All Rights Reserved.
By: Marketwire .
Oct. 16, 2008 08:30 AM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/16/08 -- Sabina Silver Corporation (TSX VENTURE: SBB) announced today an update on work progressing at its 100% owned Hackett River silver-zinc project in Nunavut, Canada.
HACKETT RIVER
Hackett River is a major silver-zinc deposit located approximately 75 kilometres from tide water in the Canadian arctic. Not only is it one of the largest undeveloped silver deposits of its type in the world, but it is located in one of the world's most appealing mining jurisdictions. Nunavut Territory, Canada, is a pro-mining jurisdiction subject to a rigorous achievable permitting process. The Territory is eager to create infrastructure and economic sustainability through the responsible development of mineral projects in the region.
Hackett River is currently in the pre-feasibility phase. As previously announced, the on-site pre-feasibility work required at Hackett for this year has been completed. The Company and its consultants are now waiting for the results of this work, along with other studies to be able to compile the data into a pre-feasibility study.
"It is essential, in today's economic environment, that the study is completed in a manner that is conservative but realistic, especially in light of anticipated increases in capital and operating costs," said Tony Walsh, President & CEO "Work continues to identify opportunities for optimizing project economics for the pre-feasibility study as well as to look for opportunities to grow Hackett River. As previously announced a recent Hackett River exploration review indicates excellent potential for the discovery of additional resources."
One of these opportunities is the potential for increased tonnage. The Hackett River Project will need to utilize a road and port. The costs of either building or using these facilities are fixed, however increased tonnage could mitigate these fixed costs and enhance project economics. The Company plans to look for increased tonnage by: completing further exploration at Hackett River; revising mine sequencing and from potential additional through put from proximal projects.
A review of the proposed mining technology is currently underway. For example, management now believes that the Boot Zone, originally an underground target, might be amenable to open pit mining. This would result in a synergistic open pit mining operation as well as deferring the capital requirements for underground development further into the life of the project. This would significantly bolster the economics of the project.
Other work continues on optimizing mill size, concentrate trucking, and metal recoveries.
Management still expects the pre-feasibility study and the updated mineable resource will be completed during the first quarter of 2009.
The Company is committed to the Hackett River project and to the relationships and partnerships it has created in Nunavut to date. Sabina supports the territory's plans for infrastructure, in particular the Bathurst Inlet Port and Road project as Hackett River operations will rely on a port and road. Nunavut remains one of the most prospective mining jurisdictions in the world.
All contemplated production at the Hackett River project is subject to positive feasibility studies, the availability of financing and permitting and regulatory approval.
CORPORATE UPDATE
As previously announced, management believes there are opportunities in this market to mitigate against the effects of Hackett River's long lead time on the Company's share price. As part of the corporate strategy, management continues to evaluate opportunities and proposals for accretive corporate transactions. The current market presents many affordable opportunities which combined with the Company's very strong balance sheet, puts Sabina in a strong position. Management is favouring assets that are non-grass roots precious metals preferably in North America, although consideration will be given to opportunities in other politically stable jurisdictions.
SABINA SILVER CORPORATION is a Canadian public mineral exploration and development company with assets at the Hackett River silver-zinc project in Nunavut, the Del Norte project in the Stewart-Eskay Creek Mining District and several projects in the Red Lake gold camp. The Company is well capitalized with $44 million in cash and marketable securities at June 30, 2008. Management believes the Company has the financial resources to complete its pre-development initiatives at Hackett River.
Forward Looking Statements
Statements relating to exploration, pre-feasibility work and future operations at the Hackett River Project and the expected results of this work are forward-looking statements within the meaning of securities legislation of certain Provinces in Canada. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Information inferred from the interpretation of drilling results may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metal prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from Sabina's operations and other risks and uncertainties, including those described in Sabina's Annual Report for the year ended December 31, 2007.
Forward-looking statements are based on the beliefs, estimates and opinions of Sabina's management on the date the statements are made. Sabina undertakes no obligation to update these forward-looking statements should management's beliefs, estimates or opinions, or other factors, should change.
This news release has been authorized by the undersigned on behalf of Sabina Silver Corporation.
Tony Walsh, President & CEO
Contacts:
Sabina Silver Corporation
Nicole Hoeller
Director, IR
(604) 648-4216
Email: nhoeller@sabinasilver.com
Website: www.sabinasilver.com
Published Oct. 16, 2008
Copyright © 2008 SYS-CON Media. All Rights Reserved.
Wednesday, October 15, 2008
MAG Silver Establishes Special Committee of the Board of Directors and Advises Shareholders of Certain Facts
VANCOUVER, BRITISH COLUMBIA, Oct 15, 2008 (MARKET WIRE via COMTEX) -- MAG Silver (TSX: MAG)(NYSE-A: MVG) ("MAG" or the "Company") has formed a Special Committee of the Board of Directors to look at strategic alternatives for the Company. This is in response to Fresnillo plc's acquisition of 9,746,193 of the issued and outstanding shares of the Company representing a 19.83% interest (see Table "A" below).
Fresnillo is the Company's joint venture partner in, and operator of, MAG's core asset, 44% of the Minera Juanicipio Joint Venture.
The Committee has engaged Macquarie Capital Markets Canada Ltd. to act as its financial advisor and Davies Ward Phillips & Vineberg LLP to act as its legal advisor.
On August 3, 2007 the Company adopted a shareholders' rights plan to prevent creeping acquisitions of control and ensure that shareholders are treated fairly in a change of control situation. The rights plan will be triggered if Fresnillo acquires 20% or more of the Company's shares other than pursuant to an offer made to all of the Company's shareholders that otherwise complies with the permitted bid provisions of the rights plan. Please see MAG's Notice dated December 19, 2007 and the Company's Management Information Circular dated December 17, 2007 for more details on the Shareholder Rights Plan. Both are available at www.sedar.com.
In light of the recent purchases by Fresnillo of MAG shares the Company would like to draw attention to certain information that now appears increasingly relevant to MAG shareholders:
1) Drilling is ongoing at the Valdecanas Vein on the Juanicipio Property with 4 drill rigs, funded by MAG and Fresnillo. A number of holes completed have not been released at this time and assays are outstanding.
2) Fresnillo has reported extensions of the Valdecanas Vein east and west of the joint venture ground (August 19, 2008, Fresnillo six month report). A projection of the Valdecanas Vein further to the west suggests it may trend back onto joint venture ground. The joint holdings have not been extensively tested in the area of this projection.
3) Fresnillo completed an initial public offering in Europe in the Spring of 2008. In its prospectus for that offering, which was embargoed by Fresnillo from distribution in North American Jurisdictions (see the Fresnillo website), Fresnillo's qualified person reported resources for the Valdecanas Vein calculated as at December, 2007, (disclosed by MAG in compliance with Canadian Securities NI 43-101 in July, 2008). The Fresnillo qualified person then goes on to state that; "recent drilling results at Valdecanas has (sic) intersected significant gold and silver mineralization across substantial widths outside the present resource outline" and that "there is a strong likelihood that the current drilling programme will expand the size of the Valdecanas deposit".
4) Fresnillo has reported that it is preparing an updated resource calculation on Valdecanas which is due for publication in late 2008. However, MAG has not been privy to the geo-statistical model or ongoing work on this updated resource calculation.
5) In the Fresnillo prospectus, the Valdecanas Vein and the Juanicipio Property are included in what Fresnillo describes as the "Fresnillo II Project". The following are excerpts from that prospectus:
- "The Fresnillo Group has established plans for and has already made significant investment in the development of a further underground mine adjacent to the existing Fresnillo mine. Fresnillo II is planned to be of approximately equivalent size to the existing Fresnillo Mine".
- "The Saucito and Jarillias veins will be exploited first followed by the Valdecanas Vein.....The conceptual mine plan includes indicated and inferred resources and the resources include 100 % of the Valdecanas resources (of which Fresnillo owns 56%)". (i)
(i)(Fresnillo specifically noted that this is a conceptual plan only, being based on inferred resources).
6) Fresnillo has unilaterally initiated an excavation to the east of the Juanicipio Property boundary which appears to be headed directly toward the Valdecanas Vein on the Juanicipio Property.
The format and schedule for production and the conceptual mine plan described in Fresnillo's prospectus were not provided to, settled with, or approved by MAG. In fact, no development plans of any nature for the Valdecanas Vein have been the subject of a joint venture budget, bankable feasibility study or production decision as required by the shareholders agreement between MAG and Fresnillo. The shareholders agreement requires approval, by a 60% vote, of any major budget, any feasibility study and any production decision for the Juanicipio Property. MAG holds 44% of the voting shares of Minera Juanicipio S.A. de C.V., the joint venture company holding the Juanicipio Property.
MAG has been unsuccessful in establishing a date on which Fresnillo personnel will make themselves available for the initial board meeting of Minera Juanicipio S.A. de C.V. MAG will make every effort to have that meeting held and also to obtain, and then provide to its shareholders, all further information in possession of Fresnillo but not yet provided to MAG regarding or affecting the Juanicipio Property.
