Angus Mining (Namibia) Inc. Strategic and Corporate Update
10 November 2011 - 10:00PM
Marketwired Canada
Angus Mining (Namibia) Inc. ("Angus Mining" or the "Company") (TSX VENTURE:ANA)
is pleased to provide a strategic and corporate update related to the Ondundu
Gold Project ("Ondundu"), and the Company's majority ownership stake in Silver
Reef Resources Ltd. ("Silver Reef").
Silver Reef
On August 8th, 2011, Angus Mining completed the acquisition of a 68% stake in
the undiluted share capital of Silver Reef, a privately held company, through
the purchase of 20.5 million units. Silver Reef has the option to earn a 100%
ownership stake in eight land packages in Central and South-Eastern Nevada, the
largest and most prospective of which are Freiberg (6,640 acres) and Reveille
(6,620 acres). Both projects have been mined previously for silver and gold,
through a combination of open-pit and underground methods.
At Freiberg, development continued until 1981, after which operations were
halted due to declining silver prices. Highlights from an eight-hole drilling
program completed in 1981 at the Incline Ore Body Zone are presented below in
Table 1:
Table 1
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DDH From, ft To, ft Au Oz/t Ag Oz/t
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FRE 81-3 45 55 nil 5.33
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155 165 0.03 42.04
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165 175 0.05 6.96
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FRE 81-4 160 170 nil 17.01
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FRE 81-5 220 225 nil 11.1
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FRE 81-6 95 100 0.013 14.44
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290 295 0.01 18
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FRE 81-7 90 100 0.03 9.72
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FRE 81-8 205 210 0.015 2.39
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210 215 0.024 2.1
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FRE 81-10 90 100 nil 14.44
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170 190 0.01 2.29
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190 195 0.04 9.62
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195 200 0.05 7.92
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200 210 0.06 15.21
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The previous operators did not systematically assay for copper, lead or zinc. As
a result, Silver Reef collected and sent for assay eighteen samples from across
the Freiberg property, including three samples from the dumps at Smelter Shaft,
one of many historically mined zones at Freiberg. These samples were selected
and assayed as indications of the presence and distribution of mineralization.
The results are presented below in Table 2:
Table 2
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Sample Ag Au Cu Pb
_ID UTM_E UTM_N Area (ppm) (ppm) (%) (%) Zn (%) W (ppm)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
23051 greater
than
622907 4200814 Zinc Showing 15.75 0.027 tr 0.05 30.0 5.3
----------------------------------------------------------------------------
23052 Northeast
623794 4201314 Claims 2.41 0.016 tr 0.02 0.06 1.5
----------------------------------------------------------------------------
23053 Northeast
623794 4201314 Claims 1.56 0.006 tr 0.01 0.06 0.5
----------------------------------------------------------------------------
23054 Northeast
623757 4201296 Claims 8.42 0.026 tr 0.04 0.10 0.9
----------------------------------------------------------------------------
23055 less
Tungsten than
621971 4202144 Showing 0.41 0.001 tr tr 0.07 1670
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23056 Tungsten
622002 4202146 Showing 0.54 0.009 tr tr 5.92 1260
----------------------------------------------------------------------------
23057 Tungsten
622103 4202000 Showing 0.25 0.023 tr tr 0.02 25.8
----------------------------------------------------------------------------
23058 Eastern
624229 4200756 Claims 142 0.109 0.14 8.11 18.65 8.7
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23059 Eastern
624226 4200723 Claims 224 0.14 0.26 14.55 29.30 2.4
----------------------------------------------------------------------------
23060 Eastern
624226 4200723 Claims 71.1 0.057 0.08 1.94 7.15 2.5
----------------------------------------------------------------------------
23061 Eastern
624226 4200723 Claims 8.99 0.004 0.01 0.54 1.48 0.5
----------------------------------------------------------------------------
23062 Eastern
624226 4200723 Claims 53.3 0.022 0.20 0.43 2.36 0.6
----------------------------------------------------------------------------
67346 Southcentral
623784 4199461 Claims 28.2 0.055 tr 5.80 25.40 0.3
----------------------------------------------------------------------------
67349 Eastern
624320 4199772 Claims 245 3.62 0.13 12.8 4.17 1.5
----------------------------------------------------------------------------
67350 622916 4200844 Zinc Showing 3.4 0.006 tr 0.03 0.21 14.6
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67206 Smelter
624331 4198178 Shaft 205 0.048 2 8.74 24.80 1.2
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67207 Smelter
624333 4198180 Shaft 95 0.024 4.19 3.42 12.55 0.7
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67208 greater
Smelter than
624328 4198183 Shaft 35 0.044 0.31 0.78 30.0 5.6
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----------------------------------------------------------------------------
Silver Reef completed an airborne geophysics survey over both Freiberg and
Reveille properties in Q3 of 2011, and is scheduled to commence a 2,000 meter
diamond drill campaign at Freiberg in November 2011. Silver Reef has targeted
and permitted 28 drill holes at Freiburg, split between the Smelter Shaft Zone
and the Incline Ore Body Zone, and has contracted a drill crew. Silver Reef is
fully financed through the first stage of drilling at Freiberg.
