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.
TORONTO, ONTARIO–(Marketwire – Aug. 20, 2012) – Southern Legacy Minerals Inc. (“Southern Legacy” or “the Company”) (TSX VENTURE:LCY) is pleased to announce that it has filed a National Instrument 43-101 (“NI 43-101”) compliant technical report related to its press release on July 3, 2012 announcing the inferred resource estimate for the Company’s AntaKori Project.
The independent technical report, entitled “Technical Report, Southern Legacy Minerals Inc., AntaKori Property, Yanacocha-Hualgayoc Mining District, Department of Cajamarca, Peru” (the “Technical Report”), dated July 2, 2012, was prepared for Southern Legacy by Scott E. Wilson Consulting, Inc. of Englewood, Colorado. The Technical Report is available under the Company’s profile on SEDAR at www.sedar.com and on the Company’s website at www.slminerals.com.
The AntaKori Project, containing copper (Cu), gold (Au), silver (Ag), molybdenum (Mo), lead (Pb) and zinc (Zn), is located between Gold Fields Limited’s Cerro Corona mine and Buenaventura’s Tantahuatay mine in Cajamarca, Peru. As at July 2, 2012, the project hosts 5.9 billion pounds of inferred copper equivalent resource at an average copper equivalent grade of 0.92%. Applying a cut-off grade of 0.20% Cu in-pit and 0.50% Cu underground, the resource is summarized in the table below:
| Resource Type | Inferred Category | ||||||||||||||||
| Tonnes (x1,000) | Grade Au g/t |
KOz Au |
Grade Ag g/t |
KOz Ag |
Grade Cu % |
Cu Lbs (x1,000) |
Grade Mo ppm |
Mo Lbs (x1000) |
Grade Pb % |
Pb Lbs (x1,000) |
Grade Zn % |
Zn Lbs (x1,000) |
|||||
| In-Pit | 125,388 | 0.25 | 1,008 | 6.60 | 26,606 | 0.28 | 774,012 | 6.93 | 1,916 | 0.05 | 138,216 | 0.22 | 608,152 | ||||
| Underground | 169,376 | 0.44 | 2,396 | 12.79 | 69,647 | 0.63 | 2,352,481 | 13.48 | 5,034 | 0.08 | 298,728 | 0.26 | 970,865 | ||||
| Total | 294,764 | 0.36 | 3,404 | 10.16 | 96,253 | 0.48 | 3,126,493 | 10.69 | 6,950 | 0.07 | 436,944 | 0.24 | 1,579,018 | ||||
| Notes: | i) Estimates were calculated using Inverse Distance Squared method |
| ii) Estimates were calculated within a Whittle Pit and limited to Southern Legacy’s property mineral tenure | |
| iii) Underground resources assume Block Caving at 0.50% Cu cutoff grade | |
| iv) Copper equivalent formula uses $1,500 per ounce gold, $30 per ounce silver, $3.50 per pound copper, $0.85 per pound for lead and zinc and $16 per pound molybdenum | |
| v) The resource model was based on 17,952 m of diamond core drilling in 70 drill holes |
Qualified Person
Scott E. Wilson, C.P.G., of Scott E. Wilson Consulting, Inc. in Englewood, Colorado prepared the AntaKori resource estimate.
Mr. Wilson is an independent qualified person as defined by National Instrument 43-101 and has prepared or reviewed the preparation of the information which forms the basis of this press release. He is a Certified Professional Geologist, a member of the American Institute of Professional Geologists (CPG #10965) and a Registered Member (#4025107) of the Society of Mining and Metallurgy and Exploration, Inc., a professional association and designation recognized by the Canadian regulatory authorities. Mr. Wilson verified the data, including the sampling, analytical and test data underlying the information, disclosed in this release. Verification included a review and validation of the applicable assay databases and reviews of assay certificates.
On behalf of Southern Legacy Minerals Inc.,
Cesar Lopez, Interim CEO
About Southern Legacy Minerals Inc.
Southern Legacy Minerals Inc. (“Southern Legacy”) (TSX VENTURE:LCY) is an exploration company with a diversified portfolio of gold and copper projects in South America. Southern Legacy’s current projects span along the Andes in Colombia, Peru and Chile. Led by a management team with over 20 years of mineral exploration and development experience in South America, the team boasts strong relationships with local government officials and stakeholders in the jurisdictions where their projects are situated. Southern Legacy is currently focused on expanding the resource at its flagship copper and gold project AntaKori (formerly known as Sinchao), located in northern Peru between Gold Fields’ Cerro Corona and Buenaventura’s Tantahuatay mines.
Forward Looking Statement:
Certain of the information contained in this news release constitutes ‘forward-looking statements’ within the meaning of securities laws. Such forward-looking statements, including but not limited to those with respect to the prices of metals and minerals, purchase payments, estimated future production and estimated costs of future production involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any forecast results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the actual prices of metals and minerals, the actual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the documents of the Company filed from time to time with the British Columbia Securities Commission.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Southern Legacy Minerals Inc.
Cesar Lopez
Interim CEO
786-427-3547
[email protected]
Southern Legacy Minerals Inc.
Elina Chow
VP, Corporate Development
+1.416.845.8495
[email protected]
www.slminerals.com
