9th Jul 2007 13:09
Alexander Mining PLC09 July 2007 Alexander Mining plc 9th July 2007 Operations Update • Leon final feasibility study nearing completion• First drilling results for Arbol Solo copper prospect highly encouraging Alexander Mining plc ("Alexander", the "Company"), the AIM-listed copper, gold and silver mining company with projects in Argentina and Peru, is pleased to release this operations update. Leon Copper Project, Salta Province, northwest Argentina Work on the project is continuing according to plan, with more than 50 people, company employees and contractors, currently involved on-site. The Leon feasibility study is nearing completion and the key technical and financial criteria therein should be announced by the end of this month. Leon Regional Exploration As stated previously, in order to enhance the commercial value of the Leonproject, the short term focus of the regional exploration programme has been toidentify and delineate economic and easily accessible satellite copper deposits.Currently, the most promising prospect is Arbol Solo where trenching and diamonddrilling work has been undertaken with an expectation that resources will beoutlined. Arbol Solo A total of six trenches and eighteen diamond drill holes have been completed atArbol Solo, 23km due south of Leon. One trench is on the southern zone structure(El Chilcar) and five on the northern zone structure (Nogal Solo). Themineralisation is hosted in friable sandstone. The potential strike on thenorthern structure is 1,300m. The strike on the southern structure is 500m butremains open ended on both limbs. Trench No Width Copper Silver % g/t Area m ASP06_T001 32.00 0.42 0.30 South ASP06_T002 21.70 0.49 2.31 North ASP06_T003 17.00 0.47 1.75 North ASP07_T004 14.00 0.25 0.72 North ASP07_T005 15.70 0.47 0.00 North ASP07_T006 6.20 0.76 2.26 North Drilling has commenced on the northern structure and to date eighteen holes havebeen completed. The following first tranche of drilling assay results arereported, which cover a strike distance of 200m. The drilling is open endedalong strike and with depth, where the base of oxides is yet to be determined. Borehole No Width, m Copper Silver Distance of intersection Uncorrected % g/t below outcrop,m ASP07_01 11.90 0.43 N/A 50 ASP07_03 11.59 0.49 N/A 25 with 3.70 0.99 N/A 25 ASP07_04 12.00 0.41 N/A 50 ASP07_05 6.68 0.45 N/A 40 N/A: Not available Between the Leon Project and Arbol Solo a further five areas of outcroppingmineralisation have been identified. These are yet to be evaluated. Piedra Blanca This is a new discovery (previously called "LS") some 10km in a direct line tothe southwest of Leon. The mineralisation occurs in the sandstone unit in thefootwall of the limestone. A single trench has been completed and sampled,returning 28.1m at 0.2% copper. The mineralisation has been confirmed over astrike of 400m. Exploration is continuing to the south where significant steamsediment anomalies are being followed up. Los Negros A programme of stream sediment sampling has been completed over the area.Follow-up of the first anomaly has resulted in the discovery of a mineralisedoutcrop in an otherwise soil covered area. The area has been named El Toro andis located 22km northwest in a direct line from the Leon project. Themineralisation is identical to that encountered on the Leon project and occursin oolitic limestone. Results to date from a soil geochemistry grid haveindicated a linear anomaly of at least 200m correlating with the mineralisedoutcrop. Additional results are awaited from the laboratories. Trinidad silver prospect, Jujuy Province, northwest Argentina The drilling programme at the Trinidad property encountered conglomerate similarto that at the nearby former silver mine La Providencia but any mineralisationintersected was of insufficient economic relevance. As a result, aftercomprehensive internal discussion and review of a report for management from itsgeological consultants, the earn-in agreement has been terminated. Molinetes gold prospect, northwest Peru A report by ACA Howe, after its recent visit to the property, with recommendations on a two phase exploration programme has been received. The recommended work includes detailed sampling, mapping and trial geophysical and soil surveys in the area of reported high grade gold artisanal mining, with reconnaissance mapping and sampling and geophysical and soil surveys if warranted elsewhere on the licence. Follow-up drilling of targets identified in Phase 1 will be conducted in Phase 2. The company continues with its positive dialogue with the local community and hopes that in the near term it will be able to start exploration work on the ground. AIM Rule 26 compliant website In accordance with AIM Rule 26, please be advised that the Company's website is www.alexandermining.com Matt Sutcliffe, Chairman and Chief Executive Officer, said: "I am very pleasedwith the progress being made at the Leon Project. The regional explorationresults at Arbol Solo are highly encouraging and there is potential to develop asatellite mining operation utilising the Leon Project infrastructure." Qualified person Angus Innes, Alexander's Head of Latin American Exploration, has reviewed andapproved this news release as the Company's qualified person. Angus Innes holds a degree in geology from the University of Witwatersrand inSouth Africa and has over 30 years' experience in exploration and mininggeology. Prior to joining the Company in 2005, he was, for six years, aconsulting geologist to mining companies in South America. He has also worked asExploration Manager for Billiton in Argentina and Bolivia. Before moving toSouth America, Angus was employed as a Senior Geologist for Gencor in SouthAfrica in the Witwatersrand Sedimentary Basin. He has extensive exploration andmine geology experience in sedimentary hosted and hydrothermal copper depositsin South Africa and Namibia. For further information please contact: Matt Sutcliffe, Chairman and Chief Executive OfficerAlexander Mining plc1st Floor35 PiccadillyLondonW1J 0DW Tel: +44 (0) 20 7292 1300 Fax: +44 (0) 20 7292 1313 Mobile: +44 (0) 7887 930 758 Email: [email protected] Website: www.alexandermining.com Nominated Advisor and BrokerArbuthnot Securities Limited,Arbuthnot House,20 Ropemaker Street,London, EC2Y 9AR Tel: +44 (0) 20 7012 2000 Public/Media RelationsTim BlackstoneBritton Financial PR,62 Britton StreetLondonEC1M 5UY Tel: +44 (0) 20 7251 2544Mobile : +44 (0) 7957 140 416 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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