Apogee Silver Ltd. ("Apogee" or the "Company") (TSX VENTURE: APE)
provides the following update with respect to its agreement with
Valencia Ventures Inc. ("Valencia"). Further to previous news
releases issued by the Company (October 5, 2009 and December 21,
2010), the parties have now agreed that Apogee will purchase all of
Valencia's participating interest in Compania Minera Valencia
Ventures - Chile Limitada ("Compania Minera"). Compania Minera
holds Valencia's entire 80% participation interest in each of the
Cachinal Property and the Nueva Juncal Silver Property, both
located in northern Chile, (Figure 1), for an aggregate purchase
price of $500,000 in cash and 3,000,000 common shares of Apogee.
Cachinal Property
The Cachinal property is an advanced silver property hosting
mineral resources supported by a Technical Report that is compliant
with the requirements of Canadian National Instrument NI 43-101,
filed by Apogee on February 9, 2010. The resource contains 18.41
million ounces of silver in the indicated resource category and an
additional 3.02 million ounces of silver in the inferred resource
category (see table below and refer to technical report filed on
SEDAR). The Cachinal deposit is a low-sulfidation epithermal system
which has had past production of 32 million ounces of silver.
Apogee believes there is good potential to expand the estimated
resource.
Table 1 Mineral Resource Statement for the Cachinal Silver Deposit, Chile,
SRK Consulting, March 4, 2008. (Sections 1250NNW - 1000SE)
----------------------------------------------------------------------------
Grades Contained Metal
------------------------------------------------
Gold
Resource Quantity Silver Gold Zinc Silver (000' Zinc
Classification (1) (Mt) (g/t) (g/t) (%) (M Oz.) Oz.) (M lbs)
----------------------------------------------------------------------------
Indicated
----------------------------------------------------------------------------
Open Cast (2) 5.50 99 0.13 0.21 17.49 23.00 25.97
----------------------------------------------------------------------------
Underground (3) 0.15 188 0.21 0.52 0.92 1.02 1.75
----------------------------------------------------------------------------
Total 5.66 101 0.13 0.22 18.41 24.03 27.72
----------------------------------------------------------------------------
Inferred
----------------------------------------------------------------------------
Open Cast (2) 0.45 61 0.07 0.13 0.88 1.01 1.26
----------------------------------------------------------------------------
Underground (3) 0.37 180 0.19 0.34 2.14 2.25 2.77
----------------------------------------------------------------------------
Total 0.82 115 0.12 0.22 3.02 3.26 4.03
----------------------------------------------------------------------------
1. Mineral resources are not mineral reserves and have not demonstrated
economic viability. All figures have been rounded to reflect the
relative accuracy of the estimates. The cut-off grades are based on
metal price assumptions of US$12.50 per ounce of silver, US$650 per
ounce of gold and metallurgical recoveries of eighty-five percent for
silver and gold. Zinc does not contribute to revenue.
2. Reported at a cut-off of 40 g/t Ag Eq. to a vertical depth of 150 meters
below surface.
3. Reported at a cut-off of 150 g/t Ag Eq. below a vertical depth of 150
meters.
Nueva Juncal Property
The Nueva Juncal property comprises seven Exploitation Mining
Concessions totaling 2,100 ha, held in the name of Minera Silver
Standard Chile Ltda (Figure1, Figure 2, Table 2). Valencia entered
into an agreement with Silver Standard Resources Inc. in October
2007 to acquire an 80% interest in the property; and a Definitive
Agreement, signed April 30, 2008, required Valencia to spend a
total of US$1.0 million over four years, with a minimum expenditure
of $200,000 during the first 12 months of the agreement.
Expenditures to the end of October 2008, totalling approximately
US$ 590,000, satisfied the initial expenditure commitment.
The Nuevo Juncal Silver Project, is situated within the zone of
overlap between the rich El Penon-Guanaco Epithermal Gold-Silver
Belt and the prolific Porphyry Copper Belt of northern Chile. At
Juncal, historical mining since the late 1800's has focussed on two
east-west trending structures, the Juncal Norte and Juncal Sur
veins, which extend over a strike length of at least 2,500m. These
structures have been exploited to depths of approximately 100-150m
by numerous shafts and two modern declines. Production records are
non-existent; however, historical reports cite grades as high as
600g/t silver, with values up to 7.4 % lead and ranging from 10-18%
zinc. There has been no systematic drilling recorded on the
property.
