In competition with PTQ for resources?
Like a PHOENIX, CMR appears again...thoughts, comments?
From Geoffery Hall, Chairman.
"I am delighted to report that it has been officially announced by the Provincial Mining Authorities in Sevilla and Huelva, Spain that a highly significant mining permit to exploit metal resources at Masa Valverde in Western Andalucia has been awarded to Cambridge Mineria Espana SL, a wholly owned subsidiary of Cambridge Mineral Resources Plc. A company press release has been posted elsewhere on this website, giving further details of the awarded permit.
The award of this permit is the culmination of many months of hard work by the executive directors of CMR, and as chairman and on behalf of shareholders I thank them warmly for their intense efforts. Senor Navalon has carried out very important work, establishing a visible and positive presence for CMR in Spain; Michael Burton and Mark Slater have worked tirelessly to enable CMR to step up and exploit this new opportunity.
In the near term CMR will seek to fund the initial work on the permit by signing a Joint Venture Agreement with an International Mining Major. who would finance the first exploration phase on Masa Valverde and thereby earn-in to a share of the project. This is a commonly used source of funding for junior mining companies, and will allow Cambridge to prepare itself for the future. The company will be identifying further additional mining projects in the Masa Valverde region and will seek to expand operations thereby creating a regional mining business with a wide range of metal resource and a balanced future cash flow profile.
CMR will be undertaking a minor fund raising programme immediately to finance the company’s expenses over the next few months, and In order to pay our way in the later stages of the Masa Valverde project, CMR will need to consider a more substantial fund raise. This may include an IPO and a return to the markets, or there may be alternative ways forward. The Masa Valverde project is going to transform CMR into an active mining company once again."
Cambridge Mineral Resources plc
21 June 2013
ACQUISITION OF LARGE BASE-METAL RESOURCE AT MASA
VALVERDE, SPAIN
Cambridge Mineral Resources plc (“CMR” or “the Comp
any”), the mining exploration and development company, is pleased to announce that it has been informed by the Provincial Mining
Authorities of the Junta de Andalucía in Spain that the Company’s wholly-owned Spanish subsidiary Cambridge Mineria Espana SL is the successful applicant for mineral exploration permits on the Masa Valverde polymetallic volcanic-hosted massive sulphide deposit located in the central part of the Iberian Pyrite Belt in south-eastern Spain.
The acquisition of Masa Valverde adds a very significant resource to CMR’s asset base. The deposit of massive sulphide, semi-massive sulphide and cupriferous stockwork has a global
resource estimated at over 75 million tonnes of ore.
A preliminary resource model developed by CMR technical staff has enabled the following JORC inferred resources to be made:
Cut-off
Tonnage
Cu %
Pb %
Zn %
Ag g/t
Au g/t
S %
Zn 3% 11.95 m/t 0.57 1.28 4.30 41.9 0.86 46.47
Cu 0.5% 79.95 m/t 0.76 0.38 1.28 22.4 0.43 35.44
Au 1g/t 16.17 m/t 0.45 0.86 1.49 46.1 1.26 47.38
