2,300 metres at Bracemac in early December, in advance of the
scheduled year-end target, allowing full multi-face
development to begin later in January. Total development now
stands at 2,500 metres, including the main ramp to McLeod,
three ramps turned off to the Bracemac Zones, and a turn-off
to the backfill raise. The backfill raise, when completed,
will be used as temporary ventilation until the ventilation
raise is completed in the fall of 2012. Multi-faced
development will now continue to the Bracemac Zones and the
in the main ramps accessing the McLeod Zone. Mr. Keats states
that "we are proud of the development team for keeping this
project on budget and on schedule in an environment where
such a good news story is rare." David Patterson, Chairman
and Chief Financial Officer goes on to say "Having Xstrata as
a partner in this project has ensured cost control and has
reduced the risk for Donner."
The Bracemac-McLeod Mine is scheduled to be ready for
production in early 2013. Additional information is available
at www.donnermetals.com.
PROJECT OVERVIEW
The Company is a fully vested partner with Xstrata Canada Corporation in the extensive Matagami base metal camp located in the Abitibi region of central Québec. This joint venture partnership covers six joint venture areas governing 4,737 square kilometres of prime stratigraphy which has yielded high-grade base metal production since 1963. The joint venture areas currently contain 2,895 mineral claims covering 667 square kilometres. Each joint venture area is defined by an area of interest which expires on June 1, 2013. Following this term, the joint ventures will apply only to the surviving mineral claims and other mineral interests. The specific joint venture areas (singular, "JVA") and their relative interests are:
1. | South Flank JVA: | Donner 35% - Xstrata 65% |
2. | Bracemac-McLeod JVA | Donner 35% - Xstrata 65% (includes the Bracemac-McLeod Mine - under development) |
3. | North Flank JVA: | Donner 50% - Xstrata 50% |
4. | Central Camp JVA: | Donner 50% - Xstrata 50% |
5. | West Camp JVA: | Donner 50% - Xstrata 50% (includes the PD1 deposit: under feasibility study) |
6. | East JVA: | Donner 50% - Xstrata 50% |
Xstrata Canada Corporation holds a separate right to increase
its interest to 65% in each of the North Flank, Central Camp,
West Camp and East JVA's by completing a bankable feasibility
study. Both parties will be responsible for their share of
costs on the basis of the relative joint venture
interests.
The Matagami Project covers the Matagami Mining Camp, a
world-class mining district, with 18 known Volcanogenic
Massive Sulphides (VMS) deposits including 10 past producers
of varying sizes, including the giant Matagami Lake Deposit
(25.64 million tonnes of 8.2% zinc, 0.56% copper, 20.91g/t
silver and 0.41g/t gold) discovered in 1957 and mined from
1963 to
1988. The area is host to historical production of 8,600
million pounds of zinc and 853 million pounds of copper. The
Matagami area is well serviced by established infrastructure
including the town of Matagami, power, a permitted tailings
facility, railway, airport and well-developed road and
highway networks. Xstrata Zinc is currently producing from
its low-cost
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Donner Metals Ltd.Suite 2150, 885 West Georgia Street, Vancouver, British Columbia, Canada V6C 3E8
Telephone: (604) 683-0564 Fax: (604) 602-9311 or Toll Free: 1-800-909-8311
E-mail: donner@bed-rock.com or Web: http://www.donnermetals.com
Number: 1-11 TSX Venture Exchange Symbol: DON Frankfurt Stock Exchange Symbol: D4M
and wholly-owned Perseverance Deposit which feeds its
refurbished 2,950 tonnes per day Matagami mill complex. Any
future development under the Donner-Xstrata agreement will
support the established infrastructure and facilities. Zinc
concentrates produced at Matagami are refined at the Noranda
Income Fund zinc refinery in Valleyfield, Québec. Copper
concentrates are smelted at Xstrata's Horne smelter in
Rouyn-Noranda and refined at Xstrata's Canadian Copper
Refinery in Montréal, Québec.
The Company's strategy is to explore for and develop
zinc-copper deposits in the Matagami Camp and to leverage the
general infrastructure and existing processing facilities
within a known and well-established cost structure for
developing VMS deposits. Donner's exploration objective is to
investigate multiple stratigraphic horizons with potential
for VMS mineralization including the prolific Key Tuffite
horizon throughout the Matagami Camp. To date, the joint
venture partners have discovered new mineralization at
Bracemac-McLeod, Daniel1, Garon Lake, Bell Channel, McLeod
Deep and down-dip from Radiore. Within the extensive project
area there are numerous exploration targets with excellent
potential for additional discoveries.
SUPPLEMENTARY INFORMATION
Xstrata Zinc is the project operator for the Matagami Project all of the respective joint ventures. As operator, Xstrata Zinc is responsible for the execution of all development, production and exploration programs on the property. This includes resource evaluation, sampling, submittal of samples for assay, assay verification, metallurgical evaluation and QA/QC. Sample preparation and assaying are conducted by ALS Chemex-Chimitec, of Val D'Or, Québec (zinc, copper and silver by atomic absorption, and gold by standard fire assay procedures).
ON BEHALF OF THE BOARD OF
DONNER METALS LTD.
"Harvey Keats"
Chief Executive Officer
Certain phrases in this news release are "forward-looking statements". Forward-looking statements are identified by wording such as "will". Such statements are applicable specifically to the possible future completion of the development of and production from the Bracemac-McLeod Deposit as well as future planned exploration activities. With respect to future production, and the commencement thereof, from the Bracemac-McLeod deposit, the forward looking statements are in the context of the feasibility study completed by Xstrata Canada Corporation - Xstrata Zinc Canada Division and Genivar Limited Partnership in 2010 as posted under the Company's profile at www.sedar.com. "Forward-looking statements" involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. This press release also refers to information about historical production from land covered by, or adjacent to, the Matagami Project. Investors are cautioned that mineral deposits on other properties and/or historical production on lands under option are not necessarily indicative of characteristics of new mineral deposits discovered on the Matagami Project or future discovery potential. Further discussion of "forward looking statements" and "future oriented financial information" and the risks inherent to mineral exploration and development, in relation to Donner's activities, can be found on the Company's website at www.donnermetals.com. The reader is cautioned not to place any undue reliance on any forward-looking statement, reference to other properties or historical production from the Matagami Project area.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Donner Metals Ltd.Suite 2150, 885 West Georgia Street, Vancouver, British Columbia, Canada V6C 3E8
Telephone: (604) 683-0564 Fax: (604) 602-9311 or Toll Free: 1-800-909-8311
E-mail: donner@bed-rock.com or Web: http://www.donnermetals.com
distribué par | Ce noodl a été diffusé par Donner Metals Ltd. et initialement mise en ligne sur le site http://www.donnermetals.com. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-16 16:51:47 PM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
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