Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Sept. 22, 2011) – Huldra Silver Inc. (TSX VENTURE:HDA) (the “Company” or “Huldra“) today provides an update on the 2011 development program at its 100% owned Treasure Mountain Property.
All road rehabilitation has been completed. Approximately 75 metres of the planned 200 metres of the Level One production drift have been driven, allowing development access to the first two stopes on Level One. Two existing raises have been re-opened from Level One to the surface, a distance of 50 metres each. Two additional raises are being driven from Level One to the surface, of which 20 metres and 10 metres, respectively, have been completed. It is estimated that 18,000 tonnes of material will be accessed from the first stope. The permitted 10,000 tonne underground sample will be taken from this stope, commencing in approximately 3 weeks.
From the Level One portal (1,622 metres) to the surface, a NI 43-101 compliant resource estimate reported a total vein indicated resource, using a 10oz/t Ag cut-off, of 14,000 tonnes, grading 28.18oz/t Ag, 5.14% Pb and 3.06% Zn, or 430,000 oz Ag, 1,590,000 lbs Pb and 940,000 lbs Zn. The total vein inferred resource, using a 10oz/t Ag cut-off, is 31,000 tonnes, grading 39.14oz/t Ag, 5.52%Pb and 6.42% Zn, or 1,340,000 oz Ag, 3,780,000 lbs Pb and 4,390,000 lbs Zn.
The Company has commenced hauling stockpiled material from the Treasure Mountain Property to its mill site in Merritt, BC. To date, approximately 1,600 tonnes have been moved, with approximately 10,000 tonnes remaining at the Treasure Mountain site.
Technical information in this news release has been reviewed and approved by Al Beaton, P. Eng, a Qualified Person as defined in NI 43-101. For more information see the Company’s technical report entitled “Technical Report, Project Update, Treasure Mountain Property” dated June 15, 2011, available on SEDAR at www.sedar.com.
On behalf of the Board of Directors
Ryan Sharp, MBA, President, CEO & Director
Disclaimer for Forward-Looking Information
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events related to the Company’s proposed exploration plans and its plans to put the Treasure Mountain Property into production. Such forward-looking information can include statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of theCompany, such as the Company’s ability to finance its planned exploration; the Company’s ability to source the necessary infrastructure to effect its exploration plans; current economic conditions and the state of mineral exploration and mineral prices in general. These risks and uncertainties could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information. The Company can offer no assurance that its exploration and development plans will be completed in the time expected or at all. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change.
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 release.
