SOURCE: Sacre-Coeur Minerals, Ltd.
Sacre-Coeur Completes Prioritization and Restructuring of Its Guyana Property Portfolio; 1,013 sq km in Five Regional Blocks Retained
VANCOUVER, BC--(Marketwire - January 5, 2009) - SACRE-COEUR MINERALS, LTD. (the "Company")
(TSX-V: SCM) (
Based on the exploration programs of the past three years, the Company has
prioritized its holdings which it believes have sufficient resource
potential to justify further investigation and development, while at the
same time segregating those holdings which it does not believe to have
potential to host a commercial deposit. Accordingly, the Company has now
relinquished a total of 1,347.62 sq km to hold 1,013.11 sq km of its most
prospective ground. This 57% reduction in property held results in a
savings to the Company of US $308,557 at applicable annual rentals for
2009.
The remaining properties are held in five regional blocks (down from seven
in the original portfolio). Two of the Company's seven regional blocks,
the Oko and Mahdia-Issano blocks, have been dropped in view of management's
assessment of their limited potential and in some cases difficult access,
infrastructure or environmental issues. The breakdown of current holdings
in each of these key remaining regional blocks is as follows:
According to Irwin Olian, CEO of the Company, "The current property
reductions reflect the extensive work done by our outstanding exploratory
team in Guyana over the past three years, overseen by Gregory B. Sparks,
P.Eng., Senior V.P. We have successfully identified those areas within our
portfolio meriting further work and expenditure of funds, while dropping
areas with only limited potential. The result is a more streamlined
property portfolio which will enable us to focus now on our priority
targets while economizing on our costs. Our current 1,013 sq km portfolio
contains all of the significant targets we have identified in the five
regional blocks we now deem to have the greatest potential and represents a
significant opportunity for us to create shareholder value. Future work
will focus on drilling and development within our portfolio, as opposed to
grassroots exploration which previously took up much of our attention. We
remain particularly excited about the Million Mountain Gold Project in the
Lower Puruni Region, and now have two diamond drills on site recommencing
drilling activities after the Holiday break."
About Sacre-Coeur
The Company is engaged in the acquisition, exploration and development of
properties for the potential mining of gold, metals and diamonds in South
America, initially focussing on exploration for gold on its properties in
Guyana. The Company presently has an interest in approximately 1,000 square
kilometers of mineral properties in Guyana, including the Million Mountain
Property. The Company has offices in Vancouver, Canada and Georgetown,
Guyana. More information about the Company is available at
www.scminerals.com.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of the
information contained herein. The statements made in this press release
may contain certain forward-looking statements that involve a number of
risks and uncertainties. Actual events or results may differ from the
Company's expectations.
District/Project Area
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Puruni District
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Lower Puruni Regional Block (incl Million Mtn)
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Kartuni Regional Block
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Puruni District Total 511.97 Sq Km
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Potaro District
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Kurupung Regional Block
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Potaro-Kuribrong Regional Block
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Potaro District Total 52.13 Sq Km
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Northwest District
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White Creek
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Wallabaka
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18 Mi
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19 Mi
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Manari
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PL
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Northwest District Total 449.01 Sq Km
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Grand Total 1,013.11 Sq Km
ON BEHALF OF THE BOARD OF DIRECTORS OF
SACRE-COEUR MINERALS, LTD.
"Irwin Olian"
Irwin Olian, CEO and Chairman
Irwin Olian
President and CEO
Email: Email Contact
Phone: 604-899-0100
Fax: 604-899-0200
Scott Young
Corporate Communications
Email: Email Contact
Phone: 604-899-0100
Fax: 604-899-0200
