December 18, 2008 17:05 ET

Normabec Secures 100% Ownership of Real de Catorce Mining Concessions and Surface Rights

ST-BRUNO, QUEBEC, CANADA--(Marketwire - Dec. 18, 2008) - Normabec Mining Resources Ltd. ("Normabec" or the "Company")(TSX VENTURE:NMB)(FRANKFURT:N6M) through its wholly-owned Mexican subsidiary Minera Real Bonanza S.A. de C.V. ("MRB"), is pleased to announce that it has completed early acquisition from Restauradora de Las Minas de Catorce ("Restauradora") of the mining concessions comprising the Real de Catorce Silver Mining District, and has also secured the surface rights covering the area.

The initial Option Agreement signed in 2006 relating to the acquisition of a 100% interest in the property required a final payment of US$450,000 to take place in June 2009. The parties have therefore agreed to amend the initial agreement whereby Normabec has agreed to an immediate payment to Restauradora of US$250,000 in exchange for the immediate transfer of a 100% interest in the mining concessions comprising the property.

Furthermore, MRB has agreed to acquire from Restauradora the surface rights forming part of the property, including the buildings located thereon and covering the location of the previous mining operations, in consideration for a single payment of US$1.0 million to be made in December 2010. It is anticipated that the final agreement relating to this acquisition will be executed on or before March 15, 2009. This particular transaction is subject to, among other things, Restauradora providing MRB with clean and uncontested title of property to such surface rights and buildings.

Finally, Normabec has agreed to pay an additional amount of US $250,000 for all historic technical and geological information collected over the area, based on the following payments: US $50,000 payable on June 10, 2009 and US $200,000 on December 10, 2010. Such payments are not related to the acquisition of the mining concessions or the agreement to acquire the surface rights and buildings thereon.

Regarding these developments, President & CEO Robert Ayotte commented, "we are ecstatic that we have been able to secure 100% interest in the mining concessions and the surface rights on the Real de Catorce project area. We believe this give us the flexibility to advance this project in a timely manner despite the economic uncertainty that is prevalent currently in the global marketplace."

In a Press Release dated November 10, 2008 Normabec provided investors an updated Resources Calculation on the Real de Catorce Project. The Resource Estimate summary published on that date was the following:

- Measured and indicated (Veins) 29.6 M oz Ag (248 g/t Ag)
- Measured (Tailings) 4.1 M oz Ag (90 g/t Ag)
Total 37.7 M oz Ag

- Infered (Veins) 13.1 M oz Ag (220 g/t Ag)

The potential to increase resource tonnage further remains excellent particularly along the immediate extensions of the past producing veins. It shall be remembered that drilling so far has targeted only one vein (see press release issued on November 10, 2008, for more information).

Pierre O'Dowd, Geologist, a designated qualified person as defined by NI 43-101 of the Canadian Securities Administrators has reviewed and approved the contents of this press release.

Normabec is a junior mining exploration company with a portfolio of advanced projects including: the Pitt Gold project in Quebec and Real de Catorce Silver project in Mexico.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

Contact Information

  • Robert Ayotte