Table "A" - Summarized from Fresnillo plc's October 7, 2008 Schedule 13D filed with the U.S. Securities and Exchange Commission:
------------------------------------------------------
MAG Shares Price Date Purchaser
------------------------------------------------------
621,577 $0.97 Apr 21, 2005 Minas Penoles
------------------------------------------------------
245,716 $2.35 Feb 24, 2006 IPSA
------------------------------------------------------
150,000 $8.10 Feb 13, 2007 Minas Penoles
------------------------------------------------------
275,200 $14.35 Jul 23, 2007 Minas Penoles
------------------------------------------------------
100,000 $12.00 Aug 27, 2007 Minas Penoles
------------------------------------------------------
100,000 $14.35 Oct 16, 2007 Minas Penoles
------------------------------------------------------
185,600 $14.10 Mar 07, 2008 Minas Penoles
------------------------------------------------------
450,200 $4.82 Sep 18, 2008 Fresnillo
------------------------------------------------------
105,300 $4.77 Sep 19, 2008 Fresnillo
------------------------------------------------------
5,000,000 $5.31 Sep 22, 2008 Fresnillo
------------------------------------------------------
2,512,600 $5.00 Oct 7, 2008 Fresnillo
------------------------------------------------------
9,746,193
------------------------------------------------------
About MAG Silver Corp. ( www.magsilver.com)
MAG is focused on district scale projects located within the Mexican Silver Belt. Our mission is to become one of the premier companies in the Silver Mining Industry. MAG and its partner Fresnillo plc are delineating a significant new silver vein discovery on the Juanicipio Joint Venture in Zacatecas State, Mexico. MAG is based in Vancouver, British Columbia, Canada. Its common shares trade on the TSX under the symbol MAG and on the NYSE Alternext US under the symbol MVG.
On behalf of the Board of MAG SILVER CORP.
Dan MacInnis, President and CEO
Forward Looking Statements
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995 and forward looking information under the provisions of Canadian provincial securities laws. All statements in this release, other than statements of historical facts that address future mineral production, reserve potential, inferred resources in exploration drilling, exploitation activities and events or developments that MAG expects, are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include changes in commodities prices, changes in mineral production performance, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.
MAG does not intend, and does not assume any obligation, to update these forward-looking statements and information, except as required by law. Accordingly, readers are advised not to place undue reliance on forward-looking statements.
Cautionary Note Regarding Excerpts from Fresnillo's Filings
This press release contains excepts from, and references information in, Fresnillo's prospectus and other filings which are qualified in their entirety by the more detailed information contained in Fresnillo's prospectus and other filings in the United Kingdom. Readers are encouraged to consult such filings which are available from the websites of Industrias Penoles, S.A.B. de C.V ( http://www.penoles.com.mx/penoles/ingles/index.php) and Fresnillo plc ( http://www.fresnilloplc.com/index.html). While MAG has no reason to believe that such information is inaccurate or incomplete, MAG does not assume any responsibility for the accuracy or completeness of such information. Notes To Investors Regarding The Use Of Resources
Cautionary Note To Investors Concerning Estimates Of Measured And Indicated Resources.
This press release may use the terms, or refer to, "measured resources" and "indicated resources". We advise investors that while those terms are recognized and required by Canadian regulations, the SEC does not recognize them. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves.
Cautionary Note To Investors Concerning Estimates Of Inferred Resources.
This press release may use the term "inferred resources" or refer to resources which are "inferred resources" under Canadian securities regulations. We advise investors that while this term is recognized and required by Canadian regulations, the SEC does not recognize it. "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.
Please Note: Investors are urged to consider closely the disclosures in MAG's annual and quarterly reports and other public filings, accessible through the Internet at www.sedar.com and www.sec.gov/edgar/searchedgar/companysearch.html.
Neither the TSX nor the American Stock Exchange Alternext U.S. LLC has reviewed or accepted responsibility for the accuracy or adequacy of this news release, which has been prepared by management.
Contacts:
MAG Silver Corp.
Gordon Neal
VP Corp. Development
(604) 630-1399 or Toll Free: 1-866-630-1399
(604) 484-4710 (FAX)
Email: info@magsilver.com
Website: Mag Silver
SOURCE: MAG Silver Corp.
mailto:info@magsilver.com
Mag Silver
Copyright 2008 Market Wire, All rights reserved.
Fresnillo is the Company's joint venture partner in, and operator of, MAG's core asset, 44% of the Minera Juanicipio Joint Venture.
The Committee has engaged Macquarie Capital Markets Canada Ltd. to act as its financial advisor and Davies Ward Phillips & Vineberg LLP to act as its legal advisor.
On August 3, 2007 the Company adopted a shareholders' rights plan to prevent creeping acquisitions of control and ensure that shareholders are treated fairly in a change of control situation. The rights plan will be triggered if Fresnillo acquires 20% or more of the Company's shares other than pursuant to an offer made to all of the Company's shareholders that otherwise complies with the permitted bid provisions of the rights plan. Please see MAG's Notice dated December 19, 2007 and the Company's Management Information Circular dated December 17, 2007 for more details on the Shareholder Rights Plan. Both are available at www.sedar.com.
In light of the recent purchases by Fresnillo of MAG shares the Company would like to draw attention to certain information that now appears increasingly relevant to MAG shareholders:
1) Drilling is ongoing at the Valdecanas Vein on the Juanicipio Property with 4 drill rigs, funded by MAG and Fresnillo. A number of holes completed have not been released at this time and assays are outstanding.
2) Fresnillo has reported extensions of the Valdecanas Vein east and west of the joint venture ground (August 19, 2008, Fresnillo six month report). A projection of the Valdecanas Vein further to the west suggests it may trend back onto joint venture ground. The joint holdings have not been extensively tested in the area of this projection.
3) Fresnillo completed an initial public offering in Europe in the Spring of 2008. In its prospectus for that offering, which was embargoed by Fresnillo from distribution in North American Jurisdictions (see the Fresnillo website), Fresnillo's qualified person reported resources for the Valdecanas Vein calculated as at December, 2007, (disclosed by MAG in compliance with Canadian Securities NI 43-101 in July, 2008). The Fresnillo qualified person then goes on to state that; "recent drilling results at Valdecanas has (sic) intersected significant gold and silver mineralization across substantial widths outside the present resource outline" and that "there is a strong likelihood that the current drilling programme will expand the size of the Valdecanas deposit".
4) Fresnillo has reported that it is preparing an updated resource calculation on Valdecanas which is due for publication in late 2008. However, MAG has not been privy to the geo-statistical model or ongoing work on this updated resource calculation.
5) In the Fresnillo prospectus, the Valdecanas Vein and the Juanicipio Property are included in what Fresnillo describes as the "Fresnillo II Project". The following are excerpts from that prospectus:
- "The Fresnillo Group has established plans for and has already made significant investment in the development of a further underground mine adjacent to the existing Fresnillo mine. Fresnillo II is planned to be of approximately equivalent size to the existing Fresnillo Mine".
- "The Saucito and Jarillias veins will be exploited first followed by the Valdecanas Vein.....The conceptual mine plan includes indicated and inferred resources and the resources include 100 % of the Valdecanas resources (of which Fresnillo owns 56%)". (i)
(i)(Fresnillo specifically noted that this is a conceptual plan only, being based on inferred resources).
6) Fresnillo has unilaterally initiated an excavation to the east of the Juanicipio Property boundary which appears to be headed directly toward the Valdecanas Vein on the Juanicipio Property.
The format and schedule for production and the conceptual mine plan described in Fresnillo's prospectus were not provided to, settled with, or approved by MAG. In fact, no development plans of any nature for the Valdecanas Vein have been the subject of a joint venture budget, bankable feasibility study or production decision as required by the shareholders agreement between MAG and Fresnillo. The shareholders agreement requires approval, by a 60% vote, of any major budget, any feasibility study and any production decision for the Juanicipio Property. MAG holds 44% of the voting shares of Minera Juanicipio S.A. de C.V., the joint venture company holding the Juanicipio Property.
MAG has been unsuccessful in establishing a date on which Fresnillo personnel will make themselves available for the initial board meeting of Minera Juanicipio S.A. de C.V. MAG will make every effort to have that meeting held and also to obtain, and then provide to its shareholders, all further information in possession of Fresnillo but not yet provided to MAG regarding or affecting the Juanicipio Property.
Table "A" - Summarized from Fresnillo plc's October 7, 2008 Schedule 13D filed with the U.S. Securities and Exchange Commission:
------------------------------------------------------
MAG Shares Price Date Purchaser
------------------------------------------------------
621,577 $0.97 Apr 21, 2005 Minas Penoles
------------------------------------------------------
245,716 $2.35 Feb 24, 2006 IPSA
------------------------------------------------------
150,000 $8.10 Feb 13, 2007 Minas Penoles
------------------------------------------------------
275,200 $14.35 Jul 23, 2007 Minas Penoles
------------------------------------------------------
100,000 $12.00 Aug 27, 2007 Minas Penoles
------------------------------------------------------
100,000 $14.35 Oct 16, 2007 Minas Penoles
------------------------------------------------------
185,600 $14.10 Mar 07, 2008 Minas Penoles
------------------------------------------------------
450,200 $4.82 Sep 18, 2008 Fresnillo
------------------------------------------------------
105,300 $4.77 Sep 19, 2008 Fresnillo
------------------------------------------------------
5,000,000 $5.31 Sep 22, 2008 Fresnillo
------------------------------------------------------
2,512,600 $5.00 Oct 7, 2008 Fresnillo
------------------------------------------------------
9,746,193
------------------------------------------------------
About MAG Silver Corp. ( www.magsilver.com)
MAG is focused on district scale projects located within the Mexican Silver Belt. Our mission is to become one of the premier companies in the Silver Mining Industry. MAG and its partner Fresnillo plc are delineating a significant new silver vein discovery on the Juanicipio Joint Venture in Zacatecas State, Mexico. MAG is based in Vancouver, British Columbia, Canada. Its common shares trade on the TSX under the symbol MAG and on the NYSE Alternext US under the symbol MVG.
