Wednesday, November 21, 2012 6:10:20 PM
Tumi Resources confirmed huge value from the research of the Cinco Minas property and that a "scoping study" as indicated below was done…
http://www.prnewswire.com/news-releases/tumi-resources-limited---tumi-abandons-the-cinco-minas-project-jalisco-mexico-54443987.html
…Although a resource was established for Cinco Minas, the results of a scoping study previously undertaken by Behre Dolbear (see press release dated June 4, 2004) indicated a very high strip ratio for an open pit mining operation, such indication having been confirmed by in-house studies performed by the Company's technical consultants. …
Additionally, a review of an underground high-grade mining option gave resource numbers too low to be of interest to the Company, particularly when having to deal with a large number of historic open stopes.
a review of an underground high-grade mining option gave resource numbers too low to be of interest to the Company
The low reserves and the poor mining conditions are the reason Tumi wrote off $3 million and abandoned Cinco Minas and why it is still abandoned.
IG
