Aurcana Files Technical Report on Updated Resource Estimate for La Negra Mine
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct 11, 2012) - Aurcana Corporation ("Aurcana" or the "Company") (TSX VENTURE:AUN)(AUNFF)(AUNFF) is pleased to announce that it has filed a technical report on SEDAR updating the resource estimate for La Negra Mine, the Company''s silver, zinc, lead, and copper mining operation in the State of Queretaro, Mexico (see AUN news release dated August 28, 2012). The updated mineral resource has been completed to NI 43-101 ("NI 43-101") standards.
A complete copy of the NI 43-101 technical report can be downloaded at www.sedar.com
Behre Dolbear and Company (USA) ("BEHRE DOLBEAR"), an independent mining consulting firm, prepared the resource estimate in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Standards. A summary of the new mineral resource estimate includes:
MEASURED AND INDICATED RESOURCES FOR ALL DEPOSITS AND ALL BLOCKS WITH A
MINIMUM RECOVERED VALUE OF US$40 AS OF FEBRUARY 29, 2012
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Classification Tonnes Average
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Silver Copper Lead Zinc
(g/t) (%) (%) (%)
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Measured 11,862,000 133.42 0.50 0.90 2.60
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Indicated 15,159,000 130.12 0.41 0.92 2.19
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Measured
plus
Indicated 27,021,000 131.31 0.49 0.91 2.36
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Classification In Situ Metal Quantities Average
---------------------------------------------------------------- Recovered
Silver Copper Lead Zinc Value
(oz)(1) (lb)(1) (lb)(1) (lb)(1) ($/t)(2)
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Measured 50,070,000 130,834,000 228,825,000 673,603,000 180.06
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Indicated 65,026,000 138,695,000 310,673,000 745,060,000 166.63
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Measured
plus
Indicated 115,096,000 269,529,000 539,498,000 1,418,664,000 172.53
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(1) Ounces and pounds of in situ metal are calculated using only resource
blocks with a recovered value of US$40 or greater.
(2) Metal prices and recoveries used for the average recovered value
estimate are calculated using a trailing 12-quarter average spot price
and actual recoveries as documented in the company's NSR reports from
January through May 2012 as follows: Silver - $28.29/84.87%;
Copper - $3.33/81.02%; Lead - $0.88/74.62%; Zinc - $0.84/70.66%.
Notes:
1.Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the estimated Mineral Resources will be converted into Mineral Reserves. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
2.The Mineral Resource was estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM"), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the Standards Committee on Reserve Definitions and adopted by the CIM Council on November 27, 2010.
Qualified Persons & Technical Report.
The Mineral Resource estimate and technical report was prepared for Aurcana Corporation by Behre Dolbear. The assignment was undertaken by Baltazar Solano-Rico, M.Sc., Geol. Eng. and Mrs. Betty Gibbs, E.M., MSc. both qualified persons ("QP") as defined under National Instrument NI 43-101 Standards of Disclosure for Mineral Projects.
Aurcana''s La Negra Mine
The La Negra mine was discovered and developed by Industriales Peñoles S.A. de C.V. The mine commenced production in 1970 and produced until the mine was put on care and maintenance in 2000. During this period Peñoles mined approximately 6,600,000 tonnes of ore producing 36 million ounces of silver, 323 million pounds of zinc, 70 million pounds of copper, and 161 million pounds of lead.
Aurcana acquired rights to La Negra In 2006 from Industriales Peñoles S.A. de C.V. At the time the operation was on care and maintenance. Aurcana Corporation placed it back into production by June, 2007 at a rate of 1,500 tonnes per day.
The operation at La Negra has expanded significantly since 2007 with the addition of a lead concentrator and increased milling capacity to 2,200 tpd, In Q2, 2012 silver production was 373,037 ounces of silver, a 44.9% increase over Q2, 2011.
La Negra mine is now milling at a rate greater than 2,200 tpd. A mill upgrade expansion to 2,500 tpd is currently in progress and is expected to be completed before 2013, with minimal capital expenditures.
The technical information contained in this news release has been reviewed by Nils Von Fersen, P.Geo, Vice President of Exploration of the Company. Mr. Von Fersen is a Qualified Persons ("QP") as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
About Aurcana Corporation:
The Shafter Silver Mine is scheduled to produce 3.8 million ounces of silver in the first full 12 months of operation. It has an NI 43-101 Measured and Indicated Resource of 24.6 million ounces of silver and an Inferred Resource of 22.8 million ounces of silver using a 4.0 ounce per ton cut off. The 99.9% owned La Negra silver-lead-zinc-copper mine produced over 1.87 million ounces of silver equivalent in the first nine months of 2012. Visit us at http://www.aurcana.com
Corporate
The Company''s shares are also traded in the United States on OTCQX under the symbol "AUNFF". Investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on http://www.otcqx.com and http://www.otcmarkets.com
ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION
Lenic Rodriguez, President & CEO
Contact:
Aurcana Corporation
Lenic Rodriguez
President & CEO
(604) 331-9333 or Toll Free: (866) 532-9333
Aurcana Corporation
Catalin Chiloflischi
Manager of Investor Communications
(604) 331-9333 or Toll Free: (866) 532-9333
(604) 633-9179
Aurcana Corporation
Gary Lindsey
Corporate Relations
(720)-273-6224
gary@strata-star.com
http://finance.yahoo.com/news/aurcana-files-technical-report-updated-120000312.html
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