MAG Copper Limited Announces Changes to the Board and Management and Issues Correction to Press Releases
TORONTO, Sept. 19, 2012 /CNW/ - MAG Copper Limited (the "Company" or "MAG") (CNSX: QUE) announces that Mr. Harry Burgess resigned as a director of the Company and appointed Mr. David Reid a director of the Company, in his stead. Mr. Reid was Vice-President, Investor Relations and Business Development of Trelawney Mining and Exploration Inc. from December 2009 to June 2012. Prior thereto, Mr. Reid owned, operated and was the President and Chief Executive Officer of a private transportation company. He has over 30 years of business experience with fleet and maintenance operations as well as 10 years' experience in underground mechanical maintenance.
MAG has also accepted the resignation Mr. Tyler Culhane as President and Chief Operating Officer, effective immediately. Mr. Culhane has agreed to provide consulting services to the Company, as required.
The board of directors and management of MAG would like to thank Messrs. Burgess and Culhane for their respective contributions to the Company and wish them every success in their future endeavours.
In addition, the Company would like to issue a correction to its news releases disseminated in May and July, 2012. Certain calculations set out in the table summarizing the resource estimate for the Company's Magusi River Deposit, were reported inaccurately in the releases.
The correct table, as set out in the Company's National Instrument 43-101 ("NI 43-101") technical report entitled "Technical Report on the Mineral Resource Estimate for the Magusi Project, Abitibi Region, Canada" dated March 21, 2012, is as follows:
|Area||Tonnes||Cu%||Zn%||Ag (g/t)||Au (g/t)|
|High Grade Copper||729,000||3.26||0.58||43.4||0.41|
|High Grade Zinc||580,000||0.39||8.57||42.1||2.34|
|High Grade Copper||355,000||3.41||0.39||24.2||0.26|
- CIM definitions were followed for Mineral Resources.
- Mineral Resources are estimated at a cut-off grade of $110 NSR/tonne.
- Mineral Resources are estimated using an average long-term copper price of US$3.50 per pound, a zinc price of US$0.95 per pound, a gold price of US$1,300 per ounce, a silver price of US$21.00 per ounce, and a US$/C$ exchange rate of 1.00 to 1.00.
- Grade interpolation was carried out with inverse distance squared (ID2) method.
- Mag provided RPA with NSR multipliers per metal unit. The NSR multipliers, which vary with head grades and metal recoveries, are based on SGS Lakefield metallurgical tests. The NSR values were calculated for each assay as well as each block in the model.
- Minimum underground mining width of two metres was used.
- The East Zone resources were also included in the estimation but did not meet the cut-off criteria.
The mineral resource estimate has been carried out by Roscoe Postle Associates Inc. and reported in accordance with NI 43-101 requirements. Bernard Salmon, ing., a Qualified Person under NI 43-101 has verified the data disclosed in this press release.
MAG is a junior mining exploration and development company engaged in the acquisition, exploration and development of mineral prospects in Canada. MAG's activities are currently focused in the Abitibi Green Stone belt Region near Rouyn-Noranda, Quebec and the Cu-Au bearing units of the Hough Lake group sediments 60 km west of the Sudbury Basin.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE: Mag Copper LimitedFor further information:
Mani Verma, Chief Executive Officer
(416) 479 9795
Web Site: www.magcopper.com