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
----------------------------------------------------------------------------
----------------------------------------------------------------------------
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
----------------------------------------------------------------------------
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
----------------------------------------------------------------------------
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
----------------------------------------------------------------------------
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
----------------------------------------------------------------------------
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
----------------------------------------------------------------------------
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
----------------------------------------------------------------------------
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
----------------------------------------------------------------------------
67206 Smelter
624331 4198178 Shaft 205 0.048 2 8.74 24.80 1.2
----------------------------------------------------------------------------
67207 Smelter
624333 4198180 Shaft 95 0.024 4.19 3.42 12.55 0.7
----------------------------------------------------------------------------
67208 greater
Smelter than
624328 4198183 Shaft 35 0.044 0.31 0.78 30.0 5.6
----------------------------------------------------------------------------
----------------------------------------------------------------------------
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.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Contacts: Angus Mining (Namibia) Inc. Fraser Buchan President
and CEO (416) 640-1933fbuchan@83yonge.com
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