Concordia Receives Authorization to Proceed With Drilling Operations at Its Providencia Property in Argentina
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/02/11 -- Concordia Resource Corp. (TSX VENTURE: CCN) ('the Company') is pleased to announce that its wholly owned subsidiary, Meryllion Minerals Corporation ('Meryllion'), has received authorization from the Directorate of Mines - Province of Jujuy to proceed with drilling at its Providencia Ag-Cu prospect in northwestern Argentina.
The property hosts Ag-Cu mineralization, and produced some five million ounces of silver between 1986 and 1997 from ore grading between 400 - 500g/t Ag. Mineralization is hosted by a gently dipping, poorly consolidated, green conglomerate unit floored and capped by dark red mudstones and white sandstones respectively. The conglomerate unit was the primary target of previous mining, and four shallow open pits were developed - the North, Central, South, and West Pits. Mineralization is open along strike to both the north and south, as well as down-dip to the east within the gently dipping conglomerate unit, and the objectives of the drill program are to extend known resources in the near surface environment as well as to test for higher grade mineralization at depth.
As part of the permitting process, Meryllion completed a comprehensive environmental study, and solicited and received documented support from the two local indigenous communities for its exploration activities. The Company has prepared a drill proposal for an initial program of approximately 3000 m of core drilling and has awarded the drilling contract to Major Perforaciones SA, the Argentine subsidiary of Major Drilling Group International Inc. Major has mobilized a UDR200D rig, and drilling is expected to commence in early September.
Exploration at Providencia is being conducted under the supervision of Dr Willem Fuchter PGeo, CEO of Meryllion and a Qualified Person as defined by Canada's National Instrument 43-101, and the contents of this release have been reviewed by Ms Pamela Klessig, Director of Concordia and a Qualified Person.
ABOUT MERYLLION
Meryllion Minerals is a wholly owned subsidiary of Concordia with the charter to conduct mineral exploration in South America with a primary focus on precious and base metals. Meryllion operates out of offices in Buenos Aires under the direction of Dr. Willem Fuchter, PGeo, a PhD geologist with extensive international experience and a Qualified Person under NI 43-101.
ABOUT THE COMPANY
Concordia Resource Corp. is a mineral exploration company with property holdings in North and South America and Spain. The Company holds the Albisu gold discovery in Nevada, and is earning from Renaissance Gold Inc. a 70% interest in the Baza gold-copper project in Spain. Through its wholly owned South American subsidiary, Meryllion Minerals Corp, the Company is earning 100% of the historic La Providencia silver mine located in the Puna of northwestern Argentina and has also acquired an option to purchase the 14 000 ha Cerro Amarillo-Cajon Grande copper-gold property located in the Malargue District of Argentina. Concordia has its head office and executive management team in Vancouver, Canada; and its technical team is based in Reno, Nevada.
On behalf of the Board of Concordia Resource Corp.
R. Edward Flood, Chairman
Forward Looking Statements
Certain of the statements made and information contained herein is 'forward-looking information' within the meaning of the Ontario Securities Act, including the receipt of necessary permits to conduct exploration and construction, timing of anticipated exploration program, the number of the holes and meters to be drilled and future plans of the Company. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks and uncertainties relating to risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; uncertain political and economic environments; changes in laws or policies, delays or the inability to obtain necessary governmental permits; and other risks and uncertainties, including those described in each management discussion and analysis. Forward-looking information is in addition based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of metals; appropriate equipment and sufficient labour and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking information. Accordingly, readers are advised not to place undue reliance on forward-looking information.
The TSX-V has neither approved nor disapproved the contents of this press release. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this press release.
Contacts:
Concordia Resource Corp.
Karl Cahill
VP, Investor Relations
1-858-531-6100
info@concordiaresourcecorp.com
www.concordiaresourcecorp.com