Last checked at 3 Oct 2012 07:52
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
AIM: ECR
US OTC: MTGDY
THEMAC RESOURCES BEGINS WORK ON COPPER FLAT DFS
London: 3 October 2012 - ECR Minerals plc is pleased to draw attention to the news release made yesterday by THEMAC Resources Group Ltd ("THEMAC"). The full text of the release is provided below.
ECR owns approximately 19% of THEMAC's issued share capital and has a fully diluted interest in THEMAC of approximately 21%. THEMAC is listed on the TSX Venture Exchange with the code MAC.
- Beginning of THEMAC release -
THEMAC Begins Work On Definitive Feasibility Study For Copper Flat Project
Vancouver, BC, October 2, 2012 - THEMAC Resources Group Limited ("THEMAC" or "the Company") (TSX.V: MAC) today provided an update on the Company's Copper Flat project in New Mexico.
"We were very pleased to announce today that M3 Engineering & Technology Corporation, of Tucson, Arizona, has been engaged to complete a Feasibility Study for the Copper Flat Project," said Andre J Douchane, CEO. "The Definitive Feasibility Study will advance the work reported in the prefeasibility document filed on SEDAR August 22, 2012. Through additional engineering and budgetary quotations from equipment manufacturers, the feasibility study will provide a cost estimate to construct the project with an estimation accuracy of 10% either way."
THEMAC plans to complete the definitive feasibility by the end of 1st quarter 2013. Final engineering remains scheduled to be complete 3rd quarter 2013.
About the Copper Flat Project
Copper Flat is a former producing mine located in Sierra County, State of New Mexico approximately 150 miles south of Albuquerque and 20 miles southwest of the town of Truth or Consequences.
Copper Flat is a porphyry copper-molybdenum deposit containing economically recoverable gold and silver mineralization hosted by a quartz monzonite stock which intrudes an andesitic volcanic complex. The Cretaceous (75 million years ago [Ma]) Copper Flat quartz monzonite hosts mineralization dominated by pyrite and chalcopyrite with subsidiary molybdenite. The mineralization is focused along intersecting northeast and northwest-trending faults, the intersection of which is associated with the host intrusive.
An NI 43-101 prefeasibility dated August 22, 2012 has been published for Copper Flat and can be viewed on SEDAR. The press release contains the latest NI43-101 Mineral Reserve and Resource statement.
The deposit has NI 43-101 compliant Mineral reserves and resources as set forth in the following tables:
Mineral Reserves as Contained in Total Mineral Resources:
| Classification | Cutoff Grade NSR/TON | Mineral Reserves | Contained Metal | |||||||||||||||||||||||||||||||||||||
| Ktons | Copper% | Moly% | GoldOz/ton | Silver Oz/ton | CopperLbs. x 1000 | MolyLbs. x 1000 | GoldOz's x 1000 | SilverOz's x 1000 | ||||||||||||||||||||||||||||||||
| Proven | $7.25 | 29,536 | 0.38 | 0.012 | 0.003 | 0.08 | 224,474 | 7,089 | 89 | 2,363 | ||||||||||||||||||||||||||||||
| Probable | $7.25 | 68,582 | 0.28 | 0.008 | 0.003 | 0.06 | 384,059 | 10,973 | 206 | 4,115 | ||||||||||||||||||||||||||||||
| Total Prov + Prob | 98,118 | 0.31 | 0.009 | 0.003 | 0.07 | 608,533 | 18,062 | 295 | 6,478 | |||||||||||||||||||||||||||||||
Total Mineral Resources:
| Classification | Cutoff Grade NSR/TON | Tonnage and Grade | Contained Metal | |||||||||||||||||||||||||||||||||||||
| Ktons | Copper% | Moly% | GoldOz/ton | Silver Oz/ton | CopperLbs. x 1000 | MolyLbs. x 1000 | GoldOz's x 1000 | SilverOz's x 1000 | ||||||||||||||||||||||||||||||||
| Measured | $7.25 | 41,503 | 0.33 | 0.011 | 0.003 | 0.07 | 273,920 | 9,131 | 125 | 2,905 | ||||||||||||||||||||||||||||||
| Indicated | $7.25 | 184,049 | 0.23 | 0.006 | 0.002 | 0.05 | 846,625 | 22,086 | 368 | 9,202 | ||||||||||||||||||||||||||||||
| Meas + Ind | 225,552 | 0.25 | 0.007 | 0.002 | 0.05 | 1,120,545 | 31,217 | 493 | 12,107 | |||||||||||||||||||||||||||||||
| Inferred | $7.25 | 12,960 | 0.22 | 0.003 | 0.001 | 0.03 | 57,024 | 778 | 13 | 389 | ||||||||||||||||||||||||||||||
The project has an estimated $54 million benefit and financial savings from the civil infrastructure that is currently in place at Copper Flat including a tailings dam, largely pre-stripped open pit, power lines, water well field and pipeline, access roads, diversion channels and usable process building foundations. The Copper Flat land package comprises in excess of 1,200 hectares, and the deposit is located entirely on patented mining claims wholly-owned by THEMAC Resources Group.
