|By Marketwired .||
|August 14, 2013 08:18 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 08/15/13 -- Red Crescent Resources Limited (TSX:RCB)(FRANKFURT:7RC) ("RCRL" or the "Company"), a base metals focused mineral exploration and extraction company with operations in Turkey, is pleased to provide an update on its activities from May 2013 to date.
Further to RCRL's press release dated July 31, 2013, the Company understands its amended disclosure filings of July 31, accessible at www.sedar.com, have been accepted by the Ontario Securities Commission and no further action is required by RCRL.
To date the Company has extracted expected direct shippable mineralized material ("EDSMM") and non-EDSMM at its Hakkari Uzumcu (Pentagon) site. During June, 2013 a total of 2,460 tonnes of EDSMM was delivered at the RCRL stockyard to the previous owners of the licence in accordance with the terms of an earlier agreement.
During July, 2013 approximately 2,000 tonnes of +24% EDSMM were trucked to the Mersin port, where it will be blended with part of the existing stockpile of 2,100 tonnes of similar material, in preparation for export directly to a far east smelter.
From September, 2012 to date a total of 12,700 tonnes of EDSMM has been extracted and shipped from the Pentagon Licence area. Due to low London Metal Exchange ("LME") zinc prices and complex geology at Hakkari, these operations will be decreased until LME zinc prices increase.
On July 5, 2013 a one year lease agreement was signed with RCRL's local partners, the Seyitoglu family, for the exploration and extraction of EDSMM from mining lease number 26 of the Hakkari project.
Technical due diligence with a third party regarding the Tufanbeyli project is ongoing. The Company continues to explore all opportunities with respect to its other properties in Turkey with a view to growing the Company.
Finally, RCRL announces the appointment of MNP LLP as its auditors, replacing PriceWaterhouseCoopers LLP.
There can be no assurance any forward looking statement made by the Company, including, but not limited to, plans, estimates, objectives, or performance, will prove to be accurate. Any such statement would be based on reasonable assumptions made at the time and would not take into account any unforeseen material adverse change in the affairs of the Company that may result in actual results differing from those estimated. Readers are cautioned not to place undue reliance on any forward-looking statement in any filing made by the Company whether or not such filing is made with Canadian securities regulators, which can be accessed at www.sedar.com. Other than specifically required by order or law, the Company undertakes no obligation to update or revise any forward-looking statement.
Red Crescent Resources Limited