Vancouver, British Columbia, August 24, 2009 (TSX Venture: EMX) – Eurasian Minerals Inc. (the “Company” or “EMX”) is pleased to announce that Newmont Ventures Limited (“Newmont” or “NEM”), a wholly-owned subsidiary of Newmont Mining Corporation (NYSE:NEM), has increased its participation in EMX’s Treuil and La Mine licenses by electing them as a Designated Project (collectively the La Mine Designated Project) in accordance with the EMX-NEM Strategic Venture Agreement. EMX has been exploring Treuil and La Mine since 2007, and more recently with Newmont as part of the Regional Strategic Alliance exploration program. The Company has reported multiple copper-gold-silver discoveries in what is developing into a district scale exploration target. La Mine joins La Miel and Grand Bois as EMX-NEM Designated Projects, with significant work programs underway or planned by the joint venture. EMX controls over 281,000 hectares of exploration licenses along northwest Haiti’s prospective Massif du Nord mineral belt, including properties with historic, non-NI 43-101 compliant resources.
La Mine Designated Project. Newmont may earn a 65% participating interest in the La Mine Joint Venture (JV) by (i) completing a Feasibility Study which reports a minimum reserve containing at least 2,000,000 ounces of gold (subject to NI 43-101 classification requirements) or (ii) solely funding the first US$20M in venture expenditures on or before six years from the date the government issues the mining convention and exploration licenses, whichever comes first, in accordance with the following minimum expenditures (the “La Mine Earn-in”):
- US$1M on or before the first anniversary
- An additional US$2M on or before the second anniversary
- An additional US$3M on or before the third anniversary and each subsequent anniversary until completion of the La Mine Earn-in.
Treuil License. The 88 square kilometer Treuil license is located in northwestern portion of the country. This license contains three primary targets (the Champagne, Chardonnay, and Bordeaux prospects) hosting high grade copper-silver±gold veins along two northwest trending, six kilometer long zones. These veins are analogous to metamorphogenic copper-silver deposits found elsewhere in the world, but are distinguished by their exceptionally high copper content as well as the presence of gold.
Reconnaissance chip-channel results include samples from the Champagne prospect (14 meters averaging 19.15% copper and 140 g/t silver), and from the Chardonnay prospect (selected vein samples reporting 24.30% copper and 201 g/t silver, and 1.66% copper and 90.7 g/t gold). Mineralization at the Bordeaux prospect may be related to a porphyry copper-gold system, and samples of vein mineralization yielded up to 13.10% copper, 98 g/t silver and 1.7 g/t gold. A more complete review of previously reported Treuil exploration results is given at www.eurasianminerals.com and EMX news releases dated October 7, 2008 and April 22, 2009.
The Chardonnay-Champagne trend extends into the southwestern sector of the La Mine license. More than 400 outcrops of copper-bearing mineralization have been located within the Treuil license, which suggests that the property has additional exploration potential outside of the currently defined areas. Further geological mapping, sampling, and trenching will be undertaken to determine the widths of the mineralized structures and zones, and to evaluate the district scale exploration potential of the high-grade copper-silver±gold mineralization within the Treuil license.
La Mine License. The 94 square kilometer La Mine license is located north of, and is adjacent to, the Treuil license. EMX’s exploration work has confirmed the presence of gold, silver and base metal mineralization at the La Cour, Platon, and Colombo prospects. Rock and soil sampling plus regional geophysics has confirmed and expanded on the areas being targeted.
The La Cour Prospect is a gold, silver, copper, lead and zinc volcanic-hosted massive sulfide (VMS) target that outcrops intermittently along a three kilometer trend, with widths ranging from 3 to 40 meters. Mineralization occurs as gossans, and semi-massive and massive sulfide bodies. Trench sampling across the structure yielded 9.0 meters at 5.2 g/t gold, 46 g/t silver, and 0.15% copper (see Company news release dated October 7, 2008).
The Colombo Prospect is a gold and silver target identified by a 700 meter long by 250 meter wide gold soil geochemical anomaly and rock samples yielding between 1.0 and 2.8 g/t gold, with the best sample returning 2.83 g/t gold and 16.6 g/t silver (see Company news release dated October 7, 2008).
The Platon Prospect is a gold-bearing mineralized system accompanied by intense (jasperoid) silicification within a roughly 100 meter wide fault zone that has been traced for more than one kilometer along strike. Fourteen samples have been collected, including a five meter wide rock-chip sample that assayed 6.2 g/t gold, 22 g/t silver and 0.12% copper. Six additional samples assayed greater than 0.25 g/t gold. Platon is a new epithermal gold discovery and will be evaluated further in the coming months (see Company news release dated October 7, 2008).
A more complete review of previously reported La Mine exploration results is given at www.eurasianminerals.com and an EMX news release dated October 7, 2008.
Comments on Sampling, Assaying, and QA/QC. EMX’s geochemical samples were collected in accordance with accepted industry standards and procedures. The samples were submitted to the ALS Chemex laboratories in Reno, Nevada (ISO 9001:2000 accredited) and Vancouver, Canada (ISO 17025 accredited), or ACME Labs (ISO 9001:2000 accredited) in Vancouver for analysis. Gold was analyzed by fire assay with an AAS finish, and multi-element analyses were determined by ICP MS/AAS-AES techniques. Over limit gold assays (> 10 g/t) were re-analyzed by fire assay with a gravimetric finish. Over limit silver (> 100 g/t) and copper (> 1%) were re-analyzed by ICP AAS-AES finish. EMX conducts routine QA/QC analysis on all assay results. This includes the systematic utilization of certified reference materials, blanks, field duplicates, and umpire laboratory check assays.
EMX is exploring and investing in a first class mineral property and royalty portfolio in some of the most prospective, but under-explored mineral belts of the world.
Michael P. Sheehan. P.Geo., a Qualified Person as defined by National Instrument 43-101 and consultant to the Company, has reviewed and verified the technical information contained in this news release.
For further information contact:
|David M. Cole||Kim C. Casswell|
|President and Chief Executive Officer||Corporate Secretary|
|Phone: (303) 979-6666||Phone: (604) 688-6390|
|Email: firstname.lastname@example.org||Email: email@example.com|
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Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Eurasian Minerals Inc. Actual results may differ materially from those currently anticipated in such statements.