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Business and Finance
Business and Finance
Wed, May 30, 2012 Midnight Sun Commences 4,000 Metre Drill Program at the Klein Aub Copper-Silver Project, Namibia
May 30, 2012 09:30 ET
Midnight Sun Commences 4,000 Metre Drill Program at the Klein Aub Copper-Silver Project, Namibia
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 30, 2012) - Midnight Sun Mining Corp. (the "Company" or "Midnight Sun") (TSX VENTURE:MMA) is pleased to announce commencement of a 4,000 meter, eight-hole, diamond drill program on the Klein Aub Copper-Silver property located along the Kalahari Copper Belt in central Namibia.
The eight targets were chosen after analysis of historical drilling data from the Klein Aub Copper Mine, which produced 211,293 tonnes of copper concentrate grading 45% to 56% copper and 70 grams per tonne silver from a total of 5.1 million tonnes of ore mined from 1966 to 1987 (Ministry of Mines and Energy Geological Survey, The Mineral Resources of Namibia, 1992). All eight drill holes are focused on the Slimesdam mineralization, targets were chosen to expand the up- and-down dip extensions of known historical mineralization and to infill areas between known mineralization where no previous drilling has been recorded.
Numerous mineral occurrences and exposures of favorable geology on the property suggest that the area may host significant additional copper-silver mineralization. Midnight Sun has completed regional mapping, prospecting, trenching and an extensive geochemical program targeting similar styles of copper-silver mineralization for over 20 kilometres on the property. Al Fabbro, President and CEO of Midnight Sun, stated that the initial drill program at Klein Aub is focused on confirming and expanding the historical mineralization. Upon completion of this first phase program, areas that have been identified from the regional program will be targeted.
Namibian Exclusive Prospecting Licenses
Midnight Sun can earn a 60% interest in seven properties, comprising 3,750 square kilometers of Exclusive Prospecting Licenses (EPL) in Namibia, by completing $5 million in exploration over four years ($1.35 million firm commitment over 18 months) and issuing 10 million common shares within three years. Three EPLs (1,000 sq km) are located 180 km south of the capital city of Windhoek and include the past producing Klein Aub Mine. The deposit has been classified as a stratiform sediment-hosted copper deposit with geological characteristics similar to the large copper deposits in the Kalahari Copper Belt in Botswana (Hana Mining's Ghanzi deposit and Discovery Metal's Boseto deposit) and the Central African Copper Belt in Zambia and the Democratic Republic of Congo. Mineralization at Klein Aub consists mainly of chalcocite, making this particularly attractive due to its high copper content. The southern group of four EPLs comprise 2,750 sq km and warrant exploration activity due to favorable geology and proximity to Glencore's producing Rosh Pinah zinc-lead mine.
Stock Option Grant
The Company announces that, in accordance with its Stock Option Plan, it has granted to certain of its directors, officers, employees and consultants incentive stock options to purchase up to an aggregate of 1,100,000 common shares exercisable at a price of $0.25 per share until May 31st, 2017.
Other Issues
Midnight Sun is pleased to announce that Mark McCartney has joined the Company as Corporate Communications Coordinator. Mr. McCartney combines a background in corporate banking with experience in corporate communications and will be responsible for all of the company's public communications as well as the coordination of investor relations activities.
Richard Mazur (P.Geo.) is the "Qualified Person" who has reviewed the contents of this News Release.
ON BEHALF OF THE BOARD
Al Fabbro, President & CEO
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 news release.
