Slater Mining Corporation

July 24, 2012 05:00 ET

Slater Mining Commences Field Work at West Khazret

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 24, 2012) - Slater Mining Corporation (TSX VENTURE:SLM) is pleased to announce that exploration has commenced on its recently optioned West Khazret Gold Project in Kazakhstan. Initial work will consist of a grid geochemical (mobile metal ion (MMI)) soil sampling program with orientation lines over the 1,400m of known mineralization at the previously drilled and trenched Atygai gold system located within the 3km wide and 16 km long Sineshikhan Fault. Once the orientation MMI geochemistry is documented, soil samples will be collected on traverses firstly across the entire Sineshikhan Fault (50-100m sample intervals on lines 400m apart) and secondly over the entire 320km² project area with broader spacing. Trenches will also be excavated across numerous areas of outcropping quartz vein mineralisation and areas of historic mining activity to determine width and grade of the mineralisation.

"This is a very exciting brownfield project with enormous upside potential," comments Ian Slater, Chief Executive Officer. "We look forward to commencing the next phase of drilling, including confirmatory holes in the known mineralisation and resource delineation over the entire Sineshikhan Fault."

About Slater Mining

Slater Mining is developing the West Khazret gold project in the Urals Tectonic Belt in northwest Kazakhstan which is prolifically rich in both base and precious metals. The project area covers 320km² and contains multiple mineralised systems. The initial target is the Sineshikhan Fault which is 3km wide, has a strike length in excess of 16 km and extends across the border to the north into Russia where gold deposits along the structure are currently being exploited and have been for over 100 years. Slater Mining is focused on bringing the major oxide open pit potential to account through shallow core drilling, metallurgical testwork and subsequent conventional heap leach mine development. Exploration works to date include 132 drill holes (with mineralised intercepts averaging over 1 g/t Au) and preliminary metallurgical work indicating that the oxide mineralisation is amenable to cyanide heap leaching giving recoveries of greater than 75%. A Preliminary Economic Assessment is planned to be completed by the end of 2013. A 220kV power line and roads traverse the project area.

Management has extensive experience operating in Kazakhstan. Ian Slater, Chief Executive Officer, has worked in Kazakhstan since 1995 originally as Managing Partner of Arthur Andersen's Mining Practice. Robert Bell, Vice President Projects, has worked in Kazakhstan since 1993 on numerous projects, including developing the Mizak heap leach gold mine which is currently operated by Kazakhmys Plc. Tim Neall, Project Geologist, has worked in Kazakhstan since 1995, most recently with Kazakhmys Plc.

The scientific and technical information contained in this news release has been reviewed and approved by Michael Johnson, P.Geo., Vice President Exploration, who is a "Qualified Person" as defined under National Instrument 43-101.

For further information on Slater Mining please refer to our website

This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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