Owner
Post by Franko10 ™ on Sept 16, 2004 7:30:19 GMT -5
Thu Sep 11, 2003
Feasibilty Study Underway on the El Cairo Oxide-Gold Deposit
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Morgain Minerals Inc. (the "Company" TSX-Venture: MGM) is pleased to announce that upon the recent completion of financing the Company is progressing towards a bankable Feasibility Study on its El Cairo heap leach oxide-gold deposit in Durango, Mexico. The Company has approved an agreement with Kappes, Cassiday and Associates (KCA) of Reno, Nevada, USA for the metallurgical testing of the El Cairo mineralized material required as a part of completion of a bankable Feasibility Study. KCA are world renowned independent consulting specialists in the metallurgy of heap leach oxide-gold deposits.
In the September 2002 pre-feasibility study by A.C.A Howe International Limited (Howe), an international mining and geological consultant firm from Toronto, Ontario, Howe stated that "the limited twinning of reverse circulation (RC) drill holes with diamond drill (core) holes suggested that the RC data underestimated the gold grade of the deposit by 30 to 40%". The higher-grade core intercepts were not included in the Howe reserve calculations. To gain the necessary statistical confidence to apply the core grades to a possible new estimate of ore reserves Howe recommends the twinning of 6 additional RC holes with core holes. The core drilling material will also be utilized by KCA for their metallurgical testing.
Drilling contracts bids are being solicited for the diamond drilling of six (6) PQ drill holes totalling 825 metres and a contract is expected to be signed with one drilling firm next week. This diamond drilling program, including the bankable feasibility study, will be under the supervision of Howe.
The Company, subject to all required regulatory approvals, has determined to amend the price of 1,150,000 options previously granted to certain directors and employees of the Company at exercise prices ranging from $0.35 to $0.65 per share to an exercise price of $0.25 per share.
The Company has also granted a total of 950,000 stock options to three directors and one employee of the Company; 150,000 of which replace an expired option to a director of the Company. The above incentive stock options are priced at $0.25 per share for a period of five (5) years expiring September 2, 2008. All options are subject to regulatory approvals.
Feasibilty Study Underway on the El Cairo Oxide-Gold Deposit
--------------------------------------------------------------------------------
Morgain Minerals Inc. (the "Company" TSX-Venture: MGM) is pleased to announce that upon the recent completion of financing the Company is progressing towards a bankable Feasibility Study on its El Cairo heap leach oxide-gold deposit in Durango, Mexico. The Company has approved an agreement with Kappes, Cassiday and Associates (KCA) of Reno, Nevada, USA for the metallurgical testing of the El Cairo mineralized material required as a part of completion of a bankable Feasibility Study. KCA are world renowned independent consulting specialists in the metallurgy of heap leach oxide-gold deposits.
In the September 2002 pre-feasibility study by A.C.A Howe International Limited (Howe), an international mining and geological consultant firm from Toronto, Ontario, Howe stated that "the limited twinning of reverse circulation (RC) drill holes with diamond drill (core) holes suggested that the RC data underestimated the gold grade of the deposit by 30 to 40%". The higher-grade core intercepts were not included in the Howe reserve calculations. To gain the necessary statistical confidence to apply the core grades to a possible new estimate of ore reserves Howe recommends the twinning of 6 additional RC holes with core holes. The core drilling material will also be utilized by KCA for their metallurgical testing.
Drilling contracts bids are being solicited for the diamond drilling of six (6) PQ drill holes totalling 825 metres and a contract is expected to be signed with one drilling firm next week. This diamond drilling program, including the bankable feasibility study, will be under the supervision of Howe.
The Company, subject to all required regulatory approvals, has determined to amend the price of 1,150,000 options previously granted to certain directors and employees of the Company at exercise prices ranging from $0.35 to $0.65 per share to an exercise price of $0.25 per share.
The Company has also granted a total of 950,000 stock options to three directors and one employee of the Company; 150,000 of which replace an expired option to a director of the Company. The above incentive stock options are priced at $0.25 per share for a period of five (5) years expiring September 2, 2008. All options are subject to regulatory approvals.
