Sacre-Coeur Minerals Announces Formation of Contract Drilling Division
SACRE-COEUR MINERALS, LTD. (the 'Company') today announced that
it has established a contract drilling division. Two of three
Company-owned, late model Atlas Copco Exploration Products wireline core
drills have been allocated to the commercial venture, while the third
drill has been reserved to continue hard-rock gold exploration and
resource expansion on the Company′s more than 850 square kilometer
portfolio of properties in Guyana. This move is another component,
together with previously announced alluvial gold production, in the
Company′s strategy to fund its on-going hard-rock gold exploration and
feasibility studies as well as to build working capital reserves
entirely from internal cash flow without reliance on the capital market.
The Company′s in-house drilling program has enjoyed a very high level of
performance and cost effectiveness over the past five years. This
reputation for performance has resulted in high demand for the services
of its contract drilling division. Both drills are currently under
contract with third party exploration companies working in Guyana.
Contract drilling demand is expected to remain strong in the coming
months, such that the drilling division will be fully engaged throughout
2012 and beyond.
Combined net cash flow from the Company′s alluvial mining operations and
contract drilling division is expected to cover all operating costs,
including on-going hard-rock exploration, feasibility studies for
development of a portion of its existing hard-rock gold resource,
property holding costs, and corporate general and administrative costs
plus accumulation of additional working capital. We believe in this
period of substantial global economic uncertainty, it makes sense for
the Company to tap its available capacity to generate working capital
internally and to minimize its reliance on the capital market to
continue to maintain its tight share structure.
About Sacre-Coeur
The Company is engaged in the acquisition, exploration, development, and
production of properties for gold, metals and diamonds in South America,
initially focussing on exploration and production of gold from its
properties in Guyana. The Company presently holds 100% interest in
approximately 850 sq. km of mineral properties in Guyana, including the
Million Mountain Property which hosts an NI 43-101 compliant hard-rock
resource of 12,119,285 tonnes grading 1.0 g/t Au Measured, and 2,175,278
tonnes grading 0.9 g/t Au Indicated for a total 451,000 tr oz Au
combined. The Company has offices in Vancouver, Canada and Georgetown,
Guyana. More information about the Company is available at <www.scminerals.com>.
ON BEHALF OF THE BOARD OF DIRECTORS OF
SACRE-COEUR MINERALS, LTD.
'Gregory B. Sparks?
Gregory B. Sparks, P. Eng.
President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. The
statements made in this press release may contain certain
forward-looking statements that involve a number of risks and
uncertainties. Actual events or results may differ from the Company′s
expectations.
SACRE-COEUR MINERALS, LTD.
Gregory Sparks, 604-899-0100
President
and CEO
Fax: 604-899-0200
greg@scminerals.com
or
B&D
Capital
Don Mosher, 604-899-0100
Corporate Consultant
Mobile:
604-617-5448
Fax: 604-899-0200
don@scminerals.com
