Michigan Gold Releases New Mineral Reserves Estimates of Their Anita Mine Prospect
BAY CITY, MI--(MARKET WIRE)--Sep 12, 2006 -- Michigan Gold Mining Investments Inc.(Other OTC:MGGV.PK - News) is pleased to announce that it has updated the mineral reserve estimates on the Anita Mine prospect in Peru. The new estimates were calculated by Professional Engineer Andres Vera G. in his August geology report on the property. His results were reviewed by Michigan Gold's senior geologist Mike White. Mike White comments on Andres Vera's report:
The Anita property comprises 525 hectares (app. 1,300 acres) owned jointly by Mauro Espinoza and his company, Minera Paron S.A.C. Michigan Gold holds an option to purchase 100% of the property. The Anita Mine property lies 456 km north of Lima, Peru in the eastern Cordillera Negra and 10 km NW of the Pierina Mine. The Pierina Mine is owned by Barrick and produced 628,000 ounces of gold in 2005 with a cost of $139 per ounce. The Pierina mine is an open pit mine with current reserves of 1.9 million ounces of gold. Property evaluation and sampling of Anita was performed by geological engineer, Andres Vera G.
The property area is underlain by Tertiary Volcanics, mostly Calipuy andesites and intruded by subvolcanic siliceous diorite porphyry, thought to be the source of hydrothermal fluids that caused the prolific mineralization and alteration in the region.
The current work evaluated the Anita vein/ NE-SW Fault system that is exposed over 1,020 metres with an average width of 4.5 m. Average values from channel samples yielded values of 0.4 grams/mt Gold (Au), 4.50z/ton Silver (Ag), 2.5% Lead (Pb) and 1.8% Zinc (Zn). Previous/historical work had extracted 227,000 mT averaging 0.6g/t Au, 13oz/ton Ag, 8% Pb and 7% Zn.
Projected and Potential reserves within the Anita Vein System are reflected in the tables below:
Gold value Silver value Lead value Zinc value in Dollars in dollars in dollars in dollars ----------- ----------- ----------- ----------- Probable reserves 7,674,550 49,985,100 25,336,800 55,933,740 ----------- ----------- ----------- ----------- Prospective 23,023,650 149,955,300 76,010,400 167,801,220 ----------- ----------- ----------- ----------- Potential($) 30,698,200 199,940,400 101,347,960 223,734,960 ----------- ----------- ----------- -----------
Total Valuation in Dollars: $555,720,780:
The values used for metals were prices as of August, 2006. AU: $650/ounce AG: $12.10/ounce Pb: $1,104 per Metric Tonne Zn: $3,385 per Metric Tonne
In addition to the Anita vein system, there exists in the property a 660m x 300m, NW SE alteration zone with anomalous values of Au, Ag, Pb and As. Mineralization here occurs within altered, sulphide bearing stockworks of veinlets, lenses and disseminations. Alteration comprises Quartz stockwork and veinlets and argillaceous lenses formed by hydrothermal activity from diorite/granodiorite intrusions, structural activity and complex fracture systems. The alteration zone comprises an estimated 80 Million mT of low grade (anomalous) Au and Ag. To date only about 20% of the property has been evaluated.
Ben Fuschino, CEO of MGGV, reports, "These latest results from the Anita are stupendous. Our new potential mineral estimates are over seven times our previous estimate from the historical 227,000 metric tons. We have our geologists, Mike and Andres, working on an exploration plan such that we will increase our knowledge of the Anita geology and anticipate increasing our reserve estimates. Since we have only explored 20% of the Anita Mine to date, we are of the opinion that we have only scratched the surface of the Anita Mine potential."
someone posted on the site a while back that the company did not acquire any stakes in Peru. I can not find any PR stating that the company unloaded the Sta Anita prospect. I'm assuming now that they are not pursuing any ADDITIONAL claims in Peru but is holding on to the Sta Anita stake.
shouldn't the value of the minerals in the PR release above be included in the Ibox?
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