Corporate Update
Mr. Good has served as Chief Financial Officer of Metropolitan since September, 2007. His previous mining experience includes chief executive officer roles with Redhawk Resources Inc., Remac Zinc Corp. and Rochester Resources Ltd. Mr. Good is currently a Director and Chief Financial Officer of ComWest Enterprise Corp.
In terms of corporate development, Metropolitan has incurred approximately US$608,681 of qualifying expenditures as of January 31, 2009 and earned a 20% interest in the Fruso Property, Salta, Argentina pursuant to its option agreement with Argentine Frontier Resources Inc. and Salta Exploraciones, S.A.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael G. Thomson,
President, CEO & Director
For further information about Metropolitan Mining Inc., please contact:
Michael G. Thomson, (613) 864-4005 (Mobile);
Douglas F. Good, Vancouver Office: (604) 484-6628
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained in this press release, including information and statements which may contain words such as "could", "plans", "should", "anticipates", "expect", "believe", "will", and similar expressions and statements relating to matters that are not historical facts are forward-looking information. All of the forward-looking information contained in this press release is qualified by this cautionary statement. There can be no assurance that the actual results or developments anticipated by the Company, as expressed or implied by the forward-looking information, will be realized or, even if substantially realized, that they will have the expected consequences to or effects on the Company or its business operations. The Company disclaims any intention or obligation to update or revise any forward-looking information as a result of new information or future events. Readers should not place undue reliance on forward-looking information.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
Metropolitan Announces Assay Results From Phase 1 Drill Program at Fruso Property, Argentina
A summary of the assay results, as prepared by Kenneth Dawson, Ph. D., P. Geo., of Terra Geological Consultants, Metropolitan's consulting geologist and a "Qualified Person" (under National Instrument 43-101) who oversaw a substantial portion of the work while on site at the Fruso Property, is as follows:
"Four HQ diamond drill holes were drilled at -60º to test combined geological, geochemical and I.P. chargeability and resistivity targets. Significant widths of elevated copper values were intersected in three of the holes, all of which are open to depth. The first two holes (F-08-02 and 02A) were abandoned for technical reasons short of their target 400-m depths.
Hole |
From (m) |
To (m) |
Interval (m) |
Average (ppm Cu) |
|
|
|
|
|
F-08-02 |
14 |
18 |
4 |
375 |
|
58 |
66 |
8 |
273 |
|
|
|
|
|
F-08-02A |
80 |
116 |
28 |
289 |
|
134 |
169.5 |
35.5 |
548 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F-08-03 |
114 |
130 |
16 |
248 |
|
188 |
190 |
2 |
2100 (0.21%) |
|
278 |
292 |
14 |
204 |
|
316 |
400 |
84 |
332 |
|
|
|
|
|
F-08-04 |
12 |
20 |
8 |
335 |
L=400m |
|
|
|
|
|
150 |
164 |
14 |
268 |
|
204 |
254 |
50 |
292 |
|
262 |
270 |
8 |
422 |
|
300 |
400 |
100 |
350 |
|
|
|
|
|
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. Core samples were assayed at Acme Labs in Mendoza, Argentina using 32-element ICP-ES and Fire Assay on elevated Au samples.
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".
Metropolitan has the right to earn up to a 60% interest in the Fruso Property from Argentine Frontier Resources Inc. ("AFRI"), Vancouver, B.C., and Salta Exploraciones S.A. ("SESA"), Salta, Argentina, pursuant to an option agreement dated January 31, 2008 (the "Option Agreement"). Recently, AFRI and SESA agreed to amend the Option Agreement and extended the required date of completion of any work carried out by Metropolitan on the Fruso Property in years 2 and 3 from March 31, 2010 and March 31, 2011 to July 31, 2010 and July 31, 2011, respectively.
