Owner
Post by Franko10 ™ on Sept 16, 2004 7:34:45 GMT -5
Thu Feb 26, 2004
Morgain Appoints New President & CEO
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TORONTO, ONTARIO - The Board of Directors of Morgain Minerals Inc. is pleased to announce effective today that Mr Chester F. Millar was appointed today as President, Chief Executive Officer and Director of the Company. Mr Rod Doran resigned as President, Chief Executive Officer and Director of Morgain Minerals Inc. on February 25th, 2004 to allow Mr. Millar the opportunity to direct the company's corporate affairs, particularly in the development of its El Cairo open-pit, heap-leach oxide gold property located in Durango, Mexico to the production stage. Mr Doran has agreed to act as a mining consultant to the company.
Chester F. Millar is a Professional Engineer who served in the position of Chairman, President and Director of Alamos Gold Inc., since the date of formation of the Company. Mr Millar is a pioneer of bulk heap leaching gold production and the concept of large-scale bulk mining of low-grade oxide gold deposits in the Western United States. Under his guidance, Afton Mines (1968-1973), Glamis Gold Ltd. ("Glamis") and Eldorado Gold Corporation ("Eldorado") grew from small producing operations to substantial mining companies. Mr Millar served as Chairman of Glamis from 1985 to 1998 and Chairman of Eldorado between 1992 and 1994.
The directors have approved a 30,000 tonne heap-leach bulk sample test as recommended by A.C.A. Howe and Mr. Chester Millar to be carried out immediately.
The Company's plan to create a new, publicly listed copper based exploration Company with its Cuatro Hermanos copper molybdenum ("Cuatro") property in Sonora Mexico as outlined in detail in a Press Release dated January 16, 2004 has now been terminated. Management is now considering the funding of an exploration program on the Company's Cuatro property and/or the finalization of a joint venture arrangement with a large Japanese entity.
As previously reported in the January 16, 2004 News Release, Howe reports that 28 diamond drill holes covered a porphyry copper zone 4.5 square kilometres in aerial extent. All of the holes intersected wide zones ranging from 6 to 62 meters of copper --molybdenum mineralization grading from 0.31% Cu and 0.009% Mo to 0.52% Cu and 0.034% Mo. Included are both an upper enriched chalcocite/chalcopyrite supergene zone and a lower chalcopyrite/pyrite hypogene zone. Drill hole spacing ranges from 300 to 700 meters (1,100 to 2,400 feet).
Other occurrences that should be followed by an exploration program in the area of Cuatro include:
• A central elongated leached breccia pipe, abutting the main zone to the north, with approximate dimensions of 1800 metres long by 225 metres wide consisting of fragments cemented with quartz and limonite suggesting a 5 -- 10% sulphide content prior to leaching. The supergene rich copper blanket that probably exists at the water table at depth below this breccia zone is a target that should be tested by drilling. No drill holes have tested this copper blanket.
• Vertical RC hole CHM-4 completed by BHP Minerals in 1996 located 700 metres north of Oxy-1 hole located on the north boundary off the Main Zone intersected a new, significant Mo-Cu zone over a thickness of 42.6 metres grading 0.11 % Mo and 0.20% Cu starting at a depth of 178.9 metres. A higher-grade 22.3 metre intercept assaying 0.17% Mo and 0.16% Cu exists within this zone. This new Mo-Cu zone is open for a horizontal distance of 700-1,000 metres.
• Chip sampling of significant molybdenite mineralization in silicified breccia outcrops located northwest of hole CHSM74-5 in the west area, west of the main zone, returned assays of 1.5% Mo over a width of 6.0 metres (20 ft), 2.5% Mo over 6.0 metres (20 ft) and 3.3% Mo over 4 metres (13 ft). Additional chip sampling covering an area 75 metres by 60 metres (250 by 200 ft) returned an average of 0.30% Mo. These significant Mo assays correspond directly with north trending molybdenum soil and rock geochemical anomalies 650 metres in length.
An initial phase exploration program, to include the above exploration targets and target areas are estimated to cost about 1.0 million USD.
The Company wishes to announce that it has, subject to regulatory approval, granted incentive stock options to five employees of the Company to purchase 650,000 common shares of the Company at a price of $0.38 per share for a period of five years expiring on February 25, 2009.