Angus Mining CEO, Fraser Buchan comments: "Angus Mining is encouraged by the
early work completed by Silver Reef, and believes the company has identified
several high probability silver, poly-metallic targets at Freiberg and Reveille
following extensive geophysical survey and mapping/sampling programs. The drill
program set to commence at Freiberg will test the extent of mineralization at
two previously mined zones, and test the potential for reactivating mining
operations. Angus Mining looks forward to re-focusing its attention to Nevada,
and to providing results to the market this quarter."
Ondundu Gold Project
Angus Mining has completed the first stage of exploration drilling at the
Ondundu Gold project in Namibia and currently has no ongoing activities in the
country. The Company is in discussions with its joint venture partner, Forsys
Metals Corp., with the view of creating the most value in relation to the
Ondundu Gold Project. Such alternatives may include Angus Mining returning part
of its interest in the Project and operatorship to Forsys. Angus Mining expects
to provide an update to the market regarding Ondundu in Q4 of 2011.
Currently, the Company is focused on Silver Reef, and the drill program at Freiberg.
About Angus Mining
Angus Mining is a Canadian based precious metals exploration company focused on
developing various silver properties in Nevada through its ownership in Silver
Reef and the Ondundu Gold Project in West-Central Namibia via a joint venture
agreement with Forsys Metals Corp. The Company's goal is to deliver superior
shareholder returns by identifying, acquiring and developing high quality assets
in a safe and socially responsible manner.
Quality Assurance/Quality Control
Gary DeSchutter, M.Sc., P.Geo. is the qualified person under National Instrument
43-101 who has supervised the preparation of and verified the technical
information presented in this press release.
Angus Mining and Silver Reef both adhere to rigorous QA/QC program across all
aspects of the sampling and analysis process. All assay samples are handled by
independent courier companies, and are processed by independent laboratories.
All drill, trench, and grab samples are logged and split for future reference.
Forward-Looking Statements
This release contains certain "forward looking statements" and certain
"forward-looking information" as defined under applicable Canadian and U.S.
securities laws. Forward- looking statements can generally be identified by the
use of forward-looking terminology such as "may", "will", "expect", "intend",
"estimate", "anticipate", "believe", "continue", "plans" or similar terminology.
Forward-looking statements are based on forecasts of future results, estimates
of amounts not yet determinable and assumptions that, while believed by
management to be reasonable, are inherently subject to significant business,
economic and competitive uncertainties and contingencies. Certain of the
statements made herein by the Company are forward- looking and subject to
various risks and uncertainties, both known and unknown, many of which are
beyond the ability of the Company to control or predict. Known and unknown
factors could cause actual results to differ materially from those projected in
the forward-looking statements. Forward-looking information is subject to known
and unknown risks and uncertainties that may cause the Company's actual results,
performance or achievements may be materially different from those expressed or
implied by such forward-looking information, and are developed based on
assumptions about such risks, uncertainties and other factors set out here in,
including but not limited to the inherent risks involved in the exploration and
development of mineral properties, the uncertainties involved in interpreting
drill results and other exploration data, the potential for delays in
exploration or development activities, the geology, grade and continuity of
mineral deposits, the possibility that future exploration, development or mining
results will not be consistent with the Company's expectations, accidents,
equipment breakdowns, title matters, labour disputes or other unanticipated
difficulties with or interruptions in operations, fluctuating metal prices,
unanticipated costs and expenses, uncertainties relating to the availability and
costs of financing needed in the future, regulatory restrictions, including
environmental regulatory restrictions and liability, competition, loss of key
employees, risks inherent to conducting business activities in the developing
world and other related risks and uncertainties. The Company undertakes no
obligation to update forward-looking information except as required by
applicable law. Such forward-looking information represents management's best
judgment based on information currently available. No forward-looking statement
can be guaranteed and actual future results may vary materially. Accordingly,
readers are advised not to place undue reliance on forward- looking statements
or information.
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