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PET - Petmin Limited - Sivas Copper Project Exploration update
PETMIN LIMITED
Incorporated in the Republic of South Africa
Registration Number 1972/001062/06
Share Code JSE: PET & ISIN: ZAE000076014
Share Code AIM: PTMN
("Petmin" or "the Company")
SIVAS COPPER PROJECT EXPLORATION UPDATE
JOHANNESBURG: Petmin`s partner on the Sivas Copper Project in Turkey, Red
Crescent Resources (RCR), has announced positive results from exploration
activity in the period May to July 2011.
RCR has confirmed the presence of extensive oxide and sulphide copper
mineralization on the project, which is in the Sivas region of north-east
central Turkey.
Detailed surface mapping of the Main Mineralized Zone (MZ) is well advanced,
confirming the significant extent and expression of the mineralization over a
continuous strike length of at least 2.4km and with an average width of
approximately 100m. Mapping of the South East Zone (SEZ) is due to commence
shortly.
The presence of both oxide and sulphide mineralization in the system has been
confirmed in the MZ and SEZ, with both being strongly exhibited, particularly in
the SEZ. The well developed copper bearing mineralization contains azurite,
chalcocite, malachite and bornite which can be clearly seen with the naked eye.
Pursuant to the receipt of relevant environmental and forestry permits, which
are expected to be issued during August 2011, the planned Drill Program for at
least 5000m of Diamond Core and RC drilling will be completed this season, along
with an extensive surface trenching program on both the MZ and SEZ.
RCR is a mineral exploration and development company focused on base metals in
Turkey and listed on the Toronto Stock Exchange in Canada. RCR is targeting
historically inaccessible areas where no modern exploration techniques or
technology have been applied, with high potential for discovery of significant
base metal deposits.
Following completion of an equity investment of CDN$4.64 million announced on 16
May 2011, Petmin will have a 10.1% ownership interest in RCR. Petmin will invest
up to a maximum of CDN$17 million in four conditional tranches over a period of
3.5 years, to earn up to a 37.5% interest in the RCR-controlled controlled joint
venture, RCR Quantum AS, which is responsible for the management and development
of the Sivas Copper Project.
Further details of exploration results and planned exploration activity are
contained in the statement from RCR below, which was released in Canada on 15
August 2011.
Photographs and images relating to the detailed surface mapping of the MZ and
the well developed copper mineralization can be found at www.petmin.co.za
Further information:
Bradley Doig
Petmin Limited
+27 11 706 1644
+27 82 459 7818
bradley@petmin.co.za
Jonathon Rees
Proof Communication Ltd
+27 76 185 1827
Jonathon@proofcommunication.com
John Harrison, as Nominated Adviser (AIM)
Numis Securities Limited
+44 20 7260 1000
James Black, as Corporate Broker (AIM)
Numis Securities Limited
+44 20 7260 1000
Sponsor and Corporate Advisor (JSE)
River Group
Andrew Lianos
+27 83 4408 365
PROJECT PROGRESS ON DEVELOPMENT OF THE SIVAS COPPER PROJECT
-RCR confirms presence of extensive oxide and sulphide Copper mineralization-
FOR IMMEDIATE
RELEASE
Toronto, Ontario - August 10th, 2011 - Red Crescent Resources Limited (TSX:
RCB), a mineral exploration and development company focused on base metals in
Turkey, today announced positive project progress in the exploration activities
for the 90 day period since the exploration season began to accelerate the
development of the Sivas Copper Project (The Project). The Project is located in
the Sivas region of north-east Central Turkey and approximately 650 km north-
west of Red Crescent`s Hakkari Zinc Project and 400 km north-east of the
Company`s Tufanbeyli Zinc Project, located at Adana.
In the period May through July 2011 RCR Quantum has completed the following
activities successfully;
1. An independent expert review of all geochemical and geophysical raw data
acquired for comparative definition of the anomalies previously identified for
drilling was completed. The results and conclusions with regard to the anomalies
were confirmed with additional qualification for greater focus in the drill
program to follow;
2. The original core boxes and core for the 3 drill holes completed by
Falconbridge on the Main Zone (MZ) have been located and taken into safe
custody. Re-logging has indicated that some sections are missing, however
drillhole No.1(65m and stopped while still in mineralisation) and No.2 (25m and
stopped while still in mineralisation) exhibits clear copper mineralisation in
strongly brecciated ground with at least 4 Copper bearing minerals identified
(See photograph `A` attached), while drillhole No.3 was drilled outside the main
zone and is barren;
3. Detailed surface mapping of the Main Mineralized Zone (MZ) is well advanced
confirming the significant extent and expression of the mineralisation over a
continuous strike length of at least 2.4km and with an average width of
approximately 100m. (See photograph `B` attached). Mapping of the South East
Zone (SEZ) is due to commence shortly;
4. The presence of both Oxide and Sulphide mineralisation in the system has been
confirmed in both MZ and SEZ, with both being strongly exhibited particularly in
the SEZ.
The well developed Copper bearing mineralisation contains Azurite, Chalcocite,
Malachite and Bornite can be clearly seen with the naked eye. Further activities
underway are additional Geochemical/soil sampling and regional stream sampling,
and once requisite additional environmental permits are obtained, it is planned
for the rehabilitation of historical underground adits for the mapping of deep
mineralisation and planned extension into the MZ for creation of underground
exploration drilling platform at approximately 300mbs. A Bio-Geology/Geo-Botany
study is also to be commissioned as a clear pattern of affinity from certain
plants and flowers to the mineralized zones has been identified.
5. Although significant further work is required to fully define the
classification of the SIVAS mineralisation type, it appears to be of multi-phase
origin and based on mapping of localized Lavas and other intrusive elements,
potentially to be of VMS (Volcanic Metallogenic Sulphide) origin hosted within a
Massively Brecciated Dolomitic Limestone within a significant tectonic shear
zone.
Pursuant to the receipt of relevant environmental and forestry permits expected
to be issued during August 2011, the planned Drill Program for at least 5000m of
Diamond Core and RC drilling will be completed this season, along with an
extensive surface trenching program on both the MZ and SEZ.
Mike Robertson, a Qualified Person as defined by National Instrument 43-101, has
reviewed and verified the technical information contained in this release.
Forward-looking statements
The statements made in this press release may contain forward-looking statements
that may involve a number of risks and uncertainties. Actual events or results
could differ materially from the Company`s expectations and projections.
About Red Crescent Resources
Red Crescent Resources (TSX: RCB) is a Turkey-based junior mining company
targeting historically inaccessible areas where no modern application of
exploration techniques or technology has been applied, with high potential for
discovery of significant base metal deposits. For more information, please
visit: www.redcrescentresources.com
Date: 16/08/2011 08:00:08 Supplied by www.sharenet.co.za
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