MWM
14 years ago
XTIERRA RAISES $3.1 MILLION THROUGH EXERCISE OF WARRANTS
XTIERRA WILL START NEW DRILL PROGRAM AT BILBAO HIGH GRADE SILVER
TARGET
Dublin, 3 March, 2011 - Minco Plc (London AIM | MIO), reports that Xtierra Inc. yesterday announced
that all outstanding warrants with an expiry date of March 1, 2011 had been exercised to raise
proceeds of $3,108,000 (Canadian).
With the exercise of the 10,360,235 warrants, the issued and outstanding share capital of Xtierra is now
100,619,448 shares. There are 16,980,475 warrants and 4,830,000 options outstanding and “in the
money.” The proceeds of the warrant conversion brings Xtierra’s current working capital to
approximately $8.8 Million (Canadian).
Drilling at Bilbao
Xtierra will commence a new 2,500 metre drill program in early March 2011 to follow-up on a high
grade silver zone previously encountered along the western margin of the Bilbao deposit which is
believed to be structurally controlled. Previously reported (24 Sep. 2010) intersections of interest
included a 20.00 m wide zone averaging 90g/t Ag intersected in drill hole X85; a 1.0 m interval
averaging 860 g/t Ag in hole X84B; a 1.0 m interval averaging 528 g/t Ag and a 6.0 m interval averaging
847.5 g/t Ag (including 2.0 m at 2,400 g/t Ag) in hole X26.
A preliminary evaluation of the drill data suggests the presence of two parallel zones with elevated
silver (plus some gold) values. The silver-enriched zone extends over a strike length of at least 300
metres.
Qualified Person
Mr. Terence N McKillen, B.A. (MOD), M.A., M.Sc., P.Geo, Chief Executive Officer. Mr. McKillen is the
Qualified Person for the purposes of the AIM Guidance Note on Mining, Oil and Gas Companies dated
March 2006. Mr. McKillen is a graduate in Natural Sciences (Geology) from Trinity College Dublin and
holds a Master of Science degree in Mineral Exploration and Mining Geology from the University of
Leicester. He has 40 years of exploration experience in Ireland and internationally.
About Minco
Minco PLC is an AIM quoted precious and base metals exploration and development company
engaged in zinc-lead exploration on the Pallas Green property in Ireland in a joint venture with Xstrata
Zinc and investments in zinc-silver projects in Mexico through an equity holding in Xtierra Inc. listed on
the TSX Venture Exchange (Toronto) under the symbol “XAG”.
MWM
14 years ago
Minco plc
www.mincoplc.com
Minco Plc (Minco) is a precious and base metals exploration and development company with silver projects in Mexico and zinc exploration in Ireland. Minco’s 23.6% jointly controlled operation with Xstrata Zinc covers exploration licenses, totaling 294 square kilometers located at Pallas Green between Limerick and Tipperary. Drilling has resulted in the discovery of four sulphide lenses at Castlegarde, Tobermalug, Caherconlish South and Srahane West. The Pallas Green Property near Limerick is a zinc-lead exploration project and had 13 drilling rigs operating as of December31, 2007. In July 2007, Minco incorporated a Canada-based subsidiary, Orca Minerals Limited (Orca), to hold interests in the Bilbao, Laguna and Zacatecas exploration properties. On June 14, 2007, the Company announced the sale of its 50% interest in Minera Sisa to Silverex SA de CV, a Mexican Company allied to Minco’s existing partner on the project. .
NYBob
15 years ago
XTIERRA REPORTS METALLURGICAL RESULTS ON OXIDE RESOURCES AS PART OF ITS BILBAO FEASIBILITY STUDY
Toronto, January 14, 2010,
Xtierra Inc. -
(TSXV – XAG) (“Xtierra” or the “Company”), is pleased to announce
that it has completed oxide metallurgical test work as part of a
Feasibility Study being conducted on Xtierra’s 100% owned Bilbao
silver-zinc-lead-copper deposit located in the Central Mineral Belt
of Mexico in the State of Zacatecas and is now proceeding to
implement a pilot plant test program.
