Slater Mining Corporation

February 12, 2013 05:00 ET

Slater Mining Receives Government Approval for the Acquisition of the West Khazret Gold Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 12, 2013) - Slater Mining Corporation (TSX VENTURE:SLM) is pleased to announce receipt of official approval by the Ministry of Industry and New Technologies of the Republic of Kazakhstan for the acquisition of the West Khazret Gold Project. Slater Mining entered into an agreement pursuant to which it had acquired a three year option to purchase 100% of the West Khazret Gold Project (news release dated April 17, 2012). The option was subject to (a) receipt of approval by the Ministry of Industry and New Technologies of the Republic of Kazakhstan and (b) a two year extension of the term of the Exploration Contract; both of which have now been received.

Slater Mining commenced exploration in July 2012 anticipating approval of the acquisition. Initial work consisted of a grid geochemical (mobile metal ion (MMI)) soil sampling program over 115 km² encompassing the western third of the project area including the entire Sineshikhan Fault. 2,530 samples have been taken to date on 100m sample intervals on lines 400m apart with assays pending. This program will continue over the entire 320km² project area including the outcropping Birsuat prospect to the east. Orientation MMI geochemistry provided very encouraging results confirming known mineralisation from drilling in the Sineshikhan Fault and identifying additional drill targets.

Trenches have also been excavated across numerous areas of outcropping quartz vein mineralisation and areas of historic mining activity to determine width and grade of the mineralisation. Trenches are 2m in depth and average 100m in length with a total length of 976m complete out of a 6,000m programme underway. 523 trench channel samples have been taken to date with assays pending.

A 40,000m drill programme is planned for 2013 targeting the shallow oxide mineralisation to approximately 70m depth. All permits have been received and initial drill targets identified.

"This is a very exciting brownfield project with enormous upside potential," comments Ian Slater, Chief Executive Officer. "Now that we have received all necessary approvals, we look forward to commencing the next phase of drilling, including confirmatory holes in the known mineralisation and resource delineation over the entire 16 km of the 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 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 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. Robert Bell, Chief Operating Officer, has worked in Kazakhstan since 1992 on numerous projects, including developing the Mizak heap leach gold mine which is currently operated by Kazakhmys Plc. Pavel Dubchak, Exploration Manager, has worked throughout the CIS including most recently with Turquoise Hill Resources' (formerly Ivanhoe Mines) Khyzyl gold project in Kazakhstan.

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

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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