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Uruguay Mineral Exploration Inc.: Production for the Quarter Ended February 28, 2007 Approval of Stream Diversion Lascano Update
Uruguay Mineral Exploration Inc.: Production for the Quarter Ended February 28, 2007 Approval of Stream Diversion Lascano Update.
About this update from Orosur Mining Inc.
[{"type":"text","content":"\n\n\n\nLONDON, March 5 /CNW/ - Uruguay Mineral Exploration Inc. (the "Company")\n(TSX:UME) (LSE:UGY) confirms that, in line with disclosed forecasts, it has\nproduced 27,921 ounces of gold for the quarter ended February 28, 2007 making\na total of 67,155 ounces for the nine months ended 28th February 2007. Ore\nprocessed for the quarter was 331,058 tonnes at a grade of 2.79 g/t at a 94 %\nrecovery.\n\n\nThe Company is also pleased to announce that it has received final\nenvironmental approvals to commence the diversion of the Corrales stream as\nwell as mining approvals for the expansion of the Arenal open pit. Easements\ncovering the land on which the diversion will occur are expected to be granted\nthis week, allowing construction to commence.\n\n\nThe second diamond drill hole at Lascano has been stopped at a depth of\n700 meters due to poor ground conditions. From observation of the core for the\nsecond drill hole it is evident that over 600 meters of alternating mafic lava\nflows and mafic intrusive material were intersected, with the former\npredominating. The rocks encountered exhibit various degrees of iron oxide\nmetasomatic alteration locally and some weak pyretic mineralization around\nfaults. These observations are encouraging in as much as such iron metasomatic\nalteration can accompany copper/gold metalization. Petragraphic analysis and\nassays are pending. Drilling of the third hole will start in early March 2007.\nThe results on the first two drill holes justify a further three diamond drill\nholes (making a total of six holes) that have now been planned to explain more\nfully the structural setting causing the anomaly. Drilling of the three\nadditional holes is expected to start in April 2007 and to be completed in\nJune 2007.\n\n\nTony Shearer, Chairman, said "We are on track to produce 95,000 ounces of\ngold for the year to 31st May 2007. The approval of the Corrales stream\ndiversion demonstrates the continued commitment of the Uruguayan authorities\nto developing the mining industry. We are very pleased with the core that we\nhave seen from the first two drill holes at Lascano, as is evident from our\ndecision to extend the drilling program. Each new drill hole is providing\nimportant information to allow us to advance our interpretation of the\ngeological setting. A full review of these and ...