The work was carried out at the Metallurgical Institute in San Luis Potosí.
Commenting on the Bilbao Oxide Metallurgical Test Results, Xtierra’s President & CEO, Terence McKillen said, “The oxide test results are extremely positive and indicate that we have a practical and economic solution to the processing and recovery for the oxide resources which represent approximately 40% of the total resource potential at Bilbao. More importantly, it allows us to focus on open pit mining methods for the initial development of Bilbao, including all of the oxide and transition resources with the potential of extracting a significant portion of the sulphide resources before underground development.”
The objective of the oxide metallurgical study was to develop a process for the recovery of silver, zinc, lead, copper and gold to commercially acceptable levels. The process involves crushing and grinding all run-of-mine material to 80% -200 mesh and then removal of 40-50% of the volume of material (pre-concentrating) using a high intensity magnetic separator (HIMC). This results in a significant reduction in the material requiring downstream processing. The non-magnetic concentrate, containing the majority of the payable metals, is then subject to processing including sulphuric acid leaching to recover copper and zinc metal; flotation to recover lead and silver in a concentrate; and cyanide leaching to recover gold and silver.
The flow sheet design exhibits a number of advantages which are anticipated to impact positively on operating and capital costs. Acid consumption represents one-third of that required without the HIMC process. Transportation and smelting costs are reduced as lead concentrate is the only product requiring smelting and it will contain only lead and a percentage of the silver. All of the other contained metals are recovered as direct metal products and doré. Savings in capital cost result from a 40-50% reduction in the size capacity of downstream processing equipment. In addition, the 40-50% magnetic reject from the HIMC process contains 35% iron oxide which may be a marketable product to the cement industry.
The metal recoveries from the metallurgical test work on the oxide material include:
Zinc 61.2%
Lead 41.0%
Silver 66.7%
Copper 71.0%
Gold 55.0%
Even though these appear to be low recoveries relative to recoveries in a conventional flotation process on sulphide ores, the resulting gross values are expected to be similar since pure metal is produced in all cases other than lead and the smelting/refining process is circumvented. Additional optimization will occur during the pilot plant test program which will begin in February 2010.
Test work on the primary sulphide and transition (mixed oxide and sulphide) resources is currently in progress with encouraging results to date. Sulphide resources will be processed utilizing a conventional flotation flow sheet.
Qualified Person
Information of a scientific or technical nature contained in this release has been prepared by or under the supervision of Gerald Gauthier, P.Eng., the Chief Operating Officer of the Corporation and a Qualified Person within the meaning of National Instrument 43-101 of the Canadian Securities Administrators.
About Xtierra Inc.
Xtierra Inc. is a Toronto based exploration and development company listed on the TSX Venture Exchange. Xtierra’s shares trade under the symbol “XAG”. Xtierra has 49,862,003 shares issued and outstanding. Xtierra is conducting a feasibility study on its 100% owned Bilbao silver-zinc-copper project in Zacatecas, Mexico. Xtierra’s objective is to become a mid-tier producer of precious and base metals through the development of its Bilbao and Laguna projects, both located in the Central Mexican Mineral Belt in the State of Zacatecas, as well as through exploration, organic growth and M & A opportunities.
This news release may include certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization, resources and reserves, exploration results, and future plans and objectives of Xtierra, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Xtierra’s expectations are exploration risks detailed herein and from time to time in the filings made by Xtierra with securities regulators.
Neither the 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 the accuracy of this release.
For further information visit www.xtierra.ca or contact:
Terence N. McKillen, President & Chief Executive +1 (416) 362-8243
Tim Gallagher, Director +1 (416) 925-0090
Alejandro Alaniz, Director Finance & Administration (Mexico) + 52 (492) 925-0804
Brett Whitelaw +1 (778) 836-5891
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