Plexmar Resources Inc.: Malin Plant Update
QUEBEC, QUEBEC CITY -- (Marketwire) -- 12/06/11 -- Plexmar Resources Inc. (TSX VENTURE: PLE) wishes to announce that the Malin plant is currently operating and producing from its two operating lines. The flotation line is currently processing polymetallic ores on a custom milling basis and the leaching line is processing gold ores that are purchased from the local market.
From July to October, the plant custom processed over 2,600 tonnes of silver-antimony ores and over 1,350 tons of gold ores were processed recovering 364.5 ounces of gold and 575 ounces of silver. Up to November 20th, 225 tons of gold ores were processed recovering 55.6 ounces of gold. Detailed recovery rates and operating costs will be published when available.
The second ball mill (5ft x 8ft) installation has been completed and is expected to be operating next month on additional feed.
Plexmar's subsidiary and J&M Business, the two partners in the joint venture operating company will carry out an accounting review of all investments, expenditures, costs and revenues incurred to date in order to define and share the operating profits on a 50-50 basis as dictated by the contractual agreement. Additional investments incurred by J&M may need to be reimbursed prior to a 50-50 split of profits.
The Malin plant is a custom mill processing plant located near the town of Trujillo and is being operated through a 50-50 joint venture with J&M Business SAC.
The Company announces that Mr. Rolando Arellano has tendered his resignation from the board of directors. Mr. Arellano will remain an advisor to the board of directors. We wish to thank Mr. Arellano for his efforts and valuable contributions and wish him well in his future endeavours.
This press release includes certain statements that may be deemed 'forward-looking statements'. All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.
PROFILE
Plexmar is a junior company focused on precious metals in Peru
PROPERTIES
Gold :Peru: Oro Del Norte, Marilia, Bolsa Del Diablo
CORPORATE INFO
- 228 M shares outstanding
- Symbol: PLE (TSX-V)
Contacts:
Guy Bedard, president
418 658-6776
www.plexmar.com
Paradox Public Relations:
866 460-0408
514 341-0408
