La Mancha Resources

Published : July 05th, 2007

Frog?s Leg?s Resource Nearly Doubles

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

Montreal, July 5, 2007
All amounts are expressed in CA dollars, unless otherwise indicated.

FROG'S LEG'S RESOURCE NEARLY DOUBLES


HIGHLIGHTS:

� Measured and indicated resource increase by 95% to 723,000 ounces of gold
� Drilling continues at Frog's Leg
� Updated feasibility study expected for September 2007
� Preliminary stages of portal development to be inaugurated tomorrow

La Mancha Resources inc. (TSX:LMA, thereafter "La Mancha" or the "Company") is pleased to announce that the Measured and Indicated ("M&I") resource at its Frog's Leg gold project has increased by more than 95% compared to the resource estimated as of December 31, 2006. As of June 25 2007, Frog's Leg M&I resource is 723,000 ounces of gold (368,700 oz attributable to La Mancha), compared to 369,000 ounces of gold (188,000 oz ounces attributable to La Mancha) as of December 31, 2006.

Michel Cuilh�, Chairman and CEO of La Mancha commented: "Frog's Leg is moving from being a very good project to a great mine. We are very excited with the results of the resource update. We are confident that this sharp increase in resource will have a significant impact on the profitability of the project. While we are beginning to develop the mine, we are continuing to get very encouraging results from our exploration program."

 As of June 30th 2007

 

Tonnes

Grade

Ounces

Measured

972,000

7.1

222,000

Indicated

 

2,249,000

6.9

501,000

Total Measured & Indicated

3,221,000

7.0

723,000

Inferred

 

1,136,000

5.7

209,000









This increase can essentially be attributed to two factors: A) the conversion of inferred resource to the M&I category due to the infill drilling that has taken place since October 2006 and B) the complete re-evaluation and interpretation of the Frog's Leg ore bodies during this same period.

This M&I resource primarily reflects the success of the continued drilling of the Frog's Leg deposits since October, with the conversion of the large Inferred areas of the Fog and Mist ore bodies to the Indicated status. This drilling alone converted an additional 210,000oz in the northern extents of the Frog's Leg Deposit. The drilling program comprised 20 holes designed to give optimum coverage within previously sparsely drilled areas at the northern end of the Fog and Mist ore bodies.

In addition, a complete review of the geological information from all previous drilling has led to a new interpretation and modeling of the resource. The primary outcome of this systematic approach is the extension and widening of the three main ore bodies, "Mist" "Rocket" and "Fog", as shown on the attached long section presented in appendix I. The new modeling approach, in contrast to the previous reported resource, now shows a decrease in the average grade and a large increase in the tonnage. The primary reason is that the modeled lodes reflect what will actually be extracted during mining. These lodes reflect the true geological mineralisation styles occurring at Frog's Leg.

This updated resource calculation incorporates the results of all new holes completed between October 2006 and May 2007 that have not been included in the December 2006 calculation. Reported resource figures have been calculated using an Au cut off grade of 3.5g/t, thus being consistent with the resource estimates reported in the previous resource update of December 2006.

NEXT STEPS
Significant results have been obtained since the beginning of the drilling program in October 2006 and drilling is now scheduled to continue for the remainder of the year.   The program for 2007 comprises 20,000m of Diamond drilling at a forecasted cost of $4.4 million (of which $2.2 million is attributable to La Mancha). At the end of June, 24 holes had been completed, totaling 10,500m at a cost of $2.4M.  The drilling targets for the remainder of the year will be the Rocket orebody and the area between Rocket and Mist. New drill results will be released as they come available.

The Frog's Leg Feasibility Study is now expected to be completed in September, 2007. This slight delay in producing the feasibility study can be explained by the impact the updated resource calculation has on the mine design. While feasibility reviews based on the December 2006 Resource calculation have indicated positive results, it was recognized that the new resource update could significantly improve the already good results. Feasibility work on the December 2006 Resource calculation was halted and is now being completed on the basis of the new resource.

Despite the delay in finalizing the updated feasibility study, the previously completed positive pre-feasibility study and the significant increase in resource observed since then have justified the preliminary stages of portal development, which will be inaugurated tomorrow. The preliminary development work to be completed between now and September will not be impacted by the revised mine design.  Such steps are being undertaken to avoid any delays in resuming mining operations.  As such, reopening of Frog's Leg is still scheduled for the first half of 2008.

ABOUT LA MANCHA AND FROG'S LEG
La Mancha is an international gold producer based in Canada with operations, development projects and exploration activities in Africa, Australia and in Argentina. La Mancha's shares trade on the Toronto (TSX) under the symbol "LMA". For more information on the company, please visit the Company's website at www.lamancha.ca.

The Frog's Leg advanced project is located 30 km away from Kalgoorlie in Australia and was first operated as an open-pit from 2004 to 2005. Operations were conducted according to the mining plan until the end of 2005, at which point all the surface ore had been mined. Further drilling campaigns, conducted since then, suggest the viability of an underground operation. La Mancha owns 51% of Frog's Leg and acts as its developer and operator. The remaining 49% interest in the project is owned by Dioro Exploration NL (ASX:DIO).

