DGAP-News: AU MINERA AGREES TO CO-DEVELOP FENIX MINE
(firmenpresse) - DGAP-News: AU Minera Corp. / Key word(s): Agreement
AU MINERA AGREES TO CO-DEVELOP FENIX MINE
07.04.2011 / 08:30
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AU Minera Corp (ZAU: FSE) has entered into an agreement with Agredados
Mineros de Occidente SA de CV ('AMO') to jointly develop the Fenix Mine in
the State of Jalisco, Mexico as well as certain associated precious and
base metal deposits made up of three concessions covering approximately 96
hectares in that region.
The three AMO mining concessions support both alluvial and conventional
lode deposits. Of greater significance are the extraordinary precious
mineral values which have been encountered in the western drift which runs
off of the principal shaft of the Fenix Mine...gold values that range up to
126.57 grams/ton and silver values which exceed 14,635 grams/ton. Values
such as these are extremely rare and place a very real onus on the
geological and engineering staff of AU Minera to develop a mining plan
which will provide for the efficient exploitation of the AMO mineral rights
on a basis consistent with the improvement of AU Minera shareholder values.
The Fenix Mine is currently serviced by one vertical shaft and a number of
drifts and adits and, as a prelude to further mine development, the
management of AU Minera intends to consult with the professional staff of
AMO and study existing geological and engineering reports. It is probable
that AU Minera will conduct additional ore sampling and commence a drilling
program designed to prove up additional reserves of gold and silver prior
to tabling a plan for the future development of the Fenix Mine.
The AMO concessions provide a perfect fit for the AU Minera management
group and the Company's stated philosophy to avoid unnecessary stock
dilution in the process of mine development. The initial plan of
development for the Fenix Mine will include the acquisition of such
equipment as is necessary to commercially exploit the alluvial deposits
which are found on the AMO concessions. The positive cash flow realized
from that operation will be used to fund both the diamond drilling program
as well as the overall development of the Fenix Mine going forward.
About AU Minera Corporation
AU Minera Corporation was formed to identify developed or producing mining
properties in politically stable South and Central American countries and
to take advantage of management experience and expertise in the 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 J. Cowan, President
E-mail: info(at)auminera.com
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 andinvolve 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
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07.04.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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118777 07.04.2011
Datum: 07.04.2011 - 08:30 Uhr
Sprache: Deutsch
News-ID 33726
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
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