China Mineral Company Awarded Additional Mining Leases
Online, June 25, 2010 (Newswire.com) - Hong Kong - China Mineral Company (CMC) announced today the receipt of new mining leases for its Wen County gold and silver mining project. "With these new mining leases we have now consolidated an 80 square mile, contiguous land package that contains what we believe to be the most highly prospective area available for mining" said Michael Cooper, Vice-President of Development for China Mineral Company, Ltd.
The accusation of this area will add substantial backing to the programs we are running currently and allow us the revenue streams necessary to continue on with planned programs we had in mind" continued Mr. Cooper. This is the completion of the area that is our drill programs focus. We are now working on through Phase II - a 10 hole drill program that will further validate our geologic model and establish our indicated resource base. In terms of scale, the Gansu Provence land package is one of the most considerable land packages ever awarded by the Chinese government.
China awarded CMC the Mining Leases totaling an area of 3,322 hectares. With these leases, CMC now has a complete land package encompassing what was the target area for the proper completion of the exploration and development programs. Total acres under the control by the CMC amount to a contiguous package of 16,000 hectares.
China Mineral Company has commenced its 10-hole rotary and core Phase II drilling program for the Gansu Provence project. Confirmatory drilling and coring indicates higher amounts of gold and silver than originally estimated. The Phase II program is following the Phase I drilling program, completed in January. That initial program validated the Company's geologic model for precious metals throughout the area of interest.
All scientific and technical disclosure in this press release has been prepared under the supervision of Edward Callister with China Mineral Company, who is a Qualified Person within the meaning of National Instrument 43-101.
About China Mineral Company Ltd.
China Mineral Company Ltd. was formed in 2007 to explore unallocated tracts of land abutting the Yashan gold mine, where there was expected to be an abundance of silver. After initial surveys found not just silver, but extractable gold, CMC launched its initial round of fundraising. The company has since come to an agreement with the Chinese government and was able to begin operations in the middle of 2008.
For more information, please contact Clair Barton at +8613502259111 or visit http:// www.chinamineralco.com
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