Oro Mining Ltd. Announces Sonic Drilling Campaign Results
24.01.2012 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/24/12 -- Oro Mining Ltd. ('Oro' or the 'Company') (TSX VENTURE: OGR) announces the results of the sonic drilling campaign conducted in 2011.SRK Vancouver, an independent engineering company, completed an updated resource estimate on the 2011 drilling campaign conducted at Oro Mining's Taunus deposit in Sinaloa, Mexico. The results are shown in Table 1:
Table 1
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Area Classification Tonnes (000's) Gold (g/t) Contained Gold (oz)
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All Zones Indicated 4,366 1.74 243,840
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Inferred 1,956 0.84 52,600
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(i) Reported at a cut-off of 0.3 g/t. Mineral resources are not mineral reserves and do not have demonstrated economic viability. All numbers have been rounded to reflect the relative accuracy of the estimates.
As a result of the geological modelling following the results of the drilling, Oro has continued with its sub contractors to finalize sufficient engineering on the project to decide on the 2012 planned activities.
As an additional update, technical studies are ongoing in a number of areas. The list below shows the current status:
-- Surface rights acquisition - complete
-- Geological model and resource - complete
-- Mineralogical study - complete
-- Metallurgical study - complete
-- Flowsheet design - complete
-- ADR design - complete
-- Crushing plant design - complete
-- Area layout - complete
-- Infrastructure and staffing schedule - complete
-- Leach pad design - in process
-- Environmental permitting - in process
Following the Company's decision to divest from certain non-core assets Oro has retained a significant land package of approximate 118,000 hectares surrounding the Taunus deposit (see map attached, http://media3.marketwire.com/docs/ogr0124.pdf). Historical work done on the surrounding areas has identified gold mineralization and will be the subject of future exploration activities. Y. (Gary) Wong, P.Eng., is a qualified person as defined by National Instrument 43-101 and has reviewed the contents of this press release.
About Oro Mining
Oro Mining is a publicly-listed company on the TSX Venture Exchange with properties located in Sinaloa and Zacatecas, Mexico. Oro Mining's priority is to advance properties toward production. The Trinidad property that hosts the Taunus gold deposit continues to be the priority focus of the Company's development activities. A complete NI 43-101 compliant resource estimate for the Taunus deposit can be found at www.sedar.com or at www.oromining.com.
ON BEHALF OF THE BOARD OF DIRECTORS
John Brownlie
Chief Executive Officer
Certain disclosure contained in this news release, including the payments and earn-in upon the successful completion of certain milestones, may constitute forward-looking information or forward-looking statements, within the meaning of Canadian securities laws. These statements may relate to this news release and other matters identified in the Company's public filings. In making the forward-looking statements the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Oro Mining Ltd.>
John Brownlie
CEO & COO
(604) 646-1580
jbrownlie@oromining.com
www.oromining.com
Marston Webb International
Victor Webb
Investor Relations and Media
(212) 684-6601
marwebint@cs.com