Fermer X Les cookies sont necessaires au bon fonctionnement de 24hGold.com. En poursuivant votre navigation sur notre site, vous acceptez leur utilisation.
Pour en savoir plus sur les cookies...
AnglaisFrancais
Cours Or & Argent en

La Mancha Resources

Publié le 05 février 2008

to Spend $10.6 Million on Exploration in 2008

( 0 vote, 0/5 ) Imprimer l'article
  Article Commentaires Commenter Notation Suivre la société  
0
envoyer
0
commenter
Mots clés associés :   Canada | Precious Metals |

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

La Mancha to Spend $10.6 Million on Exploration in 2008

HIGHLIGHTS:
. Promising Sudanese VMS potential to be explored
. Goal of increasing Australian resource inventory
. C�te d'Ivoire reserve definition program underway
 
Montreal, QC - February 5, 2008 - La Mancha Resources Inc. (TSX: LMA, hereinafter "La Mancha" or the "Company") is pleased to announce an exploration budget of $10.6 million for 2008. This budget reflects an aggressive exploration program aimed at exploiting the geological potential of its properties.

After successfully implementing an exploration structure in 2007, La Mancha can now rely on a team of 16 exploration geologists spread throughout Sudan, C�te d'Ivoire, Australia and Argentina. La Mancha intends to utilize its cumulative 50 years of experience in Sudan and C�te d'Ivoire to explore the geographical area it believes has the greatest potential, with the intention of maximizing value for its shareholders. La Mancha therefore intends to devote roughly 60% of the exploration budget to further explore the rich geological potential of its properties in Sudan and C�te d'Ivoire. Furthermore, roughly 30% of the budget has been allocated to Australian activities in light of last year's positive drill results at the Frog's Leg project.

The following table shows La Mancha's 2008 exploration budget on a country-by-country basis, including the main targets.

Country

Main Target

Budget

(in million of $)

Sudan

Volcanogenic Massive Sulfides

$3.6

SBR & Quartz resource definition

Australia

Frog's Leg resource increase

$3.1

White Foil resource definition

C�te d'Ivoire

Ity Mine resource definition

$2.6

Bondoukou Prospect

Argentina

La Ortiguita

$1.3

La Mancha's Exploration Budget

$10.6

La Mancha expects to capitalize approximately 30% of the total amount.

Michel Cuilh�, President and CEO of La Mancha, noted: "Building on the new exploration structure set up last year, for 2008 we have approved an aggressive exploration program aimed at increasing the lives of our current mines and building a pipeline of projects to ensure the continuous growth of the Company. The VMS potential in Sudan and resource development at Ity remain our most promising targets. With our 30 exploration properties, we are convinced that La Mancha holds a substantial amount of hidden value. By utilizing our cumulative expertise in Africa and Australia, we are confident of increasing La Mancha's total resource."

SUDAN
Fully funded by the Hassa� mine's own cash flow, $9.0 million ($3.6 million attributable to La Mancha) will be spent on exploration at the Hassa� property in 2008. The budget allows for both the short- to mid-term objective of adding to the current siliceous-baritic rock (SBR) and quartz surface ore reserves, and the mid- to long-term objective of exploring the volcanogenic massive sulfide (VMS) deposits that could significantly extend Hassa�'s mine life.

Resource Definition Program (SBR and quartz surface ore)
As previously mentioned, the short term objective pursued in Sudan in 2008 will be to add to the current surface ore reserves and maintain a solid reserve-to-yearly-production ratio. 

A reserve development program was launched in October of 2007 aimed at increasing the SBR reserves. La Mancha will capitalize an anticipated $1.0 million in related expenditures. A minimum of 15,000 meters of reverse circulation drilling is planned, with the first drill results expected to be released during the second quarter, followed by a possible resource update in the third quarter of 2008. Management expects an increase in reserves that would permit SBR and quartz mining to continue for a minimum two to three years of additional production.

