TORONTO, July 29 /CNW/ - Win-Eldrich Mines Limited (TSXV- WEX) ("Win-Eldrich" or the "Company") announces that it has spent the past five months developing access to the lower ore blocks defined in the 2008 NI 43-101 technical report via a 1500 foot extension of the primary decline. Based on this report, the lower ore blocks contain 47,602 tons of proven reserves with an average molybdenum grade of 2.91% (2,773,908 lbs).
In June our new decline intersected the Sylvia vein at or below the lowest drill hole interval that defined these lower ore blocks, and in the past few days the Company has begun to mine this reserve. The average molybdenum grade of three grab samples from the initial intersection was 3.0%, which tends to support the average grade of 2.91% from the 2008 43-101 technical report which was based on numerous drill holes. From this level the Company has access to 225 feet along the dip and about 300 feet along the strike of the eight foot wide vein, which could allow for more than a year of full production at 100 tons per day.
The Company also granted an option to purchase 25,000 common shares to each of its five directors, and an option to purchase 75,000 common shares to each of three key employees and an officer of the Company, exercisable at a price of $0.29 per share for five years.
Pete Winn, a director of Win-Eldrich, is the qualified person as defined in NI 43-101 who reviewed and approved the technical information in this press 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. Specifically, this news release includes forward-looking statements regarding the results of the 2008 NI 43-101 technical report and the expected timing and amount of production. 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.
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SOURCE WIN-ELDRICH MINES LIMITED
For further information: For further information: Perry Muller, President and Director of Win-Eldrich, at (402) 435-7206