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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: xenon who wrote (23533)	10/26/2006 11:56:16 AM
From: onepath	Read Replies (1) \| Respond to of 78416

PMI also has Argimela which could has the potential to be one of the world's largest tin deposit's .See release below. Primary Metals acquires Argimela exploration licence 2006-04-06 12:24 ET - News Release Mr. Lewis Black reports Primary Metals Inc. has acquired the exploration licence for the Argimela tin deposit located 15 kilometres west of Primary Metals' operating Panasqueira tungsten mine in eastern Portugal. The licence, which may be converted into a production concession, has been granted to Beralt Tin & Wolfram, a wholly owned subsidiary of the company, for a renewable two-year period. Beralt is committed to make minimum exploration expenditures of 130,000 euros during the initial two-year period and a further 70,000 euros per year for each of the next three years. (One euro is approximately $1.42 at current exchange rates.) "We are delighted with the acquisition of this licence," said Lewis Black, chairman of Primary Metals. "We consider that tin prices, which have recently increased, will continue to improve and that Argimela is potentially one of the largest tin deposits in the world. Together with our Panasqueira tungsten mine, which is one of the world's largest producers of tungsten concentrate outside of China, the Argimela tin deposit provides the potential for both diversification in the Iberian Peninsula and a path to increased profitability for the company." Exploration Historical estimates date back to 1960, and include the most recent 1979 estimate for an indicated near-surface open-pit resource of approximately 65,000 tonnes of tin with 77.6 million tonnes at a grade of 0.057 per cent Sn (0.57 kilogram of tin per tonne) including 18.38 million tonnes with a grade of 0.084 per cent Sn (0.84 kilogram of tin per tonne), based on old mine workings and drill holes and including information developed by Beralt at that time. (These estimates are historical in nature and predate Canadian National Instrument 43-101. They are therefore non-compliant with National Instrument 43-101, are not being treated as current resource estimates and should not be relied upon. However, the company believes that these historical estimates provide a conceptual indication of the potential of the property and are relevant to continuing exploration.) The mineralogy of the deposit shows that tin is present not only in cassiterite, a heavy oxide of tin, but also in stannite, a tin sulphide. There is some indication that historical analyses were carried out to determine only the tin contained in the form of cassiterite, since cassiterite was amenable to gravity concentration, and no analysis was typically undertaken for sulphide minerals. Analysis of a selected composite sample taken at Argimela and analyzed at the Panasqueira mine laboratory showed 0.157 per cent Sn in the form of cassiterite (oxide) and an additional 0.113 per cent Sn as sulphide, probably stannite. A sample of similar selected material, taken by George Cavey, PGeo, of OreQuest Consultants Ltd., Vancouver, and analyzed by International Plasma Labs Ltd. in Vancouver showed a total tin assay of 0.29 per cent Sn and also 0.2 per cent copper. This preliminary work indicates some potential for increase in the total tin content of the historical resource estimates and requires further investigation and confirmation. Amounts of copper and lithium minerals in the deposit will also be investigated. The Argimela tin deposit exists in schists with mineralization in several subvertical quartz veins, varying in width from five to 30 centimetres, with a one-metre frequency and abundant veinlets and stockwork. Past drill holes show that this frequency of veins continues to depth. The historical estimates noted previously include material from surface to an average depth of 155 metres below surface to the 440-metre level. There are historical indications that mineralization continues to greater depths. Outlook All available historical data, including available core from past drilling activities, will be reviewed and assessed by the company in preparation for further exploration and confirmation of data. The company plans an initial work program that includes analysis of available core, assessment of the potential for higher-grade zones within the deposit, a further 3,200 metres of core drilling and 4,200 metres of percussion drilling, reopening existing galleries, sampling and metallurgical studies. Tin, like most metals, has increased in value due to a strong market demand. It is currently trading at $8,350 (U.S.) per tonne on the London Metals Exchange, having risen from around $6,000 (U.S.) in November of 2005 -- a recent increase of approximately 39 per cent. We seek Safe Harbor. Top Print this Page