TORONTO, June 12 /CNW/ - Win-Eldrich Mines Limited (WEX, TSX Venture
Exchange), minority owner of the Ashdown Project LLC, which owns a
Nevada-based molybdenum mine, has been advised by the mine's manager that an
additional 43,950 pounds of molybdenum concentrate has been shipped from the
mine, bringing total sales from the mine since product sales began in 2006 to
362,000 pounds of molybdenum concentrate with a cumulative value of more than
US$5.4 million. Since product sales began in 2006, the LLC has shown gross
revenues of approximately US$177,000 in Q4 2006, US$798,000 in Q1 2007 and
approximately US$4,450,000 thus far in Q2 2007. Operating cost information for
the mine has not been provided to Win-Eldrich.
Perry Muller, President of Win-Eldrich commented: "The consensus at the
Ryan's Notes Noble Alloy Conference held last week in New York was that
molybdenum remains in tight supply and that molybdenum prices, currently
trading in the US$33 per pound range, are anticipated to increase.
Win-Eldrich, which is debt free and with less than 13.1 million shares
outstanding, is well positioned to benefit from current market conditions".
Win-Eldrich has also been advised by Golden Phoenix Minerals, the
temporary mine manager, that an additional manager, David Tretbar, has been
assigned to the Ashdown project. Mr. Tretbar is a geochemist who will be
responsible for milling and metallurgical processing at Ashdown. Mr. Tretbar
has worked underground for Getchel Gold and Jerritt Caynon and served as a
process mineralogist and mine geologist for Barrick Goldstrike Mines, Inc.
Most recently, Mr. Tretbar was Senior Geologist for Alamos Gold, responsible
for tunnel design, reserve modeling and metallurgical testing programs.
Mr. Tretbar graduated magna cum laude from Northern Arizona University with a
B.S. in Geology, and received his Masters in Geochemistry from the Mackay
School of Mines.
The mine manager also advised that Gradient Geophysics, which was
retained to perform an Induced Polarization ("IP") survey of sections of the
Ashdown property, has completed its collection of field data. The IP survey
covers an area approximately 3000 feet long by 1200 feet wide, centered on the
Sylvia vein currently being mined. The survey is made up of nine parallel
lines, running east-to-west, that cross the known mineralization perpendicular
to its strike. The survey has imaged to depths of 600 feet and returned data
that is confirmed to define the Sylvia vein and adjacent structures. Over the
coming weeks, the data will be compiled into a three dimensional model to be
used for mine planning and exploration activities. Work is also continuing on
the completion of a National Instrument 43-101 compliant report for the mine.
This news release includes certain forward-looking statements within the
meaning of applicable securities laws 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. Forward-looking statements are based
on the current opinions and expectations of management. All forward-looking
information is inherently uncertain and subject to a variety of assumptions,
risks and uncertainties, including the speculative nature of mineral
exploration and development, including the uncertainty of resource and reserve
estimates, operational and technical difficulties, fluctuating commodity
prices, competitive risks, the availability of financing and compliance with
applicable laws, including obtaining requisite permits, as described in more
detail in our recent securities filings available at www.sedar.com. Actual
events or results may differ materially from those projected 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.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
For further information: Perry Muller, President and a Director of
Win-Eldrich, at (402) 753-9134