On behalf of the Board of MAG SILVER CORP.
Dan MacInnis, President and CEO
Forward Looking Statements
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995 and forward looking information under the provisions of Canadian provincial securities laws. All statements in this release, other than statements of historical facts that address future mineral production, reserve potential, inferred resources in exploration drilling, exploitation activities and events or developments that MAG expects, are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include changes in commodities prices, changes in mineral production performance, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.
MAG does not intend, and does not assume any obligation, to update these forward-looking statements and information, except as required by law. Accordingly, readers are advised not to place undue reliance on forward-looking statements.
Cautionary Note Regarding Excerpts from Fresnillo's Filings
This press release contains excepts from, and references information in, Fresnillo's prospectus and other filings which are qualified in their entirety by the more detailed information contained in Fresnillo's prospectus and other filings in the United Kingdom. Readers are encouraged to consult such filings which are available from the websites of Industrias Penoles, S.A.B. de C.V ( http://www.penoles.com.mx/penoles/ingles/index.php) and Fresnillo plc ( http://www.fresnilloplc.com/index.html). While MAG has no reason to believe that such information is inaccurate or incomplete, MAG does not assume any responsibility for the accuracy or completeness of such information. Notes To Investors Regarding The Use Of Resources
Cautionary Note To Investors Concerning Estimates Of Measured And Indicated Resources.
This press release may use the terms, or refer to, "measured resources" and "indicated resources". We advise investors that while those terms are recognized and required by Canadian regulations, the SEC does not recognize them. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves.
Cautionary Note To Investors Concerning Estimates Of Inferred Resources.
This press release may use the term "inferred resources" or refer to resources which are "inferred resources" under Canadian securities regulations. We advise investors that while this term is recognized and required by Canadian regulations, the SEC does not recognize it. "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.
Please Note: Investors are urged to consider closely the disclosures in MAG's annual and quarterly reports and other public filings, accessible through the Internet at www.sedar.com and www.sec.gov/edgar/searchedgar/companysearch.html.
Neither the TSX nor the American Stock Exchange Alternext U.S. LLC has reviewed or accepted responsibility for the accuracy or adequacy of this news release, which has been prepared by management.
Contacts:
MAG Silver Corp.
Gordon Neal
VP Corp. Development
(604) 630-1399 or Toll Free: 1-866-630-1399
(604) 484-4710 (FAX)
Email: info@magsilver.com
Website: Mag Silver
SOURCE: MAG Silver Corp.
mailto:info@magsilver.com
Mag Silver
Copyright 2008 Market Wire, All rights reserved.
Pan American Silver Announces Discovery of New High Grade Silver Zone at Its Morococha Mine
Pan American Silver Corp. (TSX: PAA)(NASDAQ: PAAS) today announced high grade drill results from the newly discovered Morro Solar vein at its Morococha mine in Peru.
The Morro Solar vein is located in the Codiciada mining zone, approximately 1.7 km north west of the Central shaft. Access to the uppermost part of the vein is from a small surface ramp, but the main part of the vein will be accessed by the new Sierra Nevada ramp which will be only 100 meters away and is being driven down from the surface to the 1,700 level. The close proximity of the NE-SW striking Morro Solar vein to the Sierra Nevada ramp will allow exploration and mining access over a vertical extension of more than 500 meters and will expedite its inclusion in Morococha's proven and probable reserves and near term mining plan.
To date, exploration activities at Morro Solar consist of 26 surface and 4 underground diamond drill holes. Selected results include:
- Drill Hole MOR-07-19, which intersected 5.10 meters of 949 grams per tonne of silver, with 0.32% copper, 1.19% lead and 9.77% zinc.
- Drill Hole MOR-08-28, which intersected 1.37 meters of 800 grams per tonne of silver, with 0.24% copper, 1.26% lead and 3.08% zinc.
- Drill Hole MOR-07-18, which intersected 0.85 meters of 1,094 grams per tonne of silver, with 0.92% copper, 0.92% lead and 5.35% zinc.
The Morro Solar vein was identified during surface exploration and has been mapped over a continuous distance of more than 2.5 km along strike. To date, the exploration drill program has covered only 800 meters along strike and 150 meters down dip of this major structure. The vein shows the typical characteristics of the district with large high grade ore shoots separated by lower grade intervals. In addition to Morro Solar, exploration drilling has identified at least 10 additional parallel veins in the area.
Commenting on the new discovery, Michael Steinmann, Executive V.P. Geology and Exploration said: "The discovery of the Morro Solar vein is another example of the outstanding exploration potential at Morococha, where we have continuously added reserves since we purchased the mine in 2004. In fact, we have added 36.5 million ounces of silver to Morococha's reserves over the past 4 years. It will require substantial additional drilling to fully define this large high grade structure, but Morro Solar and the related parallel veins have the potential to be transformational for Morococha."
Summary results of drilling at the Morro Solar area are as follows:
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Drill hole From To Width True Ag Cu Pb Zn (m) Width (g/t) (%) (%) (%) (m)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
DDH-167-U-08 46.95 48.90 1.95 1.48 295 0.18 5.75 3.20
-------------------------------------------------------------------------
DDH-168-U-08 34.20 34.98 0.78 0.74 63 0.13 1.52 5.95
-------------------------------------------------------------------------
DDH-172-U-08 21.36 22.20 0.84 0.35 297 0.07 2.95 2.07
-------------------------------------------------------------------------
DDH-174-U-08 51.01 51.55 0.54 0.53 261 0.15 15.30 12.14
-------------------------------------------------------------------------
MOR-07-15 229.30 230.60 1.30 0.65 92 0.21 0.37 30.00
-------------------------------------------------------------------------
MOR-07-16 206.10 208.10 2.00 1.97 25 0.03 0.30 2.75
-------------------------------------------------------------------------
MOR-07-17 196.25 205.75 9.50 9.36 354 0.54 0.80 4.80
-------------------------------------------------------------------------
MOR-07-18 192.40 193.30 0.90 0.85 1,094 0.92 0.92 5.35
-------------------------------------------------------------------------
MOR-07-19 193.15 198.55 5.40 5.40 949 0.32 1.19 9.77
-------------------------------------------------------------------------
MOR-07-20 no significant intervals
-------------------------------------------------------------------------
MOR-07-21 185.20 188.90 3.70 3.70 217 0.51 0.83 2.93
-------------------------------------------------------------------------
MOR-08-22 no significant intervals
-------------------------------------------------------------------------
MOR-08-23 98.30 100.30 2.00 2.11 148 0.15 1.65 6.96
-------------------------------------------------------------------------
MOR-08-24 101.50 102.40 0.90 0.64 45 0.03 0.10 0.31
-------------------------------------------------------------------------
MOR-08-25 75.35 79.35 4.00 2.87 148 0.15 1.61 6.96
-------------------------------------------------------------------------
MOR-08-26 65.10 65.90 0.80 0.80 126 0.09 0.78 6.45
-------------------------------------------------------------------------
MOR-08-27 108.50 110.80 2.30 2.13 114 0.05 1.70 1.35
-------------------------------------------------------------------------
MOR-08-28 80.10 81.50 1.40 1.37 800 0.24 1.26 3.08
-------------------------------------------------------------------------
MOR-08-29 no significant intervals
-------------------------------------------------------------------------
MOR-08-30 no significant intervals
-------------------------------------------------------------------------
MOR-08-31 62.00 63.90 1.90 1.68 335 1.98 0.28 1.12
-------------------------------------------------------------------------
MOR-08-32 98.60 102.10 3.50 2.06 40 0.05 0.85 3.23
-------------------------------------------------------------------------
MOR-08-33 no significant intervals
-------------------------------------------------------------------------
MOR-08-34 149.65 151.25 1.60 1.01 301 2.47 5.91 10.10
-------------------------------------------------------------------------
MOR-08-34
Split 165.70 167.25 1.55 1.17 798 0.97 11.03 17.95
-------------------------------------------------------------------------
MOR-08-35 no significant intervals
-------------------------------------------------------------------------
MOR-08-36 157.85 162.30 4.45 3.69 71 0.01 2.91 0.53
-------------------------------------------------------------------------
MOR-08-36
Split 170.00 173.70 3.70 3.38 116 0.19 4.38 9.34
-------------------------------------------------------------------------
MOR-08-38 210.50 211.00 0.50 0.42 105 0.04 3.00 1.31
-------------------------------------------------------------------------
MOR-08-39 no significant intervals
-------------------------------------------------------------------------
MOR-08-40 230.85 233.70 2.85 2.49 263 0.26 1.77 5.97
-------------------------------------------------------------------------
MOR-08-45 236.95 239.30 2.35 2.31 50 0.04 0.47 2.29
-------------------------------------------------------------------------
Further information on the drill program in the Morro Solar area, including drill hole locations, can be found in the Greenfields Exploration section of the Company's website at www.panamericansilver.com.
