Click here to close now.



Welcome!

News Feed Item

War Eagle Provides Update on Tres Marias Mine Development

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/25/14 -- War Eagle Mining Company Inc. (TSX VENTURE:WAR) ("War Eagle" or the "Company") is pleased to announce that it has received the second payment (US$35,000) from the sale of the Tres Marias zinc-lead-germanium project in Chihuahua, Mexico to Contratista y Operaciones Mineras SA de CV ("COMSA"), a Mexican mining company, previously announced on January 16, 2014. Total cash consideration for the sale was US$5,000,000 of which the next payment to War Eagle is to be US$300,000 in January 2015.

In addition to making this payment, COMSA has reported that it is making excellent progress on advancing the Tres Marias project towards production. Activities over the past six months in this regard include:


--  COMSA continues to occupy and maintain the various office, accommodation
    and warehouse facilities previously maintained by War Eagle when it was
    advancing its work on Tres Marias and continues to maintain all mineral
    concessions and permits (including the explosive permit) in good
    standing with the Mexican authorities and has located two sites for the
    processing of the extracted Tres Marias mineralized material (crushing,
    loading, concentration) prior to transportation to a smelter; 
--  Repairs and remediation work on equipment and facilities at the mine
    site, including service to the head frame, repair and installation of
    the ore hopper and winch, all of which facilitates access and extraction
    of Tres Marias zinc-lead-germanium mineralized material; 
--  In mid-July two crews arrived on site to begin underground
    rehabilitation work, including underground access and underground
    installations such as warehouse, machine shop and office/comfort
    stations; 
--  Three smelters have expressed interest in purchasing material from Tres
    Marias with negotiations expected to be completed once greater
    confidence in the amounts of material to be shipped from the mine is
    confirmed; 
--  COMSA is in the final stages of preparation for submission of its permit
    to mine at Tres Marias and has been in close liaison with government
    officials in the preparation of this document. The timing of receipt of
    this permit cannot be determined at this time; however COMSA remains
    confident that, with the underground work advancing as it presently is,
    production can be achieved as quickly as 6 to 8 weeks from receipt of
    the mining permit; and 
--  As of June 30, 2014, COMSA had spent approximately US$65,000 in mine
    site related activities, in addition COMSA has paid US$100,000 to WAR
    Eagle since the signing of the sale agreement t. 

President and CEO of War Eagle, Thomas R. Atkins, commented on the progress at the Tres Marias project, stating: "COMSA is doing everything I believe any mine contractor would do to advance the Tres Marias project in as timely a manner as possible to enable the extraction of mineralized material. Management of War Eagle is pleased with the progress COMSA is making which gives us confidence in their ability to continue to fulfill the financial obligations to War Eagle for the sale of the Tres Marias project. The Company looks forward to keeping shareholders apprised of future progress."

About War Eagle:

War Eagle is a mineral exploration and development company focused on acquiring, defining and developing base metals mineral resources in Mexico and other attractive mining friendly jurisdictions in the Americas. The Company has a 100% interest in the Tres Marias zinc-lead-germanium project under purchase agreement to COMSA, a Mexican mining company and the Company holds an option to purchase the surface rights covering the large scale Terrazas oxide zinc-copper deposit, both of which are located in Chihuahua State, Mexico. The Company continues to seek other opportunities in the Americas that it deems to host above-average potential for economic concentrations of base metals mineralization.

To find out more about War Eagle and to sign up to receive future press releases, please visit the Company's website at www.wareaglemining.com.

This news release was prepared by management of War Eagle, which takes full responsibility for its contents. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Legal Notice Regarding Forward Looking Statements

This disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control including: the impact of general economic conditions in the areas in which the Company operates, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with mining operations, therefore the Company's future results, performance or achievements could differ materially from those expressed in these forward-looking statements will transpire. All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements include references to a future drill program and related plans. These statements are based on assumptions made by the company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Recognizing the need to identify and validate information security professionals’ competency in securing cloud services, the two leading membership organizations focused on cloud and information security, the Cloud Security Alliance (CSA) and (ISC)^2, joined together to develop an international cloud security credential that reflects the most current and comprehensive best practices for securing and optimizing cloud computing environments.
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
SYS-CON Events announced today that FalconStor Software® Inc., a 15-year innovator of software-defined storage solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. FalconStor Software®, Inc. (NASDAQ: FALC) is a leading software-defined storage company offering a converged, hardware-agnostic, software-defined storage and data services platform. Its flagship solution FreeStor®, utilizes a horizonta...
DevOps is not just last year’s buzzword. Companies with DevOps practices are 2.5x more likely to exceed profitability, market share, and productivity goals. But how do you enable high performance? What can you do right now to start? Find out from DevOps experts including Gene Kim, co-author of "The Phoenix Project," and the Dynatrace Center of Excellence.
The Quantified Economy represents the total global addressable market (TAM) for IoT that, according to a recent IDC report, will grow to an unprecedented $1.3 trillion by 2019. With this the third wave of the Internet-global proliferation of connected devices, appliances and sensors is poised to take off in 2016. In his session at @ThingsExpo, David McLauchlan, CEO and co-founder of Buddy Platform, will discuss how the ability to access and analyze the massive volume of streaming data from mil...
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
SYS-CON Events announced today that iDevices®, the preeminent brand in the connected home industry, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. iDevices, the preeminent brand in the connected home industry, has a growing line of HomeKit-enabled products available at the largest retailers worldwide. Through the “Designed with iDevices” co-development program and its custom-built IoT Cloud Infrastruc...
CIOs and those charged with running IT Operations are challenged to deliver secure, audited, and reliable compute environments for the applications and data for the business. Behind the scenes these tasks are often accomplished by following onerous time-consuming processes and often the management of these environments and processes will be outsourced to multiple IT service providers. In addition, the division of work is often siloed into traditional "towers" that are not well integrated for cro...
Advances in technology and ubiquitous connectivity have made the utilization of a dispersed workforce more common. Whether that remote team is located across the street or country, management styles/ approaches will have to be adjusted to accommodate this new dynamic. In his session at 17th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., focused on the challenges of managing remote teams, providing real-world examples that demonstrate what works and what do...
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
Silver Spring Networks, Inc. (NYSE: SSNI) extended its Internet of Things technology platform with performance enhancements to Gen5 – its fifth generation critical infrastructure networking platform. Already delivering nearly 23 million devices on five continents as one of the leading networking providers in the market, Silver Spring announced it is doubling the maximum speed of its Gen5 network to up to 2.4 Mbps, increasing computational performance by 10x, supporting simultaneous mesh communic...
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, will discuss using predictive analytics to ...
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, will discuss how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved effi...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...