Cerro Grande Mining Corporation Announces it Has Conducted an Orion
3D DCIP and MT Inversion Geophysical Study at Santa Cecilia and
Future Plans for the Company
TORONTO, Feb. 21, 2013 /PRNewswire/ - Cerro Grande Mining
Corporation
(the "Company" or "CEG") (TSX-CEG; OTCQX-CEGMF) reported
Quantec
Geoscience, Toronto, Canada has
reached the final interpretation stage
of an Orion 3D DCIP (Direct Current Induced Polarization) and
MT
(Magnetotelluric) Inversion Geophysical study on its Santa
Cecilia
Property on which the Company holds an option to purchase a
65.6%
interest. This is the first Orion 3D DCIP and MT Inversion
Geophysical
study conducted by Quantec in all of Latin America and is designed to
provide detailed magnetotelluric information and induced
polarization
data.
The results of the Orion 3D DCIP and MT Inversion geophysical study
on
the Santa Cecilia prospect will be presented by Quantec Geoscience
at
this year's KEGS Symposium "Copper: Discovery and Delineation" to
be
held on March 2, 2013 at this year's
PDAC Convention.
In summary the geochemical, MMI and CSAMT study followed by the
Orion 3D
CIP and MT Inversion surveys has provided an accurate delineation
of
deep seated alteration zones that host mineralization. The 3D
DCIP
results gave a detailed insight of the area to a depth of
approximately
1,000 mt. and the MT Inversion study results suggest a
significant
extension of the deep alteration zone laterally and vertically to
a
depth of nearly 2,000 mt.
The Company expenditure on the Orion 3D DCIP and MT Inversion
survey
including Company costs was in excess of US $525,000 and has provided
the Company with substantial additional and unforeseen knowledge of
the
Santa Cecilia prospect.
Utilizing the information obtained from the Orion 3D DCIP and
MT
Inversion study Quantec will recommend Drill Targets to test
the
anomalies found. A complete report on the results of the Orion 3D
DCIP
and MT Inversion study is expected to be completed by early
March,
2013. The Santa Cecilia Prospect is located in the prolific
Maricunga
gold belt of Chile and directly
adjacent to Exeter Resources' Caspiche
Project. Santa Cecilia and the Caspiche Project are both close to
the
Kinross's Maricunga gold mine 16
kilometers to the north and to
Barrick/Kinross's Cerro Casale gold/copper project 14 kilometers
to the
south, as well as Barrick's new Luciano Prospect 11 kilometers to
the
south.
The Company will study the results of the geophysical study and
select
drill targets for drilling, in the next drill season beginning
in
October - November 2013.
The Company, in the mean time will focus on developing its
producing
Pimenton gold/copper mine, continue drilling its porphyry
gold/copper
targets at Pimenton and conducting further exploration and drilling
at
its Tordillo gold/copper prospect, which lies 12 kilometers to
the
south of Pimenton.
Cerro Grande Mining Corporation is a minerals producing,
exploration and
development company with properties and activities currently
focused in
Chile.
Cautionary Statement on Forward-looking Information
This news release contains "forward-looking information", which
may
include, but is not limited to, statements with respect to the
future
financial or operating performance of CEG. Often, but not
always,
forward-looking statements can be identified by the use of words
such
as "plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", or "believes"
or
variations (including negative variations) of such words and
phrases,
or state that certain actions, events or results "may",
"could",
"would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual
results,
performance or achievements of CEG to be materially different from
any
future results, performance or achievements expressed or implied by
the
forward-looking statements. Forward-looking statements contained
herein
are made as of the date of this press release based on current
expectations and beliefs and CEG disclaims, other than as required
by
law, any obligation to update any forward-looking statements
whether as
a result of new information, results, future events, circumstances,
or
if management's estimates or opinions should change, or
otherwise.
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,
the
reader is cautioned not to place undue reliance on
forward-looking
statements.
SOURCE Cerro Grande Mining Corporation