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Start of an $8M Work Program by Antakena Mining JV/Copper Oxide Project/Chile
May 27, 09 06:16AM
May 27, 2009
Apoquindo Announces Start of an $8M Work Program by Antakena Mining JV, for the Development of its Copper Oxide Project Antofagasta Region, Chile
- Following on last year's successful exploration program which more than tripled its compliant resource estimate
- Pre-Feasibility Study scheduled for completion by January 2010
- 40,000m of drilling planned at Elenita and Madrugador to test mineral extensions
- Exploration program established for newly optioned 7760 hectares surrounding the two deposits
- $8M Cdn being commited toward the Antakena Mining Joint Venture
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 27, 2009) - Apoquindo Minerals Inc. (TSX VENTURE:AQM)(BVLAC:AQM) ("Apoquindo") through its wholly owned subsidiary, Sociedad Contractual Minera Apoquindo Chile is pleased to announce the start of the Antakena Mining Joint Venture work program. On April 21, 2009, Apoquindo announced a Joint Venture with Minera S.A., named Antakena Mining, for the development of its Copper Oxide Project. In less than a month, the Antakena Management Committee has approved a Cdn$8M work program and budget for the next six months, consisting in a Pre Feasibility Study by January 2010 and an Exploration Program, which includes additional exploration of the Elenita and Madrugador deposits, as well as exploration of the newly optioned mining concessions.
The contractors selected for the Pre-Feasibility Study are:
Project Managers: MTB Project Management
Metallurgy: CIMM (Feasibility Level Testing to be completed 4Q2009)
Structural Geology: Warren Pratt
Surface Mine Slope and Geotechnical Engineering: Golder Associates
Mine Design Engineer: Mine Development Associates
Environmental Studies: Mineria & MedioAmbiente
Geological Model: Geovectra
Process and Infrastructure Engineer: Samuel Engineering
Easements and Permitting: Lopez & Ashton
Condemnation, Infill and Geotechnical Drilling: Antakena Mining
All of the contractors attended a kick off meeting in Chile, which included site visits and coordination meetings, during the week of May 18, 2009.
In addition, an exploration program has been established that includes 40,000m of RC drilling (20,000m Elenita and 20,000m Madrugador) in order to test the mineral extensions and MMI (Mobile Metal Ion) anomalies at the properties. Furthermore, MMI, mapping (1:10,000 in the whole areas and 1:2,000 in detailed areas) and sampling are planned on the recently optioned 7,760 hectares from Soquimich in order to define several mineralized targets. Half of the area is covered by colluvium and some of the main mineralized features running between Madrugador and Elenita are under this overburden. Where the MMI and geologic mapping give positive results, drilling targets will be defined and a second phase of an exploration program including RC drilling, detailed mapping, trenching and geophysics will be evaluated.
Dr. Tom Henricksen, a consultant geologist of the Company and the Company's Qualified Person for the purposes of NI 43-101, has approved the information contained in this news release.
Stephanie Ashton, Apoquindo Director and one of Apoquindo's appointees to the Antakena Mining Management Committee commented, "Apoquindo is very pleased at the quality of the work program and of the contractors that will be developing the Copper Oxide Project, and at the seriousness and efficiency of the Antakena Mining Joint Venture."