CopperCO now own 40% of Herencia Resources. The announcement...

CopperCO now own 40% of Herencia Resources. The announcement below was posted on 11 Sept 2008. No announcement from CUO management because we probably wouldnt be interested in understanding what we are invested in???
Angers

Herencia Resources plc
(“Herencia” or the “Company”)
INTERIM FINANCIAL RESULTS
For the six months ended 30 June 2008
Herencia Resources plc is pleased to announce the unaudited interim results of the Company and its subsidiaries (the “Group”) for the six months ended 30 June 2008.
CHAIRMAN’S STATEMENT
During the period under review the Company made progress in a number of areas. This follows the announcement of an Inferred Mineral Resource for the’ ‘Patricia’ deposit of 2.51mt @ 4.1% Zinc, 1.3% Lead and 77 g/t Silver (at 2% Zn cut-off) released in October 2007 and a successful institutional placement raising of £2.6 million in December 2007 to fund exploration and drilling programs at its 70% owned Paguanta Project in Chile.
During the reporting period the following milestones were achieved by the Company:
•
Completion of a geophysical program at Paguanta with EM surveys outlining a number of geophysical anomalies including possible veins identified adjacent to the existing ‘Patricia’ resource.
•
Completion of a geophysical program at the ‘La Rosa’ porphyry-copper prospect, located 3km north of the existing ‘Patricia’ resource on the same tenement group. This work upgraded the prospect potential and has assisted in better targeting the drilling program at ‘La Rosa’.
•
Upon completion of the geophysical programs the Company commenced a 10,000m drilling program targeting the ‘Patricia’ zinc-lead-silver deposit and the ‘La Rosa’ porphyry-copper prospect.
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Initial assay results from the 2008 drilling program returned high grade intercepts across all veins at the ‘Patricia’ deposit. Drilling at Central and Cathedral veins, in particular, have intersected significant high grade base metal sulphides.
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The newly identified near surface Rosada vein, adjacent to Camp vein at ‘Patricia’, has also returned high grade assay results.
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Preliminary metallurgical testwork commenced at Ammtec Laboratories in Perth with base metal samples taken from an existing adit at Paguanta. Results to date have been positive with 80% zinc, 70% lead and 85% silver recovery rates.
The Company completed its drilling program in August 2008 and is on schedule to finalise an updated Mineral Resource Statement for the ‘Patricia’ zinc-lead-silver deposit in late September 2008. A Scoping Study into the economic and technical viability of developing the ‘Patricia’ deposit will be commenced by Golder Associates in October. The Scoping Study is scheduled for completion by the end of 2008. All related works will be funded from the Company’s existing cash reserves.
The Company has continued to focus on advancing the Paguanta Project towards a Feasibility Study phase, which is expected to commence early in 2009, subject to the outcome of the Scoping Study. We would then plan to move towards Project Development in 2010 and potentially look to early production in the first half of 2011. We hope that production would coincide with a strengthening in base metal prices, as anticipated by the market, which should precipitate attractive returns to our shareholders.
Hon. John Moore AO
Chairman
10 September 2008
1
HERENCIA RESOURCES PLC
Please refer to the project announcements at the Company’s website (www.herenciaresources.com) for further information on the Company operations.
For further information please contact:
Michael Bohm, Herencia Resources plc Tel: +61 (0)8 9221 7466
David Youngman, WH Ireland Limited Tel: +44 (0)161 832 2174
Klara Kaczmarek, Pelham Public Relations Tel: +44 (0) 20 3159 4395