La Mancha Resources

Published : August 23rd, 2010

Intersects Grades of Up to 135 g/t Au at Its Fetekro Property in Côte d'Ivoire

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La Mancha Resources Inc.

LA MANCHA INTERSECTS GRADES OF UP TO 135 g/t Au
AT ITS FETEKRO PROPERTY IN C�TE D�IVOIRE

HIGHLIGHTS:

  • Fetekro
    o High-grade intersections down dip confirm the potential of the area
    o Drill results suggest significant upside potential as the mineralization extends well beyond the saprolite ore into the fresh rock below
  • Bondoukou
    o Drilling campaign at Dakoua confirms the potential of this area

BEST INTERSECTIONS INCLUDE:

  • Fetekro
    o 8.8 m @ 13.21 g/t Au at 37 m, including 0.7 m @ 135 g/t Au
    o 1 m @ 106 g/t Au at 22.1 m
    o 7 m @ 8.78 g/t Au at 79 m, including 2 m @ 25 g/t Au
    o 13 m @ 5.95 g/t Au at 57 m, including 1 m @ 45.9 g/t Au
  • Bondoukou
    o 3 m @ 6.53 g/t Au at 63 m including 1 m @ 17.1 g/t Au
    o 14 m @ 1.71 g/t Au at 56.15 m

Paris, France - August 23, 2010 - La Mancha Resources Inc. (TSX: LMA, hereinafter �La Mancha� or �the Company�) is pleased to report the discovery of significant upside potential at its Fetekro and Bondoukou properties in C�te d�Ivoire. Firstly, the high-grade down-dip intersections from the Fetekro property, along with several visible gold occurrences, seem to indicate that the mineralization extends well beyond the saprolite ore into the fresh rock below, while remaining open to both the east and the north. Secondly, on the Bondoukou property, positive drill results for the Dakoua zone confirm the potential first identified in July 2009 on the basis of an early exploration program.

Dominique Delorme, President and CEO of La Mancha, stated: �Until recently the Ity mine was C�te d�Ivoire�s sole gold mine, a title it held for over 15 years. In line with West Africa�s rapid development, C�te d�Ivoire has seen an influx of exploration capital from new players in recent years that has spurred double-digit gold production growth and begun to shed light on the country�s underexplored potential. Through AREVA�s (Cominor) longstanding presence in C�te d�Ivoire, La Mancha has been able to acquire one of the most promising property portfolios, with exploration tenements covering over 1% of the total surface area, giving us a strategic advantage as a participant in the country�s gold development. The high-grade exploration results we are announcing today are very encou raging, as they confirm the prospectivity of our Cote d�Ivoire tenements and support our aggressive exploration strategy set in 2007.�

As shown in Figure 1, the Fetekro property is located in the central part of Cote d�Ivoire, 40 km east of the city of Katiola, while the Bondoukou property is located 20 km from the Ghanaian border. Both properties lie along one of the six northeast-southwest trending volcanic belts of the Birimian System, which straddles Ghana and Cote d�Ivoire. This prolific area hosts more than 20 known gold deposits, including Ghana�s largest gold mines, such as Newmont�s Ahafo mine, AngloGold Ashanti�s Obuasi mine and Gold Fields� Tarkwa mine, with combined reserves of over 60 million ounces.

La Mancha�s 65% interest in the Fetekro property and 100% interest in the Bondoukou property were acquired by COGEMA (now AREVA) in 2000 before being transferred to La Mancha in 2006.

Fetekro Property
As shown in Figure 2, in 1998 and 2000, drilling focusing mainly on the shallow, oxidized zones resulted in the definition of an inferred resource totalling 287,036 ounces at an average grade of 2.43 g/t.1 Encouraging results in the fresh rock were already reported. The goal of the recently-completed drill campaign was to test the mineralisation of the fresh rock at depth and laterally.

In proximity to reverse circulation drilling done in 2000, as shown in Figure 2, a total of four Diamond drill holes representing 396 m and two lines of reverse circulation holes representing 11 holes and 1,164 m were recently drilled eastward and down dip at 100 and 200 m respectively from the previous holes. The drilling returned grades of up to 135 g Au/t. Results are shown in Table 1. The success of this drill campaign suggests that the current resource could be increased as the deposit appears to be open to both the east and the north. It is also worth noting that the relatively shallow depth of these high-grade intersections is economically encouraging.

As shown in Figure 3 cross-section, the local geology is characterized by an eastward-dipping thrust separating a basaltic body and a metagabbro, with some evidence of shearing at its base. The mineralization is mainly located just above the edge of the thrust and in some quartz veins in the metagabbro body; two main kinds of mineralization have been identified (native gold in quartz veins with or without tourmaline, and sulphides in quartz veins).

