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CALGARY, ALBERTA–(Marketwire – Nov. 17, 2011) – Micrex Development Corp. (TSX VENTURE:MIX) is pleased to announce that it has contracted Geotech Ltd. of Aurora, Ontario to complete a helicopter-borne VTEM electromagnetic and magnetic geophysical survey of the Deadwood-Sunburst Property, New Mexico, which covers the historic Deadwood Mine and surrounding area.
Geophysical data from this survey will be integrated with historic information from the property and will in part assist with future drill programs. The company anticipates that the survey will be completed prior to month end, and additional data will be released as it is received.
The historic Deadwood Mine was developed upon an extensive continuous vein system, which merges within the southern part of the property. At Deadwood at least two shafts up to 180 m deep were developed, as well as several level drifts with widths up to several meters and strike lengths up to 300 metres. Historical reports indicate average grades of material removed from the mines, prior to their being shut down during World War II, at approximately 0.127 oz/ton Au (Gold) and 6.96 oz/ton Ag (Silver). Micrex has not confirmed historical grade or width information.
During 2007, a single diamond drill hole (DW07-01) was completed at Deadwood to a depth of 189.28 meters. The hole was intended to undercut the historic mineralization at Deadwood Mine; however, due to drilling complications, it did not reach the intended target depth. For DW07-01, the interval from 122.83 to 188.21 m (65.38 m) intersected 0.49 g/t Au and 28.19 g/t Ag (1.10 g/t Au equivalent*) The hole was prematurely ended within the fault/vein zone; therefore, mineralization is considered open at depth.
DW07-01 intersected fine-grained, disseminated pyrite, argentite/acanthite, pyrrhotite, chalcopyrite, and galena within silicified and/or brecciated volcanic rocks, and quartz/calcite veins ranging from a few centimetres to several metres in size. Fluorite and/or amethyst are also present in several of the veins and breccias, as well as box-work textures of calcite. In addition to the historic mineralization mined at Deadwood, this interval attests to the potential of the system to host large intervals of low grade Au-Ag mineralization.
*(A silver to gold ratio of 46:1 used for gold equivalent with metallurgical recoveries assumed to be 100 per cent).
Micrex has retained Dahrouge Geological Consulting Ltd. of Edmonton, Alberta to oversee this project.
Patrick Kluczny, P.Geol., a qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
Micrex Development Corp. (TSX VENTURE:MIX) is a mineral exploration company based in Alberta, Canada with mining properties in North America.
Visit www.mixcorp.com for further details.
MICREX DEVELOPMENT CORP.
Burmis Magnetite/Titanium Property • St. Charles de Bourget Magnetite/Titanium/Rare Earth Property • Fort Steele Placer Property • Bighorn Gold Mine • Mount Royal Gold Mine • Deadwood Gold Mine • Sunburst Gold Property
FORWARD LOOKING STATEMENTS
Certain statements in this news release are “forward-looking statements”, which reflect management’s expectations regarding its property and business operations. All statements other than statements of historical fact contained in this news release are forward-looking statements. Such forward-looking statements involve risks and uncertainties, as they reflect management’s current beliefs and are based on information currently available to management. Actual results may differ materially from those anticipated in the statements made. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements are made as of the date of this news release and Micrex assumes no obligation to update or revise them to reflect new events or circumstances except as expressly required by applicable securities law. Further information regarding the uncertainties and risks can be found in the disclosure documents filed by Micrex with the securities regulatory authorities, available at www.sedar.com.
Micrex Development Corp.: A mineral exploration and development company operating in Canada and the United States
SEC 12 g (3) Exemption 82-4281
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