THEMAC Resources Group Limited
TSX VENTURE : MAC

May 12, 2011 14:30 ET

THEMAC Resources Group Assembles World Class Management Team for Copper Flat Project in New Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 12, 2011) - THEMAC Resources Group Limited ("THEMAC" or "the Company") (TSX VENTURE:MAC) is pleased to announce that substantially all key members of the team that will, on behalf of THEMAC, seek to develop the Copper Flat copper-gold-molybdenum-silver project in New Mexico, USA into a significant polymetallic mine are in place. THEMAC has 100% ownership of the Copper Flat project through its New Mexico subsidiary, New Mexico Copper Corporation ("NMCC").

Copper Flat is a former producing mine located approximately 280km SW of Albuquerque, New Mexico. Permitting for a return of the project to production is at an advanced stage, and a prefeasibility study is in progress and targeted for completion during 2011.

Copper Flat Project Management Team

Mike Anglin, who has held numerous senior roles with BHP Billiton, will act as Executive Adviser to both THEMAC and NMCC during the permitting phases of the Copper Flat project and the anticipated construction phase thereafter.

General Manager of NMCC will be W. Ferol Baker, a New Mexico native who has spent most of his career with Freeport McMoRan Copper & Gold Inc. working in the New Mexico and Arizona copper belts as well as on overseas projects. Mr. Baker was most recently Mine Manager at the Franke Mine in Chile operated by QuadraFNX Mining Ltd, and has more than 35 years of mine development experience. Mr. Baker will begin his duties on June 1, 2011.

Reporting to Mr. Baker will be Ed Fidler as Feasibility Study Manager. Mr. Fidler, who also previously worked for QuadraFNX, has a broad spectrum of mineral sector experience and will commence his duties in June along with Mr. Baker.

Acting as Project Director is Ann Carpenter, who has over 30 years of international mineral development experience, most recently as President and COO of US Gold Corporation.

Other key project management team members for the feasibility and permitting phase of the Copper Flat project include Steve Raugust (technical) and Jens Deichman (facilitator), each with over 25 years of experience in the environmental permitting and services field, much of this focused on New Mexico and the Southwestern USA.

Board of THEMAC Resources Group Limited

THEMAC has a five member board, including Kevin Maloney as Chairman and Barrett Sleeman as CEO. Mr. Maloney is the founder of The MAC Services Group Ltd, Australia's leading provider of remote area mining accommodation and services which was recently acquired by Oil States International Inc. for in excess of US$600 million cash. Mr. Sleeman is a mining engineer with diverse experience in most minerals including open pit and underground mine production.

In addition, John Cook (Director), has extensive financial experience, particularly with regard to raising equity finance for natural resources companies; Joel Schneyer (Independent Director, Chairman of the Audit Committee) is currently Managing Director of Headwaters MB, an investment bank focused on the mining industry; and Ken Pickering (Independent Director, Chairman of the Compliance Committee) who until recently held the role of Vice President of Major Projects, Closed Mines and North American Assets for BHP Billiton Base Metals.

The board of directors of NMCC is composed of Kevin Maloney as Chairman, Barrett Sleeman, and Patrick Harford. Mr. Harford is currently Managing Director of ECR Minerals plc, a mineral development company listed on the London AIM.

About the Copper Flat Project

The Copper Flat project is a porphyry copper-molybdenum-gold-silver deposit located in the Las Animas mining district of South Central New Mexico. The deposit has NI43-101 Indicated Mineral Resources of 107 million short tons grading 0.303% copper and 0.01% molybdenum for 645 million lbs copper and 21.4 million lbs molybdenum, plus Inferred Mineral Resources of 46 million short tons grading 0.24% copper and 0.006% molybdenum for 222 million lbs copper and 5.6 million lbs molybdenum. The gold and silver content of the deposit is evidenced by historic production and metallurgical testwork, and gold and silver are targeted for incorporation into the deposit's NI43-101 Mineral Resource statement following completion and interpretation of a re-assay program using historic drill pulps.

An NI43-101 preliminary economic assessment ("PEA") dated June 30, 2010 and updated February 25, 2011 has been completed for the Copper Flat project by SRK Consulting.

Civil infrastructure in place at Copper Flat includes a tailings dam, largely pre-stripped open pit, power lines, water well field and pipeline, access roads, diversion channels and building foundations. The project land package comprises in excess of 3,000 hectares.

About THEMAC Resources Group Limited

THEMAC is a copper development company with a strong management team and a 100% ownership interest in the Copper Flat copper-molybdenum-gold-silver project in New Mexico, USA.

The Company is listed on the TSX Venture Exchange (ticker: MAC) and has issued share capital of 74,117,622 common shares (fully diluted share capital 134,523,241).

For more information please visit www.themacresourcesgroup.com or review the Company's filings on SEDAR (www.sedar.com).

Neither the TSX Venture Exchange (the "TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) has reviewed, nor do they accept responsibility for the adequacy or accuracy of, this release.

Contact Information

  • THEMAC Resources Group Limited
    Barrett Sleeman, P. Eng
    Chief Executive Officer
    (505) 274-1638
    (604) 806-6112 (FAX)
    www.themacresourcesgroup.com