Owner
Post by Franko10 ™ on Mar 3, 2005 8:37:13 GMT -5
Morgain Minerals Acquires Surface Rights and Mineral Concessions on El Cairo Claim, Mexico-the Castillo Mine
08:30 EST Thursday, March 03, 2005
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 3, 2005) - Morgain Minerals Inc. (TSX VENTURE:MGM)
- Permit filed to conduct first phase mining and leaching operation
- Loan facility arranged to finance first phase of operation
- Change in Board of Directors
Chester F. Millar, Chairman and President of Morgain Minerals Inc. reports that Morgain has acquired surface rights and mineral concessions required for the long-term production of gold from Morgain's 100% owned El Cairo open pit heap leach oxide gold property, which will in future be referred to as the "Castillo Mine".
Acquisition of the surface rights was difficult and time consuming, requiring negotiating settlement of pre-existing land disputes as well as purchase and rental agreements with a relatively large number of individuals. Negotiations were carried out for Morgain by GAP S.A. de C.V., a Mexican consulting firm.
Morgain has filed for a permit to conduct a first phase mining and leaching operation. The information gained from this operation will be used to plan and seek a permit for the full- scale operation of the Castillo Mine. Morgain expects to be in receipt of the necessary permits for mine start up and leaching by the end of May 2005.
Morgain has also arranged a loan facility sufficient to finance the first phase of the operation. Subsequent financing of the full- scale operation is expected to be greatly facilitated by having demonstrated the operatio nal aspects and gold recoveries from the first phase operation.
Gold sales from the first phase mining operation are expected to commence during the third quarter of 2005.
Change to Board of Directors
Morgain also announces the resignation of Alfonso Daco as a director.
Recent changes to Morgain's Board reflect the progression of the Company from the exploration stage to the development stage of the Castillo Mine under the direction of Chester Millar who joined the Board in 2004. Mr. Millar is a pioneer of bulk heap leaching gold production and the concept of large-scale bulk mining of low- grade deposits in the Western United States. Under his guidance, Glamis Gold Ltd. and Eldorado Gold Corporation grew from small producing operations to substantial mining companies. Mr. Millar served as Chairman of Glamis Gold from 1985 to 1998, Chairman of Eldorado Gold from 1992 and 1994 and Chairman of Alamos Gold Inc. from 1996 to 2003.
About Morgain Minerals Inc.
Morgain Minerals is a resource exploration company with a number of precious and base metal properties in Mexico. Its corporate strategy is to explore and develop properties with known resources that can be further explored to a production status. Visit our website at www.morgainminerals.com for the latest corporate information.
FOR FURTHER INFORMATION PLEASE CONTACT:
Morgain Minerals Inc.
Chester F. Millar
Chairman and President
(604) 643-1727
(604) 643-1726 (FAX)
morgain@telus.net
www.morgainminerals.com
The TSX has neither approved nor disapproved of the information contained herein.
08:30 EST Thursday, March 03, 2005
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 3, 2005) - Morgain Minerals Inc. (TSX VENTURE:MGM)
- Permit filed to conduct first phase mining and leaching operation
- Loan facility arranged to finance first phase of operation
- Change in Board of Directors
Chester F. Millar, Chairman and President of Morgain Minerals Inc. reports that Morgain has acquired surface rights and mineral concessions required for the long-term production of gold from Morgain's 100% owned El Cairo open pit heap leach oxide gold property, which will in future be referred to as the "Castillo Mine".
Acquisition of the surface rights was difficult and time consuming, requiring negotiating settlement of pre-existing land disputes as well as purchase and rental agreements with a relatively large number of individuals. Negotiations were carried out for Morgain by GAP S.A. de C.V., a Mexican consulting firm.
Morgain has filed for a permit to conduct a first phase mining and leaching operation. The information gained from this operation will be used to plan and seek a permit for the full- scale operation of the Castillo Mine. Morgain expects to be in receipt of the necessary permits for mine start up and leaching by the end of May 2005.
Morgain has also arranged a loan facility sufficient to finance the first phase of the operation. Subsequent financing of the full- scale operation is expected to be greatly facilitated by having demonstrated the operatio nal aspects and gold recoveries from the first phase operation.
Gold sales from the first phase mining operation are expected to commence during the third quarter of 2005.
Change to Board of Directors
Morgain also announces the resignation of Alfonso Daco as a director.
Recent changes to Morgain's Board reflect the progression of the Company from the exploration stage to the development stage of the Castillo Mine under the direction of Chester Millar who joined the Board in 2004. Mr. Millar is a pioneer of bulk heap leaching gold production and the concept of large-scale bulk mining of low- grade deposits in the Western United States. Under his guidance, Glamis Gold Ltd. and Eldorado Gold Corporation grew from small producing operations to substantial mining companies. Mr. Millar served as Chairman of Glamis Gold from 1985 to 1998, Chairman of Eldorado Gold from 1992 and 1994 and Chairman of Alamos Gold Inc. from 1996 to 2003.
About Morgain Minerals Inc.
Morgain Minerals is a resource exploration company with a number of precious and base metal properties in Mexico. Its corporate strategy is to explore and develop properties with known resources that can be further explored to a production status. Visit our website at www.morgainminerals.com for the latest corporate information.
FOR FURTHER INFORMATION PLEASE CONTACT:
Morgain Minerals Inc.
Chester F. Millar
Chairman and President
(604) 643-1727
(604) 643-1726 (FAX)
morgain@telus.net
www.morgainminerals.com
The TSX has neither approved nor disapproved of the information contained herein.
