DGAP-News: FORMULA RESOURCES PURCHASES IRINUMA GOLD PROPERTY IN ECUADOR
(firmenpresse) - DGAP-News: Formula Resources Inc. / Key word(s): Acquisition
FORMULA RESOURCES PURCHASES IRINUMA GOLD PROPERTY IN ECUADOR
03.04.2012 / 16:23
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Calgary, Alberta - FOR IMMEDIATE RELEASE --Tuesday April 3rd 2012
FORMULA RESOURCES INC., 'FORMULA' (FRANKFURT: 3FR.F) is pleased to announce
that FORMULA'S management has completed negotiations to purchase a mining
property in the south east area of Zamora Province, Ecuador. The company
will be commencing a full exporation program investigating the entire
property, especially in areas of previously identified veins structures and
showings.
Magnetometer and VLF surveying along with soil sampling programs will be
conducted to aid in the interpretation of the geology. An extensive
drilling program will also be commenced this summer.
The 144 hectares Irinuma Property is located approximately 20 Kms E.S.E of
the Zumba city, in the Zamora Province, Ecuador.
The company is in the process of making application to acquire the
surrounding area which would bring the total property to over 5000 has.
The local geology is mostly underlain by a grano-diorite to tonalite
intrusive, intensively weathered and altereted over 10 to 20 metres
thickness. Faults and Fractures are numerous. Shearing zones and quartz
gold mineralization and veins are precisely related to these 'open space
filling'
Underground workings of Artisanal miners on the property will also be
thoroughly mapped and sampled as they have recently produced 4 kgs of gold
per week hand mining in a narrow adit with limited equipment, which
indicates the gold potential of the area. These Artisanal miners will be
used by the company in the underground bulk sampling exploration program
currently been planned by the company.
Their efforts will supply valuable underground information with respect to
vien structure and grade. The support of the miners will also provide the
company with a knowlegable work force when a full mine plan is developed.
Eluvial and Aluvial deposits are also present on the property and pit
excavation is going to start very soon which will contribute to the of gold
occurrence data on the property.
About Formula Resources
Formula Resources is a mineral exploration company with assets and
operations in Ecuador.?Formula was founded in 2010 and is publicly traded
on the Frankfurt Stock Exchange under the symbol 3FR. The company also has
plans to construct a mill in Central Ecuador, capable of processing 200
tons of material daily. The mill project will create a strong and
consistent cash flow over the long term, supporting the company's bottom
line and future expansion plans. As part of the company's development
program, management has assembled a procurement team to evaluate all
potential projects and targets. The goal of the team and management is to
identify value-oriented production opportunities. The company is registered
and headquartered in Alberta, Canada, with operations offices in Ecuador.
Disclaimer;
Some of the statements contained in this press release are forward-looking
statements and information within the meaning of applicable securities
laws. Forward-looking statements and information can be identified by the
use of words such as 'expects', 'intends', 'is expected', 'potential',
'suggests' or variations of such words or phrases, or statements that
certain actions,events or results 'may', 'could', 'should', 'would',
'might' or 'will' be taken, occur or be achieved. Forward-looking
statements and information are not historical facts and are subject to a
number of risks and uncertainties beyond Formula Resources's control.
Actual results and developments are likely to differ, and may differ
materially, from those expressed or implied by the forward-looking
statements contained in this news release. Accordingly, readers should not
place undue reliance on forward-looking statements. The Company undertakes
no obligation to update publicly or otherwise revise any forward-looking
statements, except as may be required by law.
Contacts:
Formula Resources Ecuador Operations Office:
Avenue Orellana, N6 Y Calle Re, Quito, Ecuador
Formula Resources North American Operations Office:
Delta, British Columbia Canada
Telephone: 604-668-5851
Email: info(at)formularesources.net
End of Corporate News
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