Mukuba Resources Limited-Cominex Project: 2012 Exploration

Mukuba Resources Limited-Cominex Project: 2012 Exploration Program
Update 
TORONTO, ONTARIO -- (Marketwire) -- 11/19/12 --  
Editors Note: There are three maps associated with this press
release.  
Mukuba Resources Limited (TSX VENTURE:MKU) ("Mukuba" or the
"Company") is pleased to provide an update on the copper Cominex
Project ("Cominex Project", previously referred to as the "Benzu
Project"), a joint venture with Benzu Resources Limited ("Benzu
Resources"). The Cominex Project, which is approximately 165 km(2) in
size, is located in the Katanga Copper Belt region in the Democratic
Republic of Congo ("DRC"). It is adjacent to the eastern boundary of
the Tenke-Fungurume mining concession, which is operated by
Freeport-McMoRan Copper & Gold Inc. ("Freeport") and owned by
Freeport, Lundin Mining Corporation and La Generale des Carrieres et
des Mines ("Gecamines"). Benzu Resources, the operator of the Cominex
Project, has provided an exploration update to the Company. 
Cominex Project Highlights 


 
--  7,491 drill meters were completed over 441 holes at shallow depths using
    reverse circulation ("RC") drilling to identify alluvium covered
    geochemical soil anomalies overlaying the target geological structure:
    the Mine Series Group ("MSG"), which hosts the mineralization at the
    Tenke-Fungurume mine. 
--  The 2012 exploration program has identified 4 new soil anomalies of
    between 1km to 1.5km in strike length which are coincident with the
    mapped and interpreted MSG structure. 
--  A total of 5 drill targets have now been identified for further
    evaluation and drill testing in 2013 with the largest target being 4km
    in strike length on the Kitoma prospect. 
--  Further soil sampling via drilling is scheduled for 2013 with the
    potential to identify more drill targets. 
--  As of this press release, Mukuba has funded exploration expenditures of
    US$2,002,921 on the Cominex Project and thereby increasing its interest
    from 25.5% to 34% in Benzu DRC Copper Inc. ("Benzu DRC"), who owns 70%
    of the Cominex Project. 

 
"We are delighted to provide this update on the exploration progress
at the Cominex Project in 2012. A systematic soil sampling program
has been completed which identified an additional 4 geochemical soil
anomaly targets. Mukuba now has a total of 5 primary targets with
over 8km of strike extent for further evaluation and drill testing in
2013. The success of the 2012 program continues to support our view
on the potential prospectivity of the Cominex Project and provides
encouragement to continue funding in 2013," said Kelly Ehler,
President and CEO of Mukuba. 
2012 Exploration Program 
During 2012, Benzu Resources completed a shallow RC drilling program
on the Nkome and Kitete-Salabwe prospects within the Cominex Project
license area. The target areas are covered by alluvium and lateritic
material and the drilling program was designed as a systematic
geochemical sampling campaign across these two prospects on a
variable 500m x 100/200m grid. A total of 7,491 drill meters were
completed over 441 vertical holes at shallow depths. The samples
collected were assayed internally by a Niton portable XRF device at
the camp; some 750 samples will be submitted to an internationally
reputed laboratory as a check assay program in Q4 2012. 
Results show 4 new drill targets of between 1km to 1.5km in length
that are coincident with the mapped and interpreted MSG structure
that hosts the Tenke-Fungurume Mine copper deposits. See Figures
below. 
To view, Figure 1: Location of 5 primary targets on Nkome /
Kitete-Salabwe and Kitoma, please visit the following link:
http://www.marketwire.com/library/20121116-MukubaFigure1.jpg. 
To view, Figure 2: 4 new targets identified on Nkome / Kitete-Salabwe
from summer 2012 drill program, please visit the following link:
http://www.marketwire.com/library/20121116-MukubaFigure2.jpg. 
To view, Figure 3: Previously identified 4km anomaly on the Kitoma
prospect, please visit the following link:
http://www.marketwire.com/library/20121116-MukubaFigure3.jpg. 
2013 Planned Exploration Program 
Based on the results achieved to date and pending the findings of
check assay program in Q1 2013, a preliminary work program for the
2013 season is currently under evaluation and will potentially
comprise the following work: 


