Metropolitan Mining Inc. - Page


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Jul 31, 2009
Financial Statements
Fiscal 2009 Second Quarter Financials
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Jun 09, 2009
News Releases
Corporate Update
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Apr 30, 2009
Financial Statements
Fiscal 2009 First Quarter Financials
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Metropolitan Mining is a junior mining company focused on the acquisition, exploration, and development of mineral properties. On July 15, 2008, Metropolitan completed its initial public offering of 3,000,000 common shares, at a price of $0.30 per share. First Canada Capital Partners Inc. acted as agent for the IPO. Effective July 18, 2008, the shares of Metropolitan commenced trading on the TSX Venture Exchange, under the trading symbol "MNZ".

Currently focused in Argentina, the Company has an option to earn up to a 60% interest in the Fruso Property, located in the province of Salta, in the Puna of northwestern Argentina. The Fruso Property was originally identified by Rio Tinto by satellite imagery. Two porphyry copper occurances were identified as a result of exploration undertaken by Mansfield Minerals in 1998 and subsequently continued after the sale of the Fruso Property to Salta Exploraciones S.A. ("SESA") in 2004. In October 2007, nine trenches were excavated and sampled as part of exploration work undertaken by SESA, on behalf of Metropolitan.

The Company entered into a drilling contract on September 18, 2008 which was originally proposed to consist of 6 -- 8 HQ drill holes, of approximately 300 -- 400 metres in depth, to test the mineralization potential of a copper porphyry system. Only four holes were completed due to operational difficulties. Core samples were assayed at Acme Labs in Mendoza, Argentina using 32-element ICP-ES and Fire Assay on elevated Au samples. As reported in the Company's news release dated January 9, 2009:

" Copper is present as the secondary minerals neotocite and chalcocite, and primary copper minerals have been oxidized at the depths intersected. Gold values ranged up to 383 ppb or about 0.4 g/t, but averaged about 10 ppb. Mo and Ag values are low. Drill intersections indicate that copper values increase with depth and to the west. Drilling by Rio Tinto in 1998 to the west and northwest of the current drilling intersected similar copper values under a capping of recent basalt. Additional drilling in this area is recommended."

As at July 31, 2009, the Company had incurred approximately US$611,710 of qualifying expenditures, earned a 20% interest in the Fruso Property and exceeded the minimum qualifying expenditures required to maintain the option in good standing for the two year period ended July 31, 2010.