Merc Receives Colomac Exploration Permits
TORONTO, March 5, 2012 /CNW/ – Merc International Minerals Inc. (“Merc“) (TSX Venture: MRK) is pleased to announce it has received all government permits necessary to begin drilling at its 100% owned Colomac Gold Project in the Northwest Territories (“NWT“).
Drilling to commence in March
- Merc now has Land Use Permit coverage for its entire 234,000 acre (947 square kilometre) Indin Lake Gold Property;
- Permit is valid for 5 years and allows for standard surface exploration programs as well as some advanced activities including drilling and bulk sampling;
- Ice road to Colomac site is currently being constructed and will be used to expedite fuel, drilling supplies, and equipment from Yellowknife; and
- Mobilization of drill crews and equipment to support the winter exploration program is currently underway with drilling expected to commence in March.
Merc received its Land Use Permit (the “Permit“) from the Wek’èezhìi Land and Water Board on February 29, 2012. In addition to drilling and surface exploration, the Permit allows Merc to construct an ice road spur to Colomac, establish fuel storage areas, transport and use heavy machinery, and build a larger camp to support an expanded summer drill program.
Merc President and CEO, David Wiley, commented, “With permits in hand ahead of schedule, we are now able to accelerate the timing of our winter drilling program at the Colomac Gold Project. We have already begun mobilizing drilling crews and equipment to the area, and drilling is expected to commence this month. Our initial focus will be expanding and upgrading our previously announced NI 43-101 Inferred Mineral Resource estimate utilizing the two drill rigs already on the property. We expect to add additional drill rigs for the summer phase of our program at which time drilling activity will be ramped up further at the Colomac Gold Project. We also intend to expand this summer’s drilling program to further advance the priority targets identified from our 2011 exploration season.”
Merc International Minerals Inc.
Merc is a Canadian-based exploration company focused on acquiring and developing gold mineral properties in the NWT. Its primary land position covers 234,013 acres or 947 square kilometres in the Indin Lake Gold Camp. Located approximately 220 kilometres north of Yellowknife, NWT Merc’s expansive land package includes an NI 43-101 Inferred Mineral Resource estimate of 1.446 million oz Au with an average grade of 1.05 g/t Au using a block cut-off grade of 0.6 g/t Au at the recently acquired Colomac Gold Project.
For further information on the Colomac Gold Project, refer to Merc’s January 26 and February 21, 2012 news releases.
The technical aspects of this press release have been reviewed by Michael Byron, Ph.D., P.Geol., Chief Geologist and Director for Merc, who is the “Qualified Person” as defined by NI 43-101 for this project.
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.
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect to the completion of the Offering, TSX Venture Exchange acceptance and use of proceeds. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects”, or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “does not anticipate”, or “believes” or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, or “will be taken”, “occur”, or “be achieved”. Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Merc to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Merc’s management discussion and analysis for the year ended July 31, 2011, available on www.sedar.com. Although Merc has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Merc does not undertake to update any forward-looking information, except in accordance with applicable securities laws.