 
----------------------------------------------------------------------------
Prospect/Target       Exploration                                           
----------------------------------------------------------------------------
Kitoma, 4km anomaly   Detailed geological mapping (using trenching)         
                      2km of ground IP traverses                            
                      RC drilling, 200m spaced fences, inclined and         
                      overlapping holes down to 150m; test targets over     
                      4.5km EW lateral extension.                           
----------------------------------------------------------------------------
Salabwe, Target "A"   RC drilling, 200m spaced fences, inclined and         
                      overlapping holes down to 150m; test target over 1-   
                      1.5km EW lateral extension.                           
----------------------------------------------------------------------------
Kitete, Targets "B,   RC drilling, 200m spaced fences, inclined and         
 C, D"                overlapping holes down to 150m; test targets over 1km 
                      lateral extensions.                                   
----------------------------------------------------------------------------
Nkome, eastern half   If under cover, deep soil sampling (as per this year's
 of prospect not      programme).                                           
 tested yet           If no cover, conventional geochem soil sampling.      
----------------------------------------------------------------------------

 
A further update on the planned 2013 program will be given during Q1
2013. 
Cominex Project Funding 
In addition to the technical work completed, Mukuba has now invested
US$2,002,921 in the Cominex Project. Based on the investment to date,
Mukuba now owns 34% in Benzu DRC, which owns 70% of the Cominex
Project. Under the terms of the Cominex Project, Mukuba has the right
to invest up to US$3,000,000 in the Cominex Project over a 3 year
period to earn 51% of Benzu DRC. Mukuba has an outstanding commitment
of US$997,079 to invest by April 21, 2014 to exercise its rights to
earn in to 51% of Benzu DRC. 
Funding post the completion of the funding requirement is based on a
pro-rata obligation between Mukuba and Benzu Resources. 
The Cominex Project is operated by Benzu Resources, an
African-focused exploration and development company. Management of
the Company understands that Benzu Resources Limited has an
established geological team targeting unique resource opportunities
to maximize asset potential utilizing the skills and experience of an
experienced management team. 
About the Company 
Mukuba is a Canadian exploration and development company primarily
focused on copper and other base metal assets in Africa. Mukuba holds
a 100% interest in the Northcore Project. The Northcore project
covers 2,209 km(2) on the Central African Copperbelt and is
prospective for copper and cobalt. Mukuba has also signed a joint
venture agreement with Benzu Resources Limited to explore and develop
the Cominex Project. The Cominex Project, which is approximately 165
km(2) in size, is located in the Katanga Copper Belt region in the
Democratic Republic of Congo. It is adjacent to the eastern boundary
of the Tenke-Fungurume mining concession, which is operated by
Freeport and owned by Freeport, Lundin Mining Corporation and
Gecamines. 
Mr. Cesare Morelli B.Sc. (Pr.Sci.Nat.) is a "Qualified Person" as
defined by National Instrument 43-101 and oversees Benzu Resources
and Cominex's exploration programs. Mr. Morelli has supervised and
approves the preparation of the technical information contained in
this press release. 
Forward-looking Information 
Securities regulators encourage companies to disclose forward-looking
information to help investors understand a company's future
prospects. This press release contains statements about our future
business and planned activities, including matters relating to the
Offering. These are "forward-looking" because we have used what we
know and expect today to make a statement about the future.
Forward-looking statements usually include words such as may, intend,
plan, expect, anticipate, believe or other similar words. We believe
the expectations reflected in these forward-looking statements are
reasonable. However, actual events and results could be substantially
different because of the risks and uncertainties associated with our
business or events that happen after the date of this press release.
You should not place undue reliance on forward-looking statements. As
a general policy, we do not update forward-looking statements except
as required by securities laws and regulations. 
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. 
Image Available:
http://www.marketwire.com/library/20121116-MukubaFigure1.jpg 
Image Available:
http://www.marketwire.com/library/20121116-MukubaFigure2.jpg 
Image Available:
http://www.marketwire.com/library/20121116-MukubaFigure3.jpg 
Contacts:
Mukuba Resources Limited
Kelly Ehler
President and CEO
+1 (416) 368 4013
+1 (416) 603 9200 (FAX)
info@mukubaresources.com
 
 
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