Another Canadian Mexican district owner for consideration-
Romarco Minerals:
romarco.com
ROMARCO MINERALS INC. ("TSXV: R" - the "Company") is pleased to announce that it has entered into two agreements with Minera Apolo for the entire low sulphidation epithermal Gold District, Pinos, Zacatecas, Mexico. The Pinos Gold District comprises more than 3,000 hectares of multi-vein gold systems with historical production estimated at 5 million ounces of gold@ 60 g/t and 25+ million ounces of silver@ 250 g/t (reported by Bethlehem Steel). Most prior mining was above the water table (approximately 100 metres in depth). Very limited modern exploration has been conducted on the project area. Prior production was limited to above the water table and came from three vein systems (Cinco Estrellas, La Paz and San Ramon-Purisima) with continuous strike length of over 5 km. Numerous additional parallel veins have been identified through previous drilling but never mined. (See www.romarco.com for further details and photos of the project).
Romarco has entered into two agreements with Minera Apolo: (1) A 50/50 Joint Venture on the "Catanava" representing approx. 4% of the project area and (2) a 100% exploration/exploitation license on the "Old Pinos District" representing approx. 96% of the project area.
Romarco will immediately begin a six month drilling program on the northern portion of the project area known as "Catanava" (131 hectares). District veins from the south converge northward in the "Catanava" area and it is the most under-explored area on the property. Upon successful completion of the drilling, Romarco will proceed forward with a production scenario in a 50/50 Joint Venture with Minera Apolo.
Pinos Gold District - History
* Discovered by the Spaniards in 1546 & mined until 1810- one of three vein districts in Mexico with significant gold .
* Mined by Cornish miners from Pachuca in 1860's to 1910.
* Alfredo Wanke operation from 1935 to 1941 on Cinco Estrellas vein system with no significant mining in the district since that operation.
* Explored by Bethlehem Steel (10,000+ channel samples assayed by AA; AX/BX core drilling) in 1970's &'80s, held by Peñoles until 1993; Concession purchased by Minera Apolo SA de CV (Dr. Donald McLeroy); Subsequent exploration drilling by Minera Hecla (1995-1997).
* Estimated 5+ Moz gold & 25+ Moz silver production with 60g/t Au & 500g/t Ag (Bethlehem Steel).
* Most production from district veins came from above the water table at ~100m depth with exception of the northeastern Candelaria & selected San Ramon-Purisima vein systems.
Terms of the Agreements
Catanava - 50/50 Joint Venture with Minera Apolo (approx. 4% of the project area, 131+ hectares). Romarco will begin a 180 day drilling program to test continuity on the project area. Upon successful completion of the drilling, Romarco is required to provide the financing for an up to 350 tpd plant. At production, both parties participate according to their pro rata basis.
Old Pinos District - 100% exploration / exploitation license (approx. 96% of the project area, 3000 hectares). Romarco has been granted a 100% right to explore and exploit this project area. At the end of two years, Romarco must submit a Scoping Study and, if the Study recommends that the development of a mine is feasible, the Company will have two additional years to complete a Feasibility Study and initiate commercial production at a rate of 600 tpd. The Old District is subject to a 3.5% NSR to Minera Apolo of which Romarco can buy back ½% for US$500,000.
For further information, please contact Diane Garrett, President and C.E.O. at (830) 634-7489 or by e-mail at dgarrett@romarco.com or Mr. Ralf Langner, C.F.O. at (604) 688-9271 or by e-mail at rlangner@romarco.com
ON BEHALF OF ROMARCO MINERALS INC.
Diane R. Garrett
President and C.E.O. |
