Geovic Mining Corp. Announces 2007 Results

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Geovic Mining Corp. Announces 2007 Results

 

Geovic has $78 million dollars in money market accounts at the end of 2007.

 

Geovic announced the vast extent of their uranium and gold leases that they have been quietly acquiring during 2007.

 

 

Arizona Properties

 

Through geologic mapping and geochemical sampling, the Company has identified several new areas of gold and uranium mineralization in the Whetstone Mountains, located 64 kilometers (40 miles) southwest of Tucson, Arizona. The Company located 51 federal lode claims covering approximately 1,000 acres of expected uranium mineralization in the northern Whetstone Mountains. In addition to the indicated uranium mineralization in the area, the pre-Cambrian hosted shear zones also appear to contain anomalous fluorite, copper and gold. In the same general area, the Company also leased approximately 16.8 square kilometers (6.5 square miles) of state of Arizona mineral lands covering a newly identified gold occurrence. The total cost of leasing the state land and staking the mineral claims was about $24,000. The work commitment on the state mineral lands is $41,000 per year. The annual fee to hold the 51 mineral claims on federal lands is approximately $9,000.

 

The Whetstone Mountain area where the claims are located was previously explored in the 1970s and 1980s by Rocky Mountain Energy (Union Pacific Railroad) and Unocal (Union Oil Co of California), at a time when members of the Company's management were employed by the latter company. Related documentation compiled by those early operators show that the newly acquired properties have significant uranium oxide (U3O8) mineralization hosted in high-angle shear zones within the pre-Cambrian granite complex that forms the core of the Whetstone Mountains. The Company plans to re-drill the historic resource areas, and test for extensions when it begins a drilling program later this year or early 2009.

 

On the state mineral leases containing the new gold occurrence, the Company collected 33 surface rock chip samples of the previously unexplored area, covering a zone 600 feet x 1,800 feet (185m x 550m), underlain by quartz stockwork with associated alteration features. These samples assayed up to 1.0 gram of gold per tonne (1.0 gm/t), and averaged 0.1 gm/t. Additional sampling is planned, possibly followed by geophysical surveys before a drilling program is designed to test for economic gold concentrations within the indicated epithermal gold-quartz system.

 

Colorado/Wyoming Properties

 

We have also targeted and are acquiring fee mineral leases over the known uranium deposits in the Denver-Cheyenne Basin of Northeastern Colorado and Southeastern Wyoming. These 15-year mineral leases cover large portions of the six (6) main known uranium deposits in Weld County, Colorado and Goshen County, Wyoming. As of the end of 2007, we have incurred approximately $2.82 million in leasing costs to acquire approximately 15,500 acres believed to host historical uranium deposits at depths ranging from 120 feet to 600 feet below the surface. The acquired properties are known to host shallow Cretaceous age sandstone "roll-front" uranium deposits. These deposits are believed to average in excess of 7 feet of uranium mineralization, with average grades between 0.07 to 0.20% U3O8, as established by other operators in the 1970s, including Union Oil of California, by whom several members of management of the Company were then employed. Through the leases it now holds, Geovic Energy has control over much of the known mineralized area in Eastern Weld County, Colorado and Goshen County, Wyoming.

 

Geovic Energy is planning an extensive development-drilling program to re-confirm the historical resources, with the goal of establishing reserves. This will be followed, as soon as practical, by environmental and related engineering studies.

 

 

Complete Press Release available :

 

http://www.earthtimes.org/articles/show/ge...ts,339779.shtml

 

Good investing!