Greetings
Attached please find Manicouagan Minerals' News Release sent out Monday, January 30, 2012 entitled
MANICOUAGAN ANNOUNCES DETAILS OF VOTORANTIM'S UPCOMING DRILL PROGRAM ON ITS BRABANT LAKE ZINC PROPERTY IN SASKATCHEWAN.. A 20 hole drill program is planned on 20 priority targets
.. The proposed exploration budget is $500,000 for the first quarter.
Thank you for your interest in Manicouagan Minerals.
For further information please contact
Brian Carter
Interim CEO
briancarter@manicouaganminerals.com
Re:
Press Releases - Monday, January 30, 2012Title:
Manicouagan Announces Details of Votorantim's Upcoming Drill Program on its Brabant Lake Zinc Property in Saskatchewan
TORONTO, January 30, 2012 - Manicouagan Minerals Inc. (TSXV - MAM) is pleased to announce that Votorantim Metals Canada Inc. ("Votorantim") plans to commence its initial drilling program on the Company's Brabant Lake zinc property by the end of January. At least 20 holes are planned for a total of 2,750 metres. The exploration budget for the quarter is estimated at $500,000.
Votorantim has identified 20 primary drill targets from the 563 line-km airborne VTEM PLUS survey which Manicouagan conducted over the Brabant Lake Property in early 2011. Previous drilling on the Brabant Lake Property by Manicouagan was concentrated on the Brabant Lake zinc deposit. The current program is designed to test high priority targets on strike from the deposit.
The NI 43-101 resource estimate for the Brabant Lake zinc deposit, with an effective date of July 27, 2008, contains an indicated resource of 1,475,000 tonnes grading 9.18% zinc and an inferred resource of 2,975,000 tonnes grading 5.55% zinc. Both resources contain copper, lead, silver and gold (
see MAM Press Release dated March 7, 2011 for all the details).
To earn its 60% interest in the property, Votorantim paid Manicouagan $80,000 upon execution of the option/joint venture agreement and must make further cash payments to Manicouagan totalling $460,000 and staged expenditures on the project totalling $2,550,000 over the next three years. The Agreement also provides for an expenditure commitment of at least $300,000 in the first year. Upon Votorantim earning its 60% interest a joint venture will be formed whereupon future expenditures will be shared in proportion to each party's interest. Should either party's interest dilute to 10%, this interest will convert to a 2% Net Smelter Return. The non-diluting party has the option to purchase 50% of the NSR for $1,000,000.
Brian Carter, Manicouagan's Interim CEO, stated: "We are very excited to have Votorantim commence an active drilling program on our Brabant Lake Property. Our previous drilling concentrated on only 1 km of a prospective horizon that is some 16 kms in length."
About VotorantimVotorantim Metals Canada Inc. is a subsidiary of Votorantim Metais; a company that is part of the Votorantim Group that was founded in Brazil in 1918. The Votorantim Group operates in twenty countries and has over 40,000 employees. Votorantim Metais is the largest electrolytic-nickel producer in Latin America and one of the world's leaders in the production of zinc, aluminum and nickel.
About ManicouaganManicouagan Minerals Inc. is a Canadian based exploration company focused on advancing its gold projects in the Pickle Lake Gold Belt, Ontario. In addition to the Brabant Lake Zinc property in Saskatchewan, Manicouagan also has the Mouchalagane Nickel/Copper/PGE and HPM/Forgues Nickel/Copper/Cobalt projects in Qu�bec.
Manicouagan will be hosting Booth 3016 at the upcoming PDAC in early March.
Additional information about Manicouagan and its exploration projects can be found at
www.manicouaganminerals.com.
For further information contact:W. Brian Carter, Interim Chief Executive Officer
briancarter@manicouaganminerals.com(416) 542-3980
Or
investorrelations@manicouaganminerals.com Forward Looking Statements
All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of the Company, 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 the Company's expectations are exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
- Associated File: http://www.manicouaganminerals.com/i/pdf/2012/2012-01-30_NR.pdf
- 125 KB in size, approx. 24 seconds to download at 56.6Kbps
Copyright � 2012 MANICOUAGAN MINERALS INC. (MAM) All rights reserved. For more information visit our website at
http://www.manicouaganminerals.com/ or send email to
investorrelations@manicouaganminerals.com ..
Message sent on Mon Jan 30, 2012 at 7:18:12 AM Pacific Time
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Manicouagan Minerals Inc.
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CODE : MAM.V |
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Manicouagan Min. is a zinc and lead exploration company based in Canada. Manicouagan Min. develops zinc, lead, copper, nickel, palladium and platinum in Canada, and holds various exploration projects in Canada. Its main asset in development is MOUCHALAGANE in Canada and its main exploration properties are FORGUES, PICKLE LAKE, BRABANT LAKE ZINC and LAC MAUGUE in Canada. Manicouagan Min. is listed in Canada. Its market capitalisation is CA$ 2.6 millions as of today (€ 2.5 millions). Its stock quote reached its highest recent level on December 04, 2009 at CA$ 0.90, and its lowest recent point on December 14, 2012 at CA$ 0.02. Manicouagan Min. has 37 710 000 shares outstanding. |