DGAP-News: AU Minera Corp Announces Development Plans for Fenix Mine
ID: 389289
AU Minera Corp Announces Development Plans for Fenix Mine
17.04.2011 / 20:30
---------------------------------------------------------------------
April 17, 2011 - AU Minera Corp (FSE: ZAU) ('ZAU' or the 'Company') is
pleased to report that a management will complete a site visit to the Fenix
Mine site commencing on Monday, April 25th for the general purpose of
accelerating the Fenix development plan and the specific purpose of
assembling and deploying the equipment needed to go into immediate
production on areas of the alluvial plain that have indicated exceptionally
high ore values. Management has reviewed geological and assay reports as
well as data relating to capital and operating costs associated with the
Fenix Project with internal staff and a consulting engineer on the Fenix
Project. President Rodger Cowan commented that, 'our research indicates
that the capital costs associated with initiating production on the Fenix
alluvial plain and the operating costs required to sustain operations to
the point of positive cash flow are manageable within the context of our
current working capital position. We intend to complete construction of a
small mill and wet gravitational plant and ramp up production at the Fenix
alluvial site. At the same time we will commission a N.I. 43-101 Report
with a view to identifying the best course of action with respect to
developing the Fenix lode deposit this fall when the rainy season ends.
Based upon processing a modest 1,000 cubic yards of alluvial material per
day and discounting average gold values reported at the Fenix site by a
factor of 50%, we believe that we can generate revenues of over $6.4
million per annum from the alluvial operations alone and fund development
of the Fenix lode deposit without undue issuances of stock from the AU
Minera treasury. AU Minera has only 2,000,000 shares currently issued and
the Fenix Project has the ore values management needs to generate the
earnings per share required to achieve the higher share prices desired by
both management and shareholders.'
About AU Minera Corporation
AU Minera Corporation was formed to identify developed or producing mining
properties in politically stable South American countries and to take
advantage of management experience and expertise in the South American
mining industry to identify mining prospects that lend themselves to rapid
development, production and, ultimately, the enhancement of shareholder
values. The management of AU Minera is primarily focused on building
reserves and utilizing positive cash flow to internally finance the
development of prospects on a basis that avoids the undue issuances from
treasury that impact negatively on earnings.
On behalf of the Board of Directors
AU Minera Corporation
Rodger Cowan, President
Website: www.auminera.com
FORWARD-LOOKING STATEMENTS
Statements in this document which are not purely historical are
'forward-looking statements', including any statements regarding the
intent, belief or current expectations of AU Minera Corporation and members
of its management as well as the assumptions on which such statements are
based. Prospective investors are cautioned that such forward-looking
statements are not guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from those
contemplated by such forward-looking statements. Important factors
currently known to management that could cause actual results to differ
materially from those in forward-looking statements include, among others,
material changes commodity prices which could impact negatively on
operating margins and profitability, material changes in the global capital
markets that may impact negatively on the Company's ability to secure the
working capital required to complete the ongoing development of its mineral
rights on a timely basis, the competitive nature of the mining industry as
it relates to the Company's ability to attract the personnel required to
efficiently execute the Company's business plan. Forward looking statements
are made based on management's beliefs, estimates and opinions on the date
the statements are made and the Company undertakes no obligation to update
forward-looking statements if these beliefs, estimates and opinions or
other circumstances should change, except as updates may be required by
applicable law. Such forward-looking statements reflect our current views
with respect to future events and are subject to certain risks,
uncertainties and assumptions, including, the risks and uncertainties
outlined in our most recent financial statements. Although the Company
believes that the plans, expectations and intentions contained in this news
release are reasonable, there can be no assurance those plans, expectations
or intentions will prove to be accurate. Investors should consider all of
the information set forth herein. This news release shall not constitute an
offer to sell or the solicitation of an offer to buy securities nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to qualification under the
applicable securities laws of any such jurisdiction.
End of Corporate News
---------------------------------------------------------------------
17.04.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
120327 17.04.2011Unternehmensinformation / Kurzprofil:
Datum: 17.04.2011 - 20:30 Uhr
Sprache: Deutsch
News-ID 389289
Anzahl Zeichen: 6476
Kontakt-Informationen:
Kategorie:
Wirtschaft (allg.)
Diese Pressemitteilung wurde bisher 266 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: AU Minera Corp Announces Development Plans for Fenix Mine"
steht unter der journalistisch-redaktionellen Verantwortung von
AU Minera Corp. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
