SOURCE: ZNext Mining Corporation, Inc.

ZNext Mining Corporation, Inc.

March 04, 2009 13:06 ET

Philippines Ranks 2nd to Africa in Gold Production per Unit Land Area, ZNext Mining Announces

Was Assigned 100% Interest on XYZ & Gango Gold Mine Exploration Projects

CHEYENNE, WY--(Marketwire - March 4, 2009) - ZNext Mining Industries, Inc., with OTC.PK Stock Symbols: (PINKSHEETS: ZNXT) (OTC Preferred: ZNXPP), announces today that ZNXT is getting closer to completing the compliance requirements to obtain the large scale mining permit after 12 months of reorganization. New ZNXT Management sent a new team of expert mining /mechanical engineers and metallurgists to further explore the final documentation needs of Region V Mining Licensing Agency.

ZNXT was assigned 100% Interests of the MPSA and Exploration Development on the XYZ Gold Mine that was owned by Pearl Asian Mining. This is a golden opportunity for ZNXT to capitalize on the Philippines' rich gold and other mineral reserves that have been untapped since 1991.

Worldwide, the Philippines had been an important gold producer, ranking 29th in 2002. In 1988, the country placed second to South Africa in terms of gold production per unit land area. Total production from 1946-2003 amounted to 1,172,912 kg gold valued at about PHP 225 billion (about $4,787,234.00) according to the Data from Mines and Geosciences Bureau, Mineral News Service.

Recent 2007 XYZ Exploration Activities: Geological Reports that the present Geologic Resource of XYZ mine is about 1.5 Million tons at a low grade of 3.04 g/t-Gold and 19.96 g/t-Silver (Table 1). The first 4 of six (6) existing pre-war tunnels will be rehabbed simultaneously while the enhanced 200 TPD Gold Processing plant is being constructed.

Our interpretation or projection as to Mineable OR Extracted Resource is about 446,592 tons at a grade of 5.13 g/t-Gold and 31.14 g/t-Silver (Table 2). The Mineable resource is categorized into the low grade source of about 120,000 tons at a grade of 1.84 g/t-Au; 14.50 g/t-Ag and the High grade source of about 326,592 tons at a grade of 6.34 g/t-Au; 37.24 g/t-Ag, the former could be mined for heap leaching process with an enhancement copper floatation device added to the latter for the conventional method. Abandoned Tunnels 3 and 4 are included in the projected high grade Zone.

The High grade Zone or Block of Mineable resource of 326,592 tons using interpolation started from Trench no. 1 at elevation 220 m. up to Trench no. 4 at elevation 300 m. with a strike length of 400 meters. The 400 m. strike length was projected downward until elevation 160 m., where abandoned Tunnel no. 1 is situated. The Average Grade of the block of 6.34 g/t-Au; 37.24 g/t-Ag, were derived from the surface and from Tunnels 3 and 4 samples; were projections and will be confirmed once the Tunnels are rehabilitated and sampled.

Table 1.  Estimated and Projected Geologic Resource/Reserve

    Reserve Category                 Tons    g/t Au   g/t Ag  Ppm Cu
                                  ---------  ------   ------  ------
Measured                             40,500   18.48   103.71   33.04
Indicated                           263,250    5.02    30.24    9.08
Inferred                          1,224,450    2.10    14.98   29.02
Total (Meas + Ind)                  303,750    6.82    40.04   12.27
Total Resource                    1,528,200    3.04    19.96   25.69

Table 2.  Estimated and Projected Mineable Resource/Reserve
 (Measured + Indicated Only)

    Mining Phase                        Tons  g/t Au  g/t Ag  Ppm Cu
                                      ------- ------  ------  ------
Phase 1(Trenching)                     14,580  7.73    44.89   13.90
Phase 2 (Sub-level Caving)             95,337  8.67    50.34   15.59
Phase 3 (Decline & Sub-level Stoping) 216,675  5.22    30.96    9.41
*Low Grade Resource
 (Trenching) for Heap Leach
 Operations                           120,000  1.84    14.50
Total Resource                        446,592  5.13    31.14   11.41

* Estimate is based on projections derived from Trench 1 down to Tunnel 1
  and possibly beyond tunnel 1 extending east and is subject to field

GANGO GOLD RUSH -- Bukidnon: This initial feasibility study is for the operation of the Gango Gold Rush Project focused on the viability of the project in operating the gold mine with the estimated ore reserve of 1,026,000 MT at about 10 gm/t of gold and with approximately 56 years of mine operation. Gango gold rush operation started in the late 1980s and legalized their operation during the early 2000s when the local government gave a certification to the small scale miners and the Mines and Geosciences Bureau Region 10 declared the 58 hectares as "Minahang Bayan" (Community Mining Town).

In the latter part of the 80s to the early 90s, production declined due to extended depressed metal prices, a general increase in production cost and low trading due to a sluggish world economy. During 1988 and 1992, the country experienced the lowest average gold price which computed as US$343.94/oz. During the 90s until the turn of the century, gold production consistently increased generally due to renewed interest of gold by mining investors. The entry of four new projects, together with the increased contributions of small scale mines significantly pushed production levels by the year 2000. From the record of Bangko Sentral ng Pilipinas, the contribution of small scale sources in the year 2000 reached 58% of the total gold production. By 2002, only two primary gold producers (Victoria Project of Lepanto and Bulawan of Philex) and one secondary gold producer (Padcal of Philex) remained in operation. The year 2003 registered an all-time high in gold production with 37,840 kg of gold produced. The recent declaration of Diwalwal as a mineral reservation under direct state control is expected to further push gold production levels in the succeeding years.

"ZNEXT Mining aims to bring the country back to the second position or perhaps the #1 Gold producing country as ZNXT starts the 2009 exploration, development and exploration of these 2 viable gold mine projects, which have been left idle and untapped for the past 24 months of being in the Philippines," reports CEO George Carpio.


ZNext Mining Corporation, Inc. is an international mining company engaged in the exploration and commercialization of new and underdeveloped mine sites, primarily gold and other precious metals. ZNext Mining owns 100% the twelve (12) mining claims in British Columbia, Canada. Additionally, under a Philippines Mineral Production Sharing Agreement (MPSA) with the government of the Republic of the Philippines, ZNext Mining now owns 100% of the PEARL, a Philippines domestic private company.


Forward-looking statements in this release include statements regarding the Company's projections regarding gold, silver and precious metals explorations, extractions and productions in future periods. Penny Stocks are highly speculative and may be unsuitable for all but very aggressive investors. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information