Post by Zoinkers on Jun 23, 2006 13:49:05 GMT -5
Press Release Source: War Eagle Mining Company Inc.
War Eagle Mining Company Inc. Reports Highly Encouraging Assay Results
Tuesday June 13, 9:00 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jun 13, 2006 -- War Eagle Mining Company Inc. (TSX VENTURE:WAR.V - News) -
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The Company announces that assay results of the recently completed 1,255 - 1.5 meter channel sampling program of the underground workings at the Tres Marias mine in Mexico are highly encouraging. Using a 5% Zinc cut-off grade there are 855 samples with an average grade of 19.26% zinc with 151 grams / tonne germanium. The Company notes that at a current zinc price of approximately US $1.50 per pound, and a quoted germanium price of US $800 per kilogram, the samples with a 5% zinc cut-off are valued at $785 per tonne with the overall population of 1,255 samples valued at $565 per tonne.
Additionally, a percussion drilling program has completed 50 holes out of an approximately 150 drill hole program with 54 samples prepared for assay at this time. This will continue to be the focus of the underground exploration program until the arrival of the underground core drill later this month when an approximate 50 core drilling hole program will be instituted.
"It is becoming increasingly apparent that we have excellent prospects for a commercial mine in the Tres Marias property," Terence Schorn, President of War Eagle stated. "We believe that further underground drilling will indicate that the mineralization will total at least 500,000 tons, the amount necessary to complete a feasibility study," he added.
War Eagle has also been conducting a geophysical survey in the area around the mine using induced polarization and resistively surveys. Two lines have been completed and preliminary interpretation of the data has indicated two anomalous zones. This confirms that this method will be a very useful tool for the delineation of collapse breccias which may host additional zinc-germanium mineralization along the strike zone from the mine site. "It is anticipated that this type of survey will greatly increase the target areas and additional drilling sites," Schorn noted. A gravity survey is expected to be completed in June that will also be of use in defining the size and scope of the prospects to be drilled around the mine. "Management is extremely enthusiastic about continuing to work on what may become a world class zinc and germanium mine," Schorn concluded.
The Project is under the direction of Mr. Terence Schorn, P.Geo., the qualified person pursuant to the National Instrument 43-101.
Terence F. Schorn, P. Geo, President
War Eagle Mining Company Inc.
CUSIP. No.: 933901209
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of the contents of the foregoing.
Contact:
Contacts:
War Eagle Mining Company Inc.
Bob Faris
V.P., Corporate Development
(604) 606-7973 or Toll Free: 1-800-877-1626
bob@wareaglemining.com
www.wareaglemining.com
Murdock Capital Partners Corp.
Tom Dean
Corporate Advisor
(212) 421-2545
Phoenix Communications
Jason Shepherd
Investor Relations
(250) 717-1910
--------------------------------------------------------------------------------
Source: War Eagle Mining Company Inc.
War Eagle Mining Company Inc. Reports Highly Encouraging Assay Results
Tuesday June 13, 9:00 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jun 13, 2006 -- War Eagle Mining Company Inc. (TSX VENTURE:WAR.V - News) -
ADVERTISEMENT
The Company announces that assay results of the recently completed 1,255 - 1.5 meter channel sampling program of the underground workings at the Tres Marias mine in Mexico are highly encouraging. Using a 5% Zinc cut-off grade there are 855 samples with an average grade of 19.26% zinc with 151 grams / tonne germanium. The Company notes that at a current zinc price of approximately US $1.50 per pound, and a quoted germanium price of US $800 per kilogram, the samples with a 5% zinc cut-off are valued at $785 per tonne with the overall population of 1,255 samples valued at $565 per tonne.
Additionally, a percussion drilling program has completed 50 holes out of an approximately 150 drill hole program with 54 samples prepared for assay at this time. This will continue to be the focus of the underground exploration program until the arrival of the underground core drill later this month when an approximate 50 core drilling hole program will be instituted.
"It is becoming increasingly apparent that we have excellent prospects for a commercial mine in the Tres Marias property," Terence Schorn, President of War Eagle stated. "We believe that further underground drilling will indicate that the mineralization will total at least 500,000 tons, the amount necessary to complete a feasibility study," he added.
War Eagle has also been conducting a geophysical survey in the area around the mine using induced polarization and resistively surveys. Two lines have been completed and preliminary interpretation of the data has indicated two anomalous zones. This confirms that this method will be a very useful tool for the delineation of collapse breccias which may host additional zinc-germanium mineralization along the strike zone from the mine site. "It is anticipated that this type of survey will greatly increase the target areas and additional drilling sites," Schorn noted. A gravity survey is expected to be completed in June that will also be of use in defining the size and scope of the prospects to be drilled around the mine. "Management is extremely enthusiastic about continuing to work on what may become a world class zinc and germanium mine," Schorn concluded.
The Project is under the direction of Mr. Terence Schorn, P.Geo., the qualified person pursuant to the National Instrument 43-101.
Terence F. Schorn, P. Geo, President
War Eagle Mining Company Inc.
CUSIP. No.: 933901209
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of the contents of the foregoing.
Contact:
Contacts:
War Eagle Mining Company Inc.
Bob Faris
V.P., Corporate Development
(604) 606-7973 or Toll Free: 1-800-877-1626
bob@wareaglemining.com
www.wareaglemining.com
Murdock Capital Partners Corp.
Tom Dean
Corporate Advisor
(212) 421-2545
Phoenix Communications
Jason Shepherd
Investor Relations
(250) 717-1910
--------------------------------------------------------------------------------
Source: War Eagle Mining Company Inc.