La Mancha Resources

Published : January 05th, 2009

Resource at La Mancha's Ity Mine Jumps 50% on Excellent Drill Results

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

RESOURCE AT LA MANCHA�S ITY MINE JUMPS 50%
ON EXCELLENT DRILL RESULTS


All amounts are expressed in CA dollars, unless otherwise indicated.

HIGHLIGHTS:

  • Ity mine�s measured and indicated resource increases to 786 500 ounces of gold
  • The presence of economic mineralization at recently-explored targets is confirmed
  • La Mancha reiterates its objective to increase its resources to 2 million ounces of gold by year end

Montreal, QC  - January 5, 2009 - La Mancha Resources Inc. (TSX: LMA, hereinafter �La Mancha� or the �Company�), is pleased to announce that the Measured and Indicated (�M&I�) resource at its 45.9%-owned Ity gold mine in C�te d�Ivoire is up more than 50% from December 2007. The project�s measured and indicated resource now stands at 786 500 ounces of gold (361 000 oz attributable to La Mancha) compared to 523,100 ounces of gold at December 31, 2007 (240,100 oz attributable to La Mancha).

The following table shows the breakdown of La Mancha�s share of the Ity mine resource: 

 

As at December 31, 2007*

As at September 30, 2008**

(Inclusive of  reserves)

Tonnes

Grade

(g/t Au)

Ounces

Tonnes

Grade

(g/t Au)

Ounces

Measured

1,303,101

5.12

214,510

1,879,146

4,24

256,210

Indicated

 

119,340

6.67

25,589

1,281,984

2,54

104,790

Total Measured & Indicated

1,422,441

5.25

240,099

3,161,130

3,55

361,000

Inferred

 

204,714

3.78

24,851

939,114

3,02

91,180

*   At a cut-off-grade of 2g Au/t
** At a cut-off-grade of 1g Au/t, does not take in account the gold produced during the 4th quarter of 2008


It is important to note that had Ity�s 2007 resources been calculated using a 1g Au/t cut-off grade as this is the case this year, last year M&I resources would have totalled 645,000oz of gold (296,000 oz attributable to La Mancha). This suggests that more than 53% of today�s announced increase is in fact the result of the successful drilling campaign conducted on the property since the fall of 2007. A total of 11,800 m have been drilled at Ity since La Mancha re-started its exploration activities in Ivory Coast, for a cumulative cost of $2.15 million, which represents $15 per ounce of gold added to the mine resource.

�The 120,000 ounces of gold that La Mancha is adding today to its consolidated resources table is another major step towards the Company�s goal of a total M&I resource base of two million ounces by the end of 2008. With the resources added at the Frog�s Leg and White Foil properties, La Mancha has added 388,141 ounces of gold to its M&I resources, which represents nearly 30% of increase over the 1.3 million ounces of resources that it reported at the end of 2007. Moreover, the assessment of the Hassa� mine tailings, which are currently being finalized, should further add to the 2008�s discoveries. We are therefore fairly confident of reaching our two-million ounce target.�

NEXT STEPS
La Mancha�s mining team will work at including these new resources to the Company�s mining plan over the course of 2009. On the other hand, drilling resumed recently following the end of the rainy season and should continue until July 2009. At the moment, around 350 holes totalling 24 600 m are planned for 2009 to test areas on both sides of the Cavally river, where gold mineralization has been identified in the past. More details on La Mancha�s 2009 exploration objectives will be provided in early February 2009 in the annual exploration update.

TECHNICAL NOTE
The updated resource review and estimation comply with the requirements of National Instrument 43-101 of the Canadian Securities Administrators ("NI 43-101") and CIM Best Practices for Estimation of Mineral Resources. There are many 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. To the best of La Mancha's knowledge, at the time of estimation, there were no known environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other relevant issues that would materially impact on th e eventual extraction of the mineral resources.

The technical information contained in this news release was prepared by Yann Camus from SGS-Geostat under the supervision of Jean-Jacques Kachrillo, the Qualified Person under NI 43-101 for La Mancha. Mr. Camus is full time employee of SGS-Geostat and has already written in January 2008 the technical report of Ity Mine filed in February 2008. Mr. Kachrillo is Vice President Exploration and a full time employee of La Mancha Resources. Both have sufficient experience in the style of mineralization and type of deposit to qualify as a Qualified Person as defined in the 2005 Edition of "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 NI 43-101 and has ensured that this press release is written in compliance with it.

La Mancha has established an Analytical Quality Assurance Program 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 the laboratory, duplicates allow the overall precision to be quantified while standards determine the analytical accuracy. All samples are half HQ (laterite and saprolite) and NQ (fresh rock) Diamond drill core or correctly split reverse circulation samples, sampled on a one-metre basis. Samples were assayed at Ity mine laboratories on site, using 50g LeachWell cyanide leach and 20 to 25g well leached attacks followed by solvent extraction and flame 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 C�te d�Ivoire, Sudan and Australia.

La Mancha Resources owns 45.9% of the Ity mine and is the mine operator. The Ity mine started production in 1991 and has produced 0.7 M oz to date from Flotouo-Zia pit. The ore is processed by heap leaching.

La Mancha's shares trade on the Toronto Stock Exchange (TSX) under the symbol "LMA". More information on the Company can be found on its website at http://www.lamancha.ca/.

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, the mineable character of the drill results, mining exploration risks, calculation and evolution of mineral resources, potential for additional resources, the Company�s ability to reach consolidated measured and indicated resources of two million ounces of gold before the end of 2008, market price of gold, future work programs and associated objectives , drill targets and anticipated results, and interpretation of work results. 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 statem ents 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 2007 Annual Information Form filed with the Securities Commissions and 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
Maurice Dagenais: mdagenais@renmarkfinancial.com
Montreal � Tel. : (514) 939-3989 / Fax : (514) 939-3717
Toronto � Tel. : (416) 644-2020 / Fax : (416) 644-2021
www.renmarkfinancial.com

<
Data and Statistics for these countries : Australia | Canada | Ivory Coast | Sudan | All
Gold and Silver Prices for these countries : Australia | Canada | Ivory Coast | Sudan | 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$ 7.02+2.33%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%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$ 3.26+4.15%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 0.58+1.93%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.10-9.09%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.43-0.41%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$ 6.98+0.14%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.26+0.00%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.30+8.16%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$ 2.22+1.37%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 60.13-1.38%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$ 0.04+0.00%Trend Power :