Mansfield Minerals Inc.: Gold Resource at Lindero Increases
25 6월 2008 - 10:00PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: MDR) announces the
results of an independent resource estimate on its 100% owned
Lindero heap leachable gold deposit located in Salta Province,
northwestern Argentina. A mineral resource estimate to CIM
standards was calculated by Golder Associates S.A. ("Golder"), an
international company of mining and geological engineers. The
following table summarizes the mineral resource estimate at various
cut-off grades within the Measured & Indicated and Inferred
categories. The effective date of the mineral resource estimate is
June 20, 2008.
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Measured & Indicated Inferred
------------------ -------------------- -----------------------------
------------------ -------------------- -----------------------------
Cut-off Grade Tonnes Au Grade Au
(g/t) Au (g/t) (MT) (MOz) Au g/t Tonnage (MT) (MOz)
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0.40 0.67 82.3 1.79 0.55 18.9 0.33
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0.45 0.72 70.3 1.62 0.61 13.5 0.27
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0.50 0.76 59.6 1.45 0.65 10.1 0.21
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0.60 0.85 42.4 1.15 0.74 5.5 0.13
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The mineral resources stated above do not constitute mineral
reserves as economic viability has yet to be demonstrated.
The mineral resource estimate prepared by Golder utilizes a
three-dimensional block model constructed in Vulcan�. This study
was completed under the supervision of Kevin Palmer, P.Geo. and
Marcelo Godoy, P.Eng., the designated Qualified Persons for this
resource estimate. The model is based on 116 HQ diamond drill core
holes comprising 32,944 meters. Ordinary kriging was used to
interpolate gold grades using a block size set at 10m by 10m by
10m. A technical report will be posted on SEDAR within 45 days of
this press release.
The Company has executed internal economic modeling using
metrics and costs from nearby heap leach gold operations for
comparison. Using a $650 per ounce gold price, the preliminary cash
operating costs and Internal Rates of Return ("IRR") obtained are
very positive. Work is continuing on a prefeasibility study and
mine plan which will more rigorously define the capital costs to
put Lindero into production and estimate production rates, expected
IRR and Net Present Values for the deposit at various gold prices.
The scope of the ongoing work involves further metallurgical
studies to determine optimal recoveries and reagent consumption and
950 metres of geotechnical drilling in four holes for pit
optimization. The Company has received permitting to execute a test
blast which is required to determine crusher parameters.
Gordon P. Leask, President and CEO of Mansfield Minerals Inc.
commented as follows:
"After fourteen years of grass roots exploration in Argentina, I
am excited the day has come to announce a measured and indicated
resource estimate for Lindero. Lindero has a number of operational
parameters that are exceptional including higher grade near
surface, access, proximity to infrastructure and low strip ratio.
Costs are proving to be relatively easy to quantify given the
uncomplicated nature of the project."
Corporate Spin-Out
Concurrent with the technical release above, the Company
announces its intent to re-organize its mineral properties with a
view toward enhancing shareholder value. In particular, the Company
proposes to transfer its Rio Grande property and remaining
portfolio of early stage exploration prospects, together with a
portion of its cash for working capital purposes, to a new public
company ("Newco") pursuant to a plan of arrangement transaction.
The Company would continue to hold the Lindero property, whose
development would be its principal focus. In connection with the
completion of the arrangement, Mansfield shareholders would be
issued shares in Newco in proportion to the number of shares they
then hold in the Company. It is expected that the shares of Newco
will be listed on the TSX Venture Exchange.
The proposed reorganization is designed to improve the
identification and valuation of the Company's properties and
provide enhanced shareholder value in both the near-term and
long-term.
The proposed reorganization is subject to shareholder approval
by resolution approved by not less than 66 2/3% of the votes cast
and the Company intends to present the matter to shareholders at a
special meeting expected to take place in September 2008. The
reorganization is also subject to court approval, negotiation of
definitive agreements, acceptance by the TSX Venture Exchange and
other regulatory approvals. Further details regarding the
reorganization and related transactions will be announced in the
coming weeks.
Rio Grande Update
The Company and its joint venture partner, Antares Minerals Inc.
("Antares"), are currently executing a 15,000 metre drill program.
Results from the first three drill holes of this program were
released June 2, 2008. The parties are initiating metallurgical
testing to characterize the various styles of mineralization
encountered to date. The Company and Antares are endeavoring to
announce an initial NI 43-101 compliant resource by December
2008.
This news release has been reviewed by Gordon P. Leask, P.Eng.,
President of the Company, and a Qualified Person ("QP") as defined
by National Instrument 43-101 (Standards of Disclosure for Mineral
Projects).
About Mansfield Minerals Inc.: Mansfield is a mining exploration
company which has focused its activities in northwestern Argentina
since August 1994. The Company's current significant properties and
projects consist of mineral rights covering approximately 170
square miles in three Argentine provinces and one Canadian
province. The Company is currently focused on two primary projects
which include Lindero (gold) and Rio Grande (copper-gold).
Mansfield and Antares each own a 50% undivided interest in Rio
Grande.
On behalf of the Board of Directors,
Gordon P. Leask., P.Eng., President
Caution Regarding Forward-Looking Statements - This news release
contains certain forward-looking statements, including statements
regarding the business and anticipated financial performance of the
Company. These statements are subject to a number of risks and
uncertainties. Actual results may differ materially from results
contemplated by the forward-looking statements. When relying on
forward-looking statements to make decisions, investors and others
should carefully consider the foregoing factors and other
uncertainties and should not place undue reliance on such
forward-looking statements. The Company does not undertake to
update any forward looking statements, oral or written, made by
itself or on its behalf.
The TSX Venture does not accept responsibility for the adequacy
or accuracy of this release.
Contacts: Mansfield Minerals Inc. Nancy Goertzen (604) 681-4462
(604) 681-0180 (FAX) Email: info@mansfieldminerals.com Website:
www.mansfieldminerals.com
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