From the Wires
Red Crescent Provides Update on Recent Activities
By: Marketwire .
Jan. 14, 2013 01:59 PM
TORONTO, ONTARIO -- (Marketwire) -- 01/14/13 -- Red Crescent Resources Limited (TSX:RCB)(FRANKFURT:7RC) ("RCR"), a base metals focused mineral exploration and mine development company with mining operations in Turkey, is pleased to provide an update on its activities from those reported December 10, 2012.
At its Hakkari Zinc Project, the Company continues to produce from open pit and underground operations on the Uzumcu (Pentagon) license where, since commencement of production in mid-September 2012, a total of 3,290 tonnes of Direct Shippable Ore ("DSO") have been exported, 1,113 tonnes in November and 2,177 tonnes in December. In addition, a third lot of approximately 2,500 tonnes of DSO has been produced and is being stored at Hakkari awaiting shipment to port at Mersin for export when weather conditions permit.
The Dense Media Separation ("DMS") process plant and its related auxiliary equipment in Hakkari have been cold commissioned and are currently under protection against severe winter conditions. When put into full commercial operation, with hot-commissioning expected to occur during the spring of 2013, the DMS will enable the Company to produce saleable concentrates from the enrichment of non-DSO materials mined. Previous test work (float/sink) has been confirmed and is now being improved using the FeSi as dense media at the University of Hacettepe in Ankara.
Discussions with selected parties to monetize the Sivas and Tufanbeyli projects are still in progress and might include entering into joint venture arrangements, sale of part or all of a property or further exploration as additional cash resources become available.
Parallel to the above, test work undertaken has indicated that up to 3.000 tons/month (greater than 24% Zn) of saleable concentrates could be produced from non-DSO materials at the Tufanbeyli Project site. Discussions have been initiated with potential customers for an investment to support the commissioning of the Company's second DMS at Tufanbeyli to produce saleable concentrates from the enrichment of non-DSO materials mined.
A new $2M term loan with Garanti Bank Amsterdam has been put in place in order to finance 2013 current expenses as well as payment of outstanding liabilities.
Within the framework of the Company's rescue package implemented on June 2012, the total head count, as of end 2012, has decreased to 18 from 42, and management continues with the model of a small centralized organization with a dedicated core team and the outsourcing of most of activities, such as administration, finance and production.
RCR received the resignation of its long serving CFO, Mr. Richard Giel during November 2012 and the Board wishes to thank Mr. Giel for his contribution to the Company.
As a result, RCR has appointed Mr. Harvey H. McKenzie C.A. as its new CFO with effect from January 1st 2013. Mr. McKenzie is a manager with over 40 years' experience in a variety of industries with specific expertise in the mining industry and financial services with a record of achievement as a hands on Chief Financial Officer. The RCR Board welcomes Mr. McKenzie to the team and looks forward to his contribution as the Company grows.
This press release contains certain "forward-looking statements". All statements that are not historical facts, including, among others, statements regarding plans for processing of zinc oxide and sulphide mineralised materials mined at the Hakkari Zinc Project, expected prices of metals and minerals and other statements regarding future estimates, plans, objectives and performance are forward-looking statements. There can be no assurance that such forward-looking statements will prove to be accurate. Such statements are based on certain assumptions, including, among others, pricing assumptions regarding mineral commodities and there being no significant disruptions affecting operations on our properties or other material adverse changes. Such statements involve known and unknown risks and uncertainties that could cause actual results and future events to differ materially from those anticipated by such statements. Such risks and uncertainties include, among others, the actual prices of metals and minerals, the actual results of current exploration and mining activities, changes in project parameters as plans are evaluated, as well as those assumptions, risks and other factors identified and reported in our public filings with Canadian securities regulators (including our annual information form), which can be accessed at www.sedar.com. The forward-looking information contained in this press release is made as of the date hereof. Other than as specifically required by law, we undertake no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on forward-looking statements.
About Red Crescent Resources Limited
Red Crescent Resources Limited (TSX:RCB)(FRANKFURT:7RC) is a Canadian-based, base metals focused, mineral exploration and mine development company with mining operations in Turkey, targeting historically inaccessible areas where no modern application of exploration techniques or technology has been applied, with high potential for discovery of significant base metal deposits. For more information, please visit www.redcrescentresources.com.
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