news-Martin alters board; awaits Pinaya permit
Acero-Martin Exploration Inc (TSX:ASD)
Shares Issued 27,492,477
Last Close 10/3/2005 $0.66
Tuesday October 04 2005 - News Release
Mr. Jeffrey Reeder reports
PINAYA COPPER-GOLD PORPHYRY UPDATE
Acero-Martin Exploration Inc. has released new details concerning the exploration program at its Pinaya copper-gold porphyry project in Southern Peru. Since acquiring the project in May, 2004, the company to date has completed a total of 20 diamond-drill holes for a total of 4,079 metres. In total, 2,991 samples have been taken from drill core and 2,689 samples have been taken from trenches and surface outcrops. The company also completed an extensive geophysical program consisting of induced polarization and magnetic surveys. Currently all data are being complied and the company has contracted an independent geologist to prepare a technical summary on the project following the guidelines outlined in National Instrument 43-101. The report will summarize all work done to date and provide recommendations for the next phase of exploration. The report is expected by the end of October.
The company has recently completed a socio-economic and environmental study of the area affected by the project as part of the requirements for obtaining the next-stage exploration permit from the Peruvian government. This study was carried out by Vector Engineering's Lima office and the report was submitted to the ministry of mines in Lima as well as to regional ministry offices in Arequipa and Puno during July. Included in the Vector report were results from surface and underground water samples taken by the hydrogeology contractor, Ground Water International, also based in Lima. In early September, the company received formal comments and questions from the ministry of mines related to its permit application. The company has now complied with and addressed all questions and comments and has resubmitted the permit. The permit includes an application for over 150 new drill holes. Approval of the permit is expected shortly and the company anticipates the drilling program to commence before the end of the month.
The company remains committed to maintaining good relations with the members of the Pinaya community, located approximately 10 kilometres east of the project area. As part of this commitment, the company hired Lima-based Social Capital Group to carry out a stakeholder mapping study of the area. This process included carrying out several interviews with local and regional interest groups, both governmental and non-governmental, to obtain feedback on the project and on mining activity in general. The company is pleased with the high level of participation and interest showed by the residents of Pinaya and is looking forward to developing further its social commitment program. Interviews carried out by Social Capital Group revealed that community residents generally favour the development of the project and the company is committed to increasing its social involvement in the community.
Jeff Reeder, PGeo, and James McCrea, PGeo, are the qualified persons under National Instrument 43-101 for the Pinaya project, and are supervising the quality control and quality assurance program.
Directors
The company is appointing Greg Hall to the board of directors. Kent Pearson has resigned as a director. Mr. Hall is a seasoned financial market professional with 24 years of experience as a broker, senior executive officer and founder of a number of successful brokerage firms. Mr. Hall has also had extensive experience as a board member and executive director for a number of Canadian and United States public and private companies.
Warrant exercise
All of the warrants exercisable at 60 cents (935,500 warrants) have now been exercised.