In the 15 years since it entered into production, the Hassa� mine has created a tailings stockpile of approximately eight million tonnes with an average grade of about 1.5 g/t Au. Due to the recent increase in base metal and gold prices, La Mancha has initiated the process of qualifying the mentioned tailings into resources. A resource update can be expected by the third quarter. A CIP/CIL Scoping Study was initiated in January 2008 and is expected to be completed in April 2008. A Feasibility Study is expected to follow the Scoping Study. Should the feasibility study be conclusive, the tailings would then be qualified as reserves. 

VMS Drilling Program
A  twelve month VMS drilling program to start in February 2008 at a cost of $2.9 million (1.2 million attributable to La Mancha) is aimed at further exploring the VMS potential of an area considered to be one of the world's main prospects for that type of deposit. VMS potential was first identified 20 years ago by the former owners. However, the first 15 years of mine operation focused on the more easily-minable surface SBR and quartz-type ore, leaving the VMS deposit insufficiently explored.

The VMS drilling program will consist of a 7000 metres of diamond drilling conducted from the bottom of the existing SBR pits aiming at better understanding the base metal distribution. Indication suggesting the presence of 5 to 10 million tonnes of enriched ores with grades of in the order of 2% Cu, 3% Zn and 1 g/t Au would trigger the completion of a scoping study. Initial drill results are expected to be released during the second quarter of 2008. A first synthesis, including a preliminary economic assessment, can be expected during the third quarter of 2008.

C�TE D'IVOIRE
Due to the improved political stability of the country and under the supervision of a new managing director, exploration in C�te d'Ivoire resumed in November 2007 after five years of inactivity. Budgeted at $3.7 million ($2.6 million attributable to La Mancha), the 2008 exploration program is aimed at further defining the Ity mine resource and exploring the Bondoukou prospect.

Ity Mine Resource Definition Program
The Ity mine is fully funding a drilling program that began in November 2007 and should continue in 2008 with a budget of $2.1 million. La Mancha will contribute $1.0 million to the program, of which $0.5 million is expected to be capitalized. The program includes at least 10,000 meters of diamond drilling aimed at evaluating the extensions of the known deposits and untested anomalies. Should the drill results be as expected, management is confident that a sizable resource increase would occur. A first assessment of the drill results can be expected during the third quarter of 2008.

Bondoukou Prospect
The remaining $1.6 million (100% attributable to La Mancha) will be allocated to exploration of the Bondoukou gold prospect, which is located near the western Ghanaian border, in an area where large deposits are being mined. Based on a ground survey conducted prior to 2002, two m ain geochemical anomalies have been prioritized out of six identified anomalous zones. An exploration program that started in December 2007 includes detailed geological mapping, soil and rock geochemical sampling and a ground geophysical survey.  A first synthesis will be performed in the third quarter of 2008. The budget covers 7000 meters of reverse circulation and diamond drilling to be carried out during the fourth quarter of 2008, with the results expected to be made public in early 2009.

AUSTRALIA
The purpose of the 2008 Australian exploration budget of $4.3 million ($3.1 million attributable to La Mancha) is to increase the resource inventory, with a focus on the area around the Frog's Leg mining operation near Kalgoorlie. In addition, exploration on the adjacent White Foil project will be aimed at obtaining a new resource estimate, while a preliminary study will be initiated on the highly prospective Kundana area. 

Frog's Leg Advanced Project
At Frog's Leg, $1.7 million has been budgeted for exploration. La Mancha will contribute $0.9 million and expects to capitalize $0.7 million. The Tinker prospect, located immediately south of the Rocket and Mist resources, will be the key target. Up to five diamond drill holes will be drilled for 3,000 meters. Rotary air blast and diamond drilling is also planned in the area further to the south along the Frog's Leg trend, where previous shallow drilling delineated several well-constrained geochemical anomalies. 

Furthermore, modeling of the holes drilled at Frog's Leg since May 2007 is currently being done and should translate into a new resource calculation to be released during the next quarter. Management believes that the results would positively impact the economics of the underground mine.

