January 11, 2008 - 9:28 AM EST
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ZNext Mining Greets 2008 by Forming Joint Venture with Crisanta Mining, Claimant of Large Reserves of Copper & Zinc Plus Manganese, Gold and Silver
Updates on Binasan, Gango and XYZ Gold Projects
ZNext Mining Corporation, Inc., Stock Symbols: USA (OTC Common Shares:ZNXT) (OTC Preferred Shares:ZNXTP); Germany (Xeta:R1z.De) And (Frankfurt:R1z.F) announced today the signing of a joint venture agreement with one of the largest copper, zinc, manganese, gold and silver mining claimants in the Philippines. Executive President/CEO Randolf Villanueva signed a joint venture agreement on January 7, 2008 with the Crisanta Mining Corporation represented by its President/CEO Rodolfo N. Gaco. The Joint Venture is called Eastern Samar Mining (CRISANTA-ESM) Project and has been formed for the purpose of immediately developing the areas with the best prospect of primarily copper and zinc and minor amounts of lead, manganese, gold and silver in the Eastern Samar, Eastern Visayas.
Past Geological study indicated by random samples with an average of 6 channel samples of surface outcrops collected by a major mining company as follows: 16.73% of Cu (copper), 23.92% Zn (Zinc), 6.92% Pb (Lead). An outcrop of massive sulfide pods showed ore averages of 18.35% copper, 10.72% Zinc, 0.72% Lead, 377 (ppm) parts per million of Cadmium and 14.8 oz per ton of Ag (silver) and 0.28 oz per ton Au (gold). CRISANTA has registered 40 claims in the area on November 26, 1976 under P.D. #463 Ruling (B95-1).
The project recommendation study states that mineral outcrops such as those in the claims area often aggregate 100 million in 200 million tons of ore in ore bodies ranging from one million to 50 million tons individually. It goes on to state that there is good likelihood of finding more exploitable mineralization in this claim area than Bagacay Mining.
This year 2008, the CRISANTA-ESM Engineering Team led by Chief Mining Engineer Cesar Rosales and President Randolf Villanueva will be doing further physical, geological and diamond drilling on the 49 claims covering over 3,590 hectares (app. 9,000 acres) of rich mineralized area of the subject property.
Previously explored by the Bureau of Mines & Geological Sciences and approved for development by the President of the Republic of the Philippines in 1976, the mine underwent preliminary development beginning in January, 1977. A later study made by the United Nations Revolving Funds for Natural Resources Exploration considered the CRISANTA-ESM project to be one of the most suitable mining sites in the Philippines and had agreed to expend not less than $624,000,000 USD to finance the development of these claims. However, as a result of a series of events, including a political coup and resultant lack of funding, further development of the project was halted.
The claims of the CRISANTA-ESM comprise 3,590 hectares (app. 9,000 acres) all of which are virgin forest. In addition to mining operations, the CRISANTA-ESM is also expected to generate income from its logging operations. Logging will commence with the first entrance into the mining site, to produce almost immediate income to help offset the costs of mining operations.
BINASAN GOLD PROJECT (Cagayan De Oro):
January is still a month of heavy rainfall, thus affected the harvesting of gold very seriously with more mud slides, impassable road and high water river level.
GANGO GOLD RUSH PROJECT (Bukidnon):
The team is currently implementing a new methodology to improve the gold recovery by using the Batching Leaching Method that was used by the OROGAPCO Gold Team. Monday, January 14, is the seventh day since implementation of this method, and the team will evaluate the effectiveness of this particular method over the prior gold recovery system.
Vice-Chairman Datu Mamadbad has offered other small scale miners in and around Mindanao to send all their harvested unprocessed gold ores to be processed in the Gango Gold Processing Plant to help fulfill a large standing order for gold produced from the site, with delivery on that order to commence August 2008.
XYZ GOLD PROJECT (Masbate):
The XYZ Gold Team continuous to work on the MPSA with its EXPA 41 & EXPA 44 permits approval. The work project proposal had been on the final approval process. We anticipate finalization of documents by the end of the January 2008.
“As we begin 2008 and anticipate our first delivery on a large standing order for gold, we continue to diversify our mining operations with our new joint venture to produce not only copper and manganese, but also economic levels of gold and silver from the Eastern Visayas, Region 8. With this joint venture and our logging operations in place, we are building a base for long-term diversified revenues that will serve the company well,” said ZNext CEO Jason Piamonte.
ABOUT THE COMPANY
ZNextMining Corporation, Inc. is an international mining company engaged in the exploration and commercialization of new and underdeveloped mine sites, primarily gold and other precious and strategic metals. The company currently owns 12 mining claims in British Columbia, Canada. Additionally, under a Philippines Mineral Production Sharing Agreement (MPS) with the government of the Republic of the Philippines, ZNext Mining that owns up to a maximum of 40% of the Pearl Asian Mining Industries, Inc, a Philippines Domestic Private Corporation, through aggregation of manpower and production among small-scale miners and indigenous peoples, intends to capitalize on economies of scale in gold and silver extraction, processing and commodities selling and trading. ZNextMining Corporation, Inc. is committed to the implementation of sustainable green technologies to achieve fiscal strength based on the principle of Profit-People-Planet. Management continues to focus on achieving profit, while conducting business with utmost consideration and compassion for people and protection of our planet and the environment.
FORWARD STATEMENTS:
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include statements regarding the Company's projections regarding gold production in future periods. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of reserves, mineral deposits and production costs; mining and development risks; the risk of commodity price fluctuations; political and regulatory risks; risks of obtaining required operating permits and other risks and uncertainties. Penny Stocks are very highly speculative and may be unsuitable for all but very aggressive investors. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
ZNext Mining Corporation, Inc.
Investor Relations:
Jordan Richard Assoc. LLC
Madeleine Franco, 702-256-4905
ir@jordanrichard.net
www.ZNextmining.com
Source: Business Wire (January 11, 2008 - 9:28 AM EST)
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