Mirasol Agrees to Sell its Interest in the Joaquin Silver-Gold Project to
Coeur d'Alene Mines
VANCOUVER, Dec. 11, 2012 /CNW/ - Mirasol Resources Ltd. (TSX-V: MRZ,
Frankfurt: M8R) Mirasol Resources Ltd. ("Mirasol") is pleased to announce it
has reached an agreement to sell its 49% interest in the Joaquin Silver-Gold
Project, Argentina, to Coeur d'Alene Mines Corporation ("Coeur") (NYSE:CDE;
TSX:CDM), which has been operating on the Joaquin Project through an Argentine
Under the terms of the agreement, Mirasol will receive a total consideration
of US$60 million, which includes a payment of approximately US$30 million in
cash and a quantity of Coeur common shares valued at approximately US$30
million based on the ten trading day volume weighted average price prior to
the date of Mirasol's acceptance of Coeur's offer, in return for Coeur
acquiring Mirasol's subsidiary which holds the Joaquin property.
Mirasol's president and CEO, Mary Little, said, "Mirasol is delivering on its
strategy of building value through making new discoveries in the areas where
we explore. In the case of Joaquin, our partner Coeur plans to carry forward
while we continue to engage in discovery-oriented exploration programs in
Latin America. The proceeds of the deal will help sustain these efforts for
the next several years. We are pleased to formalize the Joaquin sale and are
committed to providing our shareholders with the best opportunities for
The transaction has been approved by the Boards of Directors of Mirasol
Resources Ltd. and Coeur d'Alene Mines Corporation but remains subject to
customary closing conditions, including the receipt of regulatory approvals.
The transaction does not require the approval of the shareholders of either
Coeur or Mirasol.
In November 2006, Mirasol and Coeur entered into an exploration and joint
venture option agreement with respect to the Joaquin project. In 2010, Coeur
vested at 51% interest and has since proceeded to advance the project towards
The Joaquin silver-gold deposit is a grass roots discovery initially
identified by Mirasol through its proprietary exploration approach, upon which
Coeur has defined a resource of Canadian National Instrument N.I. 43-101
mineral estimate of 38.4 million ounces silver in the Measured and Indicated
categories plus 31.3 million ounces silver in the Inferred category. In
addition, Joaquin contains 39,600 gold ounces in Measured and Indicated
resources and 19,400 gold ounces in Inferred (Table 1 and Technical Report of
September 21, 2012 at www.sedar.com). The N.I. 43-101 resource estimate was
prepared by independent consulting firm NCL Ingenieria y Construccion Ltda. of
Santiago, Chile, using a $30 per silver ounce and $1,500 per gold ounce price,
and a resource cut-off of 30 g/t (grams per tonne) for silver oxide material
and a 34 g/t silver cut-off for silver sulphide material, within
Whittle(®)-estimated surface pit mine parameters.
Table 1. Mineral Resources for the Joaquin Project at September 2012
Tonnes (000) Grade (g/tonne) Contained Ounces
Silver Gold Silver (000) Gold
Oxides 1,400 90.5 0.11 4,200 4,900
Sulphides 200 186.2 0.11 1,300 800
Total Measured 1,700 103.1 0.11 5,500 5,700
Oxides 9,600 89.8 0.10 27,600 30,300
Sulphides 1,000 162.7 0.11 5,400 3,700
Total Indicated 10,600 96.8 0.10 33,000 34,000
Measured and Indicated
Oxides 11,000 89.9 0.10 31,800 35,200
Sulphides 1,200 166.8 0.11 6,600 4,500
Total Measured and 12,200 97.6 0.10 38,400 39,600
Oxides 6,000 100.1 0.06 19,300 11,900
Sulphides 1,900 198.8 0.12 12,000 7,500
Total Inferred 7,900 123.7 0.08 31,300 19,400
1. From September 21, 2012 Technical Report.
2. Metal prices used were $30 per silver ounce and $1,500 per gold
3. Oxide mineral resources estimated using a cut-off grade of 30
grams per tonne silver and sulphide mineral resources with a
cut-off grade of 34 grams per tonne silver within Whittle
(®)-estimated surface mine parameters.
4. Mineral resources estimated by the consulting firm of NCL
Ingeniería y Construcción Ltda. in Santiago, Chile.
5. Mineral resources that are not mineral reserves have not
demonstrated economic viability.
6. Rounding may result in apparent differences between tons and
grades contained ounces.
The estimate was prepared according to N.I. 43-101 standards and in accordance
with CIM Standards on Mineral Resources and Reserves: Definitions and
Guidelines (CIM 2005) by NCL, who was selected and contracted by Coeur, and
who also performed the original NI 43-101 resource estimate (press release May
About Mirasol Resources Ltd.
Mirasol is focused on the discovery, exploration and acquisition of
high-potential precious metals deposits in the Americas, utilizing leading
edge technology for strategic advantage. Mirasol currently holds an active
portfolio of exploration properties in Santa Cruz Province, in the Patagonian
region of Argentina, identified through the Company's proprietary
exploration targeting and technology. Mirasol's 100%-held Virginia high
grade silver vein discovery has advanced through more than 23,400 metres of
drilling. Mirasol holds 100% of the rights to the Rubi copper-gold porphyry
target, strategically located in the El Salvador copper mining district,
as well as a new portfolio of gold exploration targets in northern Chile.
Mirasol operates through subsidiary companies in Argentina and Chile and is
engaged in generative exploration in high-potential regions in the Americas.
Quality Assurance/Quality Control:
Coeur d'Alene has been operating the Joaquin project and generated the
drilling data used in this news release and reported it to Mirasol. Drill core
samples were submitted to Alex Stewart (Assayers), Argentina S.A. and ALS
Laboratories, both ISO 9000-2000 accredited laboratories located in Mendoza,
Argentina. Gold and silver results were determined using standard fire assay
techniques on a 30 gram sample with a gravimetric finish for gold and silver.
Coeur's QAQC program includes the insertion of blanks, standards and
duplicates into the sample stream for Joaquin drill holes. Mirasol has
performed an independent analysis of the QAQC data generated by Coeur. Dr.
Paul Lhotka has reviewed the Coeur resource in this news release, and is a
qualified person as defined by National Instrument 43-101.
Exploration at Mirasol's Projects is supervised by Stephen C. Nano, Vice
President of Exploration; Timothy Heenan, Exploration Manager; and Dr. Paul
Lhotka, Principal Geologist. All technical information for the Company's
projects is obtained and reported under a formal quality assurance and quality
control (QA/QC) program. Drill core, rock chip and stream sediment samples are
collected under the supervision of Company geologists in accordance with
standard industry practice. Samples are dispatched via commercial transport to
an ISO 9001:2000-accredited laboratory in Mendoza, Argentina for analysis.
Results are routinely examined by an independent geochemist to ensure
laboratory performance meets required standards.
Assay results from diamond drill core or RC drill samples may be higher, lower
or similar to results obtained from surface samples.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Mary L. Little President and CEO Tel:(604) 602-9989; Fax:(604) 609-9946
SOURCE: Mirasol Resources Ltd.
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