Technical information contained in this news release has been prepared or reviewed by Michael Steinmann, P.Geo., Executive Vice President Geology & Exploration, who is the Company's Qualified Person for the purposes of NI 43-101. All sample preparation and analyses are done on site, and the operation maintains chain of custody throughout the sampling, sample preparation, and analytical processes. All samples are analyzed for silver, lead, copper, and zinc using an atomic absorption ("AA") unit. Samples with initial AA analyses for silver greater than 500 grams per tonne are re-run by fire assay. The mine laboratory conducts a routine internal QA/QC program that includes external check samples and the routine submission of standards. Additionally, there is a QA/QC program supervised by the geology department that includes the submission of certified standards and blank samples as well as third party laboratory check assays.
About Pan American Silver
Pan American Silver's mission is to be the world's largest and lowest cost primary silver mining company by increasing its low cost silver production and silver reserves. The Company has seven operating mines in Mexico, Peru and Bolivia. An eighth mine in Argentina is scheduled to commence operations in the fourth quarter of 2008.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING INFORMATION" WITHIN THE MEANING OF THE UNITED STATES "PRIVATE SECURITIES LITIGATION REFORM ACT" OF 1995 AND APPLICABLE CANADIAN SECURITIES LEGISLATION. STATEMENTS CONTAINING FORWARD-LOOKING INFORMATION EXPRESS, AS AT THE DATE OF THIS NEWS RELEASE, THE COMPANY'S PLANS, ESTIMATES, FORECASTS, PROJECTIONS, EXPECTATIONS, OR BELIEFS AS TO FUTURE EVENTS OR RESULTS AND THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION TO, UPDATE SUCH STATEMENTS CONTAINING THE FORWARD-LOOKING INFORMATION. GENERALLY, FORWARD-LOOKING INFORMATION CAN BE IDENTIFIED BY THE USE OF FORWARD-LOOKING TERMINOLOGY SUCH AS "PLANS", "PROJECTS" OR "PROJECTED", "EXPECTS" OR "DOES NOT EXPECT", "IS EXPECTED", "ESTIMATES", "FORECASTS", "SCHEDULED", "INTENDS", "ANTICIPATES" OR "DOES NOT ANTICIPATE", OR "BELIEVES", OR VARIATIONS OF SUCH WORDS AND PHRASES, OR STATEMENTS THAT CERTAIN ACTIONS, EVENTS OR RESULTS "MAY", "CAN", "COULD", "WOULD", "MIGHT" OR "WILL BE TAKEN", "OCCUR" OR "BE ACHIEVED". STATEMENTS CONTAINING FORWARD-LOOKING INFORMATION INCLUDE, BUT ARE NOT LIMITED TO, STATEMENTS WITH RESPECT TO THE EXPECTED RESULTS FROM EXPLORATION ACTIVITIES, THE ECONOMIC VIABILITY OF THE DEVELOPMENT OF NEWLY DISCOVERED ORE BODIES, THE ESTIMATION OF MINERAL RESERVES AND RESOURCES, FUTURE PRODUCTION LEVELS, THE ADEQUACY OF CAPITAL OR THE REQUIREMENTS FOR ADDITIONAL CAPITAL, EXPECTATIONS REGARDING FUTURE SILVER PRICES, AND PAN AMERICAN SILVER'S COMMITMENT TO, AND PLANS FOR DEVELOPING, NEWLY DISCOVERED AND EXISTING MINERALIZED STRUCTURES.
STATEMENTS CONTAINING FORWARD-LOOKING INFORMATION INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE THE ACTUAL RESULTS, LEVEL OF ACTIVITY, PERFORMANCE OR ACHIEVEMENTS OF PAN AMERICAN SILVER AND ITS OPERATIONS TO BE MATERIALLY DIFFERENT FROM THOSE EXPRESSED OR IMPLIED BY SUCH STATEMENTS. SUCH FACTORS INCLUDE, AMONG OTHERS, RISKS RELATED TO TECHNOLOGICAL AND OPERATIONAL NATURE OF THE COMPANY'S BUSINESS, CHANGES IN LOCAL GOVERNMENT LEGISLATION, TAXATION OR THE POLITICAL OR ECONOMIC ENVIRONMENT, THE ACTUAL RESULTS OF CURRENT EXPLORATION ACTIVITIES, CONCLUSIONS OF ECONOMIC EVALUATIONS, CHANGES IN PROJECT PARAMETERS TO DEAL WITH UNANTICIPATED ECONOMIC FACTORS, FUTURE PRICES OF SILVER, GOLD AND BASE METALS, INCREASED COMPETITION IN THE MINING INDUSTRY FOR PROPERTIES, EQUIPMENT, QUALIFIED PERSONNEL, AND THEIR RISING COSTS, UNPREDICTABLE RISKS AND HAZARDS RELATING TO THE OPERATION AND DEVELOPMENT OF OUR MINES OR PROPERTIES, THE SPECULATIVE NATURE OF EXPLORATION AND DEVELOPMENT, FLUCTUATIONS IN THE PRICE FOR NATURAL GAS, FUEL OIL AND OTHER KEY SUPPLIES, AS WELL AS THOSE FACTORS DESCRIBED IN THE SECTION "RISK RELATED TO PAN AMERICAN'S BUSINESS" CONTAINED IN THE COMPANY'S MOST RECENT FORM 40F/ANNUAL INFORMATION FORM FILED WITH THE SEC AND CANADIAN PROVINCIAL SECURITIES REGULATORY AUTHORITIES. ALTHOUGH THE COMPANY HAS ATTEMPTED TO IDENTIFY IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN FORWARD-LOOKING STATEMENTS, THERE MAY BE OTHER FACTORS THAT CAUSE RESULTS TO BE MATERIALLY DIFFERENT FROM THOSE ANTICIPATED, DESCRIBED, ESTIMATED, ASSESSED OR INTENDED. THERE CAN BE NO ASSURANCE THAT ANY STATEMENTS CONTAINING FORWARD-LOOKING INFORMATION 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 STATEMENTS CONTAINING FORWARD-LOOKING INFORMATION.
Contacts:
Pan American Silver Corp.
Kettina Cordero
Coordinator, Investor Relations
(604) 684-1175
(604) 684-0147 (FAX)
Email: info@panamericansilver.com
Website: Pan American Silver
The Morro Solar vein is located in the Codiciada mining zone, approximately 1.7 km north west of the Central shaft. Access to the uppermost part of the vein is from a small surface ramp, but the main part of the vein will be accessed by the new Sierra Nevada ramp which will be only 100 meters away and is being driven down from the surface to the 1,700 level. The close proximity of the NE-SW striking Morro Solar vein to the Sierra Nevada ramp will allow exploration and mining access over a vertical extension of more than 500 meters and will expedite its inclusion in Morococha's proven and probable reserves and near term mining plan.
To date, exploration activities at Morro Solar consist of 26 surface and 4 underground diamond drill holes. Selected results include:
- Drill Hole MOR-07-19, which intersected 5.10 meters of 949 grams per tonne of silver, with 0.32% copper, 1.19% lead and 9.77% zinc.
- Drill Hole MOR-08-28, which intersected 1.37 meters of 800 grams per tonne of silver, with 0.24% copper, 1.26% lead and 3.08% zinc.
- Drill Hole MOR-07-18, which intersected 0.85 meters of 1,094 grams per tonne of silver, with 0.92% copper, 0.92% lead and 5.35% zinc.
The Morro Solar vein was identified during surface exploration and has been mapped over a continuous distance of more than 2.5 km along strike. To date, the exploration drill program has covered only 800 meters along strike and 150 meters down dip of this major structure. The vein shows the typical characteristics of the district with large high grade ore shoots separated by lower grade intervals. In addition to Morro Solar, exploration drilling has identified at least 10 additional parallel veins in the area.
Commenting on the new discovery, Michael Steinmann, Executive V.P. Geology and Exploration said: "The discovery of the Morro Solar vein is another example of the outstanding exploration potential at Morococha, where we have continuously added reserves since we purchased the mine in 2004. In fact, we have added 36.5 million ounces of silver to Morococha's reserves over the past 4 years. It will require substantial additional drilling to fully define this large high grade structure, but Morro Solar and the related parallel veins have the potential to be transformational for Morococha."
