NEW YORK, April 4, 2011 /PRNewswire/ -- Ardent Mines Limited (OTC Bulletin Board: ADNT) (referred to herein as "Ardent Mines") has retained SRK Consulting (U.S.), Inc. to prepare reports related to two of Ardent Mines' planned acquisitions. These reports include (i) a NI 43-101 compliant technical report regarding the mining concessions of Gold Hills Mining Ltda. in Pernambuco, Brazil; and (ii) an NI 43-101 compliant technical report on the operating Condorsenga Mine located in Huacha, Peru.
Ardent Mines has agreements to acquire both of these properties, as has been previously disclosed. Ardent Mines is currently conducting due diligence regarding these acquisitions and negotiating final agreements.
SRK Consulting is a world-renowned mining consulting firm, with over 1,000 professionals operating from 40 offices, offering independent advice and solutions to clients involved in exploration, mining, banking and investments, as well as to Governments.
SRK has designated for this project a senior team of geologists and mine engineers lead by Messrs. Neal Rigby (Corporate Consultant – Mining, and former SRK Global Group Chairman), and Jeffrey Volk (Principal Resource Geologist). The team also includes Dr. Martin Raffield (Principal Mining Engineer), Eric Olin (Principal Metallurgical Consultant), and Jose Antonio Samaniego (Principal Geotechnical Engineer).
Field visits to the mines will be conducted during the early part of April, 2011.
Mr. Luciano Borges, Geologist, Member of Ardent Mines' Board, and Head of Brazilian Operations for Ardent Mines, indicated that, "hiring SRK to conduct these studies as per CIM guidelines is an important step for Ardent Mines' evaluation and upcoming acquisition of these properties." Mr. Borges further added that, "The next step in the development of the Gold Hills operation will be the organization of an independent review of the property, and the development of a sound drilling program, for which the assistance of SRK will be extraordinarily valuable."
Mr. Leonardo Riera, Ardent Mines' Chief Executive Officer, explained that, "The Condorsenga Mine in Peru is an operating facility with three notable veins. Previous geological studies have estimated that these veins contain up to 3 million tonnes of non NI 43-101 compliant mineral resource, with an average grade of 155 g/t of Silver. However, recent volumetric assessments indicate that the resources present could be larger. A formal evaluation of the Condorsenga mine is important in both our assessment of the potential of this property, and in the scaling of the proposed expansion of the existing plant." Mr. Riera added that, "previous studies also indicate that this property could contain a large Copper porphyry, so we expect to develop a close association with SRK in order to design a program not only for the confirmation of Silver reserves, but to determine the viability of a deep drilling program to confirm the presence of Copper underneath, which could make this property even more attractive than it already is."
About Ardent Mines Limited:
Ardent Mines is positioning itself to develop mining operations throughout the world, with a focus on gold and Silver mining projects located in properties where basic to advanced geology studies have already been conducted, or where actual operating facilities already exist. Ardent Mines is an exploration stage company and is presently researching and negotiating acquisitions, acquiring financing, and assembling world-wide staff.
This press release contains "forward-looking statements" as defined in the U.S. Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These forward-looking statements are based upon currently available competitive, financial, and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain. Our actual results may differ materially from those expressed in any forward-looking statements as a result of various factors and uncertainties. Ardent Mines cannot provide assurances that any prospective matters described in the press release will be successfully completed or that Ardent Mines will realize the anticipated benefits of any transactions. Various risk factors that may affect our business, results of operations and financial condition are detailed from time to time in the Current Reports on Form 8-K and other filings made by Ardent Mines with the U.S. Securities & Exchange Commission. Ardent Mines undertakes no obligation to update information contained in this release.
SOURCE Ardent Mines Limited