For Further Information contact:
Raymond J. Mongeau, Chairman, Morgain Minerals Inc.,
Telephone: (416) 364-5756, Fax: (416) 364-2595,
Email: rmongeau@morgainminerals.com,
Website: www.morgainminerals.com
The information contained herein was authorized for media release by The Board of Directors. No regulatory authority has approved or disapproved the information contained in this news release.</I>
Morgain Appoints New President & CEO
--------------------------------------------------------------------------------
TORONTO, ONTARIO - The Board of Directors of Morgain Minerals Inc. is pleased to announce effective today that Mr Chester F. Millar was appointed today as President, Chief Executive Officer and Director of the Company. Mr Rod Doran resigned as President, Chief Executive Officer and Director of Morgain Minerals Inc. on February 25th, 2004 to allow Mr. Millar the opportunity to direct the company's corporate affairs, particularly in the development of its El Cairo open-pit, heap-leach oxide gold property located in Durango, Mexico to the production stage. Mr Doran has agreed to act as a mining consultant to the company.
Chester F. Millar is a Professional Engineer who served in the position of Chairman, President and Director of Alamos Gold Inc., since the date of formation of the Company. Mr Millar is a pioneer of bulk heap leaching gold production and the concept of large-scale bulk mining of low-grade oxide gold deposits in the Western United States. Under his guidance, Afton Mines (1968-1973), Glamis Gold Ltd. ("Glamis") and Eldorado Gold Corporation ("Eldorado") grew from small producing operations to substantial mining companies. Mr Millar served as Chairman of Glamis from 1985 to 1998 and Chairman of Eldorado between 1992 and 1994.
The directors have approved a 30,000 tonne heap-leach bulk sample test as recommended by A.C.A. Howe and Mr. Chester Millar to be carried out immediately.
The Company's plan to create a new, publicly listed copper based exploration Company with its Cuatro Hermanos copper molybdenum ("Cuatro") property in Sonora Mexico as outlined in detail in a Press Release dated January 16, 2004 has now been terminated. Management is now considering the funding of an exploration program on the Company's Cuatro property and/or the finalization of a joint venture arrangement with a large Japanese entity.
As previously reported in the January 16, 2004 News Release, Howe reports that 28 diamond drill holes covered a porphyry copper zone 4.5 square kilometres in aerial extent. All of the holes intersected wide zones ranging from 6 to 62 meters of copper --molybdenum mineralization grading from 0.31% Cu and 0.009% Mo to 0.52% Cu and 0.034% Mo. Included are both an upper enriched chalcocite/chalcopyrite supergene zone and a lower chalcopyrite/pyrite hypogene zone. Drill hole spacing ranges from 300 to 700 meters (1,100 to 2,400 feet).
Other occurrences that should be followed by an exploration program in the area of Cuatro include:
• A central elongated leached breccia pipe, abutting the main zone to the north, with approximate dimensions of 1800 metres long by 225 metres wide consisting of fragments cemented with quartz and limonite suggesting a 5 -- 10% sulphide content prior to leaching. The supergene rich copper blanket that probably exists at the water table at depth below this breccia zone is a target that should be tested by drilling. No drill holes have tested this copper blanket.
• Vertical RC hole CHM-4 completed by BHP Minerals in 1996 located 700 metres north of Oxy-1 hole located on the north boundary off the Main Zone intersected a new, significant Mo-Cu zone over a thickness of 42.6 metres grading 0.11 % Mo and 0.20% Cu starting at a depth of 178.9 metres. A higher-grade 22.3 metre intercept assaying 0.17% Mo and 0.16% Cu exists within this zone. This new Mo-Cu zone is open for a horizontal distance of 700-1,000 metres.
• Chip sampling of significant molybdenite mineralization in silicified breccia outcrops located northwest of hole CHSM74-5 in the west area, west of the main zone, returned assays of 1.5% Mo over a width of 6.0 metres (20 ft), 2.5% Mo over 6.0 metres (20 ft) and 3.3% Mo over 4 metres (13 ft). Additional chip sampling covering an area 75 metres by 60 metres (250 by 200 ft) returned an average of 0.30% Mo. These significant Mo assays correspond directly with north trending molybdenum soil and rock geochemical anomalies 650 metres in length.
An initial phase exploration program, to include the above exploration targets and target areas are estimated to cost about 1.0 million USD.
The Company wishes to announce that it has, subject to regulatory approval, granted incentive stock options to five employees of the Company to purchase 650,000 common shares of the Company at a price of $0.38 per share for a period of five years expiring on February 25, 2009.
For Further Information contact:
Raymond J. Mongeau, Chairman, Morgain Minerals Inc.,
Telephone: (416) 364-5756, Fax: (416) 364-2595,
Email: rmongeau@morgainminerals.com,
Website: www.morgainminerals.com
The information contained herein was authorized for media release by The Board of Directors. No regulatory authority has approved or disapproved the information contained in this news release.</I>
