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Oracle Mining Provides Oracle Ridge Design and Drilling Update
OCT 26, 2011 - 06:00 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 26, 2011) - Oracle Mining Corp. ("Oracle Mining" or the "Corporation") (TSX VENTURE:OMN)(OTCQX:OMCCF) is pleased to announce an update on its processing plant engineering and design work as well as its drilling activities at the Corporation's Oracle Ridge Copper Mine in southern Arizona.
Metallurgical testing to validate design assumptions and detail engineering is nearly complete, with the grinding work index studies, mineralogy, flotation, thickening and filtration studies in final stages of testing and approximately 95% complete. A final comprehensive report is expected in November.
The tailings impoundment area design is 60% complete and will support the design of a 10-million-ton dry stack tailing impoundment facility, which is adequate for the planned production. The tailings facility design is ready for the final stage of engineering.
Engineering and design work is on schedule and is approximately 40% complete. The plant design and economic study is based on a 2,000 tons-per-day processing facility and related facilities including the tailings impoundment. The process design will use SAG/ball mill grinding followed by flash and conventional froth flotation for recovery of copper and precious metals. A copper concentrate will be thickened and filtered for transport. Preliminary production estimates indicate that approximately 140 tons of high-grade copper concentrate could be produced on a daily basis.
The Corporation last reported assay results of 10 holes on October 19, of which seven holes intersected high-grade copper mineralization in areas extending beyond the previously known mineralization. Highlights include 24 feet of 3.09% copper in Drill Hole ODH006, 30 feet of 3.45% copper in ODH007 and 35 feet of 2.70% in ODH008. Please see the media release "Oracle Mining intercepts more high-grade copper at Oracle Ridge" dated October 19, 2011, for more information.
At present, there are three surface drill rigs on site conducting confirmation drilling to validate the historic resource. The successful completion of the validation program will allow the Corporation to undertake a NI 43-101 compliant resource estimation. Results to date compare well with the historic data.
The technical information in this media release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by Glenn R. Clark, P.Eng., of Glenn R. Clark & Associates Limited, and John I. Kyle, PE, of Lyntek, Inc., both consultants for Oracle Mining and Qualified Persons under NI 43-101, who are responsible for the technical information reported herein.
About Oracle Mining Corp.
Oracle Mining Corp. (TSX VENTURE:OMN)(OTCQX:OMCCF) is a Vancouver, Canada-based corporation with a focus on uncovering overlooked deep-value projects to achieve superior shareholder returns. The Corporation is the sole owner and operator of Oracle Ridge Mining LLC and copper mine located 24 km northeast of Tucson, Arizona. Oracle Mining has cash on hand of approximately $12 million, minimal long-term debt and is managed by an experienced team of mining professionals with extensive operating and financial experience.
Forward-looking Statement Disclaimer
This document may contain "forward-looking statements" within the meaning of Canadian securities legislation. These forward-looking statements are made as of the date of this document and Oracle Mining Corp. (hereinafter referred to as the "Corporation") does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect management of the Corporation's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, commodity prices, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology.
By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Corporation's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Oracle Mining Corp.
Mr. Alex Langer
Oracle Mining Corp.
Mr. Jason Mercier