VANCOUVER, Feb. 19 /CNW/ - Lincoln Mining Corporation, TSX-V: LMG ("Lincoln" or the "Company") is pleased to announce that further to the news release dated November 30, 2009, it has concluded the Agreement to Purchase 100% of the La Bufa gold and silver property in Chihuahua, Mexico, from Almaden Minerals Ltd. ("Almaden"). This agreement supersedes all prior agreements with Almaden.
Lincoln purchased the 100% interest by issuing 6 million Lincoln shares to Almaden and granting a 2% NSR on all future production from La Bufa. Lincoln has the option to buy down the NSR by 1% within one year following a decision to place the property into production.
Lincoln is now ready to advance the project through a series of future exploration programs. Management considers La Bufa to hold significant potential for a high-grade resource. Lincoln has just completed a large detailed geophysical I.P. program on the property. This information is now being compiled with other geological background material, including sampling and mapping, to produce targets for a drilling program planned for later this year. Very limited drilling by Lincoln and others in the southeast part of the property (see map at www.lincolnmining.com) during the last 6 years has produced vein intersections of up to 2.5 meters grading from 0.12 to 0.31 ounces per tonne gold and 8.2 to 15.1 ounces per tonne silver. There has been minimal exploration on the large, northwest portion of the property, although surface sampling in the past has produced excellent results.
The La Bufa property is a mid-stage gold-silver exploration project surrounding the town of Guadalupe y Calvo in the far southwest corner of Chihuahua State, Mexico. The project lies within the large north-south mineral trend in the Sierra Madre Occidental encompassing numerous gold-silver mines and deposits. The project covers four contiguous claim groups totaling 2,311.3 hectares. The area has a long history of mining and historical records from the area indicate that mining was most active between 1834 and 1939, when over 2 million ounces of gold and 28 million ounces of silver were mined from veins at recorded grades of 1.08 opt gold and 28 opt silver, mainly from the Rosario mine which is now owned by Gammon Gold Inc. The La Bufa property surrounds the mineral concessions held by Gammon Gold where the Rosario vein was discovered. Recently Gammon Gold has staked over 66,000 hectares around the La Bufa claims.
Mr. Jeffrey Wilson, the Company's Vice President and Chief Operating Officer and a Qualified Person under National Instrument 43-101, supervised the preparation of this news release.
Lincoln Mining Corp. is a Canadian precious metals exploration and development company with several projects in various stages of exploration and development which include the Pine Grove gold property, the Oro Cruz gold property in California and the La Bufa gold-silver property in Mexico. In the United States, the Company operates under Lincoln Gold US Corp., a Nevada corporation.
On behalf of Lincoln Mining Corporation
Paul Saxton, President & CEO
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SOURCE LINCOLN MINING CORPORATION
For further information: For further information: Investor Relations at (604) 688-7377 or visit the Company's website at www.lincolnmining.com