White Foil Advanced Project
For La Mancha's wholly-owned White Foil advanced project, an exploration budget of $0.9 million has been allocated with the aim of defining resources. Reverse circulation and diamond drilling commenced in late 2007 and will continue during the first quarter of 2008. A total of 34 holes will be drilled for approximately 5,500 meters, primarily from the floor of the existing open pit. These holes have been designed to upgrade the inferred resources below the pit to indicated status. The results of this drilling program will be used for a new resource estimate that should form the basis for a feasibility study on a pit cutback. The resource estimate is expected to be available in the second quarter of 2008. 

Exploration of Other Tenements
Drilling is also planned on other tenements held by La Mancha near Frog's Leg in the highly prospective Kundana area. Drilling is planned on the structure that hosts Barrick's Raleigh deposit (~2 million oz), which extends south onto La Mancha's tenements and has been poorly drilled in the past.

ARGENTINA
A 2008 exploration budget of $1.3 million has be allocated to exploring the La Ortiguita property, located on the El Indio trend in proximity to gigantic deposits like Veladero and Pascua Lama. For the prospect, La Mancha is involved in a farm-in with TNR Gold. The new program, which started in November 2007 and lasts until March 2008, includes 4,000 metres of RC and DDH drilling aimed at confirming the presence of favourable metallogenic features and finding intersections with anomalous gold and silver values. A synthesis of the results will be produced by the end of the second quarter of 2008.

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 (TSX) under the symbol "LMA". For more information on the Compa ny, visit its website at www.lamancha.ca.

Caution Concerning Forward-Looking Statements
This press release contains certain "forward-looking statements", including, but not limited to, the statements regarding the Company's strategic plans, future exploration activities, development and construction of a CIL/CIP plant in Hassai and its impact on the resources of the property; statements regarding the exploration targets and timetables, exploration budget, the geological potential of our properties, more specifically the VMS potential in Sudan; statements regarding the number of metres to be drilled on each property and timing at which the drilling results will be made available; statements regarding the ability of this program to increase the resources and reserves of our properties. 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, exploration risks, risks associated with foreign operations, environmental risks and hazards, uncertainty as to calculation of mineral reserves, requirement of additional financing or additional permits, authorizations or licences, risks of delays in construction and production and other risks referred to in La Mancha's 2006 Annual Information Form filed with the Securities Commissions, as well as the Toronto Stock Exchange .

For additional information, please contact:

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

RENMARK FINANCIAL COMMUNICATIONS INC.
JOHN BOIDMAN : JBOIDMAN@RENMARKFINANCIAL.COM
CHRISTOPHER WELLS : CWELLS@RENMARKFINANCIAL.COM
TEL. : (514) 939-3989
FAX : (514) 939-3717
WWW.RENMARKFINANCIAL.COM

Données et statistiques pour les pays mentionnés : Canada | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous

La Mancha Resources

PRODUCTEUR
CODE : LMA.TO
Suivi et investissement
Add to watch list Add to your portfolio Add or edit a note
Ajouter une alerte Ajouter aux Watchlists Ajouter au portefeuille Ajouter une note
ProfilIndicateurs
de Marché
VALEUR :
Projets & res.
Communiqués
de Presse
Rapport
annuel
RISQUE :
Profile actifs
Contactez la cie

La Mancha Res. est une société de production minière d'or basée au Canada.

La Mancha Res. détient divers projets d'exploration en Australie et en Argentine.

Ses principaux projets en production sont WHITE FOIL, ITY, HASSAÏ et FROG'S LAKE en Australie, son principal projet en développement est FETEKRO en Australie et ses principaux projets en exploration sont LA ORTIGUITA, BONDOUKOU, HUALILAN et ARIAB en Argentine et HASSAI VMS et PARK DAM en Australie.

La Mancha Res. est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 499,5 millions CA$ (500,2 millions US$, 391,6 millions €).

