THEMAC Resources Group Assembles World Class Management Team for Copper Flat Project in New Mexico
May 12 2011 - 1:30PM
Marketwired
THEMAC Resources Group Limited ("THEMAC" or "the Company") (TSX
VENTURE: MAC) is pleased to announce that substantially all key
members of the team that will, on behalf of THEMAC, seek to develop
the Copper Flat copper-gold-molybdenum-silver project in New
Mexico, USA into a significant polymetallic mine are in place.
THEMAC has 100% ownership of the Copper Flat project through its
New Mexico subsidiary, New Mexico Copper Corporation ("NMCC").
Copper Flat is a former producing mine located approximately
280km SW of Albuquerque, New Mexico. Permitting for a return of the
project to production is at an advanced stage, and a prefeasibility
study is in progress and targeted for completion during 2011.
Copper Flat Project Management Team
Mike Anglin, who has held numerous senior roles with BHP
Billiton, will act as Executive Adviser to both THEMAC and NMCC
during the permitting phases of the Copper Flat project and the
anticipated construction phase thereafter.
General Manager of NMCC will be W. Ferol Baker, a New Mexico
native who has spent most of his career with Freeport McMoRan
Copper & Gold Inc. working in the New Mexico and Arizona copper
belts as well as on overseas projects. Mr. Baker was most recently
Mine Manager at the Franke Mine in Chile operated by QuadraFNX
Mining Ltd, and has more than 35 years of mine development
experience. Mr. Baker will begin his duties on June 1, 2011.
Reporting to Mr. Baker will be Ed Fidler as Feasibility Study
Manager. Mr. Fidler, who also previously worked for QuadraFNX, has
a broad spectrum of mineral sector experience and will commence his
duties in June along with Mr. Baker.
Acting as Project Director is Ann Carpenter, who has over 30
years of international mineral development experience, most
recently as President and COO of US Gold Corporation.
Other key project management team members for the feasibility
and permitting phase of the Copper Flat project include Steve
Raugust (technical) and Jens Deichman (facilitator), each with over
25 years of experience in the environmental permitting and services
field, much of this focused on New Mexico and the Southwestern
USA.
Board of THEMAC Resources Group Limited
THEMAC has a five member board, including Kevin Maloney as
Chairman and Barrett Sleeman as CEO. Mr. Maloney is the founder of
The MAC Services Group Ltd, Australia's leading provider of remote
area mining accommodation and services which was recently acquired
by Oil States International Inc. for in excess of US$600 million
cash. Mr. Sleeman is a mining engineer with diverse experience in
most minerals including open pit and underground mine
production.
In addition, John Cook (Director), has extensive financial
experience, particularly with regard to raising equity finance for
natural resources companies; Joel Schneyer (Independent Director,
Chairman of the Audit Committee) is currently Managing Director of
Headwaters MB, an investment bank focused on the mining industry;
and Ken Pickering (Independent Director, Chairman of the Compliance
Committee) who until recently held the role of Vice President of
Major Projects, Closed Mines and North American Assets for BHP
Billiton Base Metals.
The board of directors of NMCC is composed of Kevin Maloney as
Chairman, Barrett Sleeman, and Patrick Harford. Mr. Harford is
currently Managing Director of ECR Minerals plc, a mineral
development company listed on the London AIM.
About the Copper Flat Project
The Copper Flat project is a porphyry
copper-molybdenum-gold-silver deposit located in the Las Animas
mining district of South Central New Mexico. The deposit has
NI43-101 Indicated Mineral Resources of 107 million short tons
grading 0.303% copper and 0.01% molybdenum for 645 million lbs
copper and 21.4 million lbs molybdenum, plus Inferred Mineral
Resources of 46 million short tons grading 0.24% copper and 0.006%
molybdenum for 222 million lbs copper and 5.6 million lbs
molybdenum. The gold and silver content of the deposit is evidenced
by historic production and metallurgical testwork, and gold and
silver are targeted for incorporation into the deposit's NI43-101
Mineral Resource statement following completion and interpretation
of a re-assay program using historic drill pulps.
An NI43-101 preliminary economic assessment ("PEA") dated June
30, 2010 and updated February 25, 2011 has been completed for the
Copper Flat project by SRK Consulting.
Civil infrastructure in place at Copper Flat includes a tailings
dam, largely pre-stripped open pit, power lines, water well field
and pipeline, access roads, diversion channels and building
foundations. The project land package comprises in excess of 3,000
hectares.
About THEMAC Resources Group Limited
THEMAC is a copper development company with a strong management
team and a 100% ownership interest in the Copper Flat
copper-molybdenum-gold-silver project in New Mexico, USA.
The Company is listed on the TSX Venture Exchange (ticker: MAC)
and has issued share capital of 74,117,622 common shares (fully
diluted share capital 134,523,241).
For more information please visit www.themacresourcesgroup.com
or review the Company's filings on SEDAR (www.sedar.com).
Neither the TSX Venture Exchange (the "TSXV") nor its Regulation
Services Provider (as that term is defined in the policies of the
TSXV) has reviewed, nor do they accept responsibility for the
adequacy or accuracy of, this release.
Contacts: THEMAC Resources Group Limited Barrett Sleeman, P. Eng
Chief Executive Officer (505) 274-1638 (604) 806-6112 (FAX)
www.themacresourcesgroup.com
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