Completion of the acquisition remains subject to receipt of
regulatory approvals, including the approval of the TSX Venture
Exchange. The acquisition is a non-arm's length transaction for the
purposes of the TSX Venture Exchange as Apogee and Valencia have a
common director, Mr. Stan Bharti.
The scientific and technical information presented in this press
release has been reviewed and approved by Chris Collins, P.Geo,
President of Apogee Silver and a qualified person as defined by NI
43-101.
About Apogee Silver Ltd
Apogee Silver Ltd. is a mineral exploration and development
stage company listed on the TSX Venture Exchange under the symbol
APE. Apogee targets advanced silver-zinc-lead projects in South
America that demonstrate potential to be developed to production.
Currently its projects are located in the historic silver producing
regions of southwest Bolivia and northern Chile.
Apogee's most advanced project is the 100% owned Pulacayo-Paca
project in Bolivia. This project includes the property that covered
the second-largest silver mine in the history of Bolivia with over
600 million ounces of past production.
Cautionary Note Regarding Forward-Looking Information. This
press release contains "forward looking information" within the
meaning of applicable Canadian securities legislation. Forward
looking information includes, but is not limited to, statements
with respect to the acquisition of the Cachinal and Juncal silver
properties, future financial or operating performance of the
Company, its subsidiaries and its projects, the development of and
the anticipated timing with respect to the Pulacayo-Paca project,
the current drill program, and statements regarding exploration
prospects. Generally, forward looking information can be identified
by the use of forward-looking terminology such as "plans",
"expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
the Company to be materially different from those expressed or
implied by such forward-looking information, including but not
limited to: financing not being available at desired prices;
general business, economic, competitive, political and social
uncertainties; the actual results of current exploration
activities; timing and availability of external financing on
acceptable terms; conclusions of economic evaluations; changes in
project parameters as plans continue to be refined; future prices
of mineral prices; failure of plant, equipment or processes to
operate as anticipated; accidents, labour disputes and other risks
of the mining industry; and, delays in obtaining governmental
approvals or required financing or in the completion of activities.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such information will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward
looking information. The Company does not undertake to update any
forward-looking information, except in accordance with applicable
securities laws.
On Behalf of the Board,
Neil T. Ringdahl, CEO
Table 2 Nueva Juncal Property Summary
----------------------------------------------------------------------------
Concession Owner Area (ha) Type
----------------------------------------------------------------------------
Barbara 1, 1-60 Silver Standard 300 Exploitation
----------------------------------------------------------------------------
Barbara 2, 1-30 Silver Standard 300 Exploitation
----------------------------------------------------------------------------
Barbara 3, 1-60 Silver Standard 300 Exploitation
----------------------------------------------------------------------------
Barbara 5, 1-30 Silver Standard 300 Exploitation
----------------------------------------------------------------------------
Barbara 6, 1-30 Silver Standard 300 Exploitation
----------------------------------------------------------------------------
Barbara 7, 1-30 Silver Standard 300 Exploitation
----------------------------------------------------------------------------
Barbara 4, 1-60 Silver Standard 300 Exploitation
----------------------------------------------------------------------------
Total 2100
----------------------------------------------------------------------------
To view "Figure 1 Location and Regional Setting Cachinal and
Juncal Projects" and "Figure 2 Nueva Juncal Concession Map", please
visit the following link:
http://media3.marketwire.com/docs/apogee916_rev_figures.pdf
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
Contacts: Apogee Silver Ltd. Marilia Bento Vice President
Corporate Development +1 (416) 309-2694 info@apogeesilver.com
Apogee Silver Ltd. Neil T. Ringdahl CEO of the Board +1 (416) 309
4291 info@apogeesilver.com www.apogeesilver.com
Apogee Silver Ltd. (TSXV:APE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Apogee Silver Ltd. (TSXV:APE)
Historical Stock Chart
From Jul 2023 to Jul 2024