Bondoukou Property
La Mancha initiated exploration on the Bondoukou property in November 2008, as very little work had been done previously. The initial exploration program returned very positive results, identifying six main anomalies on the property through stream sediment and large-scale geochemical soil surveying. The detailed geochemical and geophysical surveying that followed soon after identified the Dakoua North zone as the most promising anomaly, and immediate trenching work confirmed the high prospectivity of the target, in turn prompting a preliminary drilling campaign in May 2009. The drill results confirmed the potential of at least two geochemical anomalies and established several similarities with the Ashanti belt in Ghana.

As shown in Figure 4, the recently-completed drilling campaign consisted of 23 holes totalling 1,782 m drilled along the Dakoua anomaly strike length; results are shown in Table 2. The results confirmed those reported last year, and included some interesting intersections. They tend to show enriched lenses alternating with barren or nearly-barren zones over more than 1 km. The area remains open mainly to the south, where an alluvial cover exists.

Furthermore, on anomaly ZA 6 located to the north of the Bondoukou permit, three lines of shallow reverse circulation holes drilled below the lateritic profile confirmed the existence of a broad anomalous zone extending between two profiles 500 m apart.

NEXT STEPS
At Fetekro, more drill holes are scheduled for the next dry season to better evaluate the volume of the mineralization and to study the extensions in order to reach a critical mass level for the project.

At Bondoukou, the southerly extensions of the Dakoua anomalous zone will be drilled, while additional ground surveys and drilling are required to understand the potential of the ZA 6 zone. The prospect also contains some Tarkwaian-type blankets in its southern area that deserve further investigation; this work is currently underway.

TECHNICAL NOTE
The technical information in this news release was prepared under the supervision of Jean-Jacques Kachrillo, the Qualified Person under NI 43-101. Mr. Kachrillo is Vice President Exploration and a full time employee of La Mancha Resources. He has sufficient experience in the style of mineralization and type of deposit to qualify as a Qualified Person as defined in "National Instruments 43-101, Standards of Disclosure for Mineral Projects�. Based on his information, Mr. Kachrillo has consented to the content of this press release in the form and context in which it appears. Mr. Kachrillo has read National Instrument 43-101 and has ensured that this press release has been written in compliance with that instrument.

The analysis of these recent samples met with all of La Mancha established Analytical Quality Assurance Program put in place to control and assure the analytical quality of assays in its gold exploration. This program includes the systematic addition of blank samples, pulp duplicates and internal material references (�standards�) to each batch of samples sent for analysis. Blank samples are used to check for possible contamination in laboratory, duplicates allow the overall precision to be quantified while standards determine the analytical accuracy. All samples are half HQ or PQ Diamond drill core sampled on a one metre basis. Samples were assayed at the ALS laboratory in Mali using for gold fire assays on a 30g sample followed by AAS.

ABOUT LA MANCHA RESOURCES Inc.:

La Mancha Resources Inc. is an international gold producer based in Canada with operations, development projects and exploration activities in Africa, Australia and Argentina. La Mancha�s shares trade on the Toronto Stock Exchange (TSX) under the symbol �LMA�. For more information, visit the Company�s website at www.lamancha.ca.

1 As of 31/12/2006

THIS PRESS RELEASE CONTAINS TABLES AND FIGURES, CLICK HERE TO VIEW ENTIRE DOCUMENT IN PDF FORMAT.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains certain "forward-looking statements", including but not limited to statements regarding the quantity of mineralization in place and its grade in Au, the mineable character of the drill results, mining exploration risks, calculation and evolution of mineral resources, the economic viability of Fetekro based on the high grade shallow drill results, the future value of La Mancha�s exploration properties, future work programs and objectives associated therewith, drill targets and anticipated results, interpretation of work results, development plans and anticipated timetables, in particular as regards the economic and technical potential for a mining and milling 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 2009 Annual Information Form filed with the Securities Commissions and the Toronto Stock Exchange.

 

Contact

La Mancha Resources Inc.
Martin Amyot  
Vice President Corporate Development 
Tel.: (514) 987-5115 Ext. 25 
info@lamancha.ca 

 

or
 
Nicole Blanchard
Investor Relations

Tel.: (514) 987-5115 Ext. 26
nblanchard@lamancha.ca

Renmark Financial Communications Inc.
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Maurice Dagenais: mdagenais@renmarkfinancial.com
Tel.: (514) 939-3989 or (416) 644-2020 www.renmarkfinancial.com

 

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Montreal (Head Office): 1550 Metcalfe, Suite 502, Montr�al, Qu�bec, H3A 1X6
Tel.: (514) 939-3989 Fax: (514) 939-3717
Toronto: 121 King Street West, Suite 1140, Toronto, Ontario, M5H 3T9
Tel.: (416) 644-2020 Fax: (416) 644-2021

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La Mancha Resources

PRODUCER
CODE : LMA.TO
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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.

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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
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