Zinc One Resources Inc. (Zinc One or the Company)announces that Zinc One’s request to suspend the mine closure at the former Bongar Zinc-Oxide mine has been approved by the Peru Ministry of Energy and Mines. This is a critical step in order for Zinc One to commence exploration activity on the Bongar Zinc-Oxide Mine Project.
The decision allows Zinc One to utilize the current Environmental Impact Assessment (EIA) attached to the project for current and future permitting. The sampling programme to update the environmental baseline study for this EIA is near completion and an application for the initial drilling platforms will be submitted this week. Once approved, the drilling programme and other exploration field work will commence in September.
We are pleased to obtain the approval for the suspension of the mine closure from the Ministy. This is another important step in our plan to bring this zinc mineralization into production,commented James Walchuck, CEO of Zinc One. Our team continues to focus on advancing the project in a timely manner within the framework of Peru’s environmental regulatory process while maintaining the cooperation and participation of the affected communities.
Zinc One further announces that it has retained Watts, Griffis and McOuat Limited to prepare a resource estimate and to lead, in conjunction with NovoPro (a project development and management consulting firm based in Montreal), a Preliminary Economic Assessment on the Bongar Zinc-Oxide Mine Project. The resource estimate and preliminary economic assessment are projected to be completed in Q1/Q2 of next year.
Due to the highly prospective Bongar Zinc-Oxide Mine and Charlotte-Bongar Zinc-Oxide Projects, Zinc One has elected to not proceed with the Crackingstone Uranium Property and has returned the property to the optionor.
About Zinc One Resources Inc.
Zinc One is focused on the acquisition, exploration and development of prospective and advanced zinc projects in mining-friendly jurisdictions. Zinc One’s key assets are the Bongar Mine and Charlotte-Bongar Zinc-Oxide Projects in north-central Peru. The Bongar Zinc-Oxide Mine Project was in production from 2007 to 2008, but shut down due to the global financial crisis and concurrent decrease in the zinc price. Past production included >20% zinc grades and recoveries over 90% from surface and near-surface zinc nonsulfide mineralization. High-grade nonsulfide zinc mineralization is known to outcrop between the mined area and the Charlotte-Bongar Zinc-Oxide Project, which is nearly six kilometres to the NNW and where past drilling intercepted various near-surface zones with high-grade zinc. The Company is managed by a proven team of exploration geologists and engineers who have previously constructed and operated successful mining operations.
The technical content of this news release has been reviewed and approved by Bill Williams, COO and Director of Zinc One, a qualified person as defined by National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ZINC ONE RESOURCES INC.
CEO and President
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Zinc One cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties relating to Zinc One’s limited operating history, its proposed exploration and development activities on the Bongar Zinc Oxide Project and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Zinc One does not undertake to publicly update or revise forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.