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Posted by Anonymous on November 7, 2007, 9:57 am
European Minerals advances Varvarinskoye, new drilling
European Minerals Corp (C:EPM)
Shares Issued 283,731,106
Last Close 11/6/2007 $1.51
Wednesday November 07 2007 - News Release
Mr. Bert Kennedy reports
EUROPEAN MINERALS CORPORATION: VARVARINSKOYE UPDATE
European Minerals Corp. is proceeding on schedule with the staged commissioning
of
the process plant at its Varvarinskoye gold-copper project in Kazakhstan.
Mechanical
testing of the major items of equipment is complete. This "cold" commissioning
phase
is being managed by the company's in-house commissioning team, which has
considerable regional and cold-weather experience. The commissioning team has
been
on site since early October, 2007, initially training the company's process
plant
operators and assisting the construction team in preparation for the "cold"
commissioning of the process plant.
Mining in the central pit is continuing and over one million tonnes of various
ore
types have already been delivered to the run-of-mine stockpile to be available
for
crushing and delivery into the grinding circuits.
The company plans to begin introducing ore into the process plant by
mid-November,
2007, and this will mark the commencement of "hot" commissioning. This phase of
the
staged commissioning will continue through the winter months with the objective
of
gradually building up the daily throughput tonnage until the process plant
reaches
its design rate of 4.2 million tonnes of ore per year. The company expects to
achieve this initial annual throughput rate during the second quarter of 2008,
assuming no delays are experienced due to winter commissioning. The commencement
of
the "hot" commissioning stage by mid-November, 2007, should result in a first
gold
pour before the end of December, 2007.
Bert Kennedy, president and chief executive officer, commented today: "As
forecast
12 months ago, our company has successfully met its target of commencing cold
commissioning of the Varvarinskoye process plant in October, 2007, despite late
delivery of some final pieces of equipment and some minor last-minute equipment
modifications. For that, our thanks go to everyone involved in this major
achievement.
"With the introduction of ore into the plant in the next few weeks, we face full
commissioning over the winter months. While this is not ideal, it is something
we
have planned for and we are confident that our staff will meet this challenge
with
the same resolve that has enabled us to complete construction on schedule. We
are
still on target to reach commercial production by the end of the first quarter
of
2008."
Additional drilling
During September, two diamond drilling rigs were mobilized at Varvarinskoye to
undertake drilling to delineate additional mineralization within the current
mining
limits and beneath the planned pit bottom. Results from this drilling will be
reported as they become available.
In addition, a 2,500-metre drilling program will commence shortly to test
various
gold and copper geological anomalies within the 220-square-kilometre exploration
licence which surrounds the three-square-kilometre Varvarinskoye mining licence.
Mr. Kennedy is the qualified person (as such term is defined in National
Instrument
43-101) responsible for the technical and scientific information in this press
release.
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