Oracle Mining Provides Oracle Ridge Design and Drilling Update
26 Octubre 2011 - 5:00AM
Marketwired
Oracle Mining Corp. ("Oracle Mining" or the "Corporation") (TSX
VENTURE:OMN)(OTCQX:OMCCF) is pleased to announce an update on its
processing plant engineering and design work as well as its
drilling activities at the Corporation's Oracle Ridge Copper Mine
in southern Arizona.
Metallurgical testing to validate design assumptions and detail
engineering is nearly complete, with the grinding work index
studies, mineralogy, flotation, thickening and filtration studies
in final stages of testing and approximately 95% complete. A final
comprehensive report is expected in November.
The tailings impoundment area design is 60% complete and will
support the design of a 10-million-ton dry stack tailing
impoundment facility, which is adequate for the planned production.
The tailings facility design is ready for the final stage of
engineering.
Engineering and design work is on schedule and is approximately
40% complete. The plant design and economic study is based on a
2,000 tons-per-day processing facility and related facilities
including the tailings impoundment. The process design will use
SAG/ball mill grinding followed by flash and conventional froth
flotation for recovery of copper and precious metals. A copper
concentrate will be thickened and filtered for transport.
Preliminary production estimates indicate that approximately 140
tons of high-grade copper concentrate could be produced on a daily
basis.
The Corporation last reported assay results of 10 holes on
October 19, of which seven holes intersected high-grade copper
mineralization in areas extending beyond the previously known
mineralization. Highlights include 24 feet of 3.09% copper in Drill
Hole ODH006, 30 feet of 3.45% copper in ODH007 and 35 feet of 2.70%
in ODH008. Please see the media release "Oracle Mining intercepts
more high-grade copper at Oracle Ridge" dated October 19, 2011, for
more information.
At present, there are three surface drill rigs on site
conducting confirmation drilling to validate the historic resource.
The successful completion of the validation program will allow the
Corporation to undertake a NI 43-101 compliant resource estimation.
Results to date compare well with the historic data.
The technical information in this media release has been
prepared in accordance with Canadian regulatory requirements set
out in National Instrument 43-101 and reviewed by Glenn R. Clark,
P.Eng., of Glenn R. Clark & Associates Limited, and John I.
Kyle, PE, of Lyntek, Inc., both consultants for Oracle Mining and
Qualified Persons under NI 43-101, who are responsible for the
technical information reported herein.
About Oracle Mining Corp.
Oracle Mining Corp. (TSX VENTURE:OMN)(OTCQX:OMCCF) is a
Vancouver, Canada-based corporation with a focus on uncovering
overlooked deep-value projects to achieve superior shareholder
returns. The Corporation is the sole owner and operator of Oracle
Ridge Mining LLC and copper mine located 24 km northeast of Tucson,
Arizona. Oracle Mining has cash on hand of approximately $12
million, minimal long-term debt and is managed by an experienced
team of mining professionals with extensive operating and financial
experience.
Forward-looking Statement Disclaimer
This document may contain "forward-looking statements" within
the meaning of Canadian securities legislation. These
forward-looking statements are made as of the date of this document
and Oracle Mining Corp. (hereinafter referred to as the
"Corporation") does not intend, and does not assume any obligation,
to update these forward-looking statements. Forward-looking
statements relate to future events or future performance and
reflect management of the Corporation's expectations or beliefs
regarding future events and include, but are not limited to,
statements with respect to the estimation of mineral reserves and
resources, the realization of mineral reserve estimates, the timing
and amount of estimated future production, costs of production,
capital expenditures, success of mining operations, commodity
prices, environmental risks, unanticipated reclamation expenses,
title disputes or claims and limitations on insurance coverage. In
certain cases, forward-looking statements can be identified by the
use of words such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved" or the negative of these
terms or comparable terminology.
By their very nature forward-looking statements involve known
and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of the Corporation
to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Such factors include, among others, risks related to
actual results of current exploration activities; changes in
project parameters as plans continue to be refined; future prices
of resources; possible variations in ore reserves, grade or
recovery rates; accidents, labour disputes and other risks of the
mining industry; delays in obtaining governmental approvals or
financing or in the completion of development or construction
activities; as well as those factors detailed from time to time in
the Corporation's interim and annual financial statements and
management's discussion and analysis of those statements, all of
which are filed and available for review on SEDAR at www.sedar.com.
Although the Corporation has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. There
can be no assurance that forward-looking statements will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Oracle Mining Corp. Mr. Alex Langer Corporate
Communications 604-689-9293 Oracle Mining Corp. Mr. Jason Mercier
Corporate Secretary
604-689-9261info@oracleminingcorp.comwww.oracleminingcorp.com
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