QUALITY CONTROL
The updated resource review and estimation conform to the requirements of NI43-101 and the CIM Best Practices for Estimation of Mineral Resources. There are numerous uncertainties inherent in estimating mineral reserves, including many factors beyond the Company's control. Resource estimation is a subjective process, and the accuracy of any resource estimate is a function of the quality of available data and engineering and geological interpretation and judgment. Results from drilling, testing and production, as well as material changes in metal prices subsequent to the date of an estimate may justify revision of such estimates.

The drilling program was carried out by, and under the supervision of Martin Bennett Bsc. Hons. (Geol.), MSc. (ODG), M.AIG, Exploration Manager of La Mancha Australia. The program was conducted to industry best practice standards. Samples utilized for the resource update comprise half NQ2 di amond drill core sampled on a one-metre basis. No niche sampling took place. Samples were assayed at Genalysis Laboratories in Perth, using a 400g LeachWell cyanide leach, followed by solvent extraction and flame AAS.

The laboratory utilized a series of sample blanks, standards and check assays. In addition, La Mancha Australia routinely conducts check assaying programs utilizing alternative laboratories.

The Frog's Leg geological interpretation, the block model, including the building of the wireframes for the model, resource estimation and classification was completed by La Mancha Australia staff, under the supervision of Trevor Eddie Bsc. (Geol.) MAusIMM, Chief Geologist and qualified person, also of La Mancha Australia. The geostatistical work was carried out by David Williams Bsc.(Geol.) (Hons) MAusIMM Senior Resource Geologist of CSA Australia (a group of Geological and Management consultants).

FORWARD LOOKING STATEMENT
This press release contains certain "forward-looking statements", including, but not limited to, the statements regarding the quantity of mineralization in place, particularly in numbers of ounces of gold the mineable character of the drilling results, mining exploration risks, estimation and evolution of mineral resources, potential for resources additions (in particular the possibility to convert a portion of the inferred resources into measured and indicated resources), future work programs and objectives associated therewith, drilling targets and anticipated results, interpretation of work results, and anticipated timetables, in particular as regards to  feasibility study work and development of the mine portal, and the economic and technical potential for an underground mining operation. Forward-looking statements express, as at the date of this press release, the Company's plans, estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward looking statements include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, risks associated with foreign operations, environmental risks and hazards, uncertainty as to calculation of mineral reserves and other risks referred to in La Mancha's 2006 Management Information Circular filed with the Securities Commissions of all provinces in Canada, as well as the Toronto Stock Exchange.

For additional information, please contact:
La Mancha

Martin Amyot,
Vice President Corporate Development
Tel: (514) 987-5115
E-mail: info@lamancha.ca

RENMARK FINANCIAL COMMUNICATIONS INC.
JOHN BOIDMAN: JBOIDMAN@RENMARKFINANCIAL.COM
CHRISTOPHER WELLS: CWELLS@RENMARKFINANCIAL.COM
TEL : (514) 939-3989
FAX : (514) 939-3717
WWW.RENMARKFINANCIAL.COM

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

La Mancha Resources

PRODUCER
CODE : LMA.TO
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

La Mancha Res. is a gold producing company based in Canada.

La Mancha Res. holds various exploration projects in Argentina and in Australia.

Its main assets in production are WHITE FOIL, ITY, HASSAÏ and FROG'S LAKE in Australia, its main asset in development is FETEKRO in Australia and its main exploration properties are LA ORTIGUITA, BONDOUKOU, HUALILAN and ARIAB in Argentina and HASSAI VMS and PARK DAM in Australia.

La Mancha Res. is listed in Canada and in United States of America. Its market capitalisation is CA$ 499.5 millions as of today (US$ 500.2 millions, € 391.6 millions).

Its stock quote reached its lowest recent point on October 31, 2008 at CA$ 0.04, and its highest recent level on March 09, 2012 at CA$ 4.03.

