Sacre-Coeur Minerals Ltd.

Published : November 12th, 2008

COMPLETES INITIAL ASSESSMENT OF ITS GUYANA EXPLORATION PORTFOLIO AND PRIORITIZES ADVANCEMENT OF THE

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Sacre-Coeur Minerals

Sacre-Coeur Minerals, Ltd.
Suite 1925, Box 11553
650 West Georgia Street
Vancouver, BC
V6B 4N8

FOR IMMEDIATE RELEASE

 

November 12, 2008                                                                                                       TSX: SCM.V

                                                                                                                                    Frankfurt: S5N

 

SACRE-COEUR COMPLETES INITIAL ASSESSMENT OF ITS GUYANA EXPLORATION PORTFOLIO AND PRIORITIZES ADVANCEMENT OF THE MILLION MOUNTAIN PROJECT

WHILE CONSERVING CASH DURING ECONOMIC TURNDOWN

 

 

VANCOUVER, British Columbia - SACRE-COEUR MINERALS, LTD. (the "Company") today announced a strategic restructuring of its exploration programs in Guyana to prioritize development of its  advancing Million Mountain Project, as well as a series of steps to conserve cash.  Exploration will continue on a more limited basis on other priority targets within its portfolio in Guyana.  The restructuring reflects management's assessment of the optimal strategy for increasing shareholder value in the present difficult world economic environment, based upon information developed in its Guyana exploration program over the past three years. 

 

 

In September, 2008, the Company released its NI 43-101 compliant interim resource estimate of 451,397 measured and indicated tr oz Au contained in Zone 1 near surface at its Million Mountain Project in Guyana.  In the same release, the Company also announced identification of seven additional highly prospective mineralized zones in close proximity, along a trend with the original Zone 1 discovery.   These seven additional zones of anomalous gold cover a surface area in aggregate more than 20 times the mineralized target area defined by Zone 1. Together, these eight zones comprise a mineralized target with world class potential. In addition to its potential to host a commercial deposit of significant size, the project exhibits relative ease of access from the capital city of Georgetown, has a large and well developed permanent work camp, has a minimum of environmental complexities, and is the subject of a large body of technical data which the Company has now developed.   As such, the Million Mountain Project is considered by management to be the Company's highest priority for immediate development and the focus for its expenditures in the next year.

 

Given the very difficult state of the world economy, and of the junior resource equity market in particular, the Company's management and Board have revised its strategy to maximize opportunities for near term success while conserving cash through the expected period of downturn.  In addition to prioritizing development of the Million Mountain Project, the Company is suspending grassroots exploration and target generative programs elsewhere in its portfolio. This strategic shift will permit the Company to reduce its exploration staff in Guyana by some 194 persons to 27 % of past level.  The reduction in staff will include not only local support workers but expatriate geologists as well, which will be reduced 64% from 14 to 5 effective January 1, 2009.  Field work will be consolidated out of the Company's main Lower Puruni District Camp, located at the Million Mountain Project, to further reduce operating costs. Two core drills which have recently been operating on the Company's properties by third party contractors will be demobilized, leaving two Company-owned rigs available for operation in 2009 by our own drillers.  

 

Over the past three years, the Company has conducted extensive studies of its seven regional blocks in Guyana, comprising approximately 2360 sq km of property.  These studies have included broadbased geochemical and geophysics studies, mapping, sampling and other field reconnaissance work, together with desk-top studies.  Based on this work, the Company has prioritized its holdings which it believes  to have sufficient resource potential to justify further investigation, while segregating those holdings which it does not believe have significant potential to host a commercial deposit.    As a result of this work, the Company will be relinquishing before yearend nearly 50% of its existing property portfolio in Guyana. Further details will be provided after finalization of the property reductions and filing with the Guyana Geology and Mines Commission. 

 

According to Greg Sparks, P.Eng., Senior V.P and head of the Company's Guyana program, "While retrenchments are never pleasant, this market driven situation has provided the opportunity for us to rationalize our program to ensure that we are going about our business as efficiently as possible.  As a result of the excellent exploration work by our technical team over the past three years, we have been able to make some difficult but informed decisions concerning downsizing of our overall portfolio and prioritization  of the Million Mountain Gold Project.  We are one of the fortunate junior companies with ample cash to continue to advance its key project and continue to add intrinsic value to its stock.  We are taking all steps necessary to meet the current market conditions proactively by reducing our total burn rate to approximately CAD $250,000 per month. With cash on hand of approximately CAD $5.7 million management expects that though this down turn could be protracted, the Company will emerge intact and with greater value-added."

 

About Sacre-Coeur

 

The Company is engaged in the acquisition, exploration and development of properties for the potential mining of gold, metals and diamonds in South America, initially focussing on exploration for gold on its properties in Guyana. The Company presently has an interest in approximately 850 square miles of mineral properties in Guyana, including the Million Mountain Property. The Company has offices in Vancouver, Canada and Georgetown, Guyana.  More information about the Company is available at <www.scminerals.com>.

ON BEHALF OF THE BOARD OF DIRECTORS OF
SACRE-COEUR MINERALS, LTD.

