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Sector NewswireTM Sector: Mining - Metals and Minerals : Sub Sector: Precious Metals, Base Metals :
News Release - October 20, 2009 0:26 AM GMT+1
Acero-Martin 666,000 oz Gold and 385 Million Pounds Copper Pinaya Deposit the Subject of Special Situation Advisory
NEW YORK, NY, October 20, 2009 /Sector Newswire/ - Mining MarketWatch Journal has published a review on Acero-Martin Exploration Inc. (TSX VENTURE: AMG). The review offers insight and opportunity afforded investors as AMG.V is advancing their 100% owned Pinaya gold-copper deposit in Peru. Pinaya contains a NI 43-101 compliant 666,000 ounces of gold and 385 million pounds of copper resource and also possesses near term open pit mine potential at the past producing Pinaya mine where ~200,000 ounces gold of the 666,000 ounce gold resource is readily available for the taking from the pit area. The review also contains a Special Situation Advisory as the Acero-Martin Pinaya gold-copper project is the subject of foreign interests.
Mining Sector Special Situation Advisory: Acero-Martin's Pinaya Asset the Subject of Foreign Interest In the last four months Acero-Martin Exploration Inc. has undergone a transformation, and this last week has been issued a new trading symbol (TSX-V: AMG) as a revised mining entity with new share structure (27,347,128 shares outstanding) and significant assets, now apparently in demand. A reorganization/house cleaning has seen a change of some management and board members, settlement of all debts, re solidification of title to claims for its Yukon and Peru assets, and a roll back of the Company shares. In the interim, Acero-Martin has also had several companies come in with offers on the Pinaya Gold-Copper Property. Mining MarketWatch Journal had heard the Pinaya deposit was attracting significant interest, in part, because it fits the Chinese and Korean model of quality hard asset (copper-gold resource) for US currency. Mining MarketWatch Journal contacted Acero-Martin and the Company was able to confirm that since the restructuring had begun at least four offers have been received. The risk-reward characteristics are highly advantageous for investors establishing a long position in AMG.V as the current market cap of AMG.V relative to the inherent value of their properties seem disproportionate.
The full review and valuation commentary may be found at: http://miningmarketwatch.net/amg.htm
Excerpts:
Mining MarketWatch Journal has confirmed that with current gold prices Acero-Martin has fielded several significant cash offers and enquiries from entities probing the possibility of purchase and/or taking on the risk of development, management was obviously not able to provide details, however did say AMG.V would not rule out the possibility if the right situation was put on the table to enhance and maximize shareholder value -- Mining MarketWatch Journal notes that with 498,000 of the 666,000 ounces gold resource in the indicated category, coupled with the copper and massive expansion potential, it would stand to reason interest in such a sizeable known quantity would command an acquisition or buy-out price significantly above the current trading price of AMG.V. An alternate option would involve advancing the project itself or with a partner from cash flow of a small scale mill at the pit, this would enable advancement of all their projects without further dilution to the share structure. AMG.V also has two other gold properties in Peru plus the highly prospective Red Mountain gold project within the Tintina Gold Belt, Yukon, in the same geological belt as Underworld and several very large multi-million oz gold type bulk tonnage open-pit world class deposits including gold producer Kinross's Fort Knox mine and International Tower's 12M oz discovery. Acero-Martin's Red Mountain Project contains a large aeromagnetic anomaly, which may represent a buried intrusive structure. Previous drilling has yielded significant gold mineralization.
The 3D geological model, seen to the left, portrays the deposit at Acero-Martin's Pinaya gold-copper project. This model and the 2006 NI 43-101 report that defined the 666,000 ounces of gold and 385 million pounds of copper resource was based on the first 70 holes drilled. Since then 93 additional holes have been drilled totaling 163 holes (representing well over 40,000m of drilling) and thus the resource estimate if done now would likely be significantly larger; many of the holes were infill and results of the last 93 holes indicate greater potential. A couple of the last holes that were drilled to greater depth (~800+m) than earlier holes and these were still in mineralization as they went down at depth. One satellite drill hole was drilled in the last round of drilling and intercepted values to depth, a great number of satellite IP targets and geochemistry targets are yet to be tested. Since acquiring the project Acero-Martin has invested ~US$12M in exploration to derive the results to date. Pinaya is a large property consisting of 28 contiguous mineral concessions totalling an area of ~14,300 hectares ripe with untested potential.
The full review and valuation commentary may be found at: http://miningmarketwatch.net/amg.htm
This release may contain forward-looking statements regarding future events that involve risk and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual events or results. The term investment advisory refers to the fact the reader is being advised there is a publication on an item that is also an investment, and not advice to buy or sell. Articles, excerpts, commentary and reviews herein are for information purposes and are not solicitations to buy or sell and of the securities mentioned. Readers are referred to the terms of use, disclaimer and disclosure located at the above referenced URLs.
SOURCE: Sector Newswire Per: Mining MarketWatch Journal
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