VANCOUVER, British Columbia--(BUSINESS WIRE)--SACRE-COEUR MINERALS, LTD. (the “Company”) announces that it has
commenced shipping of limited gold production from its alluvial test
mining program on Million Mountain Alluvial Zone 2, located in Guyana
South America. Initial shipments totaling approximately 30 tr oz Au will
be sold to the Guyana Gold Board this week. Following these initial
shipments, production from on-going test mining will be periodically
sold to the Guyana Gold Board as the Company continues testing
operations while it prepares for full scale production as announced in
its PR dated 24 – February, 2010. Output is expected to gradually
increase as the Company moves incrementally into full scale production
from its first operating unit over the next few months.
Gold produced by the Company is purchased by the Guyana Gold Board, an
agency of the Republic of Guyana, at London PM fixing price on the day
of settlement, less royalty payable to the Guyana Government equal to 5%
of the settled value.
This is an important milestone in the development of the Company’s
alluvial gold deposits in Guyana. Sales of gold produced from the test
mining program will help offset the costs associated with ramping up to
full scale production, as well as the Company’s ongoing hard-rock gold
exploration program. The goal of the Company at full scale alluvial
production is to reach cash self-sufficiency with respect to all of its
operating and exploration costs through revenue generated by its
alluvial mining activities. While the Company remains unflaggingly
committed to its primary objective of identifying and developing major
hard-rock gold deposits on the more than 1,000 sq km of properties it
holds in Guyana, the Company also expects to further expand its alluvial
operations to include multiple operating units in order to fully exploit
the alluvial gold resource potential on it properties concurrent with
its on-going exploration programs.
Technical Staff
The Company’s mining and exploration program is overseen by Mr. A. David
Heyl, P. Geo., Director Mining and Exploration for the Company. The
refinery is managed by Mr. Ardito Martohardjono, Refinery Manager.
Exploration is directed by Mr. Henry Salvado, Chief Geologist – Puruni
District. The alluvial exploration program is headed by Mr. Roan Dabuet,
assisted by Mr. Johnson Poshiwa, both Senior Project Geologists with
many years of alluvial gold experience. Mr. Martohardjono, in addition
to his role as Refinery Manager, is a Director of the Company, and a
laboratory specialist who provides assistance establishing lab
protocols, sample handling procedures, and assay quality control. The
undersigned, Mr. Heyl, and Mr. Salvado are qualified persons under NI
43-101.
About Sacre-Coeur
The Company is engaged in the acquisition, exploration and development
of properties for the potential mining of gold, metals and diamonds in
South America, initially focussing on exploration for gold on its
properties in Guyana. The Company presently has an interest in
approximately 1000 sq. km of mineral properties in Guyana, including the
Million Mountain Property. The Company has offices in Vancouver, Canada
and Georgetown, Guyana. More information about the Company is available
at <www.scminerals.com>.
ON BEHALF OF THE BOARD OF DIRECTORS OF
SACRE-COEUR
MINERALS, LTD.
“Gregory B. Sparks”
Gregory
B. Sparks
President & CEO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of the
information contained herein. The statements made in this press release
may contain certain forward-looking statements that involve a number of
risks and uncertainties. Actual events or results may differ from the
Company’s expectations. There is no guarantee that the tenor or
continuity of the resource target discussed herein will ultimately prove
to be as delineated in the Company’s sampling program, nor that the
yields obtained by production scale gravity extraction will be
comparable to the yields produced in the sampling program.