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VANCOUVER, BRITISH COLUMBIA — (MARKET WIRE) — 09/09/09 —
The Company is very pleased to confirm that it has been granted the Installation License (“LI”) issued by the
Early in 2009,
The Preliminary Economic Assessment (“PEA”) is in the final stage of completion, and is expected to be issued before the end of September. The PEA is based on the Serrote Deposit and will review mine development options, infrastructure, site layout, metallurgy, development timelines, as well as capital and operating costs.
During the second quarter of 2009, the Company completed a second stage of metallurgical testwork at the
San Andres Gold Mine
The Company has now assumed operational control of the San Andres Gold Mine in Honduras. A detailed operational review is underway with operations staff at the property to determine optimized throughput and recovery and to review all future mine plans and metallurgical operations. The mine is expected to continue to produce approximately 6,000 ounces per month for the remainder of the year.
The new crusher/conveyor project is progressing well and is expected to be complete in Q1/2010. This will significantly reduce ore haulage distances and therefore overall costs per ounce.
The Company has received results from 17 holes which are part of an in-fill drill program at the Arroyos Azules zone (“AA Zone”). The AA Zone is scheduled to be the first mined on the recommencement of operations in 2010.
Highlights from these results include (see Table 1 and Map 1 below):
– Hole AZC-003 which returned 7.5 metres of 1.41% Cu, 14.24 g/t Au and 13.30 g/t Ag; and followed by 12.0 metres of 2.55% Cu, 1.22 g/t Au and 24.00 g/t Ag;
– Hole AZC-007 which returned 34.5 metres of 1.82% Cu, 1.28 g/t Au and 19.90 g/t Ag;
– Hole AZC-010 which returned 10.5 metres of 1.67% Cu, 1.44 g/t Au and 23.50 g/t Ag;
– Hole AZC-014 which returned 30.0 metres of 1.62% Cu, 1.09 g/t Au and 17.00 g/t Ag;
– Hole AZC-016 which returned 12.0 metres of 2.52% Cu, 0.82 g/t Au and 9.60 g/t Ag; and followed by 43.5 metres 1.93% Cu, 0.70 g/t Au and 15.80 g/t Ag;
– Hole AZC-0017 which returned 16.5 metres of 1.26% Cu, 0.65 g/t Au and 21.90 g/t Ag;
– Hole AZC-018 which returned 40.5 metres of 2.38% Cu, 0.74 g/t Au and 32.30 g/t Ag;
– Hole AZC-019 which returned 12.0 metres of 2.29% Cu, 0.79 g/t Au and 12.3 g/t Ag; a followed by 14.05 metres of 1.54% Cu, 0.58 g/t Au and 15.10 g/t Ag; and
– Hole AZC-022 which returned 19.50 metres of 1.26% Cu, 0.28 g/t Au and 9.30 g/t Ag.
Commenting on the above,
Patrick Downey, President and CEO, stated “Receipt of the LI is an extremely important step in the development process for the Serrote Deposit. We have now resumed the feasibility study which was deferred due to low metal prices and economic uncertainty. We continue to have very positive discussions with local and federal government agencies in areas of taxation and infrastructure upgrades which will also provide economic benefit to the
In regards to the
With the formal acquisition of the San Andres Gold Mine now complete, the Company has cash-flow and a strong treasury to execute on our business plan to become a premier mid-tier gold producer.”
Table 1 – Aranzazu Assays (see Map 1 below) ————————————————————————— Azi- Inter- Cu muth Dip From To val(1) (2) Au Ag (deg- (deg- (met- (met- (met- (4) (3) (3) Hole # East North rees) rees) res) res) res) (%) (g/t) (g/t) ————————————————————————— AZC-001 2723939 254285 180 -59 35.0 42.5 7.5 0.56 0.99 7.50 ————————————————————————— AZC-001 2723939 254285 180 -59 135.5 138.5 3.0 1.19 0.50 16.00 ————————————————————————— AZC-001 2723939 254285 180 -59 144.5 173.0 28.5 0.92 0.54 10.00 ————————————————————————— AZC-002 2723922 254387 214 -50 49.5 55.5 6.0 0.58 0.51 6.30 ————————————————————————— AZC-003 2723949 254280 207 -65 39.0 46.5 7.5 1.41 14.24 13.30 ————————————————————————— AZC-003 2723949 254280 207 -65 130.5 133.5 3.0 1.86 1.29 17.30 ————————————————————————— AZC-003 2723949 254280 207 -65 138.0 150.0 12.0 2.55 1.22 24.00 ————————————————————————— AZC-004 2724073 253900 210 -55 79.5 82.5 3.0 1.32 1.21 7.70 ————————————————————————— AZC-006 2724065 254143 210 -56 48.0 51.0 3.0 0.67 0.29 3.80 ————————————————————————— AZC-006 2724065 254143 210 -56 133.5 142.5 9.0 0.62 0.89 8.50 ————————————————————————— AZC-007 2723983 254363 204 -59 100.5 124.5 24.0 0.92 0.56 13.00 ————————————————————————— AZC-007 