TSX Venture Exchange
Shares Outstanding: 220,875,195
TORONTO, July 6 /CNW/ - NWM Mining Corporation (the "Company" TSX-V: NWM) is pleased to announce receipt of two reports on exploration work pertaining to the Company's wholly owned Lluvia-Jojoba project, located in northern Sonora, Mexico. The company has received and reviewed the results of a three-line Induced Polarization (IP) survey conducted at Lluvia de Oro. The results indicate coincident chargeability and resistivity anomalies on each of three survey lines, which were laid out with one line 500 meters to the southwest of the former production area of the Creston Pit and two lines, 200 and 1,000 meters to the northeast. These results can be seen here: http://nwmcorp.ca/images/ldop060710a.jpg.
The Company has also received results of a 450-sample Enzyme Leach soil geochemical survey conducted over the Campamento Zone, located approximately one kilometre southwest of the Northeast Zone of the La Jojoba property. A complicated pattern of multi-element anomalies has been recognized over an area about 400m wide and 1050m long, oriented along a northeast structural trend. The Company believes that, based on this work, the conventional soil geochemical anomalies previously defined for the Campamento Zone are enhanced and that further exploration to outline mineralization and generate drilling targets within the sampled area is merited.
The Company is also pleased to announce that a first round of reverse-circulation (RC) drilling, consisting of 3,000 meters, has been undertaken on the Lluvia de Oro project. This drilling was intended to complement and supplement the core drilling program announced Dec. 15, 2009. RC drilling included a number of holes for pure exploration of select areas in and near the previously explored Creston Pit, and other holes expected to upgrade mineral resources to higher resource categories. This drilling is expected to enhance the Company's knowledge of the known gold-silver-copper mineralized zones in the Upper Zone of the Lluvia deposit and is also intended to explore for additional areas of potential mineralization in the Lower Zone. The 3,000 meter RC drilling program included both angle and vertical holes ranging in depth from 120 to 300 meters. Assaying of samples from this drilling is currently in progress.
One core drilling rig continues to work on the project site and will be used to further explore areas of known and suspected mineralization.
NWM Mining Corporation is preparing the Lluvia de Oro mine site for the start of commercial mining, which is expected to commence before the end of July, 2010. Production from the Lluvia de Oro mine site will be supplemented by production from the nearby La Jojoba project. Using a cut-Off grade of 0.2 g/t gold and $900/ounce gold price, the combined Mineral Reserves for the Lluvia-Jojoba project currently stand at Proven plus Probable Reserves of 18,932,591 tonnes, grading 0.6067 grams per tonne gold, for a total 369,312 ounces gold. The current exploration program is designed to provide the information required to increase quantifiable reserves and to test exploration targets and anomalies identified with geophysical and geochemical analysis as outlined above.
The Company's new director, Gary Lohman P.Geo, who joined at the annual shareholders meeting has been granted 500,000 options for a three year term with an exercise price of $.10.
Mr. Rodney A. Blakestad, C.P.G., is the designated Qualified Person pursuant to National Instrument 43-101 of the Canadian Securities Administrators for this press release and has reviewed and approved the technical and scientific disclosure contained herein.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This news release includes "forward-looking information"; as such term is defined in applicable securities laws. The forward-looking information includes, without limitation, the success of exploration activities and other similar statements concerning anticipated future events, conditions or results that are not historical facts. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward looking information is inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among others, risks and uncertainties relating to exploration and development; the ability of the Company to obtain additional financing; the need to comply with environmental and governmental regulations; political and economic instability and general civil unrest in Mexico, if any; potential defects in title to the Company's properties; fluctuations in currency exchange rates; fluctuating prices of commodities; operating hazards and risks; competition; and other risks and uncertainties, including those described in the Company's other regulatory filings filed with the Canadian Securities Administrators and available at www.sedar.com. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release and the Company is under no obligation to update or alter any forward-looking information.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Neither the TSX 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 of this release.
SOURCE NWM Mining Corporation
For further information: For further information: NWM Mining Corporation at (416) 364-6799