FOR IMMEDIATE RELEASE
FRANKFURT: S5N FORMAL AGREEMENT
CONCLUDED FOR TRANSFER OF MILLION MOUNTAIN TITLE
TO SACRE-COEUR AND CONVERSION TO LARGE SCALE
PROSPECTING LICENSE
VANCOUVER, British
Columbia – SACRE-COEUR MINERALS,
LTD. (the
“Company”) today announced that
pursuant to the terms of its Mining Agreement with
Mr. Alfro Alphonso, it has exercised its right to
convert six of the medium scale properties which
had been held in trust for the Company by Mr.
Alphonso to one large scale Prospecting License to
be held directly in the name of the
Company. The converted area
comprises approximately 31.2 sq km of contiguous
property upon which the main zone of the Million
Mountain Gold Project is situated.
The election to exercise this conversion
privilege was based on continued favourable
drilling results from the on-going core drilling
program, encouragement from our regional
exploration work in the area, and anticipated
completion in Q1 2008 of an initial NI 43-101
compliant resource estimate. In addition to executing
documents to effect the foregoing conversion of
the underlying licenses to a large scale
Prospecting License, formal documents were
executed to transfer legal title to Million
Mountain directly into the name of the
Company. Such documents were
signed by the Company, Mr. Alphonso, and Prime
Minister Samuel Hinds of Guyana on November 14,
2007. The Prime Minister is the
Chief Executive Officer of the Mining Sector for
the Cooperative Republic of Guyana.
Formal issuance of the large scale
Prospecting License in the name of the Company is
expected shortly after completion of ministerial
documentation by the Guyana Geology and Mines
Commission and publication of notice of the
impending action in the Official Mining
Gazette. Notwithstanding
conversion of the property to large scale and
transfer of title into the name of the Company,
the converted property remains subject to
re-conveyance to Mr. Alphonso in the event the
Company fails to meet certain obligations under
the Mining Agreement. The Company and Mr.
Alphonso also have executed an amendment to the
Mining Agreement between the parties which covers
over 2,210 sq km of prospective mineral properties
in Guyana. The amendment
provides for extension of Mr. Alphonso’s
right to mine alluvial gold from the
Company’s properties, subject to certain
restrictions, payment of a royalty by Mr. Alphonso
to the Company, and to the Company’s
absolute right to pre-empt Mr. Alphonso’s
activities in favour of activities by the
Company. In addition, the
amendment clarified some minor ministerial aspects
of the Mining Agreement. According to Irwin Olian,
CEO of the Company, “We are delighted with
progress on the ground at Million Mountain as our
geological team continues to advance the
project. Conversion to large
scale status and transfer of title to the Company
will facilitate financing and development, and
represent important steps forward.
We continue to value highly our
relationship with Mr. Alphonso, who has proven
himself to be a strong and able partner working
constructively with the Company to accelerate
development of our portfolio in
Guyana.”
Technical
Staff The Company’s
exploration program is overseen by Gregory B.
Sparks, P. Eng., Senior Vice President Mining and
Exploration for the Company, along with the
project geologic staff including Henry Salvado,
Chief Geologist Puruni Region, Alan Davies, P.
Eng., P.Geo., Senior Project Geologist, J.C. Toro
Taylor, Senior Project Geologist, and Raul
Esccarachi, Senior Project Geologist, and Bjorn
Jeune, Project Geologist. All
except Mr. Jeune are all Qualified Persons under
NI 43-101. Mr. Ardito
Martohardjono, a Director of the Company and
laboratory specialist, provides assistance
establishing lab protocols and sample handling and
assay quality control.
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
Olian”
Irwin Olian
Chairman &
CEO
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 |
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.
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