La valeur de son action a atteint son plus bas niveau récent le 31 octobre 2008 à 0,04 CA$, et son plus haut niveau récent le 09 mars 2012 à 4,03 CA$.

La Mancha Res. possède 142 716 000 actions en circulation.

Votre avis nous interesse, merci de laisser un commentaire ou de noter cet article.
Evaluer : Note moyenne :0 (0 vote) Voir les mieux notés
 
Rapports annuels de La Mancha Resources
Annual Report
Nominations de La Mancha Resources
02/04/2012ANNOUNCES CHANGES TO ITS BOARD OF DIRECTORS
04/05/2011Appoints New COO and CFO
26/02/2007New Appointments to the Board of La Mancha
Rapports Financiers de La Mancha Resources
28/03/2012POSTS RECORD NET EARNINGS OF $36.1 M AND RECORD OPERATING C...
08/08/2011POSTS RECORD NET EARNINGS FOR THE SECOND QUARTER
18/05/2011NET EARNINGS DOUBLE ON RECORD CASH FLOW FROM OPERATING ACTIV...
Projets de La Mancha Resources
11/02/2013Group implements its growth strategy in Australia: Gold prod...
13/11/2012ANNOUNCES COMPLETION OF COMPULSORY ACQUISITION BY WEATHER I...
27/03/2012MEASURED AND INDICATED RESOURCES MORE THAN DOUBLE TO 4.8 MI...
19/01/2012MEETS ITS 2011 GOLD PRODUCTION FORECAST
16/05/2011(Ity)POSITIVE FEASIBILITY STUDY FOR THE HASSA=C3=8F MINE: LA MANC...
09/05/2011(Ity)ITY MINE RESUMES OPERATION
29/03/2011(Frog's Lake)A Record Year for La Mancha in 2010 as Production Increases ...
24/02/2011(Ity)ITY Mine Update
23/08/2010(Fetekro)Intersects Grades of Up to 135 g/t Au at Its Fetekro Propert...
03/08/2010First Stages of Frog's Leg Drilling Extension Program Return...
29/07/2009(Hassaï)New Longhole Drilling Doubles the Length of La Mancha's Hass...
20/07/2009(Frog's Lake)Frog's Leg Mine to Boost its Average Annual Gold Production ...
26/05/2009(Hassaï)Confirms the Presence of a Second Enriched Zone at the Hassa...
17/02/2009(Frog's Lake)Plans to Increase Production to up to 100,000 oz of Gold in ...
22/01/2009(Frog's Lake)2008 Year End Production Increases 33% to 71,550 Ounces
07/01/2009(Hassaï)Hassai Mine Tailings Begin Adding to La Mancha's Gold Resour...
05/01/2009(Ity)Resource at La Mancha's Ity Mine Jumps 50% on Excellent Dril...
10/12/2008(Hassaï)Recent VMS Drilling Suggests the Presence of a Supergene Zon...
30/07/2008(Hassaï)Preliminary Drill Results at La Mancha's Hassai Mine Suggest...
08/08/2008(Frog's Lake)Posts its Highest Quarterly Gold Production to Date
13/05/2008(Frog's Lake)Obtains a First Gold Pour From New Australian Frog's Leg Min...
23/04/2008(Frog's Lake)Reports Wide High-Grade Intercepts 150 Meters Below Current ...
05/07/2007(Frog's Lake)Frog?s Leg?s Resource Nearly Doubles
Communiqués de Presse en Français de La Mancha Resources
24/02/2011(Ity)Mise à Jour sur la Mine Ity
Communiqués de Presse de La Mancha Resources
13/11/2012Offer Update
28/08/2012ACKNOWLEDGES WEATHER II TAKEOVER OFFER SUCCESSFUL AND DECLAR...
03/08/2012SECOND QUARTER GOLD PRODUCTION JUMPS 21% FROM THE PREVIOUS Q...
31/07/2012Offer Update - La Mancha TSX:LMA
20/07/2012Offer Document Posted - La Mancha TSX:LMA
13/07/2012REACHES DEFINITIVE AGREEMENT TO BE ACQUIRED BY WEATHER II AT...
21/06/2012DISCOVERS A SIGNIFICANT VMS LENS BELOW THE ODERU
15/06/2012(White Foil)WHITE FOIL PROPERTY SHOWS UNDERGROUND POTENTIAL WITH MINERA...
11/06/2012(Ity)New Drill Results at La Mancha's Ity Mine Indicate That Mine...
15/05/2012REPORTS Q1 NET EARNINGS OF $7.9 MILLION
09/04/2012ANNOUNCES CHANGES TO ITS BOARD OF DIRECTORS
22/03/2012Proven and Probable Reserves Grow by 36% at La Mancha's Frog...
14/03/2012ANNOUNCES AUCTION PROCESS
22/02/2012VMS Resource Increases to 81MT Indicated and 37MT Inferred
31/01/2012Discovers a Mineralized Structure Extending Over 800M at Sis...
12/09/2011HASSA=C3=8F VMS DRILLING UPDATE: INTERSECTS 3.30M @ 94 g/t G...
11/07/2011HIGHLIGHTS IMPORTANT STEP FORWARD FOR SUDAN
27/06/2011Hassai Mine's Third Quarter Production Impacted
17/06/2011(Ity)Clarification on CIL Feasibility Study
03/05/2011NOMME UN NOUVEAU CHEF DES OPERATIONS ET UN NOUVEAU CHEF DES ...
14/01/2011RECORD GOLD PRODUCTION IN 2010
22/07/2010Confirms the Discovery of a New Gold Mineralised Zone at its...
12/05/2010Continues to Generate Profits Into 2010
25/01/2010La production d'or de La Mancha en 2010 en voie de croitre j...
11/11/2009Reports Another Strong Quarter
07/08/2009Posts Record Quarterly Net Earnings As Gold Production Rises...
04/02/2009Takes Advantage of Strong Gold Prices
05/02/2008 to Spend $10.6 Million on Exploration in 2008
28/05/2007Completes the Renewal of the Ity Mine's Mining Permit
16/05/2007Frog's Leg Results Exceed Expectations
Publication de commentaires terminée
 
