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Post by Franko10 ™ on Oct 16, 2005 17:20:21 GMT -5
Morgain Minerals Inc. - Announcement
Business Wire, July 12, 2000
TORONTO--(BUSINESS WIRE)--July 12, 2000
Morgain Minerals Inc.'s (the "Company")(CDNX:MGM.) 70% owned Mexican subsidiary, Compania Minera El Arca S.A. de C.V. ( Minera El Arca), reports that it has been "fine tuning" its El Arca tailings mill operation. A high-grade silver mine near the El Arca mill has been acquired and mining, trucking and processing the ore to the El Arca site is currently under review.
The El Arca tailings mill has been operating at a rate of approximately 250 tonnes per day (tpd) in recent weeks. Management is pleased with the progress made to date in balancing and improving the grinding and floatation units of the mill. The silver and gold recoveries are averaging 51% and 40% respectively and more improvement to the 60-65% level for silver is anticipated. The concentrate averages over 5 kgs silver and 8 gms gold per tonne with the tailings to concentrate ratio reaching 65:1. Total concentrate produced to date is about 80 tonnes, containing 14,000 ounces of silver and 22 ounces gold all being readied for transportation to smelters. It is anticipated that mill tonnage throughput to the 500 tpd will be reached before the 3rd quarter, 2000.
An agreement was reached between Minera El Arca and the Coartade Family of Zacatecas, which has held the mine for over 50 years. Subject to a cash payment of US $3,000 and a net smelter return (NSR) of 5.0%, the agreement extends to Minera El Arca the right to the 200 hectare El Tesorito high-grade silver mine, accessible by paved highway, which is located about 48 kms from the El Arca mill.
The Coartade Family has been mining the siliceous portion of the El Tesorito ore sporadically over the years and selling the ore as high-grade silver siliceous flux to the Grupo Mexico smelter.
The main silver vein is traceable on surface for 1100 metres (3600 ft) with both ends of the vein each having an 80 metre (252ft) deep shaft with secondary shafts existing in between. This vein on surface is 2.5 metres (8.2 ft) wide widening to 5.0 metres (16.4ft) at a depth of 80 metres (262ft) as indicated by surface trenches, shafts and limited underground workings. The grade of all samples taken by Company geologists averaged 590 gms silver (21.0 ozs) and 0.60 gms gold (0.02 ozs) per tonne. Estimated mineral inventory based on the above parameters down to only a depth of 125 metres (400ft) stands at about1.5 million tonnes grading 590 gms silver (21.0ozs) and 0.60 gms gold (0.02 oz), representing before recoveries 31 million ounces of silver and 30,000 ounces gold.
Preliminary metallurgical testing of four bulk samples was carried out at the University of Zacatecas, Mexico. Head grade stood at 596 g/t (21.0 ozs) Ag and 0.60 g/t Au with both metals achieving a 70% recovery. Recoveries should improve with additional metallurgical testing. The concentrate produced graded 22.1 kgs/t (780 ozs) and 5.2 gms Au/t (0.18 ozs) with a concentrate to ore ratio of 55:1.
During the week of July 17, 2000 two consultants, Mr. Rod Doran, a Canadian Mining Engineering Consultant, and Mr. Al Hayden, a Canadian Metallurgical Consultant, will be at the Mexican site to develop, in co-operation with the Mexican staff, strategic plans to mine the El Tesorito property. The El Arca mill will undertake to process the mineralized material developed from the El Tesorito property with a net value (after recoveries) of US $70.00 per tonne. The processing of the mineralized material is expected to substantially increase the profitability of the Company's operation.
The information contained herein was authorized for media release by Company President Raymond J. Mongeau and includes "forward looking statements" that express expectation of future events or results. Such statements are based upon future expectations rather than "historical facts". Therefore, a number of risks and uncertainties are involved and the Company cannot extend assurance that such statements will prove to be correct. Further details may be obtained by contacting the company directly by telephone, facsimile or e-mail. Additional information including directors' and officers' remuneration, indebtedness of officers, executive stock options and interests of management and others in material transactions, where applicable, can be found in the Information Circular located at www.sedar.com in the Company Filings section.
No regulatory authority has reviewed or accepts responsibility for the adequacy or accuracy of the statements made herein.
