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Gold/Mining/Energy : Tumi Resources
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To: Charles Tulley who wrote (24)8/27/2003 7:50:13 AM
From: menanna  Read Replies (1) of 69
 
NEWS OUT -

Press Release Source: Tumi Resources Limited

Tumi Resources Limited - Future work program at the open-pitable Cinco Minas silver-gold project, located near Guadalajara, Mexico
Tuesday August 26, 8:15 pm ET
TSX Venture Symbol: TM.V

VANCOUVER, Aug. 26 /PRNewswire-FirstCall/ - Mr. David Henstridge, President, Tumi Resources Limited (TSXvV - TM.V) reports:
Objectives Achieved

The objectives established by management at the outset of the Cinco Minas exploration program were achieved with the Phase 1 underground channel sampling and drill results confirming the open-pit potential of the Cinco Minas silver-gold vein system around the historic El Abra Mine. The Phase 1 program's objective was to drill test a number of potential sites containing ore grade mineralization along 5 km of the Cinco Minas epithermal vein and stockwork system. The program focused on determining early in Tumi's exploration program the open-pit potential at the historically prolific El Abra mine area, mined for high grade silver-gold ores by the founders of the Anaconda Mining Co. in the 1920's (1.08 million tonnes at 3.2 g/t gold and 476 g/t silver). Several completed drill holes were very encouraging. CMRC20 intercepted 18m grading 2.03 g/t Au and 316 g/t Ag including 4m grading 7.01 g/t Au and 1,099 g/t Ag and CMRC23 cut 14m grading 1.44 g/t Au and 221 g/t Ag.

On the basis of the recent drill hole results, El Abra may once again be economically mined but now as a low-cost open-pit operation. The immediate exploration target in the area of outcropping mineralization at El Abra is to identify about 2 million tonnes of ore allowing a scoping study to be undertaken on an open-pit mine project with a proposed initial mining rate of 1,000 tonnes/day. Additional tonnages of well oxidized gold and silver mineralization will be explored as an integral part of Tumi's ongoing exploration and development program.
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