VANCOUVER, British Columbia,
April 20, 2011 /PRNewswire/ --
Metalline Mining Company (TSX: MMZ, AMEX: MMG) ("Metalline") is
pleased to announce an updated NI 43-101 compliant resource report
on the shallow silver zone at the Sierra Mojada Project in
Coahuila, Mexico entitled "Shallow
Silver Zone" Silver Zinc Deposit Sierra Mojada Project, Coahuila
State, Mexico dated April 18, 2011 (the "Technical Report").
The mineral resource estimate for the Sierra Mojada Shallow
Silver Zone deposit contained in the Technical Report has been
independently modeled by Nilsson Mine Services Ltd and GeoSim
Services Inc, as a potentially open-pittable deposit within a
single optimized open pit shell at an economic cutoff grade of 20
gpt of silver with the following mineral resource
classification:
- An Indicated silver resource of 9.235 million tonnes at an
average grade of 56.4 gpt - equivalent to 16.75 million troy ounces
of silver.
- An Inferred silver resource of 15.258 million tonnes at an
average grade of 49.9 gpt - equivalent to 24.48 million troy ounces
of silver.
A table of the silver resource at various cut off grades is
shown below.
Class
|
Cutoff Grade
– Ag gpt
|
Tonnes
000's
|
Average
Grade - Ag gpt
|
Silver
Ounces
equivalent
(Moz)
|
|
Indicated
|
10
|
10,717
|
50.8
|
17,506
|
|
15
|
10,080
|
53.2
|
17,243
|
|
20
|
9,235
|
56.4
|
16,748
|
|
25
|
8,311
|
60.2
|
16,088
|
|
30
|
7,242
|
65
|
15,136
|
|
|
|
|
|
|
|
Inferred
|
10
|
16,397
|
47.6
|
25,096
|
|
15
|
16,118
|
48.2
|
24,980
|
|
20
|
15,258
|
49.9
|
24,481
|
|
25
|
14,050
|
52.2
|
23,582
|
|
30
|
12,267
|
55.8
|
22,010
|
|
|
|
|
|
|
Tim Barry, President CEO and
director of Metalline and qualified person (MAusIMM) states, "The
latest NI 43-101 compliant Mineral Resource for Metalline focuses
on the western end of the NI 43-101 inferred resource previously
defined by Pincock Allan and Holt in January
2010. We are very excited by the fact that a significant
portion of this latest resource is at or near surface and remains
open along strike in both the east and west directions. A 20,000
meter drill program is currently underway, stepping out to the
north and east to test silver mineralization previously highlighted
by underground channel samples and drilling. We expect to begin
publishing results from this drill program in early May".
The map below reproduced from the technical report shows the
outline of the silver resource at a 20 gpt cutoff as defined in the
43-101 report. The proposed drill holes for the 2011 drill campaign
are also shown. Drilling is currently underway on the "priority 1"
area which is targeting what is thought to be the northern
extension of the silver resource.
(Photo: http://photos.prnewswire.com/prnh/20110420/LA86351)
The contents of this release have been reviewed and verified
by John Nilsson, a professional geologist
and Ron Simpson,
professional geologist, who is a Qualified Persons
pursuant to NI 43-101. To obtain a copy of the Technical Report
please visit www.sedar.com.
About Metalline Mining Company
Metalline Mining Company is focused on the acquisition,
exploration and development of mineral properties. Metalline
currently owns mineral concessions in the municipality of
Sierra Mojada, Coahuila, Mexico
and holds licenses in Gabon,
Africa. Metalline conducts its
operations in Mexico through its
wholly owned Mexican subsidiaries, Minera Metalin S.A. de C.V. and
Contratistas de Sierra Mojada S.A. de C.V. To obtain more
information on Metalline Mining Company visit the Company's web
site www.metallinemining.com or www.sedar.com.
On behalf of the Board of Directors
"Tim Barry"
Tim Barry,
MAusIMM
Chief Executive Officer, President and Director
Cautionary note regarding forward looking statements. This
news release contains forward-looking statements regarding future
events and Metalline's future results that are subject to the safe
harbours created under the Securities Act of 1933 (the "Securities
Act") and the Securities Exchange Act of 1934 (the "Exchange Act")
and constitute "forward looking information" within the meaning of
Canadian securities laws. These statements are based on current
expectations, estimates, forecasts, and projections about the
industry in which Metalline operates and the beliefs and
assumptions of Metalline's management. Words such as "expects,"
"anticipates," "targets," "goals," "projects," "intends," "plans,"
"believes," "seeks," "estimates," "continues," "may," variations of
such words, and similar expressions, are intended to identify such
forward-looking statements. In addition, any statements that refer
to the results of Metalline's drill program, projections of
Metalline's future financial and operational performance,
Metalline's anticipated growth and potential in its business and
other characterizations of future events or circumstances are
forward-looking statements. Such statements are subject to a number
of assumptions, risks and uncertainties, including such factors as
the volatility and level of commodity prices, currency exchange
rate fluctuations, uncertainties in cash flow, expected acquisition
benefits, exploration mining and operating risks, competition,
litigation, environmental matters, the potential impact of
government regulations, and other matters discussed under the
caption "Risk Factors" in our Annual Report on Form 10-K for the
fiscal year ended October 31, 2010
and subsequent periodic reports, many of which are beyond our
control. Readers are cautioned that forward-looking statements are
not guarantees of future performance and that actual results or
developments may differ materially from those expressed or implied
in the forward-looking statements. Cautionary Note for US
investors: The Company is an exploration stage company and does not
currently have any known reserves and cannot be expected to have
reserves unless and until a feasibility study is completed for the
Sierra Mojada concessions that
shows proven and probable reserves. There can be no assurance that
the Company's concessions contain proven and probable reserves and
investors may lose their entire investment in the Company.
SOURCE Metalline Mining Company