PGM Ventures Corporation
TSX VENTURE : PPG

PGM Ventures Corporation

July 11, 2005 13:31 ET

PGM Ventures Corporation-Aguas Tenidas Mine Progress Report

TORONTO, ONTARIO--(CCNMatthews - July 11, 2005) - PGM Ventures Corporation (TSX VENTURE:PPG) - PGM Ventures Corporation ("PGM") is pleased to provide a progress report on the status of the development work being taken towards bringing its 100% owned Aguas Tenidas Mine in SW Spain into commercial production.

1. SRK Consulting Inc. ("SRK"), independent consulting engineers for PGM's Aguas Tenidas project, has informed PGM it currently anticipates completing the ongoing feasibility study for the project in September this year, incorporating the results of the latest drilling program being undertaken by a local contractor.

2. PGM has appointed Aker Kvaerner to design the Aguas Tenidas processing plant, which will be incorporated into the SRK feasibility study. Aker Kvaerner is an international engineering group that has completed numerous significant projects including the zinc/lead ore processing facilities for the Galmoy and Lisheen mines in Ireland, which Aker Kvaerner recently designed and constructed.

3. The 5.0 x 4.5m hanging wall exploration and return airway drive has now been extended by a further 160 metres westward from the end of the existing exploration drive. A 20 hole drilling program, totaling 3,400 metres, will begin shortly in the newly extended drive; its primary purpose is to upgrade an area of Aguas Tenidas' mineralized systems from indicated resources into the measured category. The results of this drilling program will be completed in time to be incorporated in the mine planning for the SRK feasibility study.

4. Metallurgical studies on Aguas Tenidas' two ore types are nearing completion by RPC of Fredericton, New Brunswick. Tests completed to date have demonstrated that the use of:

i) fine grinding techniques,

ii) recently developed flotation agents,

iii) careful pH control, and

iv) a longer pre-conditioning period for the ore will result in a significant improvement in metal recoveries and concentrate grades, when compared to those attained by the previous operator.

Mike Newbury, P.Eng., is the Qualified Person who has reviewed the technical information in this news release on behalf of the company.

This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". All dollar amounts are in Canadian dollars unless otherwise noted.

The TSX Venture Exchange does not accept responsibility for the adequacy of accuracy of this release.

Contact Information

  • PGM Ventures Corporation
    Peter Miller
    (416) 815-8666