Summary results of drilling at the Morro Solar area are as follows:
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Drill hole From To Width True Ag Cu Pb Zn (m) Width (g/t) (%) (%) (%) (m)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
DDH-167-U-08 46.95 48.90 1.95 1.48 295 0.18 5.75 3.20
-------------------------------------------------------------------------
DDH-168-U-08 34.20 34.98 0.78 0.74 63 0.13 1.52 5.95
-------------------------------------------------------------------------
DDH-172-U-08 21.36 22.20 0.84 0.35 297 0.07 2.95 2.07
-------------------------------------------------------------------------
DDH-174-U-08 51.01 51.55 0.54 0.53 261 0.15 15.30 12.14
-------------------------------------------------------------------------
MOR-07-15 229.30 230.60 1.30 0.65 92 0.21 0.37 30.00
-------------------------------------------------------------------------
MOR-07-16 206.10 208.10 2.00 1.97 25 0.03 0.30 2.75
-------------------------------------------------------------------------
MOR-07-17 196.25 205.75 9.50 9.36 354 0.54 0.80 4.80
-------------------------------------------------------------------------
MOR-07-18 192.40 193.30 0.90 0.85 1,094 0.92 0.92 5.35
-------------------------------------------------------------------------
MOR-07-19 193.15 198.55 5.40 5.40 949 0.32 1.19 9.77
-------------------------------------------------------------------------
MOR-07-20 no significant intervals
-------------------------------------------------------------------------
MOR-07-21 185.20 188.90 3.70 3.70 217 0.51 0.83 2.93
-------------------------------------------------------------------------
MOR-08-22 no significant intervals
-------------------------------------------------------------------------
MOR-08-23 98.30 100.30 2.00 2.11 148 0.15 1.65 6.96
-------------------------------------------------------------------------
MOR-08-24 101.50 102.40 0.90 0.64 45 0.03 0.10 0.31
-------------------------------------------------------------------------
MOR-08-25 75.35 79.35 4.00 2.87 148 0.15 1.61 6.96
-------------------------------------------------------------------------
MOR-08-26 65.10 65.90 0.80 0.80 126 0.09 0.78 6.45
-------------------------------------------------------------------------
MOR-08-27 108.50 110.80 2.30 2.13 114 0.05 1.70 1.35
-------------------------------------------------------------------------
MOR-08-28 80.10 81.50 1.40 1.37 800 0.24 1.26 3.08
-------------------------------------------------------------------------
MOR-08-29 no significant intervals
-------------------------------------------------------------------------
MOR-08-30 no significant intervals
-------------------------------------------------------------------------
MOR-08-31 62.00 63.90 1.90 1.68 335 1.98 0.28 1.12
-------------------------------------------------------------------------
MOR-08-32 98.60 102.10 3.50 2.06 40 0.05 0.85 3.23
-------------------------------------------------------------------------
MOR-08-33 no significant intervals
-------------------------------------------------------------------------
MOR-08-34 149.65 151.25 1.60 1.01 301 2.47 5.91 10.10
-------------------------------------------------------------------------
MOR-08-34
Split 165.70 167.25 1.55 1.17 798 0.97 11.03 17.95
-------------------------------------------------------------------------
MOR-08-35 no significant intervals
-------------------------------------------------------------------------
MOR-08-36 157.85 162.30 4.45 3.69 71 0.01 2.91 0.53
-------------------------------------------------------------------------
MOR-08-36
Split 170.00 173.70 3.70 3.38 116 0.19 4.38 9.34
-------------------------------------------------------------------------
MOR-08-38 210.50 211.00 0.50 0.42 105 0.04 3.00 1.31
-------------------------------------------------------------------------
MOR-08-39 no significant intervals
-------------------------------------------------------------------------
MOR-08-40 230.85 233.70 2.85 2.49 263 0.26 1.77 5.97
-------------------------------------------------------------------------
MOR-08-45 236.95 239.30 2.35 2.31 50 0.04 0.47 2.29
-------------------------------------------------------------------------
Further information on the drill program in the Morro Solar area, including drill hole locations, can be found in the Greenfields Exploration section of the Company's website at www.panamericansilver.com.
Technical information contained in this news release has been prepared or reviewed by Michael Steinmann, P.Geo., Executive Vice President Geology & Exploration, who is the Company's Qualified Person for the purposes of NI 43-101. All sample preparation and analyses are done on site, and the operation maintains chain of custody throughout the sampling, sample preparation, and analytical processes. All samples are analyzed for silver, lead, copper, and zinc using an atomic absorption ("AA") unit. Samples with initial AA analyses for silver greater than 500 grams per tonne are re-run by fire assay. The mine laboratory conducts a routine internal QA/QC program that includes external check samples and the routine submission of standards. Additionally, there is a QA/QC program supervised by the geology department that includes the submission of certified standards and blank samples as well as third party laboratory check assays.
About Pan American Silver
Pan American Silver's mission is to be the world's largest and lowest cost primary silver mining company by increasing its low cost silver production and silver reserves. The Company has seven operating mines in Mexico, Peru and Bolivia. An eighth mine in Argentina is scheduled to commence operations in the fourth quarter of 2008.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING INFORMATION" WITHIN THE MEANING OF THE UNITED STATES "PRIVATE SECURITIES LITIGATION REFORM ACT" OF 1995 AND APPLICABLE CANADIAN SECURITIES LEGISLATION. STATEMENTS CONTAINING FORWARD-LOOKING INFORMATION EXPRESS, AS AT THE DATE OF THIS NEWS RELEASE, THE COMPANY'S PLANS, ESTIMATES, FORECASTS, PROJECTIONS, EXPECTATIONS, OR BELIEFS AS TO FUTURE EVENTS OR RESULTS AND THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION TO, UPDATE SUCH STATEMENTS CONTAINING THE FORWARD-LOOKING INFORMATION. GENERALLY, FORWARD-LOOKING INFORMATION CAN BE IDENTIFIED BY THE USE OF FORWARD-LOOKING TERMINOLOGY SUCH AS "PLANS", "PROJECTS" OR "PROJECTED", "EXPECTS" OR "DOES NOT EXPECT", "IS EXPECTED", "ESTIMATES", "FORECASTS", "SCHEDULED", "INTENDS", "ANTICIPATES" OR "DOES NOT ANTICIPATE", OR "BELIEVES", OR VARIATIONS OF SUCH WORDS AND PHRASES, OR STATEMENTS THAT CERTAIN ACTIONS, EVENTS OR RESULTS "MAY", "CAN", "COULD", "WOULD", "MIGHT" OR "WILL BE TAKEN", "OCCUR" OR "BE ACHIEVED". STATEMENTS CONTAINING FORWARD-LOOKING INFORMATION INCLUDE, BUT ARE NOT LIMITED TO, STATEMENTS WITH RESPECT TO THE EXPECTED RESULTS FROM EXPLORATION ACTIVITIES, THE ECONOMIC VIABILITY OF THE DEVELOPMENT OF NEWLY DISCOVERED ORE BODIES, THE ESTIMATION OF MINERAL RESERVES AND RESOURCES, FUTURE PRODUCTION LEVELS, THE ADEQUACY OF CAPITAL OR THE REQUIREMENTS FOR ADDITIONAL CAPITAL, EXPECTATIONS REGARDING FUTURE SILVER PRICES, AND PAN AMERICAN SILVER'S COMMITMENT TO, AND PLANS FOR DEVELOPING, NEWLY DISCOVERED AND EXISTING MINERALIZED STRUCTURES.
STATEMENTS CONTAINING FORWARD-LOOKING INFORMATION INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE THE ACTUAL RESULTS, LEVEL OF ACTIVITY, PERFORMANCE OR ACHIEVEMENTS OF PAN AMERICAN SILVER AND ITS OPERATIONS TO BE MATERIALLY DIFFERENT FROM THOSE EXPRESSED OR IMPLIED BY SUCH STATEMENTS. SUCH FACTORS INCLUDE, AMONG OTHERS, RISKS RELATED TO TECHNOLOGICAL AND OPERATIONAL NATURE OF THE COMPANY'S BUSINESS, CHANGES IN LOCAL GOVERNMENT LEGISLATION, TAXATION OR THE POLITICAL OR ECONOMIC ENVIRONMENT, THE ACTUAL RESULTS OF CURRENT EXPLORATION ACTIVITIES, CONCLUSIONS OF ECONOMIC EVALUATIONS, CHANGES IN PROJECT PARAMETERS TO DEAL WITH UNANTICIPATED ECONOMIC FACTORS, FUTURE PRICES OF SILVER, GOLD AND BASE METALS, INCREASED COMPETITION IN THE MINING INDUSTRY FOR PROPERTIES, EQUIPMENT, QUALIFIED PERSONNEL, AND THEIR RISING COSTS, UNPREDICTABLE RISKS AND HAZARDS RELATING TO THE OPERATION AND DEVELOPMENT OF OUR MINES OR PROPERTIES, THE SPECULATIVE NATURE OF EXPLORATION AND DEVELOPMENT, FLUCTUATIONS IN THE PRICE FOR NATURAL GAS, FUEL OIL AND OTHER KEY SUPPLIES, AS WELL AS THOSE FACTORS DESCRIBED IN THE SECTION "RISK RELATED TO PAN AMERICAN'S BUSINESS" CONTAINED IN THE COMPANY'S MOST RECENT FORM 40F/ANNUAL INFORMATION FORM FILED WITH THE SEC AND CANADIAN PROVINCIAL SECURITIES REGULATORY AUTHORITIES. ALTHOUGH THE COMPANY HAS ATTEMPTED TO IDENTIFY IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN FORWARD-LOOKING STATEMENTS, THERE MAY BE OTHER FACTORS THAT CAUSE RESULTS TO BE MATERIALLY DIFFERENT FROM THOSE ANTICIPATED, DESCRIBED, ESTIMATED, ASSESSED OR INTENDED. THERE CAN BE NO ASSURANCE THAT ANY STATEMENTS CONTAINING FORWARD-LOOKING INFORMATION 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 STATEMENTS CONTAINING FORWARD-LOOKING INFORMATION.
Contacts:
Pan American Silver Corp.
