Concordia Resource Corp. to Focus Its Resources on Development Projects in West Africa and Argentina and Suspend Exploration ...
30 Septembre 2011 - 2:30PM
Marketwired
In response to the current market conditions, Concordia Resource
Corp. (TSX VENTURE:CCN) ("Concordia" or the "Company"), announces
that it intends to focus its resources on the advancement of
development stage projects in Burkina Faso, through its proposed
acquisition of Swala Resources Inc. ("Swala"), and at the 100%
owned Providencia Silver Project in Argentina. As part of a
prioritization process the Company has made the decision to suspend
drilling on both the Baza copper/gold project in Spain and Albisu
gold project in Nevada.
Swala Acquisition
On September 6, 2011 Concordia announced that it had signed a
letter of intent to acquire Swala via a share exchange. Swala
brings to Concordia an extensive exploration portfolio of gold
projects in Burkina Faso, as well as a land package totaling over
12,400 km2 in the countries of Gabon, the Democratic Republic of
the Congo, Mozambique and Zimbabwe. Additionally, Swala brings a
strong management team and a board of directors with extensive
expertise in Africa. All projects outside Burkina Faso are subject
to joint venture farm-out agreements. The Company and Swala expect
to have a definitive agreement in place in respect of the
acquisition by November 2011.
In light of the pending acquisition Concordia will reposition
its resources to implement an aggressive drill program in Burkina
Faso, where Swala owns 100% of the Kerboule property and is earning
up to an 80% joint venture interest on the Gueguere property. The
focus of the proposed drilling program is to generate a NI 43-101
qualified resource on the Kerboule property while expanding the
currently identified mineralization on the Gueguere property.
Providencia Silver Project, Argentina
Concordia, through its wholly owned South American subsidiary
Meryllion Minerals Corporation ("Meryllion"), has received
authorization from the Directorate of Mines - Province of Jujuy to
proceed with drilling at the Providencia silver-copper prospect in
Northwestern Argentina. A 3,000 to 5,000 m drill program is
currently underway with approximately 15 of the designated 50 drill
holes already completed. The objectives of the program are to
extend known resources in the near surface environment as well as
to test for high grade mineralization at depth with an initial
target of some 15 to 20 million ounces of silver based upon
previous drilling on the property.
"Swala's highly prospective Kerboule and Gueguere projects are
in early stage development and can be rapidly advanced to a defined
resource stage with focused drilling programs. This process is
already underway at the Providencia Silver Project. Drilling in
Burkina Faso is scheduled to commence by the end of October under
the current plan. This refocusing of resources follows our strategy
to create greater near-term shareholder value in two of the most
prospective geologic and favorable mining environments in the
world," stated Edward Flood, CEO of Concordia.
Suspended Drill Programs
Concordia will suspend drilling programs on both the Baza
copper/gold project in Spain and Albisu gold project in Nevada.
Drilling at Baza will cease upon completion of the current hole. An
IP geophysical survey will be conducted at Albisu in the coming
month to better define controls and mineralization.
ABOUT CONCORDIA
Concordia Resource Corp. is a junior mining exploration company.
The successful acquisition of Swala will position Concordia as a
well financed African-focused explorer with an emphasis on
developing gold deposits holding the potential of one million
ounces upwards. Members of Swala's team are former Anglo American
and De Beers executives with extensive experience of operations
throughout the African continent. Concordia has its head office and
executive management team in Vancouver, Canada; its technical team
is based in Reno, Nevada.
On behalf of the Board of Concordia Resource Corp.
R. Edward Flood, Chairman
Forward Looking Statements
Certain of the statements made and information contained herein
is "forward-looking information" within the meaning of the Ontario
Securities Act, including the receipt of necessary permits to
conduct exploration and construction, timing of anticipated
exploration program, the number of the holes and meters to be
drilled and future plans of the Company. Forward-looking
information is subject to a variety of risks and uncertainties
which could cause actual events or results to differ from those
reflected in the forward-looking information, including, without
limitation, risks and uncertainties relating to risks inherent in
mining including environmental hazards, industrial accidents,
unusual or unexpected geological formations, ground control
problems and flooding; risks associated with the estimation of
mineral resources and reserves and the geology, grade and
continuity of mineral deposits; the possibility that future
exploration, development or mining results will not be consistent
with the Company's expectations; the potential for and effects of
labour disputes or other unanticipated difficulties with or
shortages of labour or interruptions in production; actual ore
mined varying from estimates of grade, tonnage, dilution and
metallurgical and other characteristics; the inherent uncertainty
of production and cost estimates and the potential for unexpected
costs and expenses, commodity price fluctuations; uncertain
political and economic environments; changes in laws or policies,
delays or the inability to obtain necessary governmental permits;
and other risks and uncertainties, including those described in
each management discussion and analysis. Forward-looking
information is in addition based on various assumptions including,
without limitation, the expectations and beliefs of management, the
assumed long term price of metals; appropriate equipment and
sufficient labour and that the political environment where the
Company operates will continue to support the development and
operation of mining projects. Should one or more of these risks and
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described
in the forward-looking information. Accordingly, readers are
advised not to place undue reliance on forward-looking
information.
The TSX-V has neither approved nor disapproved the contents of
this press release. Neither the TSX-V nor its Regulation Services
Provider (as that term is defined in the policies of the TSX-V)
accepts responsibility for the adequacy or accuracy of this press
release.
Contacts: Concordia Resource Corp. Karl Cahill VP, Investor
Relations
+1-858-531-6100info@concordiaresourcecorp.comwww.concordiaresourcecorp.com
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