Miocene Metals Announces Start of 2011 Exploration Program
TORONTO, June 20, 2011 /CNW/ - Miocene Metals Limited (the "Corporation" or "Miocene Metals"), today announced it has initiated its 2011 exploration program. The program started in May with follow-up of anomalous gold values obtained in stream sediment samples collected in 2010 on the Corporation's Mount Barr, Custer Ridge and Sunshine properties all located near Hope and Chilliwack in south-western British Columbia. Results for the new samples collected this year will be available in the next several weeks. Field crews have since moved to the Corporation's Rogers Creek property to follow-up on open-ended gold soil anomalies on Target II and molybdenum, copper, and tungsten soil anomalies associated with a one kilometer diameter magnetic low on Target IV.
Drilling is expected to commence in mid-July on the Salal Property testing targets along a 15 kilometre trend of molybdenite occurrences (See June Corporate PowerPoint at www.miocenemetals.com for more details). Drilling is also planned on the MacKenzie Property and at Rogers Creek later in the year, as part of a two Phase $4,000,000 program which will be funded using flow-through funds raised in 2010 and the net proceeds of the Corporation's initial public offering ("IPO)", which is currently underway. Objective of the 2011 program is to advance one or more target areas to resource drilling stage in 2012.
Bruce Jago, President and CEO of Miocene Metals stated "We are very excited to have initiated our 2011 exploration program as we complete our IPO. Its not very often you have a chance to explore a whole belt of intrusions, which has seen very little exploration, yet has characteristics similar to some of the worlds great porphyry copper belts. Since acquiring our first property in 2008, we have advanced to the stage where we now have surface mineralization on three of our seven properties, which cover over 1,300 square kilometres of this highly prospective belt."
The Qualified Person responsible for the technical content of this press release is Jose Sayo Garcia, P.Geo, Exploration Manager of Miocene Metals.
About Miocene Metals Limited
Miocene Metals is focused on the exploration and development of seven porphyry copper-gold-molybdenum properties in south-western British Columbia that occur within the Tertiary-aged Cascade Magmatic Arc. The Cascade Arc shares many geological characteristics with Tertiary-age porphyry belts that stretch the length of Chile and Peru in South America and hosts some of the world's largest porphyry copper-gold-molybdenum deposits.
The Corporation has obtained TSX Venture Exchange (the "TSXV") conditional approval to the listing of its Common Shares. The TSXV conditional approval is subject to the Corporation fulfilling all of the listing requirements of the TSXV on or before August 6, 2011.
At present the Corporation is completing its Initial Public Offering. Macquarie Private Wealth Inc. (the "Agent") is acting as agent on a commercially reasonable efforts basis for the Offering.
A copy of the Final Prospectus is available on Miocene's corporate profile page, which may be accessed at www.sedar.com or may be acquired directly from Macquarie Private Wealth Inc. at 4100 Yonge Street, Suite 500, North York, ON, M2P 2B5, Attention: Bijan Levine, Tel: (416) 512-3680, e-mail: bijan.levine@macquarie.com. Please direct all inquiries to Mr. Bijan Levine.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Corporation in any jurisdiction.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of the Corporation, including, without limitation, those listed under "Risk Factors" and " Forward-Looking Statements" in the Corporation's Final Prospectus (collectively, "forward-looking information"). Forward-looking information in this news release includes, but is not limited to, information concerning the proposed initial public offering, its completion and receipt of necessary approvals, the Corporation's objectives, the Corporation's expectations and estimates regarding the Corporation's intended drilling program. The Corporation cautions investors about important factors that could cause actual results to differ materially from those projected in any forward-looking statements included in this news release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that the expectations set out in the Corporation's Final Prospectus or herein will prove to be correct and accordingly, prospective investors should not place undue reliance on these forward-looking statements. These statements speak only as of the date of this press release and the Corporation does not assume any obligation to update or revise them to reflect new events or circumstances. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
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