VANCOUVER, BRITISH COLUMBIA--(Marketwire -06/20/12)- Mansfield Minerals Inc. (MDR.V) (the "Company") presents the following update with regards to its 100% owned Lindero gold project located in Salta Province, Argentina. A prefeasibility study completed by AMEC Americas Limited ("AMEC") in March 2010 was based on a production rate of 30,000 tpd, and the Company has now received a mine permit to build a heap-leach gold mine at up to 30,000 tpd. Mansfield is currently assembling a construction/development team for the project.
A full bankable feasibility study was subsequently commissioned in June 2010. This final feasibility study will be based on a heap leach gold mine operating at 12,000 tpd using a higher cut-off grade of 0.4 grams/tonne Au, increasing average grades early in the production schedule and lowering initial capital requirements.
The Company has retained Kappes Cassiday and Associates as lead consultant in collaboration with AMEC, Mine Development Associates, Seegmiller International and American Au Ag Associates to produce the full feasibility study. The estimated study completion date is Q4-2012.
The current measured and indicated resource at a 0.4 grams/tonne Au cut-off for Lindero is 71.9 million tonnes grading 0.74 grams/tonne Au containing 1.71 million ounces of gold (see news release dated March 22, 2010). Much of the higher grade mineralization in the deposit (+1 grams/tonne Au) is at or near surface where pre-stripping is not required. Material grading between 0.2 grams/tonne and 0.4 grams/tonne will be stockpiled for processing later in the production schedule.
The Company intends to aggressively move to finance and build the project following completion of the feasibility study.
This news release has been reviewed by Gordon P. Leask, P.Eng., President of the Company, and a Qualified Person ("QP") as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
ON BEHALF OF THE BOARD OF DIRECTORS,
Gordon P. Leask, P.Eng., President and CEO
Caution Regarding Forward-Looking Statements
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities, anticipated metal production, internal rate of return, estimated ore grades, commencement of production estimates and projected exploration and capital expenditures (including costs and other estimates upon which such projections are based) and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include metal prices, exploration success, continued availability of capital and financing, and general economic, market or business conditions. Accordingly, readers should not place undue reliance on forward-looking statements.
This news release and the information contained herein does not constitute an offer of securities for sale in the United States and securities may not be offered or sold in the United States absent registration or exemption from registration.
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