|By Marketwired .||
|June 19, 2014 08:01 AM EDT||
MONTREAL, QUEBEC -- (Marketwired) -- 06/19/14 -- Cyprium Mining Corporation ("Cyprium" or the "Company") (TSX VENTURE: CUG) announced today that it has commenced drilling on its Las Cristinas property located in Chihuahua State, Mexico. The drilling program which will be carried out in three phases totaling approximately 4,000 meters of drilling will focus on the North Mount and South Mount, a 550 meter long mineralized section located at the southern end of the property where copper production took place in the early 70s.
The drilling program was designed following the analysis of assay results from the sampling program that was announced by the Company on February 13, 2014. These sampling results delivered up to 17.95% copper and 429 g/t silver. The results also included 64 samples from the South Mount that averaged 1.697% copper and 10 g/t silver. From those 64 samples, the 41 samples that were taken within the estimated 30 meter of true width of the mineralized section averaged 2.454% copper and 11 g/t silver. Results from the sampling program also included a number of higher grade assays from the mineralized surface and underground workings, including a six meter section on surface of the South Mount with 5.089% copper and 20 g/t silver and a contiguous underground channel sample of nine meters in the North Mount that averaged 2.938% copper and 105 g/t silver.
Phase 1 of the drilling program currently underway has as its main objective to test potentially higher grade sulphide copper/silver mineralization at depth of up to 150 meters. A total of 1,080 meters is planned as part of Phase 1. Phase 2 and 3 which will total 2,940 meters of drilling will serve to better define the mineralized structure of the North Mount and South Mount as well as delineating the initial open pit production oxide copper area within the South Mount. The drilling program also forms part of the Company's plan to produce an initial NI 43-101 compliant resource report by the end of 2014. Cores will be split and analyzed for Cu, CuO, Ag and Au among other elements.
About Cyprium Mining Corporation
Cyprium Mining Corporation is a mining exploration company listed on the TSX Venture Exchange under the symbol "CUG" ("Cyprium"). Cyprium is a mineral exploration company which targets the acquisition and generation of mining projects located solely in Northern Mexico that have a potential for profitable precious and base metal open pit and underground production. The Company's main project is the Las Cristinas copper/silver project located in Chihuahua State, Mexico. Cyprium owns 51% of Coyame Copper SA de CV ("Coyame Copper"), a Chihuahua, Mexico based mining exploration company and has an option to increase its stake in Coyame Copper to 70% for a consideration of US $1.2 million payable over a period of eighteen months following the exercise of the option. Coyame Copper's Las Cristinas Project consist of four adjacent exploration concessions (Las Cristinas, La Parrita, La Verde and La Lagrimosa) covering 684 hectares. Coyame Copper also owns production assets located outside the town of Coyame, Mexico.
Neither 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.
The geological information of this release have been verified by Jacques Marchand, P.Eng., a Qualified Person under NI 43-101.
This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward -looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee" or similar words suggesting future outcomes or statements regarding an outlook. Such statements include, among others, those concerning the Company's anticipated plans for developments of the Company and its mining projects".
Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management's expectations regarding future growth, plans for and completion of projects by Company's third party relationships, availability of capital, and the necessity to incur capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of Company's anticipated projects, delays or changes in plans with respect to the development of Company's anticipated projects by Company's third party relationships, risks affecting the ability to develop projects, risks inherent in operating in foreign jurisdictions, the ability to attract key personnel, and the inability to raise additional capital. No assurances can be given that the efforts by the Company will be successful. Additional assumptions and risks are set out in detail in the Company's MD&A, available on SEDAR at www.sedar.com.
Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company's securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law. Investors should note that the Las Cristinas property has no established mineral resources or mineral reserves as defined by NI 43-101. Although Freyja has made an initial production decision based on historical production records and the results of the recent sampling, a feasibility study has not been completed and there is no certainty that the proposed operation will be economically or technically viable. The completion of each phase of drilling is contingent on the successful completion of the previous one.