Esperanza Provides Update on San Luis Activities
October 07 2009 - 8:00PM
Marketwired
Esperanza Silver (TSX VENTURE: EPZ)(PINK SHEETS: ESPZF) is pleased
to provide this update of activities at the San Luis joint-venture
in north-central Peru. Esperanza has been provided, by Silver
Standard the project's operator, with an update on the status of
the on-going feasibility investigation together with supporting
documentation.
Key findings include:
- Planning is based on the known Ayelen vein.
- Underground methods are used for mine planning.
- Gravity concentration will likely be used in conjunction with
downstream processing of the gravity tailings. The final process
flow sheet is yet to be determined.
Esperanza has reviewed the feasibility work done to date. It has
provided Silver Standard with a letter report of its findings
together with suggestions for continued investigation. Esperanza
understands that some of this work is already underway.
Esperanza considers that significant new and additional work
that is yet to be completed includes, but is not limited to,
geotechnical drilling and evaluation, advanced metallurgical
testing leading to final flow sheet selection, confirmatory
tailings characterization and closure planning and
feasibility-level design.
Joint Venture Interests
Silver Standard holds a 55% interest in the San Luis joint
venture and Esperanza holds 45%. Silver Standard has elected to
increase its interest in the joint venture to 70% by funding costs
required to complete a feasibility study. Thereafter, Silver
Standard has the right to increase its interest to 80% by funding
the property through to production.
About Esperanza
Esperanza is an emerging precious metal company focused on
advancing the development of its two principal properties: the San
Luis gold and silver joint venture in Peru and the 100%-owned Cerro
Jumil gold project in Morelos State, Mexico. It also has a
portfolio of exploration properties in both countries that it is
investigating.
SAFE HARBOR: Some statements in this release are forward-looking
in nature. The United States Private Securities Litigation Reform
Act of 1995 provides a "safe harbor" for certain forward-looking
statements. Such statements include statements as to the potential
of the San Luis property, the ability to finance further
exploration, permit drilling and other exploration work, and the
availability of drill rigs. The forward-looking statements involve
risks and uncertainties and other factors that could cause actual
results to differ materially, including those relating to
exploration and bringing properties into production. Please refer
to a discussion of some of these and other risk factors in
Esperanza's Form 20-F filed with the U. S. Securities and Exchange
Commission. The forward-looking statements contained in this
document constitute managements' current estimates as of the date
of this release with respect to the matters covered herein.
Esperanza expects that these forward-looking statements will change
as new information is received and that actual results will vary,
possibly in material ways. Forward-looking statements are based on
the beliefs, expectations and opinions of management on the date
the statements are made, and the company does not assume any
obligation to update forward-looking statements if circumstances or
management's beliefs, expectations or opinions should change. For
these reasons, investors should not place undue reliance on
forward-looking statements.
Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
Contacts: Esperanza Silver Corp. Bill Pincus President and CEO
Toll free: (866) 890 5509 info@esperanzasilver.com
www.esperanzasilver.com
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