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Primorsky Silver Project Update

Released 07:00 06-Jun-2014

RNS Number : 9905I
Mining Investments Resources PLC
06 June 2014

Mining Investments Resources plc

Primorsky Silver Project Update


Mining Investments Resources plc ("MIR" or "the Company") is pleased to announce that it has completed the programme of drilling the tailings at the Taezhny Mine and that the samples have arrived at SGS Minerals Services geochemical laboratory in Chita, Southern Russia, for analysis and metallurgical testing.  The samples were taken from 21 drill holes sampled at metre intervals down to a depth of 25 metres.

The objective of the testing programme is to confirm the grade and volume of tailings and to determine the recovery factor of reprocessing the tailings through a gravity circuit and/or additional flotation. The scope of the testing and sampling of the tailings was expanded from the initial programme based on advice from MIR's technical consultants, Saint Barbara LLP, in order to enable MIR to present the optimum investment case for the financing of its entry into the project. 

The revised scope of the testing work and logistical issues in transporting the samples to the laboratory have caused a delay to the start of the testing.  It is anticipated that results from the initial testing of the tailings grade and the determination of the recovery factor will be available in approximately one month.  The results of these initial tests should be sufficient for the Company to determine whether to proceed with the transaction, as announced on 20 January 2014, subject to raising the necessary funding.   

Trading in the shares of the Company on AIM remain suspended pending the publication of an Admission Document in respect of the proposed acquisition of the Taezhny Silver Mine or until such time as the Company decides not to proceed with the transaction.


Michael Nosworthy

Mining Investments Resources plc

+33 675657274




Steve Roberts

Mining Investments Resources plc





Matthew Johnson / William Vandyk

Northland Capital Partners Limited

(Nomad and Joint Broker)

020 7382 1100




Peter Greensmith / Eran Zucker

Peterhouse Corporate Finance Limited

(Joint Broker)

020 7469 0932



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Primorsky Silver Project Update - RNS