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MENAFN - ProactiveInvestors - Australia - 03/12/2012

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Mining Group has firmed up the newly discovered Taub Prospect in the Philippines as a high quality drill target with grades of up to 57.3g/t gold and 122.9g/t silver returned from trench sampling. High grade gold mineralisation has now been identified over a strike of 300m and remains open in both directions.
(MENAFN - ProactiveInvestors - Australia) Mining Group (ASX: MNE) has confirmed the high grade and continuous nature of its newly discovered Taub Prospect at the Comval Copper-Gold Project in the Philippines with new trench sample results.

Trenching at the prospect has delivered a best interval of 14 metres at 11.38 grams per tonne (g/t) gold and 18.06g/t silver, and an individual rock chip result from the same trench (CCPCH00003) of 57.3g/t gold and 122.9g/t silver.

High grade gold mineralisation has now been identified in multiple east-northeast striking quartz veins ranging in thickness from 10 centimetres to over 1 metre and striking over a 300 metre length, and is open in both directions.

Taub is a newly discovered gold prospect about 7.5 kilometres north of the Tagpura copper deposit.

Zeff Reeves, managing director, commented: "Taub is clearly a high quality drill target with the latest results from trench CCPCH00003 demonstrating the continuity of the mineralised system over a 300 metre strike length with exceptional surface gold and silver grades.

"These results not only show the zone is continuous but highlight the high grade nature of Taub. We are aiming to commence RC drilling within the next few months to follow up these exciting results."

Results remain outstanding for trench CCPCH00004 and an additional trench is currently being installed 25 metres west of CCPCH00001 to further extend and delineate the high grade vein set.

To date systematic trenching, mapping and sampling has identified a 200 metre wide structural corridor at Taub that has identified gold mineralisation over 300 metres of strike, which remains open in all directions.

Ongoing trenching and sampling work will continue to further extend the zone and provide information for drill targeting.


New gold mineralised zone

Mining Group has also discovered a new gold bearing structural zone at the Ugpo Prospect over 400 metres of strike, with rock chip sample results up to 9.1g/t gold.

Work has so far delineated a gold bearing shear zone within altered andesitic volcanic over a 400 metre strike length which is open both to the north and south.

To date assays have been received for three of the four trenches installed at Ugpo, with the best results being from trench CCPCH00006 which returned 2.3 metres at 2.28g/t gold and 5.18g/t silver from 54.7 metres.

Results from trench CCPCH00007 remain outstanding.

Reeves said: "We've also been carrying out similar work at Ugpo 1.5 kilometres to the west where four trenches have been installed with results indicating the presence of another strike extensive gold bearing zone.

"We need to carry out further work at Ugpo to better understand the controls on mineralisation prior to committing to drilling testing."


Analysis

The potential of Mining Group and its Comval Project has not been lost on some investors with the company's shares rallying over 200% since late October.

Today's news confirms the high grade and continuous nature of the newly discovered Taub Prospect, which lies 7.5 kilometres north of the Tagpura copper deposit and was discovered just last month.

With the identification of the Ugpo and Taub gold targets to the north, an extensive high grade gold system has been identified.

Mining Group has defined four deposits with Inferred resources at Comval, which have the potential to expand given the ongoing discoveries being made at the project.

Importantly, high grade gold is present at surface in the northern lease, which hosts the Ugpo and Panag/Taub prospects that have proven high grade gold potential, all of which increases the economic potential of Comval.

While the project is still in its early stages, the potential is evident with multiple targets identified and extensive surface mineralisation.

Mining Group's market valuation of A18 million, against a share price of 0.185, will appear light as the company further firms up the high grade gold potential in drilling, which has already begun at the Tagpura North Prospect.

 






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