Kettina Cordero
Coordinator, Investor Relations
(604) 684-1175
(604) 684-0147 (FAX)
Email: info@panamericansilver.com
Website: Pan American Silver
Trevali Identifies New Silver-Rich Tailings on Its Santander Silver-Lead-Zinc Mine Project in Peru
Samples average 2.3 oz/t (71.5 g/t) silver and 4.8% zinc
VANCOUVER, BRITISH COLUMBIA, Oct 15, 2008 (MARKET WIRE via COMTEX) -- Trevali Resources Corp. ("Trevali" or the "Company") (CNQ: TV)(PINK SHEETS: TREVF)(FRANKFURT: 4TI) is pleased to announce the discovery of additional high-grade tailings material on its advanced Santander silver-lead-zinc development project located in the Cerro de Pasco District of west-central Peru. The newly discovered Llacsacocha tailings zone is thought to represent some of the earliest tailings material from the original Santander operation, deposited approximately 200 metres to the north of the Mineral Processing Plant and not in the primary tailings impoundment where the Company's previous work has occurred.
The average of all eleven one-metre deep pits collected to date is 2.3 oz/t (71.5 g/t) silver, 0.46% lead, 4.79% zinc and 0.18% copper (n equals 11) (Table 1).
Table 1: Summary assay results Llacascocha Tailings, Santander Mine.
-------------------------------------------------------------------------
Sample-Type(i) Ag equivalent(ii) Ag oz/tonne (g/t) Pb % Zn % Cu %
-------------------------------------------------------------------------
210 10 oz/t (312 g/t) 1.74 oz/t (54.1 g/t) 0.29 5.52 0.14
-------------------------------------------------------------------------
211 18.2 oz/t (566 g/t) 4.3 oz/t (135 g/t) 0.67 8.91 0.27
-------------------------------------------------------------------------
203 9.6 oz/t (300 g/t) 2.1 oz/t (65.6 g/t) 0.47 4.56 0.20
-------------------------------------------------------------------------
204 13.2 oz/t (410g/t) 3.9 oz/t (121.6 g/t) 0.8 5.21 0.3
-------------------------------------------------------------------------
205 12.7 oz/t (396 g/t) 3.3 oz/t (102 g/t) 0.54 5.80 0.24
-------------------------------------------------------------------------
206 7.7 oz/t (241 g/t) 1.1 oz/t (35.1 g/t) 0.25 4.32 0.13
-------------------------------------------------------------------------
207 6.4 oz/t (201 g/t) 1.5 oz/t (47.9 g/t) 0.56 2.73 0.13
-------------------------------------------------------------------------
208 8.5 oz/t (264 g/t) 1.6 oz/t (51.3 g/t) 0.32 4.48 0.11
-------------------------------------------------------------------------
209 9.7 oz/t (302 g/t) 1.7 oz/t (51.9 g/t) 0.32 5.38 0.12
-------------------------------------------------------------------------
210 5.4 oz/t (168 g/t) 1.6 oz/t (49.4 g/t) 0.39 1.90 0.18
-------------------------------------------------------------------------
211 8.2 oz/t (255 g/t) 1.9 oz/t (60.3 g/t) 0.5 3.86 0.11
-------------------------------------------------------------------------
(i)One-metre deep pits
(ii)Silver equivalent calculated using following metal prices: Ag $15/oz,
Pb $0.9/lb, Zn $0.9/lb, Cu $3/lb and assumes 100% recoveries.
Initial on-site metallurgical test work is highly positive, producing a 48-51% zinc concentrate with recoveries of 80%. Future test work will address the silver-lead-copper recoveries.
In light of these positive developments that Company has commenced a nominal 27-hole percussion drill program in order to better define this potentially significant tailings resource. Contingent upon on-going positive results the Llacsacocha tailings could potentially form a very significant high-grade feed for tailings mining start-up at the Santander operation.
Project Background
The Santander silver-lead-zinc mine project is located approximately 215 km by road from Lima, in the western extent of Peru's prolific Cerro de Pasco mineral district. The mine operated from 1958-1993 targeting a single Carbonate Replacement Deposit-type pipe and manto structure, the Santander Orebody. Approximately 8 million tonnes grading +7% zinc, 1-4% lead and 60 grams/tonne silver plus by-product copper was processed - initially from open pit operations and then from underground mining reaching a depth of 500 metres below surface.
Site infrastructure at the formerly-producing operation includes a fully refurbished 200-man camp and associated support facilities, an ore processing / concentrator plant (including various crushers, mills and cell houses) able to produce zinc, lead-silver and copper concentrates that is currently undergoing a refurbishment program, and the Tingo hydroelectric power-station, located some 17 km down-valley to the west.
Qualified Person and Quality Control/Quality Assurance
EurGeol Dr. Mark D. Cruise, Trevali's President and CEO and a qualified person as defined by National Instrument 43-101, has supervised the preparation of the scientific and technical information that forms the basis for this news release. Dr. Cruise is not independent of the Company, as he is an officer and shareholder.
The work programs at Santander were designed by, and are supervised by, Mark D. Cruise, President & CEO, Trevali, and Les Oldham, General Manager, Consultora Minera Anglo Peruana S.A. (independent geological consultants), who together are responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project rigorously collect and track the Llacascocha samples which were assayed in the Companies on-site laboratory. Analytical accuracy and precision are monitored by Trevali's Senior Geochemist, Tansy O'Connor-Parsons, via the analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by the use of international and in-house standards. Blind certified reference material is inserted at regular intervals into the sample sequence by Trevali personnel in order to independently assess analytical accuracy. Finally, representative blind duplicate samples are routinely forwarded to ACME and an ISO compliant third party laboratory for additional quality control.
About Trevali Resources Corp.
The Company is currently exploring and conducting various scoping level studies on the former Santander polymetallic mine in Peru to ascertain as best as possible the cost and feasibility of re-commencing mining and milling operations in a timely manner should exploration prove to be successful.
The common shares of the Company are currently listed on the CNQ (symbol TV). For further details on the Company readers are referred to the Company's web site ( www.trevaliresources.com) and to Canadian regulatory filings on SEDAR at www.sedar.com.
On Behalf of the Board of Directors of TREVALI RESOURCES CORP.
Mark D. Cruise, President
The CNQ has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Trevali Resources Corp.
Steve Stakiw
Manager - Corporate Communications
(604) 488-1661
(604) 408-7499 (FAX)
Email: sstakiw@trevaliresources.com
Website: Trevali Resources Corp.
SOURCE: Trevali Resources Corp.
mailto:sstakiw@trevaliresources.com
Trevali Resources
Copyright 2008 Market Wire, All rights reserved.
VANCOUVER, BRITISH COLUMBIA, Oct 15, 2008 (MARKET WIRE via COMTEX) -- Trevali Resources Corp. ("Trevali" or the "Company") (CNQ: TV)(PINK SHEETS: TREVF)(FRANKFURT: 4TI) is pleased to announce the discovery of additional high-grade tailings material on its advanced Santander silver-lead-zinc development project located in the Cerro de Pasco District of west-central Peru. The newly discovered Llacsacocha tailings zone is thought to represent some of the earliest tailings material from the original Santander operation, deposited approximately 200 metres to the north of the Mineral Processing Plant and not in the primary tailings impoundment where the Company's previous work has occurred.
The average of all eleven one-metre deep pits collected to date is 2.3 oz/t (71.5 g/t) silver, 0.46% lead, 4.79% zinc and 0.18% copper (n equals 11) (Table 1).
Table 1: Summary assay results Llacascocha Tailings, Santander Mine.
-------------------------------------------------------------------------
Sample-Type(i) Ag equivalent(ii) Ag oz/tonne (g/t) Pb % Zn % Cu %
-------------------------------------------------------------------------
210 10 oz/t (312 g/t) 1.74 oz/t (54.1 g/t) 0.29 5.52 0.14
-------------------------------------------------------------------------
211 18.2 oz/t (566 g/t) 4.3 oz/t (135 g/t) 0.67 8.91 0.27
-------------------------------------------------------------------------
203 9.6 oz/t (300 g/t) 2.1 oz/t (65.6 g/t) 0.47 4.56 0.20
-------------------------------------------------------------------------
204 13.2 oz/t (410g/t) 3.9 oz/t (121.6 g/t) 0.8 5.21 0.3
-------------------------------------------------------------------------
205 12.7 oz/t (396 g/t) 3.3 oz/t (102 g/t) 0.54 5.80 0.24
-------------------------------------------------------------------------
206 7.7 oz/t (241 g/t) 1.1 oz/t (35.1 g/t) 0.25 4.32 0.13
-------------------------------------------------------------------------
207 6.4 oz/t (201 g/t) 1.5 oz/t (47.9 g/t) 0.56 2.73 0.13
-------------------------------------------------------------------------
208 8.5 oz/t (264 g/t) 1.6 oz/t (51.3 g/t) 0.32 4.48 0.11
-------------------------------------------------------------------------
209 9.7 oz/t (302 g/t) 1.7 oz/t (51.9 g/t) 0.32 5.38 0.12
-------------------------------------------------------------------------
210 5.4 oz/t (168 g/t) 1.6 oz/t (49.4 g/t) 0.39 1.90 0.18
-------------------------------------------------------------------------
211 8.2 oz/t (255 g/t) 1.9 oz/t (60.3 g/t) 0.5 3.86 0.11
-------------------------------------------------------------------------
(i)One-metre deep pits
(ii)Silver equivalent calculated using following metal prices: Ag $15/oz,
Pb $0.9/lb, Zn $0.9/lb, Cu $3/lb and assumes 100% recoveries.
Initial on-site metallurgical test work is highly positive, producing a 48-51% zinc concentrate with recoveries of 80%. Future test work will address the silver-lead-copper recoveries.
