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Alexander Nubia International Reports First Quarter Financial Results, Provides Update On Key Projects In Egypt And Announces Closing Of Convertible Debenture And Warrant Private Placement
Alexander Nubia International Reports First Quarter Financial Results, Provides Update On Key ...
About this update from Aton Resources Inc.
[{"type":"text","content":"\nAlexander Nubia International Reports First Quarter Financial Results, Provides Update On Key Projects In Egypt And Announces Closing Of Convertible Debenture And Warrant Private Placement\n\nAlexander Nubia International Reports First Quarter Financial Results, Provides Update On Key Projects In Egypt And Announces Closing Of Convertible Debenture And Warrant Private Placement\nToronto, Ontario CANADA, May 29, 2012 /FSC/ - Alexander Nubia International Inc. (AAN - TSX Venture), today reported its financial results for the three-month period ended March 31, 2012. All amounts are in Canadian currency unless otherwise noted.\nKey Operational and Financial Highlights of the Quarter\n* Finalized and released property-first NI 43-101-compliant inferred resource estimate of 397,000 ounces of gold+gold equivalent(1) on the Abu Marawat gold-copper-zinc-silver deposit\n* Invested $0.4 million in initial exploration activities at Hamama deposit\n* Preliminary results more significant than anticipated - Hamama deposit: \n - Completed first pass trenching program;\n - Main VMS horizon is continuous and is traceable on surface for at least 3,000 metres;\n - Three distinct zones identified within the Main VMS horizon (the Western, Central and Eastern VMS zones);\n - The Western VMS Zone trench results confirm broad gold-silver mineralization - a zone 650 metres along strike and averaging 60 metres wide contains relatively uniform mineralization averaging 1.15 g/t gold and 19.4 g/t silver ;\n - Drilling in the Central VMS Zone confirm moderate to high-grade gold-zinc exhalite mineralization from surface to a depth of at least 125 m. The deepest drill hole, AHA-005, intersected 16.0 metres grading 4.71% Zn, 0.22% Cu, 0.81 g/t Au, 16.2 g/t Ag; and\n* Maintained a low burn-rate and incurred a loss of $182,220.\n (1) Gold-Equivalent Calculation\nAs disclosed in the Abu Marawat Technical Report, the Abu Marawat deposit inferred mineral resource is:  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 pounds Zn.  The gold equivalencies of silver, copper, and zinc are based on the metal prices used in the NSR model as follows: Au US$1400/ounce, Ag US$26/ounce, Cu US$3.50/pound, Zn $1.15/pound, r...