Metropolitan has made all payments to Connors under the Drilling Contract. The work carried out under the Exploration Program will satisfy the Company's year 1 obligations under the Option Agreement. In due course, Metropolitan will be evaluating its options in regard to further exploration work on the Fruso Property having regard to the U.S./Cdn. Dollar exchange rate, the price of copper, the assay results and the recommendations of Kenneth Dawson.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael G. Thomson, President, CEO & Director
For further information about Metropolitan Mining Inc., please contact:
Michael G. Thomson, ONT.:
(613) 864-4005 (Mobile);
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained in this press release, including information and statements which may contain words such as "could", "plans", "should", "anticipates", "expect", "believe", "will", and similar expressions and statements relating to matters that are not historical facts are forward-looking information. All of the forward-looking information contained in this press release is qualified by this cautionary statement. There can be no assurance that the actual results or developments anticipated by the Company, as expressed or implied by the forward-looking information, will be realized or, even if substantially realized, that they will have the expected consequences to or effects on the Company or its business operations. The Company disclaims any intention or obligation to update or revise any forward-looking information as a result of new information or future events. Readers should not place undue reliance on forward-looking information.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
Update on Drilling Program -- Fruso Property, Argentina
The drill rig and crew, supplied by Connors Argentina S.A., Boart Longyear Drilling Services ("Connors"), mobilized on the Fruso Property on October 4, 2008. Connors worked together with AFRI and SESA, the operators under the Option Agreement, who were responsible for setting up the Fruso camp, managing the exploration program and carrying out related services. Kenneth Dawson, Ph. D., P. Geo., of Terra Geological Consultants, was engaged by Metropolitan to oversee the Exploration Program and was at the Fruso camp from September 25 to October 26, 2008.
Approximately 970 metres of drilling over four holes has been completed. In general terms, progress at Fruso has not proceeded as anticipated, in large part due to mechanical difficulties and breakdowns incurred with the drilling rig. Of the holes drilled to date, Hole 2 was drilled to a depth of 72 metres before having to be abandoned due to technical difficulties, Hole 2A was drilled to a depth of 169.5 metres, and Hole 3 was drilled to a depth of 400 metres. It is anticipated that Hole 4 will be drilled to a depth of 400 metres and that depth is anticipated to be reached on or before November 3, 2008. The Company originally anticipated drilling six holes in 30 -- 35 days, but based on the average number of metres drilled per day being well below forecast, the project is behind schedule and, without adjustment, would exceed the Cdn $583,096 figure set out in the Company's Prospectus dated June 6, 2008. In addition, the recent dramatic rise in the U.S. dollar, which is the currency of the drilling contract, has contributed to further increases in the Canadian equivalent cost of the Exploration Program.
As a result of these developments, Metropolitan has provided Connors and SESA with a notice letter dated October 31, 2008 that the Exploration Program will be finalized on completion of drilling Hole 4, at approximately 400 metres depth, or on November 3, 2008, whichever is the first to occur, and the Fruso camp will be de-mobilized. The Company will defer any decision to do current additional exploration work on the Fruso Property until all assay results are received and analysed. Core samples from the Exploration Program have and will continue to be been forwarded from the Fruso camp to ACME Analytical Laboratories Ltd. ("Acme"). The samples are prepped in Mendoza, Argentina, and then processed at Acme's facility in Santiago, Chile. Metropolitan will announce assay results in due course once it obtains the complete results from Acme.
The Company made its determination, as set out above, based on a number of factors including, without limitation, the progress at Fruso, advice from SESA (the operator under the Option Agreement), consultations with Terra Geological, the state of the current world-wide financial crisis, the Canadian dollar hitting its lowest point this week since September of 2004 and the drop in the price of Copper, from over U.S. $4.00 per pound in July of 2008 to U.S. $1.85 per pound this week.
The work carried out under the Exploration Program will satisfy the Company's year 1 obligations under the Option Agreement. Metropolitan has had preliminary discussions with SESA and anticipates that the parties will be able to amend the Option Agreement to extend the completion date of additional exploration work and programs on the Fruso Property until July 31, 2010. Upon payment of all costs incurred directly related to the Exploration Program, Metropolitan should have sufficient funds remaining to cover its operating costs for the ensuing year.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael G. Thomson, President, CEO & Director
For further information about Metropolitan Mining Inc., please contact:
Michael G. Thomson, B.C.: (604) 633-5088, x 102 (Vancouver Office)
ONT.: (613) 864-4005 (Mobile); independentpresident@shaw.ca
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained in this press release, including information and statements which may contain words such as "could", "plans", "should", "anticipates", "expect", "believe", "will", and similar expressions and statements relating to matters that are not historical facts are forward-looking information. All of the forward-looking information contained in this press release is qualified by this cautionary statement. There can be no assurance that the actual results or developments anticipated by the Company, as expressed or implied by the forward-looking information, will be realized or, even if substantially realized, that they will have the expected consequences to or effects on the Company or its business operations. The Company disclaims any intention or obligation to update or revise any forward-looking information as a result of new information or future events. Readers should not place undue reliance on forward-looking information.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
Metropolitan - Phase I Program Update
Michael Thomson, President of Metropolitan, commented as follows: "We have engaged an experienced drilling contractor and are excited about testing the copper/gold potential of the Fruso porphyry showings. We have established a branch office in Salta and are continuing to work closely with Salta Exploraciones S.A. ("SESA"), the optionor of the Property. SESA has already done some preparatory road work and is making improvements to the camp. SESA will manage the exploration program and carry out related services for Metropolitan. We have also engaged Kenneth Dawson, Ph. D., P. Eng., of Terra Geological Consultants, to travel to the Property and oversee the Phase I Program. Terra Geological has consulted to a number of organizations in Argentina, and Mr. Dawson has visited the Property and inspected the initial exploration work carried out in November and December of 2007. He is also the author of the Company's National Instrument 43-101 Report".
