AU Minera Corp.
AU Minera Corp Announces Development Plans for Fenix Mine
AU Minera Corp. / Key word(s): Miscellaneous AU Minera Corp Announces Development Plans for Fenix Mine
April 18, 2011 – AU Minera Corp (FSE:ZAU) ('ZAU' or the 'Company') is pleased to report that a management will complete a site visit to the Fenix Mine site commencing on Monday, April 25th for the general purpose of accelerating the Fenix development plan and the specific purpose of assembling and deploying the equipment needed to go into immediate production on areas of the alluvial plain that have indicated exceptionally high ore values. Management has reviewed geological and assay reports as well as data relating to capital and operating costs associated with the Fenix Project with internal staff and a consulting engineer on the Fenix Project. President Rodger Cowan commented that, 'our research indicates that the capital costs associated with initiating production on the Fenix alluvial plain and the operating costs required to sustain operations to the point of positive cash flow are manageable within the context of our current working capital position. We intend to complete construction of a small mill and wet gravitational plant and ramp up production at the Fenix alluvial site. At the same time we will commission a N.I. 43-101 Report with a view to identifying the best course of action with respect to developing the Fenix lode deposit this fall when the rainy season ends. Based upon processing a modest 1,000 cubic yards of alluvial material per day and discounting average gold values reported at the Fenix site by a factor of 50%, we believe that we can generate revenues of over $6.4 million per annum from the alluvial operations alone and fund development of the Fenix lode deposit without undue issuances of stock from the AU Minera treasury. AU Minera has only 2,000,000 shares currently issued and the Fenix Project has the ore values management needs to generate the earnings per share required to achieve the higher share prices desired by both management and shareholders.'
About AU Minera Corporation AU Minera Corporation was formed to identify developed or producing mining properties in politically stable South American countries and to take advantage of management experience and expertise in the South American mining industry to identify mining prospects that lend themselves to rapid development, production and, ultimately, the enhancement of shareholder values. The management of AU Minera is primarily focused on building reserves and utilizing positive cash flow to internally finance the development of prospects on a basis that avoids the undue issuances from treasury that impact negatively on earnings. On behalf of the Board of Directors AU Minera Corporation Rodger Cowan, President Website: www.auminera.com
FORWARD-LOOKING STATEMENTS Statements in this document which are not purely historical are 'forward-looking statements', including any statements regarding the intent, belief or current expectations of AU Minera Corporation and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include, among others, material changes commodity prices which could impact negatively on operating margins and profitability, material changes in the global capital markets that may impact negatively on the Company's ability to secure the working capital required to complete the ongoing development of its mineral rights on a timely basis, the competitive nature of the mining industry as it relates to the Company's ability to attract the personnel required to efficiently execute the Company's business plan. Forward looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as updates may be required by applicable law. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined in our most recent financial statements. Although the Company believes that the plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under the applicable securities laws of any such jurisdiction. End of Corporate News 17.04.2011 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
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