GMNC - Goldtech Announces Positive Assay Results Justify Pursuing Steps to Reopen Mine [DWQPXKB]
Business Editors
ST. ALBERT, Alberta--(BUSINESS WIRE)--Feb. 10, 2005--Goldtech Mining Corporation, the Company (OTCBB:GMNC), is pleased to announce the scout drilling program of 6 holes is now completed. The cores were sent to Acme Analytical Laboratories in Vancouver for assaying and the results are available today on hole #1.
Our geologist has indicated the drill contractor achieved over 97% core recovery and intersected the mineralized zone in every hole. The mineralized zones contained the best values of tin and tantalum. Additionally, the results indicated that the schist also contained significant mineralization.
Hole #1 intersected the mineralized zone at 3 meters below the surface and the zone continued on for another 18 meters. The 18 samples taken over 18 meters contained an average as follows:
-0- *T
Tin 732ppm Tantalum 103.79ppm Lithium 80.88ppm
*T
"We are very encouraged by these assays. Results on Hole#1 confirmed prior data from the Spanish Institute of Mining. We believe this data substantiates that economical grades of tin and tantalum exist as well as a strong potential for Lithium, Gallium and Niobium which all have established markets. We also believe the results provide the basis for continuing an 'infill' drill program to increase the reserves then onto the metallurgy and feasibility with the intent of going into production. I expect to release further assays on the additional holes over the next few weeks," said Tracy Kroeker, chairman.
About the Golpejas Property:
The Golpejas property had previously been mined for Tin and Tantalum up until the early 1980s when markets saw tin prices collapse. This property has known reserves of Tin and Tantalum which is supported by data from the Spanish Institute of Mining and previous mining activity which indicates a significant tonnage of reserves with economic grades of Tin and Tantalum. The mineralization on the Golpejas property is exposed. With the recent increase in the prices of Tantalum and Tin and other rare metals, management is optimistic about the potential for this property. The company expects to further prove and expand the known reserves in order to re-establish mining operations at the Golpejas property.
About the Company:
Goldtech Mining is a junior exploration mining company currently developing a formerly producing tin mine west of Salamanca, Spain, known as the Golpejas Property. Goldtech seeks to capitalize on the high demand of tin and tantalum as well as other minerals.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward-looking statements are further qualified by other factors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.
--30--AA/ho*
CONTACT: Goldtech Mining Corporation
Tracy Kroeker, 780-498-2289
www.goldtechmining.com
KEYWORD: SPAIN INTERNATIONAL CANADA EUROPE
INDUSTRY KEYWORD: MINING/METALS
SOURCE: Goldtech Mining Corporation
Copyright Business Wire 2005
10Feb05 15:25 GMT
Symbols: de;GD9 us;GMNC us;GTMC
Source BW Business Wire
Categories: MST/I/MNG MST/I/SYS MST/L/EN MST/R/CA MST/R/ES MST/R/EU TGT/BWN
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