The Phase I drilling program will consist of 6 -- 8 HQ drill holes, of approximately 300 -- 400 metres in depth, to test the mineralization potential of a copper porphyry system. It is anticipated that the Phase I drilling program can be carried out in roughly 30--35 days at an estimated cost of US $585,000. Under the terms of the drilling contract, Metropolitan is required to provide assurances which will include cash deposits. At present, it is anticipated that a UDR 650 mk11 truck mounted surface drilling rig will be mobilized on the Property on or about September 28, 2008. It is proposed that drilling will commence on or about October 5, 2008.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael G. Thomson, President, CEO & Director
For further information about Metropolitan Mining Inc., please contact:
Michael G. Thomson
B.C.: (604) 633-5088, x 102 (Vancouver Office)
ONT.: (613) 864-4005 (Mobile)
Website: www.metropolitanmining.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained in this press release, including information and statements which may contain words such as "could", "plans", "should", "anticipates", "expect", "believe", "will", and similar expressions and statements relating to matters that are not historical facts are forward-looking information. All of the forward-looking information contained in this press release is qualified by this cautionary statement. There can be no assurance that the actual results or developments anticipated by the Company, as expressed or implied by the forward-looking information, will be realized or, even if substantially realized, that they will have the expected consequences to or effects on the Company or its business operations. The Company disclaims any intention or obligation to update or revise any forward-looking information as a result of new information or future events. Readers should not place undue reliance on forward-looking information.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
Metropolitan Closes IPO
First Canada Capital Partners Inc. (the "Agent"), of Vancouver, B.C., acted as agent for the Offering and was paid a cash commission of 9% of the Proceeds. In addition, the Agent was granted 300,000 agent's warrants entitling it to acquire up to 300,000 common shares of Metropolitan, at a price of $0.30 per share, exercisable until January 15, 2010.
Trading in the common shares of Metropolitan on the TSX Venture Exchange is expected to commence on Friday, July 18, 2008, under the symbol "MNZ".
Metropolitan is a mineral exploration company that has an option to acquire up to a 60% interest in the Fruso property (the "Fruso Property"), which is comprised of the Fruso Este (2,340 hectares) and Aracar (3,344 hectares) claims, as disclosed in the Company's prospectus dated June 6, 2008. The Fruso Property is located in the Argentine Puna, province of Salta, in northwestern Argentina, approximately 15 kilometres east of the Chilean border.
The Proceeds will be used by the Company to fund a Phase I drilling and exploration program on the Fruso Property and for general corporate purposes. The planned exploration program on the Fruso Property includes a drilling program of 2,400 metres, the preparations for which are currently underway.
Metropolitan would like to thank the Agent for its assistance during the IPO process. First Canada Capital Partners Inc. is an independent Investment Dealer that focuses on the financing and trading of junior and emerging companies.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael G. Thomson, President, CEO & Director
For further information about Metropolitan Mining Inc., please contact:
Michael G. Thomson
ONT.: (613) 832-7839 or (613) 864-4005
B.C.: (604) 633-5088, x 102
independentpresident@shaw.ca
www.metropolitanmininginc.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained in this press release, including information and statements which may contain words such as "could", "plans", "should", "anticipates", "expect", "believe", "will", and similar expressions and statements relating to matters that are not historical facts are forward-looking information. All of the forward-looking information contained in this press release is qualified by this cautionary statement. There can be no assurance that the actual results or developments anticipated by the Company, as expressed or implied by the forward-looking information, will be realized or, even if substantially realized, that they will have the expected consequences to or effects on the Company or its business operations. The Company disclaims any intention or obligation to update or revise any forward-looking information as a result of new information or future events. Readers should not place undue reliance on forward-looking information.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.