Red Crescent Resources Limited
TSX : RCB

Red Crescent Resources Limited

December 07, 2010 10:31 ET

Red Crescent Resources Limited Review of Environmental Impact for Development of the Hakkari & Sirnak Prospects Comprising the Hakkari Zinc Project

TORONTO, ONTARIO--(Marketwire - Dec. 7, 2010) -  

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Red Crescent Resources Limited ("RCR" or the "Company") (TSX:RCB) is pleased to announce that it has successfully concluded a regional environmental impact assessment of its consolidated Land Holdings under licence to highlight any environmentally sensitive and/or protected areas that may impact on its plans to fast track development of selective mining and beneficiation operations in 2011. 

RCR contracted SRK Consulting A.S. the Turkish office of global consulting group SRK to conduct the independent Environmental assessment which also serves the purpose of fulfilling the requirements for the maintenance of prospecting and mining rights held by RCR within all of its operating commodity based subsidiaries.

The SRK report concluded from its studies that "There are not any environmentally protected areas in the study area" of Hakkari and Sirnak held by RCR." Given that the study was commissioned with a view to outline potential legislative and environmental restrictions that might cause delays for a mining and beneficiation operation during final permitting, feasibility and design phases of the Hakkari Zinc Project this result is of significant importance to RCR and effectively removes any obstacles to acquisition of any further permitting for tactical execution of the plans highlighted earlier.

RCR's planned selective mining and beneficiation operations are to be executed, inter-alia;

a) For early revenue generation to supplement RCR's revised business strategy of accelerated exploration & compliant resources generation of its business and commodity portfolio within its overall strategic position in S.E. Turkey, i.e. Zinc/Lead, Copper/Gold, Manganese, etc;

b) To complete cost effectively and timeously RCR obligations in the maintenance of its rights in accordance with the recently promulgated revised legislation;

c) To cost effectively meet as soon as possible the remaining second and key requirement of its JV agreement with its Turkish partner, i.e. to create capacity to mine and beneficiate 60 000 tonnes per annum of ROM Ore, now that the first key requirement of matching historical costs of US$4.5m has been fulfilled in November 2010.

About Red Crescent Resources Limited 

RCR's business objective is to secure, consolidate and grow its portfolio of base metal opportunities in Turkey, including zinc/lead, copper/gold and manganese and to rapidly progress these up the value curve to production. 

RCR's initial and principal focus for the balance of 2010 remains the completion of the Phase 1 exploration and the development of the Hakkari Zinc Project. In 2011 it is intended this program will be accelerated and further the exploration and development of its currently non-material properties, which include the Hakkari Copper Project and Hakkari Manganese Project, opportunities held through its commodity-focused subsidiaries. RCR is also continuously seeking regional consolidation opportunities for further acquisition.

RCR is demonstrating that its licensed area contains strong potential for the delineation of mineral resources through the exploration and evaluation with "state of the art" technologies and techniques of known zinc-lead mineralization. In a press release issued on August 3, 2010, NiCo described the first exploration drilling results on RCR's Hakkari zinc project and the interim assay results associated with this release, along with further exploration results and information released November 9, 2010 in a separate release.

RCR intends to report its maiden NI43-101 Resource Statement for the Hakkari Zinc Project early in the first quarter of 2011 and RCR can report that all work necessary is on track to meet this.

A copy of a National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") compliant Technical Report entitled "NI 43-101 Technical Report on the Hakkari Zinc Project" dated March 30, 2010 has been filed on SEDAR. The report was prepared by Michael James Robertson, Pr.Sci.Nat, MSAIMM, Principal Consulting Geologist for The MSA Group (Pty) Ltd., on behalf of Red Crescent Resources Holding A.S. ("RCR"), a 99.99% owned subsidiary of RCR, in respect of its Hakkari zinc project located in the Republic of Turkey.

Alan Clegg, a Qualified Person as defined by National Instrument 43-101, has reviewed and verified the technical information contained in this news release.

The statements made in this press release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.

Contact Information

  • Red Crescent Resources
    R. A. Bondy
    416-637-2080
    416-637-2081 (FAX)
    or
    Red Crescent Resources
    Alan Clegg
    +90 530 662 8964 or +27 82 469 8378
    +90 312 448 2926 (FAX)