Aurcana Corporation Receives Final Permit for Shafter Mine
Press Release Source: Aurcana Corporation On Thursday November 3, 2011, 2:00 pm
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 3, 2011) - Aurcana Corporation (TSX VENTURE: AUN - News; OTCQX:AUNFF)(PINK SHEETS: AUNFF - News; "Aurcana" or the "Company") is pleased to report that all permits required for the Shafter silver mine to commence production have been received. The final permit was to amend a water discharge permit which allows the Shafter mine to increase operations from 900 tonnes per day to 1500 tonnes per day. Approval for this permit amendment was received on Wednesday, November 2, 2011. The Shafter mine is now fully permitted.
"We are pleased to report that all permits are now 100% approved for the development of the Shafter mine in Texas. With the mine completion date only six months away and the last of the permits received the mine is now fully prepared to begin silver production in the second quarter of 2012," reported Lenic Rodriguez, President and CEO of Aurcana Corporation.
The Shafter silver mine is on schedule to complete construction in May, 2012. Once complete and production is at full capacity the Shafter silver mine will be the second largest pure silver producing mine in the U.S. and it will produce about 10% of all U.S. silver.
Shafter Mine Construction Milestones for 2011 and 2012
Listed below are the remaining construction milestones for completing the Shafter mine and mill by May, 2012.
-- Delivery of 2nd set of mining equipment will start arriving in December.
The mine is now operating 24/7 and ramp development is expected to be at
block #3 in January.
-- Thickener and leach tanks is scheduled to be completed in December.
-- Ball mill will be installed on pedestal this month.
-- Merrill Crowe and refinery is complete and is ready to be shipped.
-- Filter presses are schedule to be installed January.
-- Assay Lab construction to start in January.
Corporate
The Company's shares are now also traded in the United States on OTCQX under the symbol "AUNFF". Investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcqx.com and www.otcmarkets.com.
About Aurcana Corporation:
The Shafter Silver Mine is scheduled to start production within 6 months and it is estimated to produce 3.8 million ounces silver in the first year of operation. It has an NI 43-101 Measured and Indicated Resource of 24.6 million ounces of silver and an Inferred Resource of 22.8 million ounces of silver using a 4.0 ounce per ton cut off. The 92% owned La Negra silver-lead-zinc-copper mine has produced 1 million ounces of contained silver over the last 4 quarters.
The reader should be cautioned that the Company has not completed a feasibility study to confirm the projected production capacity for La Negra and there is no certainty the Company's plans will be economically viable.
This scientific and technical information contained in this news release has been reviewed by Andy Nichols, P.Eng., of the Company, and a Qualified Person ("QP") as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
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