TORONTO, July 10, 2012 /CNW/ - Miocene Metals Limited (TSXV: MII) (the "Company" or "Miocene Metals") today announced that it has resumed exploration on its MacKenzie copper-gold property located in south-western British Columbia. The 2012 exploration program will consist of a minimum of 500 metres of drilling to test surface copper-gold mineralization, which has been traced over a 1.2 kilometre strike length as well as detailed and reconnaissance scale mapping, prospecting and silt sampling on its expanded land package. The principal objectives of the 2012 program are to obtain the first drill intercepts of the high-grade mineralized structures which have been discovered on surface and to identify the intrusive source for this mineralization.
Bruce Jago, President and CEO of Miocene Metals stated, "We are pleased to have mobilized our exploration crew to MacKenzie and look forward to drilling the copper-gold mineralization that has been previously sampled over an area of 700 by 1,200 metres. The mineralization has many characteristics that are common to mineralized porphyry systems and we are hopeful to make that link. We also are continuing with our efforts to secure joint venture funding for our Rogers Creek and Salal properties as well as raising additional capital through the equity markets."
The Mackenzie property is located 80 kilometres to the northwest of Pemberton BC and is one of Miocene Metals' key copper-gold exploration properties. As reported in a February 17, 2012 press release, the MacKenzie property was increased in size 8-fold from 36.3 square kilometres to 299.03 square kilometres. This expansion in the property area was based on the results of mapping and sampling, which suggested high-grade copper-gold surface exposures were related to a buried copper-gold porphyry system, which will be the focus of the Company's 2012 exploration program.
Copper-gold mineralization at MacKenzie consists of:
1) Strike-persistent, shallow-dipping (~350 E), high-grade copper-gold mineralized structures ranging in thickness from 0.3 metres to 9 metres, and mapped on surface over an area of 700 by 1,200 metres (see Miocene press releases dated August 12, 2010 and December 9, 2011), and,
2) Disseminated chalcopyrite, bornite and molybdenite mineralization in potassically altered Coastal Range plutonic rocks that are cross-cut by younger, fine-grained granodioritic and dioritic rocks of possible Miocene age.
More comprehensive descriptions and photographs of MacKenzie mineralization can be found on the Company's website at www.miocenemetals.com.
The Qualified Person responsible for the technical content of this press release is Jose Sayo Garcia, P.Geo, Vice President for Exploration of Miocene Metals.
The Company also announces that it has extended the deadline of its private placement from May 31, 2012 to August 3, 2012. The offering is comprised of: (i) up to 7,000,000 Flow-Through Units priced at $0.12, with each Flow-Through Unit comprised of one (1) flow-through common share (a "Flow-Through Share") of the Corporation and one-half of one common share purchase warrant (each whole warrant a "Warrant"), and (ii) up to 10,000,000 Hard Units priced at $0.10, with each Hard Unit comprised of one (1) non-flow-through common share of the Corporation and one Warrant.
Each Warrant will entitle the holder thereof to purchase one common share of the Corporation at a price of C$0.20 at any time prior to 5:00 p.m. (Toronto time) on the date that is 24 months from the Closing Date (as defined below).
The proceeds received by the Corporation from the sale of the Flow-Through Shares will be used to incur eligible Canadian exploration expenses ("CEE") that qualify as Canadian exploration expenses and "flow-through mining expenditures" for purposes of the Income Tax Act (Canada) which will be renounced in favour of the holders of Flow-Through Shares with an effective date of no later than December 31, 2012.
The proceeds received by the Corporation from the Warrant portion of the sale of Flow-Through Units and the proceeds of the sale of the Hard Units will be used for general working capital purposes.
The securities comprised within the Flow-Through Units and the Hard Units will be subject to a hold period of four months and one day from the Closing Date.
About Miocene Metals Limited
Miocene Metals is focused on the exploration and development of six porphyry copper-gold-molybdenum properties in south-western British Columbia that occur within the Tertiary-aged Cascade Magmatic Arc. The Cascade Arc shares many geological characteristics with Tertiary-age porphyry belts that stretch the length of Chile and Peru in South America and hosts some of the world's largest porphyry copper-gold-molybdenum deposits. The Cascade Magmatic Arc hosts a number of significant porphyry Cu-Au and Mo deposits in Washington State, and Alaska (Glacier Peak and Margaret, and Quartz Hill respectively) but remains largely unexplored in British Columbia.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information (including "forward-looking information" within the meaning of applicable Canadian Securities legislation and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of the Company, including, without limitation, those listed under "Risk Factors" and "Forward-Looking Statements" in the Company's Final Prospectus (collectively, "forward-looking information"). Forward-looking information in this news release includes, but is not limited to, information concerning the Company's expectations and estimates regarding the Corporation's drilling program. The Corporation cautions investors about important factors that could cause actual results to differ materially from those projected in any forward-looking statements included in this news release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that the expectations set out in the Company's Final Prospectus or herein will prove to be correct and accordingly, prospective investors should not place undue reliance on these forward-looking statements. These statements speak only as of the date of this press release and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
For further information:
Please visit the Miocene Metal's website at www.miocenemetals.com, or contact:
Miocene Metals Limited
Bruce C. Jago, Ph.D., P.Geo
President and CEO of Miocene Metals Limited