Red Crescent Provides Update on Recent Activities
TORONTO, ONTARIO -- (Marketwire) -- 01/14/13 -- Red Crescent
Resources Limited (TSX:RCB)(FRANKFURT:7RC) ("RCR"), a base metals
focused mineral exploration and mine development company with mining
operations in Turkey, is pleased to provide an update on its
activities from those reported December 10, 2012.
At its Hakkari Zinc Project, the Company continues to produce from
open pit and underground operations on the Uzumcu (Pentagon) license
where, since commencement of production in mid-September 2012, a
total of 3,290 tonnes of Direct Shippable Ore ("DSO") have been
exported, 1,113 tonnes in November and 2,177 tonnes in December. In
addition, a third lot of approximately 2,500 tonnes of DSO has been
produced and is being stored at Hakkari awaiting shipment to port at
Mersin for export when weather conditions permit.
The Dense Media Separation ("DMS") process plant and its related
auxiliary equipment in Hakkari have been cold commissioned and are
currently under protection against severe winter conditions. When put
into full commercial operation, with hot-commissioning expected to
occur during the spring of 2013, the DMS will enable the Company to
produce saleable concentrates from the enrichment of non-DSO
materials mined. Previous test work (float/sink) has been confirmed
and is now being improved using the FeSi as dense media at the
University of Hacettepe in Ankara.
Discussions with selected parties to monetize the Sivas and
Tufanbeyli projects are still in progress and 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, test work undertaken has indicated that up to
3.000 tons/month (greater than 24% Zn) of saleable concentrates could
be produced from non-DSO materials at the Tufanbeyli Project site.
Discussions have been initiated with potential customers for an
investment to support the commissioning of the Company's second DMS
at Tufanbeyli to produce saleable concentrates from the enrichment of
non-DSO materials mined.
A new $2M term loan with Garanti Bank Amsterdam has been put in place
in order to finance 2013 current expenses as well as payment of
Within the framework of the Company's rescue package implemented on
June 2012, the total head count, as of end 2012, has decreased to 18
from 42, and management continues with the model of a small
centralized organization with a dedicated core team and the
outsourcing of most of activities, such as administration, finance
RCR received the resignation of its long serving CFO, Mr. Richard
Giel during November 2012 and the Board wishes to thank Mr. Giel for
his contribution to the Company.
As a result, RCR has appointed Mr. Harvey H. McKenzie C.A. as its new
CFO with effect from January 1st 2013. Mr. McKenzie is a manager with
over 40 years' experience in a variety of industries with specific
expertise in the mining industry and financial services with a record
of achievement as a hands on Chief Financial Officer. The RCR Board
welcomes Mr. McKenzie to the team and looks forward to his
contribution as the Company grows.
This press release contains certain "forward-looking statements". All
statements that are not historical facts, including, among others,
statements regarding plans for processing of zinc oxide and sulphide
mineralised materials mined at the Hakkari Zinc Project, expected
prices of metals and minerals and other statements regarding future
estimates, plans, objectives and performance are forward-looking
statements. There can be no assurance that such forward-looking
statements will prove to be accurate. Such statements are based on
certain assumptions, including, among others, pricing assumptions
regarding mineral commodities and there being no significant
disruptions affecting operations on our properties or other material
adverse changes. Such statements involve known and unknown risks and
uncertainties that could cause actual results and future events to
differ materially from those anticipated by such statements. Such
risks and uncertainties include, among others, the actual prices of
metals and minerals, the actual results of current exploration and
mining activities, changes in project parameters as plans are
evaluated, as well as those assumptions, risks and other factors
identified and reported in our public filings with Canadian
securities regulators (including our annual information form), which
can be accessed at www.sedar.com. The forward-looking information
contained in this press release is made as of the date hereof. Other
than as specifically required by law, we undertake no obligation to
update or revise any forward-looking information, whether as a result
of new information, future events or otherwise. Readers are cautioned
not to place undue reliance on forward-looking statements.
About Red Crescent Resources Limited
Red Crescent Resources Limited (TSX:RCB)(FRANKFURT:7RC) is a
Canadian-based, base metals focused, mineral exploration and mine
development company with mining 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.
Red Crescent Resources Limited
Dr. Selahaddin Anac
+ 90 532 341 22 51
+ 90 312 448 29 26 (FAX)
Press spacebar to pause and continue. Press esc to stop.