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Mundo Minerals Limited

Publié le 14 juin 2007

Update on Torrecillas Project, Peru and Key Appointment

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MUNDO MINERALS LIMITED (ASX: MUN)

ASX RELEASE                                                                                                                                                                               14 JUNE 2007

 

UPDATE ON TORRECILLAS PROJECT, PERU AND KEY APPOINTMENT

 

                                                                                     Highlights

Text Box: Mundo Minerals Limited
A.C.N 117 790 897

Head Office:
45 Ventnor Avenue
West Perth WA 6005
E:john.langford@mundominerals.com
W: www.mundominerals.com

Australian Stock Exchange:
Code: MUN

Board of Directors
Non-executive Chairman:
George Jones
Chief Executive Officer:
	John Langford
Managing Director – South America:
	Mike Schmulian
Non-executive Directors:
	Brian Hurley
	Barry Eldridge
	Rob McKenzie

Senior Management:
Chief Financial Officer:
	Joe Mobilia
Company Secretary:
	Paul Mason
Mining Manager – South America:
	Jos� Antonio Kurcewicz
Exploration Manager – South America:
	Jean-Marc Lopez 
Project Manager – Engenho 
	Lafayette Caporali

Capital Structure
Fully-Paid Shares on Issue:
99.75 million
Unlisted Options on Issue:
	1.82 million

         Country Manager appointed to manage Mundo’s operations in Peru.

 

         Planning well advanced for next phase of assessment of Torrecillas Gold Project following recent acquisition of this asset.

 

         Mundo develops strategy to conduct exploratory underground development along known vein systems at Torrecillas to determine the extent of mineralization.

 

         Contractors have visited site to tender on decline development.

 

         Decline development expected to commence within two months (subject to environmental approvals).

 

Mundo Minerals Limited (ASX: MUN – “Mundo”) is pleased to announce that it has secured a highly experienced senior mining executive to take up the position of Country Manager – Peru, with responsibility for managing its emerging operations in the region. Mundo also today announced an update on its 100%-owned Torrecillas Gold Project, located in south-eastern Peru.

 

Mundo has appointed Mr Sergio Zuniga, a mining engineer with extensive experience in Peru, to the newly created position. Mr Zuniga has had significant experience with a number of mining projects in Peru and, consistent with Mundo Minerals’ strategy of engaging senior mining personnel within the executive team, he has more than 30 years professional experience.

 

Mr Zuniga will commence with Mundo on 2 July 2007. Consistent with the Company’s policy of incentivising its key executive team, it is proposed to issue Mr Zuniga with 400,000 options on similar performance terms to the other senior executives. These options will be exercisable over a four year period (100,000 options exercisable each year) subject to Mr Zuniga meeting his key performance indicators. The exercise price of the options will be 45 cents.

 

Torrecillas Update

 

Since the acquisition of the Torrecillas Gold Project in April, senior technical executives from Mundo including Jean-Marc Lopez (Exploration Manager – South America) and Jos� Antonio Kurcewicz (Mining Manager – South America) have spent a considerable period of time on location at Torrecillas planning the next phase of technical assessment of this project.

 

As previously advised, this will include the proposed development of a decline and trial mining along the known high-grade vein systems to determine the location and extent of the mineralization within the veins.

This will enable Mundo to establish a resource estimate for the Torrecillas Project, prior to committing to production. This exercise, which is expected to take between 18 months and 2 years to complete, will also provide bulk samples for metallurgical test work.

 

Two contractors have visited Torrecillas to review the planned development and submit tenders for the decline development. It is expected that the decline development will commence within two months subject to environmental approvals being obtained. Applications are well in progress.

 

Mundo has retained the services of the key mining personnel with extensive experience in mining the Torrecillas veins, including the mine geologist who has worked on the vein structures for several years as part of the small-scale mining operation conducted by the private vendors of the project. A mining engineer has also been recruited as mine manager for the Torrecillas project to manage the day to day development.

 

This will enable Mundo to progress the continued assessment of the Torrecillas Project supported by a substantial bank of practical mining and geological experience with respect to the existing geological vein system built up over many years.

 

The Torrecillas Project contains multiple narrow-veined, high-grade mineralised zones extending over the tenements. There has been low-level production over the past 20 years from one of the veins, which has yielded an average production grade for the majority of the production period of approximately 30g/t.

 

To support Mundo’s emerging operations in Peru, an administrator has been retained and an office established in the town of Chala, near Torrecillas. It is expected that an office will be established in the capital Lima within the next month to support development of the Torrecillas Project and Mundo’s longer-term growth objectives in the region.

 

 

Yours sincerely

 

 

John Langford

Chief Executive Officer

 

 

Background Information

 

Mundo Minerals Limited is an Australian gold company focused on the exploration and development of a portfolio of advanced, high-quality gold assets in South America with the potential to position the Company as a substantial mid-tier Australian-domiciled gold production house.

 

Mundo is aiming to commence initial production at its flagship asset, the Engenho Gold Project in Brazil, by March 2008, laying the foundations for its growth strategy as a mid-tier Australian-domiciled producer focused on small-to-medium sized high-grade ore bodies in South America.

 

The Engenho Project, which is located in the State of Minas Gerais in Brazil, was previously operated by AngloGold Ashanti Limited which closed it in 2004 after treating some 171,257 tonnes of ore from an open pit through a conventional Carbon-in-Pulp (CIP) treatment facility.