 "Irwin A. Olian"        
Irwin A. Olian

CEO and Chairman

For further information, contact:

 

 

Irwin Olian, President and CEO

Email: tigertail@scminerals.com

Phone: 604-899-0100

Fax: 604-899-0200

 

Lee Dunston, Corporate Communications

Email:  ldunston@scminerals.com

Phone: 604-899-0100

Fax: 604-899-0200

 

 

 

Carrie Howes, Corporate Communications - London

Email: carrie@totumos.com
Phone: +44-7780-602-788

 

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the information contained herein.  The statements made in this press release may contain certain forward-looking statements that involve a number of risks and uncertainties.  Actual events or results may differ from the Company's expectations.

 

 



.
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Sacre-Coeur Minerals Ltd.

EXPLORATION STAGE
CODE : SCM.V
CUSIP : 786178
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Sacre-Coeur Min. is a gold exploration company based in Canada.

Sacre-Coeur Min. holds various exploration projects in Guyana.

Its main exploration properties are MILLION MOUNTAIN, NORTHWEST GOLD, KARTUNI and NORTHWEST REGIONAL BLOCK in Guyana.

Sacre-Coeur Min. is listed in Canada and in Germany. Its market capitalisation is CA$ 994 050 as of today (US$ 830 827, € 701 218).

Its stock quote reached its highest recent level on April 27, 2007 at CA$ 3.60, and its lowest recent point on August 15, 2014 at CA$ 0.01.

Sacre-Coeur Min. has 66 269 996 shares outstanding.

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Financings of Sacre-Coeur Minerals Ltd.
9/19/2013REPORTS NEGOTIATION OF US $10 MILLION FINANCING
3/15/2011 Closes $2.575 Million Private Placement
2/17/2011Announces Private Placement
4/28/2010closes $1,225 million private placement
4/13/2010Announces private placement
8/30/2008CLOSES $1.550 MILLION PRIVATE PLACEMENT
8/29/2008ANNOUNCES ADDITIONAL PRIVATE PLACEMENT
8/15/2008CLOSES FURTHER $4.125 MILLION PRIVATE PLACEMENT; GUYANA PROG...
8/6/2008 ANNOUNCES PRIVATE PLACEMENT
8/9/2008CLOSES $3.625 MILLION PRIVATE PLACEMENT
Option Grants of Sacre-Coeur Minerals Ltd.
1/28/2009GRANTS STOCK OPTIONS
Nominations of Sacre-Coeur Minerals Ltd.
1/18/2012ANNOUNCES APPOINTMENT OF MR. JOHN BOOTH AS DIRECTOR, AND ELE...
Project news of Sacre-Coeur Minerals Ltd.
7/29/2013Prime Equity Research - Buy Target $0.64 (CA: SCM.v or US:...
6/20/2013REPORTS RESULTS FROM GUYANA METALLURGICAL TEST HOLES: LENGTH...
10/16/2012ANNOUNCES TWELVE WEEK ELLUVIAL/ALLUVIAL GOLD PRODUCTION FIG...
8/1/2012(Million Mountain)ARRANGES EQUIPMENT SALE TO RIVERSIDE RESOURCES: AIMS AT DEV...
3/23/2011(Million Mountain)Drill Testing Targets for Expansion of Million Mountain Zone...
1/5/2009(Kartuni)COMPLETES PRIORITIZATION AND RESTRUCTURING OF ITS GUYANA PRO...
12/12/2008(Million Mountain)DISCOVERS PORPHYRY-TYPE AU, CU, MO MINERALIZATION AT MILLION...
11/12/2008(Northwest Regional Block)COMPLETES INITIAL ASSESSMENT OF ITS GUYANA EXPLORATION PORTF...
7/14/2008(Northwest Regional Block)COMMENCES DRILLING KEY TARGETS AT NORTHWEST GOLD PROJECT
2/26/2008(Northwest Regional Block)NEW TRENCH AND PIT DATA EXPANDS HIGH-GRADE ZONE AT SACRE-COE...
Corporate news of Sacre-Coeur Minerals Ltd.
8/26/2013Event Driven Trading Opportunity in Sacre-Coeur Minerals as ...
5/17/2013Article on Sacre-Coeur Minerals written by ProactiveInvestor...
5/6/2013Article on Sacre-Coeur Minerals (TSX-V: SCM, US-OTC: SCRMF)
3/29/2013March News (TSX-V: SCM - OTC: SCRMF)
3/14/2013targets $40mln a year cash flow (TSX-V: SCM, market cap $12...
2/7/2013ENGAGES DEDICATED INVESTOR RELATIONS COORDINATOR
10/5/2012CLOSES FIRST TRANCHE OF BROKERED OFFERING
2/6/2012ANNOUNCES ARRANGEMENT OF $650,000 CREDIT FACILITY
12/15/2011ANNOUNCES FORMATION OF CONTRACT DRILLING DIVISION
6/2/2011JOIN SACRE - COEUR MINERALS AT THE 2011 WORLD RESOURCE INVES...
2/1/2011Grants Severstal Two Week Extension
1/23/2009ENGAGES SCOTT YOUNG FOR INVESTOR RELATIONS TEAM
1/15/2009SHALLOW PROSPECT DRILLING AT SACRE-COEUR?S NORTHWEST DISTRIC...
7/7/2008ADDS SEVEN NEW TARGET ZONES AT MILLION MOUNTAIN ? DRILLING U...
11/19/2007FORMAL AGREEMENT CONCLUDED FOR TRANSFER OF MILLION MOUNTAIN ...
5/23/2007RECEIVES $1.8 MILLION FROM RECENT WARRANT EXERCISES
5/14/2007250 METER STEPOUT TO SOUTH YIELDS BROAD LOW GRADE ZONE; INTE...
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