Mirasol Agrees to Sell its Interest in the Joaquin Silver-Gold
Project to Coeur d'Alene Mines
VANCOUVER,
Dec. 11, 2012 /CNW/ - Mirasol
Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R) Mirasol Resources
Ltd. ("Mirasol") is pleased to announce it has reached an agreement
to sell its 49% interest in the Joaquin Silver-Gold Project,
Argentina, to Coeur d'Alene Mines
Corporation ("Coeur") (NYSE:CDE; TSX:CDM), which has been operating
on the Joaquin Project through an Argentine subsidiary.
Under the terms of the agreement, Mirasol will
receive a total consideration of US$60
million, which includes a payment of approximately
US$30 million in cash and a quantity
of Coeur common shares valued at approximately US$30 million based on the ten trading day volume
weighted average price prior to the date of Mirasol's acceptance of
Coeur's offer, in return for Coeur acquiring Mirasol's subsidiary
which holds the Joaquin property.
Mirasol's president and CEO, Mary Little, said, "Mirasol is delivering on its
strategy of building value through making new discoveries in the
areas where we explore. In the case of Joaquin, our partner
Coeur plans to carry forward while we continue to engage in
discovery-oriented exploration programs in Latin America. The proceeds of the deal
will help sustain these efforts for the next several years.
We are pleased to formalize the Joaquin sale and are committed to
providing our shareholders with the best opportunities for
exploration success."
The transaction has been approved by the Boards
of Directors of Mirasol Resources Ltd. and Coeur d'Alene Mines
Corporation but remains subject to customary closing conditions,
including the receipt of regulatory approvals. The
transaction does not require the approval of the shareholders of
either Coeur or Mirasol.
In November 2006,
Mirasol and Coeur entered into an exploration and joint venture
option agreement with respect to the Joaquin project. In
2010, Coeur vested at 51% interest and has since proceeded to
advance the project towards feasibility stage.
The Joaquin silver-gold deposit is a grass roots
discovery initially identified by Mirasol through its proprietary
exploration approach, upon which Coeur has defined a resource of
Canadian National Instrument N.I. 43-101 mineral estimate of
38.4 million ounces silver in the Measured and Indicated categories
plus 31.3 million ounces silver in the Inferred category. In
addition, Joaquin contains 39,600 gold ounces in Measured and
Indicated resources and 19,400 gold ounces in Inferred (Table 1 and
Technical Report of September 21,
2012 at www.sedar.com). The N.I. 43-101 resource
estimate was prepared by independent consulting firm NCL Ingenieria
y Construccion Ltda. of Santiago,
Chile, using a $30 per silver
ounce and $1,500 per gold ounce
price, and a resource cut-off of 30 g/t (grams per tonne) for
silver oxide material and a 34 g/t silver cut-off for silver
sulphide material, within Whittle®-estimated surface pit
mine parameters.
.
Table 1.
Mineral Resources for the Joaquin Project at September
2012 |
|
|
|
|
|
|
|
Tonnes
(000) |
Grade (g/tonne) |
Contained Ounces |
|
|
Silver |
Gold |
Silver (000) |
Gold |
Measured Resources |
|
|
|
|
|
Oxides |
1,400 |
90.5 |
0.11 |
4,200 |
4,900 |
Sulphides |
200 |
186.2 |
0.11 |
1,300 |
800 |
Total Measured |
1,700 |
103.1 |
0.11 |
5,500 |
5,700 |
Indicated Resources |
|
|
|
|
|
Oxides |
9,600 |
89.8 |
0.10 |
27,600 |
30,300 |
Sulphides |
1,000 |
162.7 |
0.11 |
5,400 |
3,700 |
Total Indicated |
10,600 |
96.8 |
0.10 |
33,000 |
34,000 |
Measured and Indicated Resources |
|
|
|
|
|
Oxides |
11,000 |
89.9 |
0.10 |
31,800 |
35,200 |
Sulphides |
1,200 |
166.8 |
0.11 |
6,600 |
4,500 |
Total Measured and Indicated |
12,200 |
97.6 |
0.10 |
38,400 |
39,600 |
Inferred Resources |
|
|
|
|
|
Oxides |
6,000 |
100.1 |
0.06 |
19,300 |
11,900 |
Sulphides |
1,900 |
198.8 |
0.12 |
12,000 |
7,500 |
Total Inferred |
7,900 |
123.7 |
0.08 |
31,300 |
19,400 |
- From September 21, 2012 Technical
Report.
- Metal prices used were $30 per
silver ounce and $1,500 per gold
ounce.
- Oxide mineral resources estimated using a cut-off grade of 30
grams per tonne silver and sulphide mineral resources with a
cut-off grade of 34 grams per tonne silver within
Whittle®-estimated surface mine parameters.
- Mineral resources estimated by the consulting firm of NCL
Ingeniería y Construcción Ltda. in Santiago, Chile.
- Mineral resources that are not mineral reserves have not
demonstrated economic viability.
- Rounding may result in apparent differences between tons and
grades contained ounces.
The estimate was prepared according to N.I.
43-101 standards and in accordance with CIM Standards on Mineral
Resources and Reserves: Definitions and Guidelines (CIM 2005) by
NCL, who was selected and contracted by Coeur, and who also
performed the original NI 43-101 resource estimate (press release
May 9, 2011).
About Mirasol Resources Ltd.
Mirasol is focused on the discovery, exploration
and acquisition of high-potential precious metals deposits in the
Americas, utilizing leading edge technology for strategic
advantage. Mirasol currently holds an active portfolio of
exploration properties in Santa Cruz
Province, in the Patagonian region of Argentina, identified through the Company's
proprietary exploration targeting and technology. Mirasol's
100%-held Virginia high grade
silver vein discovery has advanced through more than 23,400 metres
of drilling. Mirasol holds 100% of the rights to the Rubi
copper-gold porphyry target, strategically located in the
El Salvador copper mining
district, as well as a new portfolio of gold
exploration targets in northern Chile. Mirasol operates through
subsidiary companies in Argentina
and Chile and is engaged in
generative exploration in high-potential regions in the
Americas.
Quality Assurance/Quality Control:
Coeur d'Alene has been operating the Joaquin project and generated
the drilling data used in this news release and reported it to
Mirasol. Drill core samples were submitted to Alex Stewart (Assayers), Argentina S.A. and ALS Laboratories, both ISO
9000-2000 accredited laboratories located in Mendoza, Argentina. Gold and silver results were
determined using standard fire assay techniques on a 30 gram sample
with a gravimetric finish for gold and silver. Coeur's QAQC program
includes the insertion of blanks, standards and duplicates into the
sample stream for Joaquin drill holes. Mirasol has performed an
independent analysis of the QAQC data generated by
Coeur. Dr. Paul Lhotka
has reviewed the Coeur resource in this news release, and is a
qualified person as defined by National Instrument 43-101.
Exploration at Mirasol's Projects is supervised
by Stephen C. Nano, Vice President
of Exploration; Timothy Heenan,
Exploration Manager; and Dr. Paul
Lhotka, Principal Geologist. All technical information
for the Company's projects is obtained and reported under a formal
quality assurance and quality control (QA/QC) program. Drill core,
rock chip and stream sediment samples are collected under the
supervision of Company geologists in accordance with standard
industry practice. Samples are dispatched via commercial transport
to an ISO 9001:2000-accredited laboratory in Mendoza, Argentina for analysis. Results are routinely
examined by an independent geochemist to ensure laboratory
performance meets required standards.
Assay results from diamond drill core or RC drill samples may be
higher, lower or similar to results obtained from surface
samples.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Mirasol Resources Ltd.