AU Minera Corp.
AU MINERA AGREES TO CO-DEVELOP FENIX MINE
AU Minera Corp. / Key word(s): Agreement AU Minera Corp (ZAU: FSE) has entered into an agreement with Agredados Mineros de Occidente SA de CV ('AMO') to jointly develop the Fenix Mine in the State of Jalisco, Mexico as well as certain associated precious and base metal deposits made up of three concessions covering approximately 96 hectares in that region. The three AMO mining concessions support both alluvial and conventional lode deposits. Of greater significance are the extraordinary precious mineral values which have been encountered in the western drift which runs off of the principal shaft of the Fenix Mine…gold values that range up to 126.57 grams/ton and silver values which exceed 14,635 grams/ton. Values such as these are extremely rare and place a very real onus on the geological and engineering staff of AU Minera to develop a mining plan which will provide for the efficient exploitation of the AMO mineral rights on a basis consistent with the improvement of AU Minera shareholder values. The Fenix Mine is currently serviced by one vertical shaft and a number of drifts and adits and, as a prelude to further mine development, the management of AU Minera intends to consult with the professional staff of AMO and study existing geological and engineering reports. It is probable that AU Minera will conduct additional ore sampling and commence a drilling program designed to prove up additional reserves of gold and silver prior to tabling a plan for the future development of the Fenix Mine. The AMO concessions provide a perfect fit for the AU Minera management group and the Company's stated philosophy to avoid unnecessary stock dilution in the process of mine development. The initial plan of development for the Fenix Mine will include the acquisition of such equipment as is necessary to commercially exploit the alluvial deposits which are found on the AMO concessions. The positive cash flow realized from that operation will be used to fund both the diamond drilling program as well as the overall development of the Fenix Mine going forward.
About AU Minera Corporation AU Minera Corporation was formed to identify developed or producing mining properties in politically stable South and Central American countries and to take advantage of management experience and expertise in the 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 J. Cowan, President
E-mail: info@auminera.com 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 07.04.2011 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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