GDMN: more news we have to find anywhere else. never mind to PR from GDMN themselves. or reply to any email with anything remotedly of any substance. amazing.
one of these days it´s gonna be the news stand guy that´s going to have to inform me because GDMN forgot to put out a PR ,
"hey, remember those Goddamn Mineral guys??? they just went to AMEX and sold 13 M shares to Hoschild and Sentient at 7 !!! "
ahhh. wake me up! just a bad nightmare!!!! (who says couldnt happen though...)
P.S: Anyone else found out about even more asset sales from GDMN since they dont care to inform?
SAN MARCO RESOURCES ACQUIRES 100% INTEREST IN LA BUENA GOLD PROJECT IN MEXICO
Vancouver, B.C. – Jan 11, 2010: San Marco Resources Inc. (SMN: TSX.V) is pleased to announce it has completed the acquisition from Golden Minerals Company (AUM.TO; GDMN.PK)) of a 100% interest in the La Buena gold/silver project in Mexico.
The La Buena property is located in the Eastern Sierra Madre region of Mexico in the state of Zacatecas. The property is situated roughly 8 kilometres north of the world class Peñasquito mine and 3 kilometres north of Goldcorp’s Noche Buena gold property where ongoing drilling has already delineated approximately 1 million ounces of gold. Goldcorp has reported in its 2008 annual report a resource at Noche Buena of 940,000 ounces of gold in 75.1 million tonnes grading 0.39 grams per tonne of gold. More recently, a November 24, 2009 Goldcorp press release states “At the Noche Buena deposit, north of the Peñasquito mine, in-fill drilling is expected to result in an increase in grade and tonnes of the gold resource.”
The La Buena property is comprised of a single 7,875 hectare concession that extends easterly along the north edge of the Noche Buena Mining District and then northerly some 8 kilometres to the Zuloaga mining district. Both districts have been dormant since the early 1990s however, historic mining supported several long-lived underground mining operations that produced base and precious metals from mantos and chimneys developed in Jurassic and Cretaceous reef limestones. The Providencia underground mine, a 3,000 tonne per day operation located 6 kilometres east of the acquired La Buena concession, is currently producing base metals from chimneys and mantos in the same limestones. (La Buena Map)
Ore at the Peñasquito mine is substantially hosted in calcareous siltstones of the Caracol Formation in association with subvolcanics. At the Goldcorp Noche Buena discovery located some 5 kilometres north of Peñasquito mine, subvolcanic quartz monzonite porphyry is thought to host most of the gold resource in oxides, but a deeper sulphide resource is developing. Caracol Formation siltstone hosts most of the ore at the Camino Rojo deposit (3.4 million ounces of gold and 60 million ounces of silver as reported on Canplats Resources website) located 50 kilometres to the south. The same Caracol Formation dominates the geology of La Buena however, shallow alluvium covers nearly half of the property. Subvolcanic pyrite-rich monzonitic intrusives occur locally on the property and the same shelf carbonates that host ore in the Zuloaga, Noche Buena, and Providencia districts are found at the north end of La Buena. Prospect pits and shallow workings at La Buena have been found in the reef limestones, subvolcanics and the Caracol Formation. Limited sampling by previous owners of the dumps and workings found on La Buena has returned gold assays as high as 3.67 grams per tonne gold.
Terms of the purchase were:
* Payment of (US) $125,000
* Issuance of 200,000 San Marco shares (non-transferable until May 9, 2010)
* Issuance of 300,000 warrants exercisable at a price of (Cdn) $0.70 per share for 3 years (underlying shares are also non-transferable until May 9, 2010)
* Sliding scale NSR 1.5% – 2.5% depending on gold price between $800 and $950 per ounce
* A buy down of 50% of the NSR for (US) $2 million
* (US) $1 million payment if a minimum of 1.25 million gold equivalent ounces (Measured and Indicated) are discovered. Payment may be cash or shares at San Marcos election
Chairman Robert Willis commented, “The La Buena project offers San Marco shareholders an opportunity for a new discovery in a very prolific historical and current mining district. Although this property is at a relatively early exploration stage, we do know precious and base metal occurrences exist on the property and the opportunity for a “buried” pediment discovery will be a focus by our exploration team.”
The technical information contained in this press release has been based on information reviewed by San Marco’s President, Robert D. Willis, P. Eng., a ‘qualified person’ for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.
For further information contact:
Robert D. Willis
Chairman & CEO
604-813-2606
rdwillis@telus.net
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
