New book by Larry Connors Click here Improve your trading - See how
Based on the exploration programs of the past three years, the Company has prioritized its holdings which it believes have sufficient resource potential to justify further investigation and development, while at the same time segregating those holdings which it does not believe to have potential to host a commercial deposit. Accordingly, the Company has now relinquished a total of 1,347.62 sq km to hold 1,013.11 sq km of its most prospective ground. This 57% reduction in property held results in a savings to the Company of US $308,557 at applicable annual rentals for 2009.
The remaining properties are held in five regional blocks (down from seven in the original portfolio). Two of the Company's seven regional blocks, the Oko and Mahdia-Issano blocks, have been dropped in view of management's assessment of their limited potential and in some cases difficult access, infrastructure or environmental issues. The breakdown of current holdings in each of these key remaining regional blocks is as follows:
District/Project Area ---------------------------------------------------------------------- Puruni District ---------------------------------------------------------------------- Lower Puruni Regional Block (incl Million Mtn) ---------------------------------------------------------------------- Kartuni Regional Block ---------------------------------------------------------------------- Puruni District Total 511.97 Sq Km ---------------------------------------------------------------------- Potaro District ---------------------------------------------------------------------- Kurupung Regional Block ---------------------------------------------------------------------- Potaro-Kuribrong Regional Block ---------------------------------------------------------------------- Potaro District Total 52.13 Sq Km ---------------------------------------------------------------------- Northwest District ---------------------------------------------------------------------- White Creek ---------------------------------------------------------------------- Wallabaka ---------------------------------------------------------------------- 18 Mi ---------------------------------------------------------------------- 19 Mi ---------------------------------------------------------------------- Manari ---------------------------------------------------------------------- PL ---------------------------------------------------------------------- Northwest District Total 449.01 Sq Km ---------------------------------------------------------------------- ---------------------------------------------------------------------- Grand Total 1,013.11 Sq Km
According to Irwin Olian, CEO of the Company, "The current property reductions reflect the extensive work done by our outstanding exploratory team in Guyana over the past three years, overseen by Gregory B. Sparks, P.Eng., Senior V.P. We have successfully identified those areas within our portfolio meriting further work and expenditure of funds, while dropping areas with only limited potential. The result is a more streamlined property portfolio which will enable us to focus now on our priority targets while economizing on our costs. Our current 1,013 sq km portfolio contains all of the significant targets we have identified in the five regional blocks we now deem to have the greatest potential and represents a significant opportunity for us to create shareholder value. Future work will focus on drilling and development within our portfolio, as opposed to grassroots exploration which previously took up much of our attention. We remain particularly excited about the Million Mountain Gold Project in the Lower Puruni Region, and now have two diamond drills on site recommencing drilling activities after the Holiday break."
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 1,000 square kilometers 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. "Irwin Olian" Irwin Olian, CEO and Chairman
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.
Distributed by Filing Services Canada and retransmitted by Marketwire
For further information, contact: Irwin Olian President and CEO Email: Email Contact Phone: 604-899-0100 Fax: 604-899-0200 Scott Young Corporate Communications Email: Email Contact Phone: 604-899-0100 Fax: 604-899-0200
SOURCE: Sacre-Coeur Minerals, Ltd.
http://www2.marketwire.com/mw/emailprcntct?id=E3F7F5196F56849C http://www2.marketwire.com/mw/emailprcntct?id=16C73CEBB6373EBC
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
15260 Ventura Blvd., Ste. 2200
Sherman Oaks, CA 91403
© Copyright 2009 The Connors Group, Inc.
