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Alexander Nubia International Reports Annual Financial Results for 2011 and Provides Update on Key Projects in Egypt
Alexander Nubia International Reports Annual Financial Results for 2011 and Provides Update on...
About this update from Aton Resources Inc.
[{"type":"text","content":"\nAlexander Nubia International Reports Annual Financial Results for 2011 and Provides Update on Key Projects in Egypt\n\nAlexander Nubia International Reports Annual Financial Results for 2011 and Provides Update on Key Projects in Egypt\nContinues to advance flagship Abu Marawat Deposit, commences drilling and exploration at Hamama VMS Project\nToronto, Ontario CANADA, April 17, 2012 /FSC/ - Alexander Nubia International Inc. (AAN - TSX Venture), (\"AAN\" or the \"Company\") today reported its financial results for the year ended December 31, 2011.  Unless otherwise noted, all amounts are in Canadian currency.\nKey Operational and Financial Highlights for the year\n* Invested $5.0 million in exploration activities at key deposits at the Abu Marawat Concession: Abu Marawat and Hamama.\n* Completed a diamond drilling program totaling 18,000 metres of drilling at the Abu Marawat deposit, and 1,100 metres at the Hamama deposit.\n* Maintained a low \"burn-rate\" and incurred a loss from operations of $802,854.\n* Completed work required to deliver a property-first NI 43-101 inferred mineral resource estimate for the Abu Marawat deposit.\n* Engaged Roscoe Postle Associates Inc. for the preparation of a National Instrument 43-101 technical report.\nHighlights subsequent to year end\n* Abu Marawat Deposit: filed a National Instrument 43-101 technical report related to its previously announced NI 43-101 inferred mineral resource estimate of 397,000 ounces of gold+gold equivalent(1)\n* Hamama Deposit: released promising early-stage drilling results including:\no the Central VMS Zone returned high-grade gold-zinc exhalite mineralization. \no results from surface trenches and from a fence of drill holes intersected high-grade mineralization that extends from surface, at a relatively consistent width down to a depth of at least 125 m. \no new discovery - Western VMS Zone, an extensive trenching program discovered a broad zone of high-grade gold mineralization at surface.\n(1)\tGold and Gold-Equivalent Calculation- As disclosed in the Abu Marawat Technical Report, the Abu Marawat property inferred mineral resource is:  approximately 2.9 million tonnes at an average grade of 1.75 g/t Au, 29.3 g/t Ag, 0.77 % Cu and 1.15 % Zn, containing 162 thousand ounces Au, 2.7 million ounces Ag, 49 million pounds Cu, and 73 million pou...