Westminster Resources to Begin 2013 Drill Program in Mexico – Video Summary on www.investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - January 30, 2013) - Westminster Resources (TSXV: WMR) (OTCQX: WMRSF) has received a letter of permission from the Mexican regulators and can begin its 2013 drill program. The 5,400 metre drill program is scheduled to start in early February on the Cumbral-San Bartolo project in Sonora, Mexico.
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The Cumbral-San Bartolo project is a portion of Westminster’s much larger El Cobre and Navojoa properties located in Sonoro.
The initial drill target will be the recently discovered Montoso IP chargeability anomaly, a multiple square kilometre target exhibiting porphyry deposit style alteration and mineralization patterns. The extensive 2012 exploration program included 3D-IP and ground magnetic geophysical surveying, soil and rock sampling, geological mapping and prospecting over a 219 line kilometre grid. Results included widespread discovery of copper-gold-silver mineralization in geological environments ranging from veins to porphyry-style targets.
Capstone Mining, which trades on the Toronto Stock Exchange, under the symbol CS, is the joint venture partner on this project, with Westminster managing the project. Capstone is a base metal producer with two operating mines, the Minto Mine in Canada and the Cozamin Mine in Mexico.
Capstone has the right to earn a 70% interest by funding a minimum of $9.3 million in exploration by December 31, 2015. Should Westminster elect not to participate beyond the $9.3 million, Capstone will have the exclusive right and option to earn an additional 5% undivided interest in the project by delivering a preliminary economic assessment. Following private placements in 2012 of 5 million shares at $0.15, and 10 million shares at $0.10, Capstone owns 17.27% of Westminster’s issued and outstanding shares.
The shares currently trade at $0.11 and with 87 million shares outstanding, prior to this financing, is capitalized at $9.6 million.
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Barry Morgan, CFO