Cambridge Mineral Resources plc / Ticker: CMR / Index: AIM / Sector: Mining & Exploration
16 September 2008
Cambridge Mineral Resources plc ('CMR' or 'the Company')
Bulgarian Joint Venture Exploration Update
- Three new permits obtained
- Results from Dobroselets Drilling
Cambridge Mineral Resources plc ('CMR' or 'the Company'), the mining exploration and
production company has been
awarded three new copper-gold exploration permits in Bulgaria covering a combined area of 180
km2.
The exploration permits, issued by the Ministry of Environment & Waters, are for an initial
three year period and
have been granted to the Company's Joint Venture ('JV') with Electrum Gold Inc, to be held by
Caracal Cambridge
Bulgaria EAD, the Joint Venture operating company. The permits cover three areas: Sredogriv
covering 70.2km2 and
Gorni Lom covering 44.58km2 in the Vidin District and Zabernovo in Burgas District covering
65.0km2.
Sredogriv and Gorni Lom are located in the north-west of the country in the Western Balkan
geological domain, an
area of historic gold and copper mining including previous mining by various Bulgarian State
companies in the
period 1950 to 1995. These areas have been selected for their potential to host porphyry
copper-gold and
associated deposits. The permit at Zabernovo is in northern Strandja and covers an area of
known gold occurrences
that has previously been minimally investigated by Bulgarian State exploration companies.
Additionally, CMR announces drilling results on the Dobroselets Permit, located in the western
part of the Sakar-
Strandja structural zone, were completed earlier this year through the JV. A total of 2,453.4m
of diamond core
drilling was undertaken in seven hole completions: five at the Mogilite Prospect and two at
the Chaira Prospect.
Mineralization at these prospects is of the intrusion-related type and is formed by large
haloes of alteration
containing multiple stockwork vein systems. Best intersections include:
Mogilite Prospect:
MOG-01 24.3metres @ 2.14 g/t Au, 3.92 g/t Ag from 144.0metres
MOG-02 26.9metres @ 3.21 g/t Au, 7.00 g/t Ag from 1.8metres
12.1metres @ 1.10 g/t Au, 2.31 g/t Ag from 147.5metres
3.0metres @ 2.48 g/t Au, 2.90 g/t Ag from 165.5metres
MOG-03 1.3metres @ 4.36 g/t Au, 7.10 g/t Ag from 55.2metres
7.9metres @ 0.96 g/t Au, 0.56 g/t Ag from 91.0metres
2.0metres @ 3.39 g/t Au, 2.25 g/t Ag from 121.4metres
MOG-04 4.0metres @ 3.09 g/t Au, 3.50 g/t Ag from 144.7metres
MOG-05 2.8metres @ 3.43 g/t Au, 11.4 g/t Ag from 48.0metres
Chaira Prospect:
CHA-01 6.0metres @ 1.56 g/t Au from 235.8metres
5.8metres @ 1.13 g/t Au from 292.5metres
CHA-02 9.6metres @ 0.84 g/t Au, 1.83 g/t Ag from 400.4metres
49.0metres @ 1.48 g/t Au, 1.59 g/t Ag from 510.0metres
CMR Managing Director Colin Andrew said "The acquisition of new permits demonstrates the
commitment that our JV
partner Electrum has to gold exploration in Bulgaria. Electrum are currently meeting all costs
associated with the
JV and advancing their earn-in to 51%. Under the terms of the JV agreement, Electrum, have the
right to increase
their holding up to 80% of the Bulgarian permits. The drill results from Dobroselets confirm
the extensive nature
of mineralization on the permit as the majority of the drillholes contained low grade
mineralization and
alteration throughout. The Company's aim is now to identify the main focus of the system."
Colin J. Andrew BSc ARSM MIMMM FGS CEng, Managing Director of Cambridge Mineral Resources plc,
and a Qualified
Person as defined by the 'Guidance Note for Mining, Oil and Gas Companies, March 2006' of the
London Stock
Exchange, has reviewed the information contained herein.
For further information, visit www.cambmin.co.uk or contact:
Colin Andrew +44 (0) 20 7663 5618
Managing Director Cambridge Mineral Resources plc candrew@iol.ie
Michael Burton +44 (0) 20 7663 5618
Finance Director Cambridge Mineral Resources plc mburton@cambmin.co.uk
Gavin Burnell/
Roxane Marffy Ruegg & Co Limited +44 (0) 20 7584 3663
Colin Rowbury Hichens, Harrison and Co +44 (0) 20 7382 7771
Tom Beattie Haywood Securities (UK) Limited +44 (0) 20 7031 8018
Victoria Thomas St Brides Media & Finance Ltd +44 (0) 20 7236 1177
Notes to Editor
Cambridge Mineral Resources plc is an AIM listed mining and exploration company focussed on
becoming a producer of
precious metals with an output equivalent to 100,000 oz gold per annum. Primarily targeting
precious metals in
South America, its strategy is to acquire established resources at an advanced stage of
exploration or near term
production and develop mineable reserves through further exploration. It has a strong
portfolio of mineral
projects at varying stages of development including its two key projects, the Quintana gold
mine in Colombia,
which it anticipates bringing into production by the end of 2008 and the Rasuhuilca silver
gold mine in Peru on
which a feasibility study has just been completed. The Company also has a portfolio of
significant mineral assets
in Europe, which it is currently in the process of divesting through either joint-venture or
sale.
Bulgarian JV Agreement
CMR announced the completion of an earn-in JV agreement in October 2007 whereby Electrum Gold
Inc. can earn up to
an 80% interest in a number of existing exploration permits presently held by the Company in
Bulgaria. To earn
this interest Electrum is required to expend US$2.25 million over five years. This JV covers
additional licences
that the Company may acquire in Bulgaria.
Cambridge Mineral Resources Plc
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