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Sphinx Resources

Publié le 22 février 2012

Ltd=2E: Development to Reach the McLeod Zone a Year Ahead of Schedule

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Donner Metals Ltd.
TSX VENTURE: DON
FRANKFURT: D4M
Other Recent News | Printer Friendly Version

February 22, 2012
Donner Metals Ltd.: Development to Reach the McLeod Zone a Year Ahead of Schedule
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 22, 2012) - Mr. Harvey Keats, Chief Executive Officer of Donner Metals Ltd. (TSX VENTURE:DON)(FRANKFURT:D4M) provides an update on positive changes to the development plan for the Bracemac-McLeod Mine as reported to the Company by partner and project operator Xstrata Canada Corporation-Xstrata Zinc Canada Division ("Xstrata Zinc"). Following on Xstrata Zinc's objective to continuously improve the development plan at Bracemac-McLeod, the mine design has been revised to access the McLeod Zone with two ramps by early 2013 as opposed to late 2013 under the original plan. This change will be accommodated within the existing development budget and reschedules production from McLeod to commence in late 2013 as opposed to mid 2014 under the original schedule. The new development plan improves the overlap and timing of production from both the Bracemac and McLeod zones.

With underground drilling scheduled to start at Bracemac by mid-2012, this important change to the mine plan will also provide access a year earlier for both delineation and exploration drilling on both the McLeod Zone and the McLeod Deep deposit. The objective of the underground drill program at both areas is to expand resources and to bring the McLeod Deep deposit into the mine plan as soon as possible.

Once access is available at McLeod, delineation drilling will be focused on the West McLeod Zone (0.16 million tonnes grading 2.17% zinc, 2.63% copper, 23.76g/t silver, 0.19g/t gold) and the McLeod Deep Zone (2.47 million tonnes grading 9.21% zinc, 1.22% copper, 39.81g/t silver, 1.12g/t gold). Both zones are currently in the Inferred Mineral Resource category with favorable potential for additional mineralization. Underground exploration drilling will also be focused on the potential for expansion of mineralization beyond known mineral resources and mining reserves, for example DDH MC-08-45 located 250 up-dip from the McLeod mining reserves returned 8.09% zinc, 2.35% copper, 5.64g/t silver, 0.26g/t gold over 6.35 metres (from 268.9m to 275.3m) which is not currently in any resource category.

The status of mine development at Bracemac-McLeod is summarized as follows:

Surface:                                                                    
Haulage road to Matagami mill                              complete         
Ramp portal at BAS pit, and stockpile and waste rock                        
pads                                                       complete         
Access road to BAS pit                                     complete         
Power, water service, surface pumps and mine water line                     
to treatment facilities                                    complete         
Power and access to vent/fill raise sites                  complete         
Surface garage and support buildings (will be augmented                     
by Perseverance buildings)                                 complete         
Matagami mill (2950 tonnes per day capacity - upgraded                      
in 2007-2008)                                              existing         
Tailings facility                                          existing         
Railroad and highway (zinc and copper concentrate                           
shipping)                                                  existing         
                                                                            
Underground:                                                                
Ramp to Bracemac area and underground power supply                          
(Bracemac)                                                 complete         
Temporary ventilation                                      complete         
Multi-face development to Bracemac ore lenses              in progress      
Ramps to Macleod zone                                      in progress      
Vent and fill raise construction                           in progress      
Underground pumping system                                 in progress      
Equipment purchase and transfer from the Perseverance                       
Mine                                                       ongoing as needed
 
The construction of the Bracemac-McLeod Mine has consistently exceeded development rate targets and the project remains within budget.

Speaking from years of development experience in the Matagami Camp, Ron Tessier, Donner's VP of Engineering, said, "I am pleased that all construction activities are advancing as planned to have the mine ready for production by early 2013. I am also pleased with the revised mine plan that not only gets us to McLeod a year early, but provides earlier access to McLeod Deep."

Additional information is available at www.donnermetals.com.

PROJECT OVERVIEW

The Company is a fully vested partner with Xstrata Canada Corporation in the extensive Matagami base metal camp located in the Abitibi region of central Quebec. This joint venture partnership covers six joint venture areas governing 4,737 square kilometres of prime stratigraphy, which has yielded high-grade base metal production since 1963. The joint venture areas currently contain 2,895 mineral claims covering 667 square kilometres. Each joint venture area is defined by an area of interest which expires on June 1, 2013. Following this term, the joint ventures will apply only to the surviving mineral claims and other mineral interests. The specific joint venture areas (singular, "JVA") and their relative interests are:

1. South Flank JVA:     Donner 35% - Xstrata 65%                            
2. Bracemac-McLeod JVA: Donner 35% - Xstrata 65% (includes the Bracemac-    
                                                 McLeod Mine - under        
                                                 development)               
3. North Flank JVA:     Donner 50% - Xstrata 50%                            
4. Central Camp JVA:    Donner 50% - Xstrata 50%                            
5. West Camp JVA:       Donner 50% - Xstrata 50% (includes the PD1 deposit: 
                                                 under feasibility study)   
6. East JVA:            Donner 50% - Xstrata 50%
 
Xstrata Canada Corporation holds a separate right to increase its interest to 65% in each of the North Flank, Central Camp, West Camp and East JVA's by completing a bankable feasibility study. Both parties will be responsible for their share of costs on the basis of the relative joint venture interests.

