TORONTO, ONTARIO--(Marketwire - Dec 10, 2012) - Red Crescent Resources Limited (RCB.TO)(7RC.F) ("RCR"), a base metals focused mineral exploration and mine development company with operations in Turkey, is pleased to provide an update on its activities from those reported November 6, 2012.
The Company continues to make good operational progress on its Hakkari Zinc Project, enabling it to become a cash generating asset. From the open pit operations on the Uzumcu (Pentagon) license at which production commenced in mid-September, the first lot of 1,113 tonnes of DSO ("Direct Shippable Ore") has been crushed, homogenized in Mersin port and shipped as the first export lot of RCR on November 26th, 2012. SGS laboratory in Netherlands determined an average zinc content of 28.59 % in this first export lot, as per the attached report (http://media3.marketwire.com/docs/LOT1SGSASSAYCERT.pdf).
The trucking operations of the second lot have already commenced from Hakkari and to date approximately 1,000 tonnes have been accumulated in Mersin port. The second lot has been crushed and homogenized at the mine site as well as in Mersin port and a minimum of 2,000 tonnes is expected to be exported before the end of December 2012.
The assembly, erection and all infrastructure work of the Dense Media Separation ("DMS") process plant and its related auxiliary equipment in Hakkari was completed in November. Start up and commissioning activities are planned to commence in December in order to put the plant into full operation in 2013, and to enable production of saleable concentrates from the enrichment of non-DSO materials mined.
Management, along with a mandated Board member, are still in discussions with selected parties to monetize Sivas and Tufanbeyli projects which might include entering into joint venture arrangements, sale of part or all of a property or further exploration as additional cash resources become available.
Parallel to the above, management is working on a production plan in Tufanbeyli in order to commence production activities in 2013 from the initial open-pit utilizing a contractual mining concept similar to that employed in Hakkari and the second DMS Plant. A site visit to Tufanbeyli with an engineering firm has been organized to estimate the infrastructure cost required for the start of open-pit activities and installation of the second DMS at the license area. The amount of infrastructure cost will be the determinant for the decision of management to proceed.
The statements made in this press release contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from RCR''s expectations and projections.
About Red Crescent Resources Limited
Red Crescent Resources Limited (RCB.TO)(7RC.F) is a Canadian-based junior mining company with operations in Turkey targeting historically inaccessible areas where no modern application of exploration techniques or technology has been applied, with high potential for discovery of significant base metal deposits. For more information, please visit www.redcrescentresources.com.