VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 23, 2012) - Slater Mining Corporation (TSX VENTURE:SLM) is pleased to announce that further to Slater Mining's news release of April 17, 2012, announcing that it had entered into an agreement pursuant to which it had acquired a three year option (the "Option") to purchase 100% of the West Khazret Gold Project, Slater Mining has prepared a National Instrument 43-101 compliant technical report (the "Report") for West Khazret.
The Report, entitled "NI 43-101 Technical Report on the West Khazret Gold Project, Northern Kazakhstan, July 2012", by Qualified Person - Phil Newall, BSc, PhD, FIMMM, CEng, on behalf of Wardell Armstrong International Ltd. can be found at www.slatermining.com and www.sedar.com.
The Option is subject to (a) receipt of approval by the Ministry of Industry and New Technologies of the Republic of Kazakhstan which is expected by the end of 2012 and (b) a two year extension of the term of the Exploration Contract which was received on May 5, 2012.
About Slater Mining
Slater Mining is developing the West Khazret gold project in the Urals Tectonic Belt in northwest Kazakhstan which is prolifically rich in both base and precious metals. The project area covers 320km² and contains multiple mineralised systems. The initial target is the Sineshikhan Fault which is 3km wide, has a strike length in excess of 16 km and extends across the border to the north into Russia where gold deposits along the structure are currently being exploited and have been for over 100 years. Slater Mining is focused on bringing the major oxide open pit potential to account through shallow core drilling, metallurgical testwork and subsequent conventional heap leach mine development. Exploration works to date include 132 drill holes (with mineralised intercepts averaging over 1 g/t Au) and preliminary metallurgical work indicating that the oxide mineralisation is amenable to cyanide heap leaching giving recoveries of greater than 75%. A 220kV power line and roads traverse the project area.
Management has extensive experience operating in Kazakhstan. Ian Slater, Chief Executive Officer, has worked in Kazakhstan since 1995. Robert Bell, Vice President Projects, has worked in Kazakhstan since 1993 on numerous projects, including developing the Mizak heap leach gold mine which is currently operated by Kazakhmys Plc. Tim Neall, Project Geologist, has worked in Kazakhstan since 1995, most recently with Kazakhmys Plc.
The scientific and technical information contained in this news release has been reviewed and approved by Michael Johnson P.Geo., Vice President Exploration, who is a "Qualified Person" as defined under National Instrument 43-101.
For further information on Slater Mining please refer to our website www.slatermining.com.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.