Miocene Metals to Test Copper-Gold Mineralization at MacKenzie
10 Julho 2012 - 8:30AM
PR Newswire (Canada)
TORONTO, July 10, 2012 /CNW/ - Miocene Metals Limited (the
"Company" or "Miocene Metals") today announced that it has resumed
exploration on its MacKenzie copper-gold property located in
south-western British Columbia. The 2012 exploration program will
consist of a minimum of 500 metres of drilling to test surface
copper-gold mineralization, which has been traced over a 1.2
kilometre strike length as well as detailed and reconnaissance
scale mapping, prospecting and silt sampling on its expanded land
package. The principal objectives of the 2012 program are to obtain
the first drill intercepts of the high-grade mineralized structures
which have been discovered on surface and to identify the intrusive
source for this mineralization. Bruce Jago, President and CEO of
Miocene Metals stated, "We are pleased to have mobilized our
exploration crew to MacKenzie and look forward to drilling the
copper-gold mineralization that has been previously sampled over an
area of 700 by 1,200 metres. The mineralization has many
characteristics that are common to mineralized porphyry systems and
we are hopeful to make that link. We also are continuing with our
efforts to secure joint venture funding for our Rogers Creek and
Salal properties as well as raising additional capital through the
equity markets." The Mackenzie property is located 80 kilometres to
the northwest of Pemberton BC and is one of Miocene Metals' key
copper-gold exploration properties. As reported in a February 17,
2012 press release, the MacKenzie property was increased in size
8-fold from 36.3 square kilometres to 299.03 square kilometres.
This expansion in the property area was based on the results of
mapping and sampling, which suggested high-grade copper-gold
surface exposures were related to a buried copper-gold porphyry
system, which will be the focus of the Company's 2012 exploration
program. Copper-gold mineralization at MacKenzie consists of: 1)
Strike-persistent, shallow-dipping (~35(0) E), high-grade
copper-gold mineralized structures ranging in thickness from 0.3
metres to 9 metres, and mapped on surface over an area of 700 by
1,200 metres (see Miocene press releases dated August 12, 2010 and
December 9, 2011), and, 2) Disseminated chalcopyrite, bornite and
molybdenite mineralization in potassically altered Coastal Range
plutonic rocks that are cross-cut by younger, fine-grained
granodioritic and dioritic rocks of possible Miocene age. More
comprehensive descriptions and photographs of MacKenzie
mineralization can be found on the Company's website at
www.miocenemetals.com. The Qualified Person responsible for the
technical content of this press release is Jose Sayo Garcia, P.Geo,
Vice President for Exploration of Miocene Metals. The Company also
announces that it has extended the deadline of its private
placement from May 31, 2012 to August 3, 2012. The offering is
comprised of: (i) up to 7,000,000 Flow-Through Units priced at
$0.12, with each Flow-Through Unit comprised of one (1)
flow-through common share (a "Flow-Through Share") of the
Corporation and one-half of one common share purchase warrant (each
whole warrant a "Warrant"), and (ii) up to 10,000,000 Hard Units
priced at $0.10, with each Hard Unit comprised of one (1)
non-flow-through common share of the Corporation and one Warrant.
Each Warrant will entitle the holder thereof to purchase one common
share of the Corporation at a price of C$0.20 at any time prior to
5:00 p.m. (Toronto time) on the date that is 24 months from the
Closing Date (as defined below). The proceeds received by the
Corporation from the sale of the Flow-Through Shares will be used
to incur eligible Canadian exploration expenses ("CEE") that
qualify as Canadian exploration expenses and "flow-through mining
expenditures" for purposes of the Income Tax Act (Canada) which
will be renounced in favour of the holders of Flow-Through Shares
with an effective date of no later than December 31, 2012. The
proceeds received by the Corporation from the Warrant portion of
the sale of Flow-Through Units and the proceeds of the sale of the
Hard Units will be used for general working capital purposes. The
securities comprised within the Flow-Through Units and the Hard
Units will be subject to a hold period of four months and one day
from the Closing Date. About Miocene Metals Limited Miocene Metals
is focused on the exploration and development of six porphyry
copper-gold-molybdenum properties in south-western British Columbia
that occur within the Tertiary-aged Cascade Magmatic Arc. The
Cascade Arc shares many geological characteristics with
Tertiary-age porphyry belts that stretch the length of Chile and
Peru in South America and hosts some of the world's largest
porphyry copper-gold-molybdenum deposits. The Cascade Magmatic Arc
hosts a number of significant porphyry Cu-Au and Mo deposits in
Washington State, and Alaska (Glacier Peak and Margaret, and Quartz
Hill respectively) but remains largely unexplored in British
Columbia. Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS This news release contains
forward-looking information (including "forward-looking
information" within the meaning of applicable Canadian Securities
legislation and "forward-looking statements" within the meaning of
the US Private Securities Litigation Reform Act of 1995) that
involves substantial known and unknown risks and uncertainties,
most of which are beyond the control of the Company, including,
without limitation, those listed under "Risk Factors" and
"Forward-Looking Statements" in the Company's Final Prospectus
(collectively, "forward-looking information"). Forward-looking
information in this news release includes, but is not limited to,
information concerning the Company's expectations and estimates
regarding the Corporation's drilling program. The Corporation
cautions investors about important factors that could cause actual
results to differ materially from those projected in any
forward-looking statements included in this news release. Any
statements that express, or involve discussions as to,
expectations, beliefs, plans, objectives, assumptions or future
events or performance are not historical facts and may be
forward-looking and may involve estimates, assumptions and
uncertainties which could cause actual results or outcomes to
differ materially from those expressed in such forward-looking
statements. No assurance can be given that the expectations set out
in the Company's Final Prospectus or herein will prove to be
correct and accordingly, prospective investors should not place
undue reliance on these forward-looking statements. These
statements speak only as of the date of this press release and the
Company does not assume any obligation to update or revise them to
reflect new events or circumstances. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, save and except as may be required by applicable
securities laws. Miocene Metals Limited CONTACT: Please visit the
Miocene Metal's website atwww.miocenemetals.com, orcontact:Miocene
Metals LimitedBruce C. Jago, Ph.D., P.GeoPresident and CEO of
Miocene Metals Limited(604) 654-2581bjago@miocenemetals.com
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