Man, DIB up .11 to .89. I may have caught a huge bottom here. Onepath plucked this sucker out of somewhere and then a few others looked it up and liked it. Marcos did you get DIB? Loneclone?
Dia Bras Exploration Inc (C-DIB) - News Release
Dia Bras processes 22,584 tons at Bolivar in Q2
2006-07-12 09:11 ET - News Release
Shares issued 83,047,686
DIB Close 2006-07-11 C$ 0.65
Mr. Thomas Robyn reports
DIA BRAS ANNOUNCES SECOND QUARTER RESULTS FOR ITS BOLIVAR PILOT-MINING PROGRAM IN CHIHUAHUA STATE, MEXICO
Dia Bras Exploration Inc. has provided the second quarter 2006 operating results for its Bolivar mine pilot-mining program in Chihuahua, Mexico.
Well supported by high market prices for zinc and copper, the company has just completed another very productive quarter at its Bolivar mine.
During the quarter ended June 30, 2006, the company processed 22,584 dry metric tons (DMT) of ore averaging grades of 11.17 per cent Zn and 2.19 per cent Cu. These results are consistent with the company's forecast of 22,500 DMT grading 11.00 per cent Zn and 2.5 per cent Cu.
Mining and development during this quarter occurred mainly on level 1 of the Bolivar mine in the Brecha Linda zone, a zone of high-grade zinc and copper mineralization first accessed in late 2005. Some lower grade development rock was included in the mill feed as the company took advantage of high metal prices to develop more working faces in the Brecha Linda and a ramp to level 2 to access the down-dip extension of the Brecha Linda.
A total of 4,016 DMT of zinc concentrate and 1,413 DMT of copper concentrate was produced from the 22,584 DMT processed. The value of total concentrate production based on average monthly zinc and copper prices is estimated at $7.0-million (U.S.), which exceeds the early 2006 forecast of $4.0-million (U.S.). The Malpaso mill averaged recoveries of 91.87 per cent for zinc and 80.60 per cent for copper. In June, 2006, copper recovery increased to 85.48 per cent from 73.97 per cent in April and 81.81 per cent in May.
Direct operating costs for the quarter, including shipping of concentrate, are estimated at $2.4-million (U.S.). The company used its net cash flow from operations to continue exploring and developing the Bolivar project and to acquire additional mining and milling equipment.
During the first six months of 2006, Dia Bras billed a total of $12.4-million (U.S.), which includes some final settlement billings for concentrate shipped in late 2005.
The company's total concentrate production is sold to MRI Trading AG (MRI), a Swiss-based privately owned commodity trading company, pursuant to a standard concentrate purchase agreement.
The pilot-mining program provides essential data on costs, logistics, grade, recovery and metallurgy that will serve for a feasibility study on the Bolivar property. The short-term objective of the program is to generate sufficient cash flow from zinc and copper concentrate production to finance development and exploration at the Bolivar mine and elsewhere on the Bolivar project.
BOLIVAR MINE PILOT PROGRAM
Summary -- Q2 2006
Total Estimated
estimated operating
production U.S.$ cost U.S.$
Ore processed Tonnes (millions) (millions)
Actual 22,584 7.0 2.4
Forecast 22,500 4.0 2.5
Over (under) 84 3.0 (0.1)
Zn Production
concentrate value
Average production in U.S.$
Zinc grade Recovery (DMT) (millions)
Actual 11.17% 91.87% 4,016 4.5
Forecast 11.00% 85.00% 3,700 2.6
Over (under) 0.17% 6.87% 316 1.9
Cu Production
concentrate value
Average production in U.S.$
Copper grade Recovery (DMT) (millions)
Actual 2.19% 80.60% 1,413 2.5
Forecast 2.50% 75.00% 1,600 1.4
Over (under) (0.31%) 5.60% (187) 1.1
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