TORONTO, Sept. 17 /CNW/ - Win-Eldrich Mines Limited (TSXV- WEX) announced the recommencement of production of molybdenum at its 100% owned Ashdown property located in Denio, Nevada. From May through July of this year, limited mining and milling operations of approximately 20 tons of ore per day had been conducted at Ashdown. Production levels in August increased to approximately 40 tons per day. New management at Ashdown, under the supervision of Perry Muller, the President of Win-Eldrich, has been able to maintain or exceed the average reserve ore grade of 1.65% Mo reported in the previously completed National Instrument 43-101 compliant technical report and feasibility study of Ashdown (see the Company's news release of March 27, 2008).
During August, the Ashdown mill completed two 10 day production campaigns and produced 92,678 pounds of molybdenum concentrate with an assay of 53.42% molybdenum with a recovery of up to 97%. The product produced met all specifications and was assessed no penalty. Production costs for the month of August were approximately $8.00 US per pound and product was presold at $9.27 US per pound. For the past 3 months, significant amounts of rehabilitation and development work were completed at the mine in order to increase the daily ore output and bring it into regulatory compliance. The Company plans to expand production as the year progresses, producing at least two shipments of molybdenum concentrate per month. A shipment consists of between 40,000 and 48,000 pounds of molybdenum concentrate.
Mr. Perry Muller, President of Win-Eldrich stated: "We are pleased with the progress made to date and would like to thank our new staff for their hard work and increased productivity. We also very much appreciate those people who invested in our recent private placements to help advance the Company and project along."
Win-Eldrich has extended the Ashdown Project's 293 claims, consisting of approximately 6,000 acres for the 2009-2010 year at a cost of $44,112 US.
With the passing of Reuben Brant, long time President and large shareholder, the Company has been notified by Mr. Brant's estate that it has sold all of his shares of the Company, which management believes accounts for the recently increased trading volumes of the Company's shares.
Peter Winn, Member of the American Institute of Professional Geologists, and a director of the Company, is the Company's qualified person as defined by National Instrument 43-101 and he has reviewed and approved this news release.
This news release includes certain forward-looking information and forward-looking statements (collectively "forward looking statements") concerning the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results, including in respect of the increase in production levels at the Ashdown mine. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking statements are inherently uncertain and subject to a variety of risks and uncertainties, including the speculative nature of mineral exploration and development generally and specifically in respect of the interpretation of the geology, continuity, grade and size of mineral deposits, unanticipated operational or technical difficulties, fluctuating commodity prices, competitive risks and the availability of financing, changes in laws or regulations, changes in the financial markets and changes in general economic conditions, as described in more detail in our recent securities filings available at www.sedar.com. Such forward-looking statements are based on a number of assumptions, including but not limited to the level and volatility of the price of molybdenum, the availability of financing, the accuracy of reserve and resource estimates and the assumptions on which those estimates are based and the ability to achieve and maintain certain operational efficiencies. Should one or more risks and uncertainties materialize or should any assumptions prove incorrect, then actual events or results may differ materially from those expressed or implied in the forward looking-statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements, except as required by applicable law.
NEITHER THE TSXV VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE WIN-ELDRICH MINES LIMITED
For further information: For further information: Perry Muller, President and Director of Win-Eldrich, at (402) 435-7206