http://www.marketwire.com/press-release ... 31110.html
Dec 17, 2008 09:29 ET
Eurasian Minerals Inc. Acquires 27 Exploration Licenses in Haiti and the Historic Meme Copper-Gold Mine
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 17, 2008) - Eurasian Minerals Inc. (the "Company" or "EMX") (TSX VENTURE:EMX) is pleased to announce it has been awarded twenty-seven new exploration licenses in northern Haiti. This property package, in combination with EMX's previous license awards, gives the Company a commanding land position along 130 kilometers of strike length in an emerging new gold belt. Included in the new license grant is the historic Meme copper-gold mine. All of the new properties are subject to the Company's Regional Exploration Alliance with Newmont Ventures Ltd. ("Newmont").
EMX's Exploration Portfolio in Haiti. EMX's twenty-seven new licenses, granted by the Bureau of Mines and Energy, Republic of Haiti, cover 230,560 hectares in northern Haiti. EMX's exploration land holdings now total 281,858 hectares, and cover approximately half of the Massif du Nord metallogenic belt in Haiti (please see attached map). This regional scale gold-silver-copper mineralized belt consists of an early Cretaceous island arc assemblage, located along the northern margin of the Caribbean tectonic plate, and hosts EMX's La Miel, La Mine, and Champagne projects, as well as the Pueblo Viejo deposit in the adjacent Dominican Republic. Pueblo Viejo has 215 million tons of proven and probable reserves containing 20.4 million ounces of gold, 117.3 million ounces of silver, and 423.5 million pounds of copper as of year-end 2007 reporting (www.barrick.com). EMX, and exploration alliance partner Newmont, are aggressively exploring the Company's extensive property portfolio in what is gaining recognition as one of the world's premier, early stage gold exploration terrains. Please see the Company's web site at www.eurasianminerals.com for more information.
Historic Meme Mine. Two of the new licenses, totaling 18,600 hectares, are centered over the historic Meme copper-gold mine and Terre Neuve mining district. The Meme mine was an underground operation primarily active during the 1960s, and produced approximately two million tonnes of ore grading 2.0 % copper from five working levels accessed by a series of adits (Kesler, 1968; Louca, 1989). Copper and gold mineralization is associated with three small intrusions that are present within a northwest trending structural zone, with the Meme mine located at the southeast end of this trend. Louca's 1989 United Nations summary report indicates that the Meme mine hosts a historic resource of 1.5 million tonnes grading 2.0% copper and 2.0 g/t gold. This historic resource estimate is relevant, but does not meet National Instrument 43-101 or CIMM resource reporting standards. A qualified person has not performed sufficient work to classify the historical estimate as current mineral resources, and EMX is not treating the estimate as current mineral resources. The historical estimate should not be relied upon until it can be confirmed by the Company. Gold and copper mineralization is also present at the Casseus prospect, located two kilometers to the northwest of Meme. The Company will evaluate the Meme mine, Casseus prospect, and surrounding license package to identify additional gold and copper mineralization and exploration targets.
Regional Exploration Alliance. The new properties in Haiti are covered by a Regional Exploration Alliance with Newmont. Under this agreement, the companies will jointly fund exploration with Newmont funding 65% and EMX funding 35% starting in 2009 (see Company news release dated April 28, 2008). Newmont commenced a regional airborne magnetic survey over the Company's entire northern Haiti property package in early December.
NOTE: To view the map associated with this release, please click the following link: http://media3.marketwire.com/docs/emx1217.pdf.
EMX is exploring and investing in a first class mineral property and royalty portfolio in some of the most prospective, but under-explored mineral belts of the world.
The Company's Exploration Manager, Haiti, Keith A. Laskowski, MSc. is a Qualified Person for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators, and has reviewed and verified the technical information contained in this news release.
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Eurasian Minerals Inc. Actual results may differ materially from those currently anticipated in such statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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