Huldra Silver Provides Progress Update on Treasure Mountain and the Merritt Mill
VANCOUVER, BRITISH COLUMBIA--(Marketwire -06/21/12)- Huldra Silver Inc. (HDA.V) (the "Company" or "Huldra") today provides a progress update on the mining operations at its 100% owned Treasure Mountain Property and an update on the construction of its 200 tonne per day mill in Merritt, BC.
The first underground stope mining commenced in November, 2011 and has been mined over a length of 75 metres and a height of 55 metres, with an average width of 1.5 metres. An additional stope at the eastern end of Level 1 of the mine, with a length of 65 metres, a height of 55 metres and an anticipated mining width of 1.5 to 1.8 metres, is fully developed and mining should begin in the next week once the ventilation system is complete. It is anticipated that it will take approximately eight weeks to mine the eastern stope.
Engineering work is being completed for the design of the crown pillar removal and backfilling of the first two stopes. Once this work is complete, the first two developed stopes will be drawn down and the remaining mill feed will be transported to the mill site. This will allow for the mining of a third developed stope between the first two stopes. The third stope has a length of 65 metres and a height of 55 metres. The estimated tonnage of mill feed from the three stopes is 55,000 tonnes.
The vein drift on Level 1 has been extended approximately 20 metres further to the east following the vein structure for exploration purposes. All samples are delivered by truck to Acme Analytical Laboratories' facility in Vancouver, BC for analysis and will be published once received. With underground development substantially complete on Level 1, crews will begin exploration development on Level 2 of the mine in July, which will include vein drifts and crosscuts. Once the drifts are complete, exploration and development raises will be installed between Levels 1 and 2.
Construction of the 200 tonne per day mill in Merritt is scheduled to be completed by the end of July. All major structures and equipment are in place.
Huldra is currently working on plans to put its Treasure Mountain Mine, located three hours east of Vancouver, BC, into development, subject to permitting and financing, utilizing a mill being constructed at the Company's mill property outside of Merritt, BC. The Company currently employs more than 75 people between the two properties. The Company is also actively assessing other opportunities for acquisition and development.
The Company also wishes to confirm that it has not undertaken any preliminary feasibility study or preliminary economic assessment with respect to the Property and does not intend to undertake such a study or assessment prior to making a production decision. The Company cautions readers that such production may not be economically feasible and that there are significant risks associated with making a production decision without a valid, current, economic analysis.
Technical information in this news release has been reviewed and approved by Al Beaton, P. Eng, a Qualified Person as defined in NI 43-101. For more information see the Company's technical report entitled "Technical Report, Project Update, Treasure Mountain Property" dated June 7, 2012, available on SEDAR at www.sedar.com.
On behalf of the Board of Directors
Ryan Sharp, MBA, President, CEO & Director
Disclaimer for Forward-Looking Information
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events related to the Company's proposed exploration plans and its plans to put the Treasure Mountain Property into production. Such forward-looking information can include statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company, such as the Company's ability to finance its planned exploration; the Company's ability to source the necessary infrastructure to effect its exploration plans; current economic conditions and the state of mineral exploration and mineral prices in general. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. The Company can offer no assurance that its exploration and development plans will be completed in the time expected or at all. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
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