May 10, 2012 @ 9:14 am EST
Oracle Mining Engages SRK Consulting and KD Engineering to Deliver Feasibility Study
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 10, 2012) - Oracle Mining Corp. (TSX:OMN)(OTCQX:OMCCF)(PINKSHEETS:OMCCF)(FRANKFURT:OMC) ("Oracle Mining" or the "Corporation") is pleased to announce hiring of international mining consultants SRK Consulting ("SRK") and KD Engineering ("KD") of Tucson, AZ to deliver a Feasibility Study and feasibility-level engineering design for the Oracle Ridge Copper Mine project near Tucson, AZ.
SRK will author the Feasibility Study and KD will complete the feasibility-level engineering of the processing facility and minesite infrastructure as well as contribute to the Feasibility Study.
In addition, Oracle Mining is pleased to announce the appointment of Mr. Kevin Francis, P. Geo, as the Corporation's Vice President of Technical Services to work with SRK and KD and lead the completion of the Feasibility Study and engineering and design of the processing facility and mill for the Oracle Ridge Copper Mine project.
"Kevin Francis's primary focus will be to oversee and deliver an NI 43-101-compliant Feasibility Study for the Oracle Ridge Copper Mine targeted for completion in the second half of 2012," said Mr. Doug Nicholson, CEO of Oracle Mining. "In addition, Kevin will add significant value to shareholders as he oversees technical functions relating to new opportunities and project evaluation."
SRK is an independent, international consulting practice that employs more than 1,200 professionals internationally in more than 44 offices on six continents and provides focused advice and solutions to clients, mainly from earth and water resource industries. For mining projects, SRK offers services from exploration through feasibility, mine planning, and production to mine closure. Among SRK's 1,500 clients are most of the world's major and medium-sized metal and industrial mineral mining houses, exploration companies, banks, petroleum exploration companies, construction firms and government departments. Oracle Mining will draw on the expertise of SRK professionals based in Colorado and Arizona for the Oracle Ridge Copper Mine project Feasibility Study.
KD is a provider of process engineering, design, procurement and construction management services. In conjunction with the affiliated company METCON Research, the company also provides quality analytical and metallurgical testing services. KD designs and builds processing plants primarily for the mining and mineral processing industries. Over the past 25 years KD projects have ranged from small mineral processing operations to 50,000 tons-per-day processing plants incorporating state-of-the-art technology.
Mr. Francis has more than 25 years of experience in integrating computerized geology and other mining disciplines used to improve resource estimation and mine reconciliation.
Prior to joining Oracle Mining Corp, Kevin was the Vice President of Resources for NovaGold Resources. In that role he managed all aspects of resource estimation, directed resource estimate activities, supervised mining professionals, participated in corporate development activities and the development of internal audit standards. Previously, he was the Principal Geologist at AMEC Americas providing consulting and project management services. He has significant experience at operating mines. Mr. Francis holds a Bachelor's degree in Geology and a Masters in Geology, both from the University of Colorado. Kevin is a qualified person as defined by NI 43-101.
About Oracle Mining Corp.
Oracle Mining Corp. (TSX:OMN)(OTCQX:OMCCF)(PINKSHEETS:OMCCF)(FRANKFURT:OMC) is a Vancouver, Canada-based corporation that is the sole owner and operator of Oracle Ridge Mining LLC and copper mine located 24 km north of Tucson, Arizona. Oracle Mining has minimal long-term debt and is managed by an experienced team of mining professionals with extensive operating and financial experience. The Corporation is focused on uncovering overlooked deep-value projects to achieve superior shareholder returns.
Forward-looking Statement Disclaimer
This document may contain "forward-looking statements" within the meaning of Canadian securities legislation. These forward-looking statements are made as of the date of this document and Oracle Mining Corp. (hereinafter referred to as the "Corporation") does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect management of the Corporation's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the receipt of permits to develop and operate the project, the timing and amount of estimated future production, costs of production, access to capital, capital expenditures, success of mining operations, commodity prices, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology.
By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Corporation's annual information form for the year ended December 31, 2011 filed and available for review on SEDAR at http://www.sedar.com. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Oracle Mining Corp.
Mr. Alex Langer
VP Capital Markets
604-689-9293 or Toll-free: +1-855-689-9282