Red Crescent Resources Limited
TSX : RCB

Red Crescent Resources Limited

February 01, 2011 11:25 ET

Report on Sample Chemical Assays from Areas Identified for Early Mining & Beneficiation Works for High Grade Zinc/Lead Concentrate Production by Mid-2011 from Portion of the Hakkari Zinc Project

TORONTO, ONTARIO--(Marketwire - Feb. 1, 2011) -

(NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)

Red Crescent Resources Limited (TSX:RCB) ("RCR" or the "Company") a base metals focused mineral exploration and development company, is pleased to announce that it has received from ALS Chemex the chemical assays of its Hakkari type "oxide" mineralisation samples taken from the areas identified on Licence 5 and the Pentagon Area for the planned early mining works in the second quarter 2011 for immediate further gravity plant processing for saleable concentrate production. 

The Hakkari Zinc Project ("HZP") in SE Turkey is a high grade carbonate MVT style Zinc/Lead/Silver project which hosts exceptional potential for the development of very significant compliant mineral, base and precious metal resources.

RCR's independent geological team from The MSA Group prepared samples recovered from target early open pit mining areas on two licence areas, Licence No.5 ("L5") and the Pentagon ("PTG"). All samples have been submitted by RCR to ALS Chemex Vancouver for chemical assay and the results consisting of assayed samples from excavated exposures on outcropping mineralized zones, were received in return from ALS and these are reported here below.

Preliminary works for making safe of the areas, securing logistical accesses, establishment of basic mining support infrastructure in the form of Portable Management facilities, machine maintenance and refueling facilities, staff feeding & rest areas, etc, will begin as soon as the weather allows. RCR expects operations to begin during April 2011 in the target areas.

The ALS Chemex Canada results reported are depicted in the Table 1 shown below and the ALS Chemex Certificates of Assay Methodologies and QC are also attached hereto for reference.

To view Table 1, please visit the following link: http://media3.marketwire.com/docs/RCBtable1.jpg.

The above results when aligned with the results reported from RCR's Metallurgical test work reported in the press release of December 21, 2010, gives RCR the fullest confidence that it will be able to produce sustainable high grade concentrates of between 35% and 55% Zinc equivalent from its Custom designed Gravity Concentrator Units that are expected to be commissioned within Late April/Early May 2011.

Hence RCR should be making cash flow from Concentrate sales from June/July 2011 and the negotiations for the sale of RCR Oxide concentrates are expected to be started during late Feb and into March 2011.

The tactical execution of early mining and beneficiation is intended to make a strong impact on RCR's ability to execute its broader exploration and project development strategy in Turkey and reduce its reliance on pure external funding raising.

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)