Cambridge
Mineral - Update on Progress on Quintana and El Cinco gold mines
AIM SYMBOL: CMR
February 25, 2008
Cambridge Mineral Resources plc: Update on Progress on Quintana and El Cinco
Gold Mine Projects
LONDON, UNITED KINGDOM--(Marketwire - Feb. 25, 2008) - Cambridge Mineral
Resources plc (AIM:CMR)('the
Company'), the mining exploration and production company, is pleased to
announce that it has signed a
civil engineering contract for the construction of the tailings dam and various
other necessary
earthworks.
Development financing was secured last month for up to three gold mines in
Colombia and work has now
commenced at Quintana. That work includes the upgrading of access roads as well
as detailed
topographical surveys of the tailings dam site and surrounding areas of
suitable material to be used
for the dam construction. Work over the next few weeks will also focus on the
excavation of the site
for the processing plant and the procurement of the plant equipment.
Mine development is scheduled to restart the week commencing Monday 25
February, with deepening of the
main decline planned to reach Level 4 within the next four months.
CMR has also recruited a highly experienced project manager for Quintana, who
will oversee the project
start-up and remain as mine manager once the construction phase has been
completed.
At El Cinco, CMR's second main project in the Frontino Gold Belt, final
planning for the construction
of the required road access is underway, with machinery expected to be on site
in March. It is
expected that within approximately 6 weeks the Company will have drill access
to the site, which will
allow it to commence resource definition drilling at both its Chingale and
Colina Negra targets with
its in-house drill rig. Following successful completion of these programmes,
the Company plans to move
rapidly to the production of a feasibility study and then mine development
using the financing
agreement already in place.
Colin Andrew, Managing Director of Cambridge Mineral Resources plc, stated:
'Operations at our Colombian projects are on course and we will be making
regular announcements of
progress, at Quintana as well as the other projects, as we move towards the
start of gold production
later this year. It is an exciting time for CMR as we build our first mine and
further developments
are expected shortly in Colombia and Peru.'
Editors' Note
Cambridge Mineral Resources plc is an AIM-quoted mining and exploration
company.
CMR's principal focus is the exploration for, and production of, precious
metals in South America. It
also owns interests in gold, copper, zinc and uranium projects in Europe.
The Company has a strong portfolio of mineral projects at varying stages of
commercialization,
supporting its strategy of providing shareholders with attractive upside
opportunities.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Cambridge Mineral Resources plc
Colin Andrew
Managing Director
020 7663 5618
Website: www.cambmin.co.uk
OR
Ruegg & Co Limited
Gavin Burnell / Brett Miller
Nominated Adviser
020 7584 3663
OR
Hichens, Harrison and Co
Colin Rowbury
Broker
020 7382 7771
OR
Haywood Securities (UK) Limited
Tom Beattie
Broker
020 7031 8018
OR
Bankside Consultants
Michael Padley / Louise Davis
Financial Public Relations
020 7367 8888
-0-
????????
Cambridge Mineral Resources Plc
AIM SYMBOL: CMR
February 25, 2008
Cambridge Mineral Resources plc: Update on Progress on Quintana and El Cinco
Gold Mine Projects
LONDON, UNITED KINGDOM--(Marketwire - Feb. 25, 2008) - Cambridge Mineral
Resources plc (AIM:CMR)('the
Company'), the mining exploration and production company, is pleased to
announce that it has signed a
civil engineering contract for the construction of the tailings dam and various
other necessary
earthworks.
Development financing was secured last month for up to three gold mines in
Colombia and work has now
commenced at Quintana. That work includes the upgrading of access roads as well
as detailed
topographical surveys of the tailings dam site and surrounding areas of
suitable material to be used
for the dam construction. Work over the next few weeks will also focus on the
excavation of the site
for the processing plant and the procurement of the plant equipment.
Mine development is scheduled to restart the week commencing Monday 25 February,
with deepening of the
main decline planned to reach Level 4 within the next four months.
CMR has also recruited a highly experienced project manager for Quintana, who
will oversee the project
start-up and remain as mine manager once the construction phase has been
completed.
At El Cinco, CMR's second main project in the Frontino Gold Belt, final
planning for the construction
of the required road access is underway, with machinery expected to be on site
in March. It is
expected that within approximately 6 weeks the Company will have drill access
to the site, which will
allow it to commence resource definition drilling at both its Chingale and
Colina Negra targets with
its in-house drill rig. Following successful completion of these programmes,
the Company plans to move
rapidly to the production of a feasibility study and then mine development
using the financing
agreement already in place.
Colin Andrew, Managing Director of Cambridge Mineral Resources plc, stated:
'Operations at our Colombian projects are on course and we will be making
regular announcements of
progress, at Quintana as well as the other projects, as we move towards the
start of gold production
later this year. It is an exciting time for CMR as we build our first mine and
further developments
are expected shortly in Colombia and Peru.'
Editors' Note
Cambridge Mineral Resources plc is an AIM-quoted mining and exploration
company.
CMR's principal focus is the exploration for, and production of, precious
metals in South America. It
also owns interests in gold, copper, zinc and uranium projects in Europe.
The Company has a strong portfolio of mineral projects at varying stages of
commercialization,
supporting its strategy of providing shareholders with attractive upside
opportunities.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Cambridge Mineral Resources plc
Colin Andrew
Managing Director
020 7663 5618
Website: www.cambmin.co.uk
OR
Ruegg & Co Limited
Gavin Burnell / Brett Miller
Nominated Adviser
020 7584 3663
OR
Hichens, Harrison and Co
Colin Rowbury
Broker
020 7382 7771
OR
Haywood Securities (UK) Limited
Tom Beattie
Broker
020 7031 8018
OR
Bankside Consultants
Michael Padley / Louise Davis
Financial Public Relations
020 7367 8888
-0-
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