Report on Exploration certifies the high potential of the Miramonte Mining Yellowsur gold mine project in Ecuador
Zürich (euro adhoc) -
ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
companies/finances/shares/commodities
Zürich, March 5th, 2008. Miramonte Mining (ISIN CH0028351796 / WKN A0MMH6) today announced the publishing of a report on exploration potential for the Yellowsur gold mine project in the Bucay area in the province of Bolivar, Ecuador. The report was prepared by DUNCAN BAIN CONSULTING LTD. Duncan Bain is an independent exploration and mining geologist from London, Ontario in Canada.
The exploration report certifies the high mining potential of the 4 concessions owned by Miramonte Mining in the Yellowsur area. Nine samples of typical ore were taken by the geologist Duncan Bain from veins underground and three additional samples were taken from the mill processing this material. "These samples returned values ranging from 0.028g/T to 138 g/T gold. The results were similar to those taken by Explotaciones Auriferas del Sur Yellowsur Cia. Ltda., the company who sold the concessions to Miramonte Mining", Alberto Fierro, Managing Director of Miramonte Mining AG in Ecuador, adds.
In his report about the two currently active levels, Duncan Bain gives a preliminary estimate of the gold resources in Yellowsur. The length of strike is estimated on 500 metres, the average width on 0.8 metres and the depth on 1,700 metres. This would produce an assessed tonnage of 272,000 tonnes for each of the eight veins reported in the area of Nueva Esperanza mine, in the southwest part of Yellowsur. Assuming they are of similar size a total resource of 2.28 million tonnes could be roughly estimated. Current assay values from the geologist and historical data from Yellowsur Cia. Ltda. give an average grade of approximately 8g/T gold, for a total of approximately 17 million grams or 500.000 ounces.
"With improved mining and milling methods this resources can be taken advantage of. Miramonte Mining could be able to improve the output of the Yellowsur Project up to 4 million tonnes. At 7g/T this resources can produce 20.8 million grams of gold or 900.000 ounces", explains Larry Williams, CEO of Miramonte Mining AG.
The complete report on exploration potential can be ordered by E-Mail. Please address your enquiry to investors@miramontemining.com.
About Miramonte Mining AG Miramonte Mining AG is a small cap gold mining company with increasing portfolio of projects in Ecuador and Nicaragua. The head office of the company is located in Zürich, Switzerland. The stocks of Miramonte Mining are listed in the Open Market in Frankfurt (ISIN CH0028351796 / WKN A0MMH6)
end of announcement euro adhoc
Further inquiry note:
Miramonte Mining AG fr financial relations gmbh
Tel +41 (0)43 500 16 23 Michael Goliath
Fax +41 (0)43 500 16 24 Tel +49 (0)69 95 90 83 12
E-Mail: investors@miramontemining.com Fax +49 (0)69 95 90 83 99
www.miramontemining.com E-Mail: m.goliath@financial-relations.de
Branche: Metals & Minerals
ISIN: CH0028351796
WKN: A0MMH6
Börsen: Börse Frankfurt / Open Market / Entry Standard