The Matagami Project covers the Matagami Mining Camp, a world-class mining district, with 18 known Volcanogenic Massive Sulphides (VMS) deposits including 10 past producers of varying sizes, including the giant Matagami Lake Deposit (25.64 million tonnes of 8.2% zinc, 0.56% copper, 20.91g/t silver and 0.41g/t gold) discovered in 1957 and mined from 1963 to 1988. The area is host to historical production of 8,600 million pounds of zinc and 853 million pounds of copper. The Matagami area is well serviced by established infrastructure including the town of Matagami, power, a permitted tailings facility, railway, airport and well-developed road and highway networks. Xstrata Zinc is currently producing from its low-cost and wholly-owned Perseverance Deposit which feeds its refurbished 2,950 tonnes per day Matagami mill complex. Any future development under the Donner-Xstrata agreement will support the established infrastructure and facilities. Zinc concentrates produced at Matagami are refined at the Noranda Income Fund zinc refinery in Valleyfield, Quebec. Copper concentrates are smelted at Xstrata's Horne smelter in Rouyn-Noranda and refined at Xstrata's Canadian Copper Refinery in Montreal, Quebec.

The Company's strategy is to explore for and develop zinc-copper deposits in the Matagami Camp and to leverage the general infrastructure and existing processing facilities within a known and well-established cost structure for developing VMS deposits. Donner's exploration objective is to investigate multiple stratigraphic horizons with potential for VMS mineralization including the prolific Key Tuffite horizon throughout the Matagami Camp. To date, the joint venture partners have discovered new mineralization at Bracemac-McLeod, Daniel1, Garon Lake, Bell Channel, McLeod Deep and down-dip from Radiore. Within the extensive project area there are numerous exploration targets with excellent potential for additional discoveries.

SUPPLEMENTARY INFORMATION

Xstrata Zinc is the project operator for the Matagami Project and all of the respective joint ventures. As operator, Xstrata Zinc is responsible for the execution of all development, production and exploration programs on the property. This includes resource evaluation, sampling, submittal of samples for assay, assay verification, metallurgical evaluation and QA/QC. Sample preparation and assaying are conducted by ALS Chemex-Chimitec, of Val D'Or, Quebec (zinc, copper and silver by atomic absorption, and gold by standard fire assay procedures).

Robin Adair (VP of Exploration) is the Qualified Person for Donner Metals Ltd. and is responsible for the technical information related to resources and drillhole assay results reported in this news release.

To view images from the Bracemac McLeod Mine, please visit the following link: http://media3.marketwire.com/docs/don222i.pdf.

ON BEHALF OF THE BOARD OF DONNER METALS LTD.

Harvey Keats, Chief Executive Officer

Cautionary Statement:

Certain phrases in this news release are "forward-looking statements". Forward-looking statements are identified by wording such as "will", "scheduled", "is scheduled" and "reschedules". Such statements are applicable specifically to the Bracemac-McLeod Deposit in relation to: 1) the possible future completion of development as scheduled under the current development plan, 2) mining/production in relation to the current mining plan and 3) future planned exploration activities. Such statements also pertain to the completion of the project within context of the budget as defined in the feasibility study completed by Xstrata Canada Corporation - Xstrata Zinc Canada Division and Genivar Limited Partnership in 2010. With respect to future production, and the commencement thereof, from the Bracemac-McLeod deposit, the forward looking statements are in the context of the feasibility study completed by Xstrata Canada Corporation - Xstrata Zinc Canada Division and Genivar Limited Partnership in 2010 as posted under the Company's profile at www.sedar.com. "Forward-looking statements" involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. This press release also refers to information about historical production from land covered by, or adjacent to, the Matagami Project. Investors are cautioned that mineral deposits on other properties and/or historical production on lands under option are not necessarily indicative of characteristics of new mineral deposits discovered on the Matagami Project or future discovery potential. Further discussion of "forward looking statements" and "future oriented financial information" and the risks inherent to mineral exploration and development, in relation to Donner's activities, can be found on the Company's website at www.donnermetals.com. The reader is cautioned not to place any undue reliance on any forward-looking statement, reference to other properties or historical production from the Matagami Project area.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

CONTACT INFORMATION:

Donner Metals Ltd.
Andrea Magee
(604) 683-0564 or Toll Free: 1-800-909-8311
Fax: (604) 602-9311
donner@bed-rock.com
www.donnermetals.com

INDUSTRY: Financial Services - Venture Capital

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Sphinx Resources

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CODE : SFX.V
ISIN : CA8484221012
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Sphinx est une société développant des projet miniers de zinc et de cuivre basée au Canada.

Sphinx est en développement de projets de zinc, de cuivre, d'argent et d'or au Canada.

Son principal projet en développement est PD1 au Canada et ses principaux projets en exploration sont SOUTH VOISEY BAY, WEST RAGLAN et MATAGAMI au Canada.

Sphinx est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 838 700 CA$ (593 560 US$, 548 983 €).

La valeur de son action a atteint son plus haut niveau récent le 26 août 2016 à 0,14 CA$, et son plus bas niveau récent le 03 avril 2020 à 0,01 CA$.

Sphinx possède 83 870 000 actions en circulation.

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