La Mancha Res. has 142 716 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Annual reports of La Mancha Resources
Annual Report
Nominations of La Mancha Resources
4/2/2012ANNOUNCES CHANGES TO ITS BOARD OF DIRECTORS
5/4/2011Appoints New COO and CFO
2/26/2007New Appointments to the Board of La Mancha
Financials of La Mancha Resources
3/28/2012POSTS RECORD NET EARNINGS OF $36.1 M AND RECORD OPERATING C...
8/8/2011POSTS RECORD NET EARNINGS FOR THE SECOND QUARTER
5/18/2011NET EARNINGS DOUBLE ON RECORD CASH FLOW FROM OPERATING ACTIV...
Project news of La Mancha Resources
2/11/2013Group implements its growth strategy in Australia: Gold prod...
11/13/2012ANNOUNCES COMPLETION OF COMPULSORY ACQUISITION BY WEATHER I...
3/27/2012MEASURED AND INDICATED RESOURCES MORE THAN DOUBLE TO 4.8 MI...
1/19/2012MEETS ITS 2011 GOLD PRODUCTION FORECAST
5/16/2011(Ity)POSITIVE FEASIBILITY STUDY FOR THE HASSA=C3=8F MINE: LA MANC...
5/9/2011(Ity)ITY MINE RESUMES OPERATION
3/29/2011(Frog's Lake)A Record Year for La Mancha in 2010 as Production Increases ...
2/24/2011(Ity)ITY Mine Update
8/23/2010(Fetekro)Intersects Grades of Up to 135 g/t Au at Its Fetekro Propert...
8/3/2010First Stages of Frog's Leg Drilling Extension Program Return...
7/29/2009(Hassaï)New Longhole Drilling Doubles the Length of La Mancha's Hass...
7/20/2009(Frog's Lake)Frog's Leg Mine to Boost its Average Annual Gold Production ...
5/26/2009(Hassaï)Confirms the Presence of a Second Enriched Zone at the Hassa...
2/17/2009(Frog's Lake)Plans to Increase Production to up to 100,000 oz of Gold in ...
1/22/2009(Frog's Lake)2008 Year End Production Increases 33% to 71,550 Ounces
1/7/2009(Hassaï)Hassai Mine Tailings Begin Adding to La Mancha's Gold Resour...
1/5/2009(Ity)Resource at La Mancha's Ity Mine Jumps 50% on Excellent Dril...
12/10/2008(Hassaï)Recent VMS Drilling Suggests the Presence of a Supergene Zon...
7/30/2008(Hassaï)Preliminary Drill Results at La Mancha's Hassai Mine Suggest...
8/8/2008(Frog's Lake)Posts its Highest Quarterly Gold Production to Date
5/13/2008(Frog's Lake)Obtains a First Gold Pour From New Australian Frog's Leg Min...
4/23/2008(Frog's Lake)Reports Wide High-Grade Intercepts 150 Meters Below Current ...
7/5/2007(Frog's Lake)Frog?s Leg?s Resource Nearly Doubles
Corporate news of La Mancha Resources
11/13/2012Offer Update
8/28/2012ACKNOWLEDGES WEATHER II TAKEOVER OFFER SUCCESSFUL AND DECLAR...
8/3/2012SECOND QUARTER GOLD PRODUCTION JUMPS 21% FROM THE PREVIOUS Q...
7/31/2012Offer Update - La Mancha TSX:LMA
7/20/2012Offer Document Posted - La Mancha TSX:LMA
7/13/2012REACHES DEFINITIVE AGREEMENT TO BE ACQUIRED BY WEATHER II AT...
6/21/2012DISCOVERS A SIGNIFICANT VMS LENS BELOW THE ODERU
6/15/2012(White Foil)WHITE FOIL PROPERTY SHOWS UNDERGROUND POTENTIAL WITH MINERA...
6/11/2012(Ity)New Drill Results at La Mancha's Ity Mine Indicate That Mine...
5/15/2012REPORTS Q1 NET EARNINGS OF $7.9 MILLION
4/9/2012ANNOUNCES CHANGES TO ITS BOARD OF DIRECTORS
3/22/2012Proven and Probable Reserves Grow by 36% at La Mancha's Frog...
3/14/2012ANNOUNCES AUCTION PROCESS
2/22/2012VMS Resource Increases to 81MT Indicated and 37MT Inferred
1/31/2012Discovers a Mineralized Structure Extending Over 800M at Sis...
9/12/2011HASSA=C3=8F VMS DRILLING UPDATE: INTERSECTS 3.30M @ 94 g/t G...
7/11/2011HIGHLIGHTS IMPORTANT STEP FORWARD FOR SUDAN
6/27/2011Hassai Mine's Third Quarter Production Impacted
6/17/2011(Ity)Clarification on CIL Feasibility Study
5/3/2011NOMME UN NOUVEAU CHEF DES OPERATIONS ET UN NOUVEAU CHEF DES ...
1/14/2011RECORD GOLD PRODUCTION IN 2010
7/22/2010Confirms the Discovery of a New Gold Mineralised Zone at its...
5/12/2010Continues to Generate Profits Into 2010
11/11/2009Reports Another Strong Quarter
8/7/2009Posts Record Quarterly Net Earnings As Gold Production Rises...
2/4/2009Takes Advantage of Strong Gold Prices
2/5/2008 to Spend $10.6 Million on Exploration in 2008
5/28/2007Completes the Renewal of the Ity Mine's Mining Permit
5/16/2007Frog's Leg Results Exceed Expectations
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (LMA.TO)Other OTC (LACHF)
3.50+0.00%3.48+0.00%
TORONTO
CA$ 3.50
11/08 12:07 -
0%
Prev close Open
3.50 3.50
Low High
3.50 3.50
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  3.50 -%
Volume 1 month var.
1,500 -%
24hGold TrendPower© : 18
Produces Gold
Develops
Explores for Gold
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 11/20/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.12-0.77%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.38+0.85%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 3.37+2.43%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.59+0.51%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.02+0.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.70+0.75%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 7.35+3.09%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.26-11.86%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.35+4.48%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.08+3.48%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 65.55+1.69%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03+0.00%Trend Power :