TORONTO, ONTARIO--(Marketwire - Nov. 6, 2012) - Red Crescent Resources Limited (TSX:RCB)(FRANKFURT:7RC) ("RCR"), a base metals focused mineral exploration and mine development company with operations in Turkey, is pleased to provide an update on its activities from those reported October 1, 2012.
The Company has made good operational progress on its Hakkari Zinc Project enabling it to become a cash generating asset in the immediate term. Mine production from open pit operations on the Uzumlu (Pentagon) license commenced in mid-September and to date has generated approximately 1,100 tonnes of DSO ("Direct Shippable Ore") which, has been trucked to Mersin, the Turkish port of export. This DSO is in the process of homogenization and is scheduled to be shipped as the first export lot in November 2012 for delivery to the final receiving smelter.
The delivery of the Dense Media Separation ("DMS") process plant and all related auxiliary equipment to its operational location in Hakkari along with its required services infrastructure (including water and electricity) was completed in October. Start-up and commissioning of the unit is now in progress to enable production of saleable concentrates from the enrichment of non-DSO materials mined, as soon as possible.
Management, along with a mandated Board member, are in discussions with interested parties to monetize the Sivas and Tufanbeyli projects which might include entering into joint venture arrangements, sale of part or all of a property or further exploration as additional cash resources become available.
Parallel to the above, based on the promising test works done by Lakefields laboratories, by RCR's metallurgical consultant and Setpoint Laboratories in South Africa until 2011, management is considering a potential investment plan in Tufanbeyli using a contract mining concept similar to that already successfully implemented in Hakkari. This plan, if implemented, will produce saleable concentrates from the enrichment of non-DSO materials mined and generate additional cash at a location different than Hakkari by using a second DMS process plant, owned by the company and currently stored at the manufacturer's site in South Africa.
The statements made in this press release contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from RCR's expectations and projections.
About Red Crescent Resources Limited
Red Crescent Resources Limited (TSX:RCB)(FRANKFURT:7RC) is a Canadian-based junior mining company targeting historically inaccessible areas in Turkey where no modern application of exploration techniques or technology has been applied, with high potential for discovery of significant base metal deposits. For more information, please visit www.redcrescentresources.com.