VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 3, 2014) - San Marco Resources Inc. (TSX VENTURE:SMN) ("San Marco" or "the Company") has elected to discontinue all involvement at its Tecomate Project in Sinaloa State, Mexico.
San Marco had previously drilled two targets on the Tecomate Project (see news releases dated November 7, 2011 and January 12, 2012 available at www.sanmarcocorp.com). Upon careful consideration and in recognition of ongoing costs associated with continuing to hold the Tecomate property, the Company believes the results generated indicate neither sufficient size nor grade to warrant additional exploration expenditures.
Robert Willis, CEO of San Marco states, "In light of the current challenging mineral exploration market and financing conditions, we are extremely conscientious of our cash position and believe our resources are better put to use on more promising projects in our portfolio, including our new Cuatro de Mayo property. We are currently delineating a surface exploration plan for Cuatro de Mayo that will focus on testing the continuity of known manto and skarn showings, and hope to have this exploration work underway in the coming weeks."
About San Marco
San Marco Resources Inc. is a Canadian mineral exploration company with a current portfolio of four promising properties in mining-friendly Mexico and an aggressive project generation program focused on high-calibre, low-opportunity cost projects. San Marco has a committed management team with extensive experience in Mexico and a proven track record of building shareholder value.
Forward Looking Information
Information set forth in this document includes forward-looking statements, such as: potential exploration plans and programs for the Cuatro de Mayo project. While these statements reflect management's current plans, projections and intents, by their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of San Marco Resources Inc. For instance, the execution of any exploration programs planned by the Company will be dependent upon the availability of both human and financial resources, both of which are presently limited. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on these forward-looking statements. San Marco's actual results, programs and financial position could differ materially from those expressed in or implied by these forward-looking statements.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.