Zincore and Brett Execute Definitive Earn-In Agreements on Cerro Condorini Property
Thursday February 22, 2:28 pm ET
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VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Feb 22, 2007 -- Zincore Metals Inc. (Toronto:ZNC.TO - News) ("Zincore" or "The Company") and Brett Resources Inc. ("Brett") have signed definitive agreements regarding Zincore's earn-in of Brett's Cerro Condorini property in southern Peru.
The Condorini properties host several historic mining areas. Early stage exploration work by Brett and Zincore identified numerous areas with widespread zinc oxide mineralization within the 3,600 hectare property. Surface exposures within these areas are limited, with selective sampling returning high-grade zinc, including 9.0 metres at 9.3% zinc and 4.2% lead, 6.0 metres at 4.5% zinc and 2.4% lead and 2.4 metres of 13.4% zinc. Several other prospects were identified containing high-grade silver (100 to 600 grams per tonne) associated with copper and lead in historic workings.
Initial work will include mapping and trenching to define the geometry and tenor of identified mineralized zones, further general reconnaissance exploration to identify additional mineralized areas and a drilling program to test priority targets. Zincore will manage the exploration program.
Under the terms of the agreement, Zincore can earn a 60% interest in the property by spending a total of US$1.5 million on exploration on the properties over three years and making payments to Brett totaling US$75,000. Of these amounts, US$200,000 of expenditures and US$25,000 in payments are committed. Zincore has rights to earn an additional 20% in two equal tranches, for a total interest in the properties of 80%, by spending US$2.5 million over a further two years and US$4.0 million over a subsequent four years, respectively, on exploration and development of the properties.
Timo Jauristo, Zincore's President and CEO, noted, "The Cerro Condorini agreement fits into our strategy of gaining high potential zinc opportunities in Peru. The evidence of mining activities on the property combined with promising surface exploration results is encouraging. Zincore's exploration team will pursue these targets and rapidly determine their potential."
"Having a partner of Zincore's stature to carry on the exploration of Condorini is an ideal fit for Brett," commented Thomas Hasek, Brett's President. "They have the infrastructure and people in Peru to explore the properties efficiently and build on the early stage work."
Qualified Person
Vernon Arseneau, P.Geo., Manager, Peru for Zincore is supervising the exploration program and is the qualified person as defined under National Instrument 43-101 for this news release.
About Zincore
Zincore's strategy is to become a leading, low-cost zinc producer with the immediate objective of advancing its 100% owned Accha-Yanque property toward a development decision through a disciplined process of exploration, drilling and resource definition, and technical studies. Zincore holds a portfolio of other zinc exploration properties in southern Peru and intends to pursue additional zinc opportunities elsewhere in Latin America and China.
Forward-looking Statements
Statements in this release that are forward-looking are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the prospectus of Zincore relating to its IPO which is filed with Canadian securities regulatory authorities and available on SEDAR (www.sedar.com). Such information contained herein represents management's best judgment as of the date hereof based on information currently available. Zincore does not assume the obligation to update any forward-looking statements.
Contact:
Contacts:
Zincore Metals Inc.
Meghan Brown
Manager Investor Relations
(604) 669-6611
(604) 688-5175 (FAX)
investorrelations@zincoremetals.com
Zincore Metals Inc.
Greg Martin
Vice President and CFO
(604) 669-6611
(604) 688-5175 (FAX)
Email: info@zincoremetals.com
Website: zincoremetals.com
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Source: Zincore Metals Inc. |
