TORONTO, ONTARIO--(Marketwire - Sept. 21, 2012) -
Editors Note: There is a map associated with this press release.
Mukuba Resources Limited (TSX VENTURE:MKU) ("Mukuba" or the "Company") is pleased to provide an update on the exploration program on the Cominex Copper Project ("Cominex Project", previously referred to as the Benzu Project), a joint venture with Benzu Resources Limited ("Benzu Resources"). The Cominex Project, which is approximately 165 km2 in size, is located in the Katanga Copper Belt region in the Democratic Republic of Congo ("DRC"). It is adjacent to the eastern boundary of the Tenke-Fungurume mining concession, which is operated by Freeport-McMoRan Copper & Gold Inc. ("Freeport") and owned by Freeport, Lundin Mining Corporation and La Generale des Carrières et des Mines ("Gecamines"). Benzu Resources, the operator of the Cominex Project, has provided an exploration update to the Company.
In June 2012, a shallow reverse circulation drilling program was commenced on the Nkome and Kitete-Salabwe prospects within the Cominex Project license area. The two target areas are covered by thick alluvium and lateritic material and the drilling program was designed as a systematic geochemical sampling campaign across these two prospects on a 500m x 100m grid. It is anticipated that the program will help to identify a number of targets that can be subsequently drill tested in due course. The samples collected were assayed internally by a hand-held Niton device at the camp; selected samples will be submitted to an internationally reputed laboratory for full geochemistry analyses. Results from the Niton device to date show at least three emerging drill targets that occur close to the mapped Mine Series (Roan) and to structures identified from aeromagnetic data and mapping, see Figure 1.
"I am encouraged by the positive results reported by the Benzu Resources team," said Kelly Ehler, President and CEO of Mukuba. "The shallow reverse circulation soil sampling program continues to add support to Benzu Resources' and our premise that the structures that host copper mineralization at the Tenke-Fungurume mine continues eastwards under the alluvium cover in to the Cominex Project area."
As at August 31, 2012, a total of 5,810 drill metres were completed over 381 holes at shallow depths. As at the date of this press release, the Company has funded expenditures of US$1,891,861 towards the Cominex Project and earning a 25.5% interest in Benzu DRC Copper Inc., which owns 70% of the Cominex Project. Geochemical soil sampling will continue until the rainy season in DRC begins in mid-October. The Company will provide additional exploration updates in due course.
Mukuba is also pleased to announce that the additional $199,800 has been received to complete the previously announced closing of approximately $1,500,000 private placement. The 1,665,000 units issued as part of this final remaining subscription may not be traded before January 19, 2013. The closing of the offering is subject to final acceptance by the TSX Venture Exchange.
The Cominex Project is operated by Benzu Resources, an African-focused exploration and development company. Management of the Company understands that Benzu Resources Limited has an established geological team targeting unique resource opportunities to maximize asset potential utilizing the skills and experience of an experienced management team.
About the Company
Mukuba is a Canadian exploration and development company primarily focused on copper and other base metal assets in Africa. Mukuba holds a 100% interest in the Northcore Project. The Northcore project covers 2,209 km2 on the Central African Copperbelt and is prospective for copper and cobalt. Mukuba has also signed a joint venture agreement with Benzu Resources Limited to explore and develop the Cominex Project. The Cominex Project, which is approximately 165 km2 in size, is located in the Katanga Copper Belt region in the Democratic Republic of Congo ("DRC"). It is adjacent to the eastern boundary of the Tenke-Fungurume mining concession, which is operated by Freeport and owned by Freeport, Lundin Mining Corporation and Gecamines.
Securities regulators encourage companies to disclose forward-looking information to help investors understand a company's future prospects. This press release contains statements about our future business and planned activities, including matters relating to the Offering. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements usually include words such as may, intend, plan, expect, anticipate, believe or other similar words. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this press release. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward- looking statements except as required by securities laws and regulations.
To view the map associated with this press release, please visit the following link: http://www.marketwire.com/library/20120921-mukuba1.jpg.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.