Conway Resources Completes Belleterre Mine Acquisition
6/30/2010 4:42:23 PM - Market Wire
QUEBEC CITY, QUEBEC, Jun 30, 2010 (MARKETWIRE via COMTEX News Network) --
Conway Resources Inc. ("Conway" or the "Company") (TSX VENTURE: CWY) is pleased to announce that it has completed the purchase of all the issued and outstanding shares of private company Belleterre Mining Resources Inc. ("Belleterre"), which owns two mining concessions covering 404.71 hectares in Guillet Township, Quebec, including the old Belleterre mine.
Laurent Beaudoin, President and CEO of Conway, said: "Now that we have completed the acquisition of the Belleterre Mine, our goal is to optimize the exploration and development of this major asset for Conway. During the next few weeks, we will review the results of the work carried out on Belleterre in the last two years and begin to systematically explore the property's gold potential."
Discovered in 1930 by McIntyre Porcupine Mines, the Belleterre mine was in production from 1936 to 1959. During this period, the mine produced 2.18 million tonnes of ore at an average grade of 9.95 g/t Au. Approximately 95% of the ore was mined from Vein 12. Previous reports indicate the existance of at least 21 veins on the property. According to an internal report from 1960, the property hosts a resource of 172,410 tonnes grading an average of 6.42 g/t Au in Vein 14 and 317,600 tonnes at 3.43 g/t Au in Vein 12W. The qualified person has not yet done sufficient work to classify the historical estimate as current mineral resources, Conway is not treating the historical estimate as current mineral resources, and the historical estimate should not be relied upon.
The geological information is taken from the NI 43-101 technical report for the Belleterre mine property authored by Alain-Jean Beauregard and Daniel Gaudreault, Ing., of Geologica Groupe-Conseil Inc. of Val-d'Or. Jean-Louis Robert, D.Sc. Geol., Vice President, Exploration of Conway and a qualified person under National Instrument 43-101, has reviewed the contents of this press release.
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Congratulations to all of us!!! And Laurent... to not forget!!!
Voodoo