In light of these positive developments that Company has commenced a nominal 27-hole percussion drill program in order to better define this potentially significant tailings resource. Contingent upon on-going positive results the Llacsacocha tailings could potentially form a very significant high-grade feed for tailings mining start-up at the Santander operation.
Project Background
The Santander silver-lead-zinc mine project is located approximately 215 km by road from Lima, in the western extent of Peru's prolific Cerro de Pasco mineral district. The mine operated from 1958-1993 targeting a single Carbonate Replacement Deposit-type pipe and manto structure, the Santander Orebody. Approximately 8 million tonnes grading +7% zinc, 1-4% lead and 60 grams/tonne silver plus by-product copper was processed - initially from open pit operations and then from underground mining reaching a depth of 500 metres below surface.
Site infrastructure at the formerly-producing operation includes a fully refurbished 200-man camp and associated support facilities, an ore processing / concentrator plant (including various crushers, mills and cell houses) able to produce zinc, lead-silver and copper concentrates that is currently undergoing a refurbishment program, and the Tingo hydroelectric power-station, located some 17 km down-valley to the west.
Qualified Person and Quality Control/Quality Assurance
EurGeol Dr. Mark D. Cruise, Trevali's President and CEO and a qualified person as defined by National Instrument 43-101, has supervised the preparation of the scientific and technical information that forms the basis for this news release. Dr. Cruise is not independent of the Company, as he is an officer and shareholder.
The work programs at Santander were designed by, and are supervised by, Mark D. Cruise, President & CEO, Trevali, and Les Oldham, General Manager, Consultora Minera Anglo Peruana S.A. (independent geological consultants), who together are responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project rigorously collect and track the Llacascocha samples which were assayed in the Companies on-site laboratory. Analytical accuracy and precision are monitored by Trevali's Senior Geochemist, Tansy O'Connor-Parsons, via the analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by the use of international and in-house standards. Blind certified reference material is inserted at regular intervals into the sample sequence by Trevali personnel in order to independently assess analytical accuracy. Finally, representative blind duplicate samples are routinely forwarded to ACME and an ISO compliant third party laboratory for additional quality control.
About Trevali Resources Corp.
The Company is currently exploring and conducting various scoping level studies on the former Santander polymetallic mine in Peru to ascertain as best as possible the cost and feasibility of re-commencing mining and milling operations in a timely manner should exploration prove to be successful.
The common shares of the Company are currently listed on the CNQ (symbol TV). For further details on the Company readers are referred to the Company's web site ( www.trevaliresources.com) and to Canadian regulatory filings on SEDAR at www.sedar.com.
On Behalf of the Board of Directors of TREVALI RESOURCES CORP.
Mark D. Cruise, President
The CNQ has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Trevali Resources Corp.
Steve Stakiw
Manager - Corporate Communications
(604) 488-1661
(604) 408-7499 (FAX)
Email: sstakiw@trevaliresources.com
Website: Trevali Resources Corp.
SOURCE: Trevali Resources Corp.
mailto:sstakiw@trevaliresources.com
Trevali Resources
Copyright 2008 Market Wire, All rights reserved.
Tuesday, October 14, 2008
Endeavour Silver Production Jumps as Forecast in 3rd Quarter, 2008
... Produces 625,924 oz Silver, up 21% Over Q2, 2008
New Alex Breccia Ore-body Brought into Production in Q3, 2008; Endeavour to Slow Production Growth in Q4, 2008 Due to Low Silver Price
VANCOUVER, BRITISH COLUMBIA, Oct 14, 2008 (MARKET WIRE via COMTEX) -- Endeavour Silver Corp. (TSX: EDR)(NYSE-A: EXK)(DBFrankfurt:EJD) announces that the Company's silver production jumped as forecast in the Third Quarter, 2008, totalling 625,924 oz silver, up 21% over Q2, 2008.
Gold production also rose in the 3rd Quarter, up 40% to 2,465 oz compared to Q2, 2008, resulting in silver equivalent production totalling 810,799 oz in Q3, 2008 (using a 75:1 silver:gold ratio).
In response to the recent sell-off of the spot silver price, Endeavour plans to slow its production growth in the Fourth Quarter, even though the 2008 capital programs of mine and plant upgrades have now been substantially completed at Endeavour's two operating silver mines in Mexico, the Guanacevi Mines in Durango State and the Guanajuato Mines in Guanajuato State.
Bradford Cooke, Chairman and CEO, stated, "Endeavour enjoyed another quarter of strong production growth at our two operating mines in Mexico thanks to the substantial completion of our 2008 capital upgrade programs and ongoing operational improvements under the guidance of David Howe, Endeavour's Vice President of Mexico Operations. Guanajuato Mines production in particular has outperformed our expectations so far this year and Guanacevi has also improved its performance."
"However, management has decided to slow our production growth in Q4, 2008 to be equal to or slightly greater than Q3, 2008, instead of the forecasted jump in quarterly production, because we are of the opinion that the spot silver price should rebound somewhat short term so there is no sense in pushing production growth at this time. This production growth slow-down in the 4th Quarter will likely result in Endeavour's silver production falling about 5% short of its 2.5 million oz production forecast for 2008. Endeavour should be in a good position, however, to capitalize on the next upward move in the silver price by once again accelerating its silver production growth at that time."
Mine output at Guanajuato ramped up from 100 tonnes per day in Q1, 2008 to 300 tpd in Q3, 2008 as planned, and it now exceeds 400 tonnes per day. Management now anticipates that the Guanajuato Mines will reach the 500 tpd plant capacity by year-end, well ahead of the original schedule. Silver production has more than tripled since the 1st quarter to 158,367 oz in Q3, 2008 and is forecast to continue rising in Q4, 2008 as the plant reaches its existing capacity. Click here for more info on Guanajuato.
Cash costs are now falling at Guanajuato due to the ramp-up of silver production. The high cash cost of $24.38 per oz silver reported for Q1, 2008 was the result of Endeavour maintaining a full work-force at the mine and plant to carry out non-capital rehabilitation work in addition to the Phase 2 mine and plant capital upgrade program while at the same time mine output was substantially reduced.
Cash costs in Q2, 2008 at Guanajuato dropped in half and further reductions in cash costs in Q3 and Q4, 2008 are anticipated due to higher silver production and better cost controls. Management is also currently evaluating sending the Guanajuato silver-gold concentrates to alternative smelters in order to reduce its smelting costs and enhance its silver-gold revenues.
Plant throughput at Guanacevi averaged around 700 tonnes per day in Q3, 2008 and is now forecast to ramp up to 800 tpd during the 4th Quarter, 2008. Silver production was up 12% to 467,557 oz at Guanacevi in Q3, 2008 and is forecast to rise again only marginally in the 4th Quarter due to the production growth slow-down. Both ore grades and silver/gold recoveries also showed improvements at Guanacevi in the 3rd
quarter.
Click here for more info on Guanacevi.
Endeavour brought its first new ore-body into production at Guanacevi in four years with the commencement of production from the Alex Breccia zone and the re-commissioning of the flotation circuit at the plant in Q3, 2008. Alex Breccia is a silver-lead-zinc ore-body hosted in the same Santa Cruz vein as the operating Porvenir Mine 2 km to the north.
The flotation circuit is currently producing a bulk concentrate (no payment for zinc, only lead and silver) but in Q4, a second flotation circuit will be re-commissioned to double flotation capacity up to 200 tonnes per day, producing two concentrates, lead-silver and zinc. As additional sources of sulphide ores are delineated for production (for example, Endeavour's recent discoveries in San Pedro area are of this type), the flotation circuit can be expanded as needed.
Endeavour Silver Corp. (TSX: EDR)(NYSE-A: EXK)(DBFrankfurt:EJD) is a small-cap silver mining company focused on the growth of its silver production, reserves and resources in Mexico. The expansion programs now underway at Endeavour's two operating mines, Guanacevi in Durango State and Guanajuato in Guanajuato state, coupled with the Company's acquisition and exploration programs in Mexico should enable Endeavour to join the ranks of top primary silver producers worldwide.
ENDEAVOUR SILVER CORP.
Bradford Cooke, Chairman and CEO
CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS
Certain statements contained herein regarding the Company and its operations constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, are "forward-looking statements". We caution you that such "forward looking statements" involve known and unknown risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such statements. Such risks and uncertainties include fluctuations in precious metal prices, unpredictable results of exploration activities, uncertainties inherent in the estimation of mineral reserves and resources, fluctuations in the costs of goods and services, problems associated with exploration and mining operations, changes in legal, social or political conditions in the jurisdictions where the Company operates, lack of appropriate funding and other risk factors, as discussed in the Company's filings with Canadian and American Securities regulatory agencies. Resource and production goals and forecasts may be based on data insufficient to support them. Godfrey Walton, P.Geo. and/or Bradford Cooke, P.Geo. are the Qualified Persons for the Company as required by NI 43-101. The Company expressly disclaims any obligation to update any forward-looking statements. We seek safe harbour.
The TSX Exchange has neither approved nor disapproved the contents of this news release.
Contacts:
Endeavour Silver Corp.
Hugh Clarke
(604) 685-9775 or Toll Free: 1-877-685-9775
(604) 685-9744 (FAX)
Email: hugh@edrsilver.com
Website: edrsilver
SOURCE: Endeavour Silver Corp.
mailto:hugh@edrsilver.com
edrsilver
Copyright 2008 Market Wire, All rights reserved.