2723983 254363 204 -59 133.5 142.5 9.0 0.8 0.85 8.20 ————————————————————————— AZC-007 2723983 254363 204 -59 232.5 267.0 34.5 1.82 1.28 19.90 ————————————————————————— AZC-010 2724001 254235 211 -54 43.5 49.5 6.0 1.15 2.34 14.00 ————————————————————————— AZC-010 2724001 254235 211 -54 148.5 159.0 10.5 1.67 1.44 23.50 ————————————————————————— AZC-011 2724185 253881 223 -47 97.5 100.5 3.0 1.31 0.40 2.20 ————————————————————————— AZC-011 2724185 253881 223 -47 120.0 124.5 4.5 0.77 0.47 8.30 ————————————————————————— AZC-011 2724185 253881 223 -47 160.5 165 4.5 2.49 0.80 20.30 ————————————————————————— AZC-011 2724185 253881 223 -47 178.5 184.5 6.0 1.33 0.40 6.10 ————————————————————————— AZC-012 2724185 253881 223 -55 112.5 121.5 9.0 1.03 0.97 9.80 ————————————————————————— AZC-012 2724185 253881 223 -55 142.5 145.5 3.0 1.61 0.43 7.80 ————————————————————————— AZC-012 2724185 253881 223 -55 181.5 186.0 4.5 1.74 1.00 7.60 ————————————————————————— AZC-012 2724185 253881 223 -55 192.0 195.0 3.0 1.48 0.17 8.00 ————————————————————————— AZC-014 2724017 254329 209 -55 255.0 285.0 30.0 1.62 1.09 17.00 ————————————————————————— AZC-015 2724191 253910 206 -61 204.0 232.5 28.5 0.77 0.18 4.90 ————————————————————————— AZC-016 2724197 253914 210 -66 223.5 235.5 12.0 2.52 0.82 9.60 ————————————————————————— AZC-016 2724197 253914.1 210 -66 243.0 249.0 6.0 0.66 0.37 5.70 ————————————————————————— AZC-016 2724197 253914.1 210 -66 261.0 304.5 43.5 1.93 0.70 15.80 ————————————————————————— AZC-017 2724109 254007.3 209 -60 34.5 42.0 7.5 1.54 0.05 0.80 ————————————————————————— AZC-017 2724109 254007.3 209 -60 46.5 55.5 9.0 0.75 0.04 0.20 ————————————————————————— AZC-017 2724109 254007.3 209 -60 160.5 177.0 16.5 1.26 0.65 21.90 ————————————————————————— AZC-018 2724231 253962.2 209 -54 249.0 256.5 7.5 0.79 0.66 9.00 ————————————————————————— AZC-018 2724231 253962.2 209 -54 271.5 312.0 40.5 2.38 0.74 32.30 ————————————————————————— AZC-019 2724231 253962.3 206 -60 267.0 279.0 12.0 2.29 0.79 12.30 ————————————————————————— AZC-019 2724231 253962.3 206 -60 306.0 320.05 14.05 1.54 0.58 15.10 ————————————————————————— AZC-020 2724089 253939 209 -65 124.5 127.5 3.0 1.28 1.12 16.40 ————————————————————————— AZC-022 2724203 253888.9 206 -62 222.0 241.5 19.5 1.26 0.28 9.30 ————————————————————————— AZC-022 2724203 253888.9 206 -62 246.0 250.5 4.5 1.71 0.55 12.00 ————————————————————————— AZC-022 2724203 253888.9 206 -62 262.5 271.5 9.0 1.36 0.22 12.70 ————————————————————————— AZC-022 2724203 253888.9 206 -62 286.5 292.5 6.0 2.54 0.45 18.50 ————————————————————————— (1) true width has yet to be determined (2) using a copper cutoff grade 0.5% (3) fire assay and atomic absorption finish (4) atomic absorption (“AA”)
Corporate Update
The Company is pleased to announce that Mr.
John Ivany has been appointed to its Board of Directors. Mr. Ivany most recently held the position of Executive Vice-President,
Mr.
Peter Marrone will be stepping down as a member of the Board and the Company wishes to thank him for his many contributions over the past several years.
Quality Assurance and Quality Control (“QA/QC”) Procedures for the
Prior to the suspension of exploration on December 10, 2008, the Company’s core and reverse circulation drilling program was conducted by Layne de Mexico. The reverse circulation drill used a bit sized from 5.5 inches to 4.75 inches. The core program utilized HQ-sized core and then stepping down to NQ-sized core as required. Samples were collected on a 1.5 metre sample interval. The reverse circulation drill cuttings are split at the drill rig. The samples collected consist of an approximate 25% split of the total material recovered from the interval sampled. This material is shipped directly to the
Mr.
Anthony P. George, B.Sc.(Hons), P.Eng., who is the Company’s Qualified Person, for the
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Cautionary Statement:
This news release contains forward-looking statements that are not historical facts. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include those risks set out in
To view Map 1 – Aranzazu Drill Hole Location Map, please click on the following link: http://media3.marketwire.com/docs/ora99map1.pdf.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Contacts:
Patrick Downey President & Chief Executive Officer (604) 669-4777 (604) 696-0212 (FAX) info@auraminerals.com
www.auraminerals.com