Toronto, Ontario--(Newsfile Corp. - August 12, 2013) - Miocene Metals Limited (TSXV: MII) ("Miocene Metals") today reported that it has signed an agreement on a line of credit in the amount of $115,000 from its major shareholder Wallbridge Mining Company Limited (TSX: WM) ("Wallbridge") (the "Line of Credit") to be secured against Miocene's 2010 BC Exploration Tax Credit receivable. The funds will be used for general corporate purposes and the complete limited exploration programs on the Company's Rogers Creek and MacKenzie properties in southwestern BC.
The 2013 work program on the Rogers Creek Property is following up on the drill results obtained to date and is focused on obtaining better definition of the internal geometry and metal zonation within the system in order to optimize drill targeting for the next phase of drilling.
The current work program includes a re-examination of the existing core from Area 1, as well as the collection of physical property data, magnetic susceptibility, resistivity and chargeability measurements from this core. This data will be used to produce constrained 3D inversions of the geophysical data, (currently only unconstrained models are available) which will be merged with the geology data to produce an integrated 3D model of the mineralized system for the purpose of future drill targeting.
The 2013 work program on the MacKenzie property focused on follow-up mapping and sampling to fully delineate the extent and character of the Bornite Trend copper mineralization discovered on the western part of the property towards the end of the 2012 program. Field work was completed in July. Assay results are pending.
The Company is also focusing on attracting strategic alliance and joint venture partners to fund future exploration on one or more of the Company's copper-gold or molybdenum properties as well as pursuing other financing alternatives.
The new Line of Credit with Wallbridge is for up to an aggregate principal amount of $115,000. Drawdowns under the Line of Credit will be made as and when needed by Miocene. Amounts advanced under the Line of Credit bear interest at the rate of 12% per annum with accrued interest paid when the principal amounts advanced are repaid. All advances under the Line of Credit shall be repaid in full, including all interest accrued on such advances, on the earlier of December 31, 2014 or immediately upon receipt of the BC Tax Credit. As security for the advances under the Line of Credit, Miocene has provided to Wallbridge a first charge on Miocene's BC Tax Credit receivable.
About Miocene Metals Limited
Miocene Metals is focused on the exploration of three 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 Cascade Magmatic Arc hosts a number of significant porphyry Cu-Au and Mo deposits in Washington State, and Alaska (Glacier Peak and Margaret, and Quartz Hill respectively) but remains largely unexplored in British Columbia.
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.
For Further Information
Please visit the Miocene Metal's website at www.miocenemetals.com, or contact:
Miocene Metals Limited Alar Soever, Executive Chairman and Interim CEO 1-705-682-9297 asoever@miocenemetals.com
FORWARD-LOOKING STATEMENTS
This news release may contain forward-looking information (including "forward-looking information" within the meaning of applicable Canadian Securities legislation and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of the Company, including, without limitation, those listed under "Risk Factors" and "Forward-Looking Statements" in the Company's Final Prospectus and other public filings (collectively, "forward-looking information"). Forward-looking information in this news release includes, but is not limited to, information concerning the Company's expectations regarding the availability of funding. The Company 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. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Such statements are based on assumptions, estimates, forecasts and projections made in light of the trends, conditions and expected developments that are considered to be relevant and reasonable in the circumstances at the date that such statements are made. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of the Company. A number of factors and assumptions may cause actual results, level of activity, performance or outcomes of the Company to be materially different from those expressed or implied by such forward-looking statements. Consequently, undue reliance should not be placed on such forward-looking statements. These statements speak only as of the date of this press release and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. The Company 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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