New Alex Breccia Ore-body Brought into Production in Q3, 2008; Endeavour to Slow Production Growth in Q4, 2008 Due to Low Silver Price
VANCOUVER, BRITISH COLUMBIA, Oct 14, 2008 (MARKET WIRE via COMTEX) -- Endeavour Silver Corp. (TSX: EDR)(NYSE-A: EXK)(DBFrankfurt:EJD) announces that the Company's silver production jumped as forecast in the Third Quarter, 2008, totalling 625,924 oz silver, up 21% over Q2, 2008.
Gold production also rose in the 3rd Quarter, up 40% to 2,465 oz compared to Q2, 2008, resulting in silver equivalent production totalling 810,799 oz in Q3, 2008 (using a 75:1 silver:gold ratio).
In response to the recent sell-off of the spot silver price, Endeavour plans to slow its production growth in the Fourth Quarter, even though the 2008 capital programs of mine and plant upgrades have now been substantially completed at Endeavour's two operating silver mines in Mexico, the Guanacevi Mines in Durango State and the Guanajuato Mines in Guanajuato State.
Bradford Cooke, Chairman and CEO, stated, "Endeavour enjoyed another quarter of strong production growth at our two operating mines in Mexico thanks to the substantial completion of our 2008 capital upgrade programs and ongoing operational improvements under the guidance of David Howe, Endeavour's Vice President of Mexico Operations. Guanajuato Mines production in particular has outperformed our expectations so far this year and Guanacevi has also improved its performance."
"However, management has decided to slow our production growth in Q4, 2008 to be equal to or slightly greater than Q3, 2008, instead of the forecasted jump in quarterly production, because we are of the opinion that the spot silver price should rebound somewhat short term so there is no sense in pushing production growth at this time. This production growth slow-down in the 4th Quarter will likely result in Endeavour's silver production falling about 5% short of its 2.5 million oz production forecast for 2008. Endeavour should be in a good position, however, to capitalize on the next upward move in the silver price by once again accelerating its silver production growth at that time."
Mine output at Guanajuato ramped up from 100 tonnes per day in Q1, 2008 to 300 tpd in Q3, 2008 as planned, and it now exceeds 400 tonnes per day. Management now anticipates that the Guanajuato Mines will reach the 500 tpd plant capacity by year-end, well ahead of the original schedule. Silver production has more than tripled since the 1st quarter to 158,367 oz in Q3, 2008 and is forecast to continue rising in Q4, 2008 as the plant reaches its existing capacity. Click here for more info on Guanajuato.
Cash costs are now falling at Guanajuato due to the ramp-up of silver production. The high cash cost of $24.38 per oz silver reported for Q1, 2008 was the result of Endeavour maintaining a full work-force at the mine and plant to carry out non-capital rehabilitation work in addition to the Phase 2 mine and plant capital upgrade program while at the same time mine output was substantially reduced.
Cash costs in Q2, 2008 at Guanajuato dropped in half and further reductions in cash costs in Q3 and Q4, 2008 are anticipated due to higher silver production and better cost controls. Management is also currently evaluating sending the Guanajuato silver-gold concentrates to alternative smelters in order to reduce its smelting costs and enhance its silver-gold revenues.
Plant throughput at Guanacevi averaged around 700 tonnes per day in Q3, 2008 and is now forecast to ramp up to 800 tpd during the 4th Quarter, 2008. Silver production was up 12% to 467,557 oz at Guanacevi in Q3, 2008 and is forecast to rise again only marginally in the 4th Quarter due to the production growth slow-down. Both ore grades and silver/gold recoveries also showed improvements at Guanacevi in the 3rd
quarter.
Click here for more info on Guanacevi.
Endeavour brought its first new ore-body into production at Guanacevi in four years with the commencement of production from the Alex Breccia zone and the re-commissioning of the flotation circuit at the plant in Q3, 2008. Alex Breccia is a silver-lead-zinc ore-body hosted in the same Santa Cruz vein as the operating Porvenir Mine 2 km to the north.
The flotation circuit is currently producing a bulk concentrate (no payment for zinc, only lead and silver) but in Q4, a second flotation circuit will be re-commissioned to double flotation capacity up to 200 tonnes per day, producing two concentrates, lead-silver and zinc. As additional sources of sulphide ores are delineated for production (for example, Endeavour's recent discoveries in San Pedro area are of this type), the flotation circuit can be expanded as needed.
Endeavour Silver Corp. (TSX: EDR)(NYSE-A: EXK)(DBFrankfurt:EJD) is a small-cap silver mining company focused on the growth of its silver production, reserves and resources in Mexico. The expansion programs now underway at Endeavour's two operating mines, Guanacevi in Durango State and Guanajuato in Guanajuato state, coupled with the Company's acquisition and exploration programs in Mexico should enable Endeavour to join the ranks of top primary silver producers worldwide.
ENDEAVOUR SILVER CORP.
Bradford Cooke, Chairman and CEO
CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS
Certain statements contained herein regarding the Company and its operations constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, are "forward-looking statements". We caution you that such "forward looking statements" involve known and unknown risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such statements. Such risks and uncertainties include fluctuations in precious metal prices, unpredictable results of exploration activities, uncertainties inherent in the estimation of mineral reserves and resources, fluctuations in the costs of goods and services, problems associated with exploration and mining operations, changes in legal, social or political conditions in the jurisdictions where the Company operates, lack of appropriate funding and other risk factors, as discussed in the Company's filings with Canadian and American Securities regulatory agencies. Resource and production goals and forecasts may be based on data insufficient to support them. Godfrey Walton, P.Geo. and/or Bradford Cooke, P.Geo. are the Qualified Persons for the Company as required by NI 43-101. The Company expressly disclaims any obligation to update any forward-looking statements. We seek safe harbour.
The TSX Exchange has neither approved nor disapproved the contents of this news release.
Contacts:
Endeavour Silver Corp.
Hugh Clarke
(604) 685-9775 or Toll Free: 1-877-685-9775
(604) 685-9744 (FAX)
Email: hugh@edrsilver.com
Website: edrsilver
SOURCE: Endeavour Silver Corp.
mailto:hugh@edrsilver.com
edrsilver
Copyright 2008 Market Wire, All rights reserved.
Friday, October 10, 2008
Silver Drops as Investors Sell Precious Metals to Raise Cash
Investors desperate to get their hands on cash have been selling precious metals in order to gain some liguidity.
As a result, December silver fell by 10.6 percent, losing $1.275 to settle at $10.60 an ounce on the Nymex. It dropped even further in after hours trading.
Gold also plunged, settling at $859 on the Comex division of the NYMEX, as insitutional investors were looking for cash there as well.
Copper also fell significantly as it dropped 10.87 percent, 26.15 cents, to $2.1445 a pound.
As a result, December silver fell by 10.6 percent, losing $1.275 to settle at $10.60 an ounce on the Nymex. It dropped even further in after hours trading.
Gold also plunged, settling at $859 on the Comex division of the NYMEX, as insitutional investors were looking for cash there as well.
Copper also fell significantly as it dropped 10.87 percent, 26.15 cents, to $2.1445 a pound.
Wednesday, October 8, 2008
Silver Edges Up as Federal Reserve Cuts Rates by Half a Point
Silver is up slightly as of noon EST, as the news of the half point rate cut by the U.S. Federal Reserve and several other central banks around the world gave it a temporary spike before settling down.
In the U.S., prime rates were cut to 1.5 percent. Also approved by the Fed was a halp point cut in the discount rate to 1.75 percent.
Other banks cutting rates were the European Central Bank, which dropped it rates from 3.75 percent from 4.25 percent. The Bank of England trimmed their rates from 5 percent to 4.5 percent. Other central banks cutting rates were the swiss National Bank, The Bank of Canada and the Swedish Riksbank.
At mid-day, silver is up by 0.19 to $11.75 an ounce.
In the U.S., prime rates were cut to 1.5 percent. Also approved by the Fed was a halp point cut in the discount rate to 1.75 percent.
Other banks cutting rates were the European Central Bank, which dropped it rates from 3.75 percent from 4.25 percent. The Bank of England trimmed their rates from 5 percent to 4.5 percent. Other central banks cutting rates were the swiss National Bank, The Bank of Canada and the Swedish Riksbank.
At mid-day, silver is up by 0.19 to $11.75 an ounce.
Tuesday, October 7, 2008
Silver Drops Slightly as Commodities Continue to Tank
Silver was able to hold pretty steady today in spite of the ongoing plunge in commodities, as base-metals join other commodities in a sharp fall. Other than gold, the entire sector has been under strong downward pressure, although gold hasn't responded as well to its usual safe-haven status because of the stronger U.S. dollar.
As far as silver goes, it dropped by 4 cents today to end at $11.285 an ounce.
While it's considered a poor cousin of gold, it still doesn't partake in the upswings gold may enjoy, while at the same time it may not fall as much as other base metals because of it being considered something other than a base-metal only.
It'll probably continue to hold stronger than other base-metals, but at the same time not climb in conjunction with gold once the dollar weakens.
As far as silver goes, it dropped by 4 cents today to end at $11.285 an ounce.
While it's considered a poor cousin of gold, it still doesn't partake in the upswings gold may enjoy, while at the same time it may not fall as much as other base metals because of it being considered something other than a base-metal only.
It'll probably continue to hold stronger than other base-metals, but at the same time not climb in conjunction with gold once the dollar weakens.
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