Permitting for the return of the project to production is at an advanced stage, and a prefeasibility study is completed.
About THEMAC Resources Group Limited
THEMAC is a mining development company with a strong management team and as of May 18, 2011, acquired a 100% ownership interest in the Copper Flat copper-molybdenum-gold-silver project in New Mexico, USA. We are committed to bringing the closed copper mine, Copper Flat, in Sierra County, New Mexico back into production with innovation and a sustainable approach to mining development and production, local economic opportunities and the best reclamation practices for our unique environment.
The Company is listed on the TSX Venture Exchange (ticker: MAC) and has issued share capital of 74,117,622 common shares (fully diluted share capital 135,648,241).
For more information please visit www.themacresourcesgroup.com or review the Company's filings on SEDAR (www.sedar.com).
Forward Looking Statements
Certain information contained or incorporated by reference in this MD&A, including any information as to THEMAC's future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: fluctuations in the currency markets; fluctuations in the spot and forward price of copper, molybdenum, gold, and silver; volatility in the price of fuel and electricity; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada and the USA; business opportunities that may be pursued by the Company; the anticipated impact of converting to International Financial Reporting Standards, operating or technical difficulties in connection with mining or development activities; employee relations; litigation; the speculative nature of exploration and development, including the risks of obtaining necessary licenses and permits; and contests over title to properties, particularly title to undeveloped properties. In addition, there are risks and hazards associated with the business of exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks. Many of these uncertainties and contingencies can affect the Company`s actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, THEMAC. These factors are discussed in greater detail in the Company's most recent Form 20-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this MD&A are qualified by these cautionary statements.
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.
For further information contact:THEMAC Resources Group LimitedAndre J. Douchane, CEO(+1) 416 671 8089 or (+1) 520 850 7529
Neither the TSX Venture Exchange (the "TSXV") nor it's Regulation Services Provider (as that term is defined in the policies of the TSXV) has reviewed, nor do they accept responsibility for the adequacy or accuracy of, this release.
- End of THEMAC release -
ECR's Interest in THEMAC
ECR holds 14.35 million common shares and 14.35 million common share purchase warrants of THEMAC. All the warrants held by ECR are exercisable at C$0.28 per share; 3.85 million warrants are valid until 3 May 2013 and the remaining 10.5 million warrants are valid until 4 March 2016.
About ECR Minerals plc
ECR is a mineral development company with 100% ownership of the Sierra de las Minas gold project in La Rioja Province, Argentina. The project area hosts numerous small, high grade gold targets that may be suitable for early advancement to production.
In addition to its stake in THEMAC, the Company has shareholdings in West Wits Mining Ltd (ASX: WWI) and Paniai Gold Ltd (unquoted), both of which have interests in the Derewo River alluvial gold mining and exploration project in Papua, Indonesia.
For further information please contact:ECR Minerals plcPatrick Harford, +44 (0)20 7929 1010Managing DirectororStephen ClaysonDirector & Chief Financial Officerinfo@ecrminerals.comwww.ecrminerals.comorDaniel Stewart & Company plcPaul Shackleton/David Hart, +44 (0)20 7776 6550
Copyright Business Wire 2012