Mining Investments Resources PLC Primorsky Silver Project Update (9867K)

TIDMMIR

RNS Number : 9867K

Mining Investments Resources PLC

01 July 2014

Mining Investments Resources plc

Primorsky Silver Project Update

Mining Investments Resources plc ("MIR" or the "Company") is pleased to announce that the initial assaying results of the tailings survey at the Taezhny Silver Mine in the Primorsky region of Russia ("Taezhny Mine") have been provided by SGS Minerals Services in Chita, Southern Russia. The results have been calculated for 21 drill holes drilled on a grid of approximately 30 metres, sampled at approximately 1 metre depth intervals.

The average tailings grade based on the drill hole data (length weighted) is approximately 84 g/t of silver and 0.1 g/t of gold (non-JORC compliant). The grade of silver equivalent (including the gold as a by-product based on current gold and silver prices) indicates a silver equivalent grade of around 90 g/t. This compares favourably to the average grade calculated by Saint Barbara LLP from old mine production records of 68 g/t.

MIR's metallurgical testing has the objective of evaluating the ability to recover silver and gold from the tailings through gravity and/or additional flotation and whether it would be advantageous to install cyanide recovery at the Taezhny Mine. The results of gravity tests on the tailings are expected in the near future.

Trading in the shares of the Company on AIM was suspended on 20 January 2014 pending the publication of an AIM Admission Document in respect of the proposed acquisition of the Taezhny Mine or until such time as the Company decides not to proceed with the transaction.

Drilling results

 
 Hole    Length   Av Au   Av Ag 
         (m)      (g/t)   (g/t) 
 B         21.7    0.09    71.27 
 R          8.8    0.17   110.88 
 H         18.7    0.09    69.98 
 P         10.1    0.14   123.21 
 E         20.5    0.09    69.15 
 G           16    0.09    82.34 
 Y           14    0.10    74.14 
 F         16.7    0.09    70.30 
 I           10   0.076   73.283 
 L           14    0.12    93.20 
 D           14    0.11    75.97 
 N         11.9    0.13   104.87 
 T            3    0.19    93.01 
 A           13    0.10    76.45 
 O         10.9    0.10    87.49 
 C         24.1    0.10    76.87 
 K         16.3    0.08    79.76 
 S          9.9    0.14   108.38 
 Q         10.3    0.13   134.29 
 U          8.3    0.13   100.85 
 M           12    0.08    67.70 
 

All intercepts are from surface to end of hole.

The information contained in this announcement has been reviewed and approved by Dr Pavel Kepezhinskas on behalf of MIR. Dr Kepezhinskas is a Director of MIR and is a Qualified Professional Geologist as defined by the Toronto and Vancouver Stock Exchanges.

Enquiries

Mining Investments Resources plc

Michael Nosworthy [phone]

Steve Roberts 07812043436

Northland Capital Partners Limited (Nomad and Joint Broker)

Matthew Johnson / William Vandyk 020 7382 1100

Peterhouse Corporate Finance Limited (Joint Broker)

Peter Greensmith / Eran Zucker 020 7469 0932

This information is provided by RNS

The company news service from the London Stock Exchange

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