TORONTO, ONTARIO--(Marketwire - Feb. 22, 2011) - Angus Mining Namibia Inc. ("Angus Mining" or the "Company") (TSX VENTURE:ANA) is pleased to provide an update of its current exploration program, operations, and corporate activities.
The Company commenced the first phase of its diamond drill program at the Ondundu gold project in west central Namibia in September of 2010. This drill program is designed to delineate a large, low-grade bulk mineable gold resource in the main mineralized zone (the "OMZ" Zone). OMZ has a strike length of approximately 3.5 km, with an average width of 400 meters and is being drilled to an average depth of 240 meters. The Company is also generating targets at a second zone (the "OD6" zone) to the north, which is contiguous to OMZ, and has demonstrated gold and copper mineralization occurrences. A map of the Ondundu gold project is available at www.angusmining.com/projects.php.
To date, the Company has completed 32 diamond drill holes for a total of 8,604 meters. There are 5 operating diamond drill rigs and 1 operating reverse circulation rig on site. A total of CAD $2.8 million has been expended on project exploration to date.
The Company has experienced unavoidable delays in receiving assay results due to two factors; first, a shortage of qualified assay capacity resulting from a sharp increase in mining activity in South and West Africa over the past several quarters, and second, a labour dispute and strike at its contracted geochemical analysis and assay company, located in Johannesburg, South Africa. These two factors have resulted in the Company receiving only 3 diamond drill hole results to date. While this has proven frustrating, the drill program continues to move forward on schedule, and the Company is actively working towards improving assay turn around times.
A highlight came from hole 007 which returned 0.23 g/t over 232 meters and included 0.74 g/t over 24 meters. Additionally there are over 3,000 channel samples compiled from trenches which included: 0.92 g/t over 170 meters, 0.84 g/t over 201 meters, 0.45 over 226 meters, 1.49 g/t over 44 meters, 2.22 g/t over 21 meters and 1.21 g/t over 24 meters.
Angus Mining President Fraser Buchan commented; "We are very pleased with the progress being made at the Ondundu project, particularly in terms of executing on our phase 1 drill program. While we continue to face challenges in receiving assay's, we have 29 completed diamond drill core prepped and available for assay, and look forward to providing a steady flow of results to the marketplace over the coming months while we work towards defining a significant gold resource at Ondundu."
2011 Ondundu Drilling Program and Assaying
To complete the current phase of the exploration program at OMZ, the Company plans to drill a total of 65 diamond drill holes for a total of 20,000 meters. The Company expects to have phase one of the exploration program completed by May, 2011, after which the Company will focus on generating a preliminary resource calculation, and an updated 43-101 technical report.
The Company plans to initiate a diamond drill program at OD6 in the second half of 2011, with an initial target of 2,000 meters.
The Company expects to expand its current workforce of 29 full-time employees in both Canada and Namibia, including 8 professional Geologists, as drilling expands to the OD6 zone in H2 2011.
To date the Company has sent a total of 2,428 one meter samples to the Johannesburg laboratory. The Company has an additional 6,176 meters of core available for assay, and is actively exploring alternative options for obtaining assays both in South Africa and Namibia. It expects to be able to report on these results in Q2 2011.
The Company currently has sufficient cash to complete the first phase of the drill program. The Company also has over 28M share purchase warrants outstanding, which strike at $0.35 until September 24th, 2011, after which they strike at $0.50 until expiry.
About Angus Mining (Namibia) Inc.
Angus Mining (Namibia) Inc. is a Canadian based precious metals exploration company focused on developing the Ondundu Gold Project in west central Namibia via a joint venture agreement with Forsys Metals Corp. The Company's goal is to deliver superior shareholder returns by identifying, acquiring and developing high quality assets in a safe and socially responsible manner. Angus Mining is also committed to creating economic and social benefit in the Namibian community.
Dr. Roger Laine is the qualified person under National Instrument 43-101 who has supervised the preparation of and verified the technical information presented in this press release. For a summary of the geology, nature of the mineralization and other technical information with respect to the Ondundu Gold Project, please refer to the Technical Report on the Ondundu Gold Project-EPL3195, Namibia, filed September 17, 2010 at www.sedar.com.
This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Certain of the statements made herein by the Company are forward-looking and subject to various risks and uncertainties, both known and unknown, many of which are beyond the ability of the Company to control or predict. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Forward-looking information is subject to known and unknown risks and uncertainties that may cause the Company's actual results, performance or achievements may be materially different from those expressed or implied by such forward-looking information, and are developed based on assumptions about such risks, uncertainties and other factors set out here in, including but not limited to the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other exploration data, the potential for delays in exploration or development activities, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties with or interruptions in operations, fluctuating metal prices, unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, regulatory restrictions, including environmental regulatory restrictions and liability, competition, loss of key employees, risks inherent to conducting business activities in the developing world and other related risks and uncertainties. The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
Contact Information: Angus Mining (Namibia) Inc.
President and CEO