Report on Exploration certifies the high potential of the Miramonte Mining Miranda Alto concession in Ecuador
Zürich (euro adhoc) -
ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
capital investment/companies/finances/industry/stock market/commodities
Zurich, June 5th, 2008. Miramonte Mining today announced the publishing of a report on exploration potential for the Miranda Alto concession. The report was prepared by DUNCAN BAIN CONSULTING LTD. Duncan Bain is an independent exploration and mining geologist from London, Ontario in Canada.
The gold mine concession of Miramonte Mining is located in Portovelo/Zaruma in the province of El Oro in southern Ecuador. It covers an area of 18.3 hectares and is actively mined. In his report about the two currently active levels, Duncan Bain gives a preliminary estimate of the gold resources in the Miranda Alto concession. It can produce an assessed tonnage of 200,000 tonnes for each of four veins. Current and historical assay values give an average grade of approximately 3g/T gold for a total of approximately 2.4 million grams or 75,000 ounces. With improved mining and milling methods this resources can be taken advantage of. Miramonte Mining could be able to mine the Miranda Alto Project up to 1.6 million tonnes, with a grade of 10g/T gold. "This resources can produce 16 million grams of gold or 500,000 ounces in the next years", says Larry Williams, CEO of Miramonte Mining AG.
Ten samples of typical ore were taken from veins underground and from the mill processing this material. These samples returned values ranging from 0.14g/T to 68g/T gold. Significant lead and copper values were also noted. "Miranda Alto has currently three active levels with an estimated strike length of the veins of 600 m, an average width of 1.0 m and an average depth of 800 m", adds Alberto Fierro, Managing Director of Miramonte Mining AG in Ecuador.
About Miramonte Mining AG Miramonte Mining AG is a small cap gold mining company with increasing portfolio of projects in Ecuador and Nicaragua. The head office of the company is located in Zürich, Switzerland. The stocks of Miramonte Mining are listed in the Open Market in Frankfurt (ISIN CH0028351796 / WKN A0MMH6)
end of announcement euro adhoc
Further inquiry note:
Contact
Miramonte Mining AG fr financial relations gmbh
Tel +41 (0)43 500 16 23 Michael Goliath
Fax +41 (0)43 500 16 24 Tel +49 (0)69 95 90 83 12
E-Mail: investors@miramontemining.com Fax +49 (0)69 95 90 83 99
www.miramontemining.com E-Mail: m.goliath@financial-relations.de
Branche: Metals & Minerals
ISIN: CH0028351796
WKN: A0MMH6
Börsen: Börse Frankfurt / Open Market / Entry Standard