Michigan Gold Releases New Mineral Reserves Estimates of Their Anita Mine Prospectadmin
Michigan Gold Mining Investments Inc. 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.
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.”
The information herein and regarding economic, competitive, governmental, technological and other factors may constitute a “forward-looking statement” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, the Private Securities Litigation Reform act of 1995. While the Company believes that the assumptions underlying such forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking information will prove to be accurate. Accordingly, there may be differences between the actual results and the predicted results, and actual results may be materially higher or lower than those indicated in the forward-looking information contained herein. The release contains forward-looking statements with respect to the results of operations and businesses of Michigan Gold Mining Investments Inc., which involve risks and uncertainties. The company’s actual future results could materially differ from those discussed. Risks and uncertainties of the company will be detailed from time to time in the company’s periodic reports. The company intends that such statements about the company’s future expectations, including future revenues and earnings, and all other forward-looking statements, be subjected to the “safe harbor” provision of the Private Securities Litigation Reform Act of 1995.
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Source: Michigan Gold Mining Investments Inc.