Merc Announces Start of Work on Damoti Lake Gold Project
19 Dezember 2008 - 4:18PM
Marketwired
Merc International Minerals Inc. ("Merc") (TSX VENTURE: MRK) is
pleased to announce the initiation of exploration work on its
Damoti Lake Gold Project, located 200 km north of Yellowknife,
Northwest Territories. Initial activities consist of a detailed
compilation of all previous work including several historic diamond
drill programs, and the re-modeling of all the geological data with
a goal of increasing the overall resource in and around the
Horseshoe zone, the main portion of the currently defined resource.
This work will form the basis for a drill program planned for early
summer 2009. Merc plans to mobilize supplies into the Damoti site
in March 2009 utilizing a winter road. Several other drill ready
targets have also been identified on the property including the
Lard, Red Mountain, North Horseshoe zones as well as the Granite
showing.
Merc is pleased to announce that Carlos Yrigoyen has re-joined
Merc's Board of Directors to fill the vacancy created by the
resignation of A. Murray Sinclair. Mr. Sinclair resigned from
Merc's Board of Directors for personal reasons.
Merc also announces that it has granted to Dr. Byron, Merc's
CEO, 400,000 options to purchase Merc's common shares at a price of
$0.50 on or before December 15, 2011.
As described in a press release dated September 17, 2008 Merc
acquired 100% of Anaconda Mining Inc.'s interest in the Damoti Lake
Gold Project, a contiguous land package that extends over 2,849
hectares in six mining leases. Merc acquired its interest in the
project by paying Anaconda ("ANX") CDN$250,000 and issuing
1,250,000 common shares of Merc. The agreement is subject to an
existing 2% net smelter royalty.
A National Instrument 43-101 compliant resource estimate was
completed in September 2005 for ANX. Using a cut-off grade of 8
grams gold per tonne, the measured and indicated mineral resource
estimate for the Horseshoe deposit totaled 40,600 tonnes grading
26.17 grams of gold per tonne, with a further inferred mineral
resource estimate of 17,800 tonnes grading 16.38 grams of gold per
tonne.
The Damoti Lake Gold Project was also the subject of a 1996
underground exploration program, as well as a historical, 1997 non
National Instrument 43-101 compliant resource estimate and a
historical, 1997 non National Instrument 43-101 compliant
preliminary economic analysis by Sierra Mining & Engineering of
Reno, Nevada. Additional information with respect to the Damoti
Lake Gold Project, including the results from the historical
exploration programs and studies, are contained in a technical
report dated December 15, 2005, filed on SEDAR by ANX and entitled
"Technical Report and Resource Estimate on the Damoti Lake
Property, Northwest Territories, Canada". This report was prepared
by Mr. Eugene Puritch, P.Eng., of P&E Mining Consultants Inc.
Mr. Puritch and P&E Mining Consultants Inc. are both
independent of both ANX and Merc.
The results from the last two drill programs completed in
2004-2005 on the Damoti property were summarized in the August 5,
2008 press release.
This news release may contain forward-looking statements based
on assumptions and judgments of management regarding future events
or results. Such statements are subject to a variety of risks and
uncertainties which could cause actual events or results to differ
materially from those reflected in the forward-looking statements.
The Company disclaims any intention or obligation to revise or
update such statements.
Contacts: Merc International Minerals Inc. Dr. Michael Byron
(705) 560-2382 (705) 560-0765 (FAX) Email: mbyron@ginguro.com
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