Dernier commentaire publié pour cet article
Soyez le premier à donner votre avis
Ajouter votre commentaire
TORONTO (LMA.TO)Other OTC (LACHF)
3,50+0.00%3,48+0.00%
TORONTO
CA$ 3,50
08/11 12:07 -
0%
Cours préc. Ouverture
3,50 3,50
Bas haut
3,50 3,50
Année b/h Var. YTD
 -  -
52 sem. b/h var. 52 sem.
- -  3,50 -%
Volume var. 1 mois
1 500 -%
24hGold TrendPower© : 18
Produit Gold
Développe
Recherche Gold
 
 
 
Analyse
Interactive chart Add to compare
Graphique
interactif
Imprimer Comparer Exporter
Dernière mise à jour le : 20/11/2010
Vous devez être connecté pour accéder au portefeuille (gratuit)
Top Newsreleases
LES PLUS LUS
Variation annuelle
DateVariationMaxiMini
 
Graphique 5 ans
 
Graphique 3 mois
 
Graphique volume 3 mois
 
 
Nouvelles des Sociétés Minières
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
0,12 AU$-8,00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
7,05 AU$-0,84%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
2,20 AU$+0,00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
3,86 AU$+0,00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
0,12 CA$+4,55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
0,02 CA$+100,00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
7,04 US$-1,81%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
0,20 US$-12,28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
0,70 GBX-2,91%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
0,08 CA$-21,05%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
1,97 CA$+4,79%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
1,84 CA$+0,00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
9,41 CA$+2,84%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
0,18 CA$-5,41%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
0,32 AU$+3,23%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
6,80 US$-2,86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
2,30 CA$+0,88%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
62,20 US$+1,58%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
8,66 CA$-0,35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
0,03 AU$+12,00%Trend Power :