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Impala Mineral Exploration Completes Due Diligence on Busolwa Gold Project Which Currently Has Small-Scale Gold Mining Operation on the Property
VANCOUVER, BRITISH COLUMBIA--(Marketwire) - Laurie Stephenson, President & CEO of Impala Mineral Exploration Corp. (OTCBB:IMXC) (www.impalaminerals.com) and a professional engineer geologist - reported today that he has completed his due diligence on the company's newly optioned property in the Geita District, Lake Victoria Zone in Tanzania.
BUSOLWA GOLD PROJECT OVERVIEW
The property consists of one prospecting license and mining license covering a total area of 44.55 square kilometres and 6.90 square kilometres. Although it was first found to have gold in the late 1930's, an area exploration program was not undertaken until 1993/94. Two subsequent exploration programs in 1996 and 2000 identified the resource from which the current owner is mining gold in a small-scale operation.
The Busolwa Gold Project is situated on one of the numerous Archean Belts that form part of the Lake Victoria Gold fields, which currently host five producing gold mines. The geology of the property is dominated by NW trending BIF ridge that passes through the centre of the PL and is underlain by an intercalated differentiated volcanic pile bounded to the north and south by granitic rocks.
The model of low-sulfide Au-Quartz vein deposits of Archean age requires that principally iron-formation or chemical sediments host the deposits. In Tanzania there are six deposits of this type - five of which are in production at this time.
CURRENT PROPERTY MINING OPERATION
Operations on the property at this time consist of mining 120 metres of a traced 600 metre vein structure with a 150 degree strike and vertical dip by five operating shafts. The shafts go from the bottom of the open cut down 20+ metres to access the quartz vein. Five 48 to 50 kg bags are produced daily from each shaft resulting in approximately 1,200 kg of ore.
Gold processing was ongoing with two small ball mills being operated. Primary crushing of the ore is done by hand to a size suitable for the ball mills. This produces fine sand, which is then taken to the primary treatment plant, where a concentrate containing gold is separated from the tailings by a sluice box and water. The secondary treatment is done by panning, resulting in a gold ball being produced as the final product.
The gold appears to be free and easily separated from the host quartz vein by standard alluvial washing procedures. Production is reported to be 500 grams per week or approximately 85 to 100 grams a day. It takes 30 to 44 bags to produce one ounce. This is the equivalent of 5.6 to 6 tonnes per week or 7 to 7.5 tonnes for a 6-day week, resulting in a grade of 67 g/t to 90 g/t. The owners reported a mine grade of 25 g/t for their mining lease application.
The company is currently developing an exploration program to further evaluate the property.
ABOUT IMPALA MINERAL EXPLORATION CORP.
Impala Minerals is positioned to take advantage of Tanzania's rich natural resources by developing a select portfolio of near-term gold and mineral production projects. The company's management has built a network of strategic relationships with senior mining professionals and government officials in Tanzania to help identify key mining concession targets that are ready to be developed into mines over the next year. For more information go to www.impalaminerals.com.
This release may contain forward-looking statements, which involve risks and uncertainties. A complete forward-looking statement is available at www.impalaminerals.com/forwardlooking.html.
FOR FURTHER INFORMATION PLEASE CONTACT:
Impala Mineral Exploration Corp.
Impala Investor Relations
604-716-6304
info@impalaminerals.com
www.impalaminerals.com