 

Mundo’s other two exploration assets in South America are the 100%-owned Torrecillas Gold Project in Peru and the Tocantins Gold Project in Brazil. These projects have the potential to yield multiple resources to underpin the Company’s long-term growth.

 

The Torrecillas Project comprises some 9,000ha of tenements with a history of high-grade gold production in south-eastern Peru, a region which hosts a number of small-to-medium sized gold mines, including the Area, Capitana, Arirahua, Alcapay and Laytaruma operations – each of which have a production range of 25,000 – 80,000oz per annum.

 

The Tocantins Project is a joint venture where the Company has agreed to spend US$1.3M to earn a 51% interest in tenements controlled by Gamaleira Prospeccao E Geologia Ltda (a Brazilian joint venture between AngloGold Ashanti and IAMGOLD Corporation). Mundo can increase this equity to 80% by taking any gold resource to a bankable feasibility study. The Tocantins tenements are located in a highly prospective region which includes three greenstone belts with the potential to contain multiple mid-size gold deposits.

 

 

 

 

 

READ CORPORATE (incorporating Jan Hope & Partners)
Public Relations Corporate Communications
T: (+61-8) 9388-1474 | F: (+61-8) 9388-1472 | E: info@readcorporate.com.au | Web: www.readcorporate.com.au 

 

Mundo Minerals Limited

EXPLORATEUR
CODE : MUN.AX
ISIN : AU000000MUN9
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Mundo Minerals Limited est une société d’exploration minière d'or basée en Australie.

Son principal projet en développement est CRISTA au Bresil et ses principaux projets en exploration sont JAQUEIRA, TOCANTINS et ENGENHO au Bresil et TORRECILLAS au Perou.

Mundo Minerals Limited est cotée en Australie. Sa capitalisation boursière aujourd'hui est 9,7 millions AU$ (9,8 millions US$, 7,5 millions €).

La valeur de son action a atteint son plus haut niveau récent le 29 février 2008 à 1,02 AU$, et son plus bas niveau récent le 10 août 2012 à 0,03 AU$.

Mundo Minerals Limited possède 201 375 177 actions en circulation.

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Présentations des Compagnies de Mundo Minerals Limited
17/09/2009Expecting Major Progress in FY10
29/04/2008Eagle Research Report
Nominations de Mundo Minerals Limited
18/08/2010Senior Executive Appointment and Project Financing Update
01/12/2008Appointment of Chief Operating Officer
14/06/2007Update on Torrecillas Project, Peru and Key Appointment
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14/01/2010(Engenho)Production Resumes at Engenho Gold Mine
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15/08/2008(Engenho)Third Priority Gold Target Identified at Engenho
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31/07/2008(Engenho)Significant Gold Results from Crista, Engenho Tenements
30/07/2008(Engenho)Open Briefing®. Mundo Minerals. Engenho Production & Other P...
03/06/2008(Engenho)Engenho Plant Commissioning Update
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01/05/2008(Engenho) Engenho Gold Production Commences
08/04/2008(Engenho) Projects Update - Engenho Exploration Potential Upgraded
04/12/2007 Significant Diamond Drilling Intersection at Tocantins
10/09/2007Spectacular RAB Drilling Results From Tocantins
Communiqués de Presse de Mundo Minerals Limited
11/04/2011(Crista)Update on Crista Approvals following key resolution on propo...
04/03/2011Announces $10-15M capital raising to drive gold production a...
04/06/2010Projects and Development Update, June 2010
22/04/2010March 2010 Quarterly Report
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29/01/2010Quarterly Report December 2009
23/11/2009AngloPacific Group agrees A$5million funding for Mundo Miner...
28/10/2009September 2009 Quarterly Report
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23/07/2009June 2009 Quarterly Report
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09/06/2009Encouraging Results from Initial Drilling at Crista
09/06/2009CEO on Corporate Production Plans
15/06/2009Fat Prophets Research Report
25/05/2009Company Update - Operations and ProductionGrowth
04/03/2009Market Update and Financial Guidance - March 2009
02/02/2009Open BriefingR.Operating Performance & Ramp-up
28/01/2009December 2008 Quarterly Report CORRECTED*
28/01/2009Quarterly Activities Report December 2008
28/07/2008June 2008 Quarterly Activities Report
18/06/2008Completes First Engenho Gold Pour
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28/04/2008 Quarterly Activities Report
25/03/2008 Expands and Enhances Asset Base in Brazil
11/02/2008Mundo Minerals - Tocantins Joint Venture Update
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04/02/2008Update on Engenho & Exploration
31/01/2008Upgrades Gold Production Forecast From South American Mine
29/01/2008Quarterly Activities Report
13/11/2007 Project Progress Report November 2007
03/09/2007Open Briefing - Outlines Upside at Projects
17/08/2007August 2007 Project Progress Report
18/07/2007$18M Capital Raising to Secure Developments of South America...
09/07/2007RAB Drilling Upgrades Discovery Potential at Tocantins
18/04/2007Additional Significant Assay Results - Torrecillas Gold Proj...
16/04/2007Go-Ahead for South American Gold Mine
10/04/2007Significant Underground Sampling Assays at Torrecillas
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