Shares Outstanding: 20,728,560
COPYRIGHT 2000 Business Wire
Business Wire, July 12, 2000
TORONTO--(BUSINESS WIRE)--July 12, 2000
Morgain Minerals Inc.'s (the "Company")(CDNX:MGM.) 70% owned Mexican subsidiary, Compania Minera El Arca S.A. de C.V. ( Minera El Arca), reports that it has been "fine tuning" its El Arca tailings mill operation. A high-grade silver mine near the El Arca mill has been acquired and mining, trucking and processing the ore to the El Arca site is currently under review.
The El Arca tailings mill has been operating at a rate of approximately 250 tonnes per day (tpd) in recent weeks. Management is pleased with the progress made to date in balancing and improving the grinding and floatation units of the mill. The silver and gold recoveries are averaging 51% and 40% respectively and more improvement to the 60-65% level for silver is anticipated. The concentrate averages over 5 kgs silver and 8 gms gold per tonne with the tailings to concentrate ratio reaching 65:1. Total concentrate produced to date is about 80 tonnes, containing 14,000 ounces of silver and 22 ounces gold all being readied for transportation to smelters. It is anticipated that mill tonnage throughput to the 500 tpd will be reached before the 3rd quarter, 2000.
An agreement was reached between Minera El Arca and the Coartade Family of Zacatecas, which has held the mine for over 50 years. Subject to a cash payment of US $3,000 and a net smelter return (NSR) of 5.0%, the agreement extends to Minera El Arca the right to the 200 hectare El Tesorito high-grade silver mine, accessible by paved highway, which is located about 48 kms from the El Arca mill.
The Coartade Family has been mining the siliceous portion of the El Tesorito ore sporadically over the years and selling the ore as high-grade silver siliceous flux to the Grupo Mexico smelter.
The main silver vein is traceable on surface for 1100 metres (3600 ft) with both ends of the vein each having an 80 metre (252ft) deep shaft with secondary shafts existing in between. This vein on surface is 2.5 metres (8.2 ft) wide widening to 5.0 metres (16.4ft) at a depth of 80 metres (262ft) as indicated by surface trenches, shafts and limited underground workings. The grade of all samples taken by Company geologists averaged 590 gms silver (21.0 ozs) and 0.60 gms gold (0.02 ozs) per tonne. Estimated mineral inventory based on the above parameters down to only a depth of 125 metres (400ft) stands at about1.5 million tonnes grading 590 gms silver (21.0ozs) and 0.60 gms gold (0.02 oz), representing before recoveries 31 million ounces of silver and 30,000 ounces gold.
Preliminary metallurgical testing of four bulk samples was carried out at the University of Zacatecas, Mexico. Head grade stood at 596 g/t (21.0 ozs) Ag and 0.60 g/t Au with both metals achieving a 70% recovery. Recoveries should improve with additional metallurgical testing. The concentrate produced graded 22.1 kgs/t (780 ozs) and 5.2 gms Au/t (0.18 ozs) with a concentrate to ore ratio of 55:1.
During the week of July 17, 2000 two consultants, Mr. Rod Doran, a Canadian Mining Engineering Consultant, and Mr. Al Hayden, a Canadian Metallurgical Consultant, will be at the Mexican site to develop, in co-operation with the Mexican staff, strategic plans to mine the El Tesorito property. The El Arca mill will undertake to process the mineralized material developed from the El Tesorito property with a net value (after recoveries) of US $70.00 per tonne. The processing of the mineralized material is expected to substantially increase the profitability of the Company's operation.
The information contained herein was authorized for media release by Company President Raymond J. Mongeau and includes "forward looking statements" that express expectation of future events or results. Such statements are based upon future expectations rather than "historical facts". Therefore, a number of risks and uncertainties are involved and the Company cannot extend assurance that such statements will prove to be correct. Further details may be obtained by contacting the company directly by telephone, facsimile or e-mail. Additional information including directors' and officers' remuneration, indebtedness of officers, executive stock options and interests of management and others in material transactions, where applicable, can be found in the Information Circular located at www.sedar.com in the Company Filings section.
No regulatory authority has reviewed or accepts responsibility for the adequacy or accuracy of the statements made herein.
Shares Outstanding: 20,728,560
COPYRIGHT 2000 Business Wire
