Sacre-Coeur forms contract drilling division Sacre-Coeur forms contract drilling divisionSacre-Coeur Minerals Ltd (C:SCM)Shares Issued 51,366,614Last Close 12/14/2011
.145Thursday December 15 2011 - News ReleaseMr. Gregory Sparks reportsSACRE-COEUR MINERALS ANNOUNCES FORMATION OF CONTRACT DRILLING DIVISIONSacre-Coeur Minerals Ltd. has established a contract drilling division. Two of three Company-owned, late model Atlas Copco Exploration Products wireline core drills have been allocated to the commercial venture, while the third drill has been reserved to continue hard-rock gold exploration and resource expansion on the Company's more than 850 square kilometer portfolio of properties in Guyana. This move is another component, together with previously announced alluvial gold production, in the Company's strategy to fund its on-going hard-rock gold exploration and feasibility studies as well as to build working capital reserves entirely from internal cash flow without reliance on the capital market.The Company's in-house drilling program has enjoyed a very high level of performance and cost effectiveness over the past five years. This reputation for performance has resulted in high demand for the services of its contract drilling division. Both drills are currently under contract with third party exploration companies working in Guyana. Contract drilling demand is expected to remain strong in the coming months, such that the drilling division will be fully engaged throughout 2012 and beyond.Combined net cash flow from the Company's alluvial mining operations and contract drilling division is expected to cover all operating costs, including on-going hard-rock exploration, feasibility studies for development of a portion of its existing hard-rock gold resource, property holding costs, and corporate general and administrative costs plus accumulation of additional working capital. We believe in this period of substantial global economic uncertainty, it makes sense for the Company to tap its available capacity to generate working capital internally and to minimize its reliance on the capital market to continue to maintain its tight share structure.We seek Safe Harbor.© 2011 Canjex Publishing Ltd.