Business
Mirasol Resources Corporate Update
VANCOUVER, Nov. 10 /CNW/ - Mirasol Resources Ltd. is responding to the economic downturn which is...
About this update from Mirasol Resources Ltd
[{"type":"text","content":"\n\n\n\nVANCOUVER, Nov. 10 /CNW/ - Mirasol Resources Ltd. is responding to the\neconomic downturn which is being felt by the mining industry, in particular\nthe exploration sector. Mirasol's management feels it is important and timely\nto inform our shareholders that it is taking pro-active steps to assure the\nCompany's future and of our plan forward.\n\n\nMirasol will maintain its principal focus on gold exploration. Our\ntechnical team has been exceptionally successful in identifying new precious\nmetals mineralized systems and project generation will remain important to\nMirasol's future. Nonetheless, Mirasol is actively evaluating a number of\nopportunities which include other natural resources with potential to add to\nshareholder value.\n\n\nMirasol currently has C $4.5 million in its treasury with optimal use of\nour funds being a priority. We have re-focused our exploration but continue to\nexplore at a reduced level in Argentina and Chile, and have reduced our\ncorporate costs, with the objective to have at least C $3.2 million available\nto start the next fiscal year on July 1, 2009.\n\n\nMirasol's exploration properties will continue to generate value for\nshareholders. Throughout the past year, Mirasol's exploration group has added\nsignificant value to a growing portfolio of precious metals properties in\nSanta Cruz Province, Argentina and in the porphyry belts of northern Chile.\nFour of our projects, Rubi, Espejo, Nico and Libanesa are currently being\nevaluated by potential joint venture partners, with additional gold and silver\nprojects in the wings.\n\n\nThe project generation and joint venture business model is well attuned\nto the current financial environment. Joint ventures on our 100%-owned\nproperties reduce Mirasol's exploration risk and project land costs, while our\njoint venture partners advance early stage exploration drilling. Mirasol has\nfavoured joint ventures with companies active in the region, with cash flows\nfrom producing mines, who are equally committed to exploration and discovery\neven during financially challenging times.\n\n\nExploration programs being implemented by our joint venture partners:\nCoeur D'Alene and Hochschild Mining PLC (London) are actively exploring our\nJoaquin and Claudia projects with programs which include 5500 metres of\ndrilling of key exploration targets durin...