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Gold Recovery and Sale Update
August 19, 2008:
Erin Ventures Inc. (TSX-Venture: EV) reports the following recovery and sale of placer gold from its Ceibo Chico Property in Belize:
Sale of Gold
Recently, Erin sold approximately 383 ounces of placer gold for $261,497.52, from production on its Belize property during the second quarter of this year. Direct expenses relating to gold production during this period totaled approximately $170,000. Gold sales were conducted through Technic Canada of Markham, Ontario.
Gold Recovery
Production results vary from month to month, depending on variables such as weather conditions, crew and equipment performance, and varying Au values in the gravels processed. Unfortunately June’s production numbers were adversely affected by a tropical storm and failure of a key piece of equipment.
Management anticipates that production will improve due to a number of factors including: upgrades to the gold recovery dredge that have increased its capacity and operating efficiency; production crews being fully trained; and the implementation of a second production shift that allows for up to 18 hours of operation daily.
The following table sets out the gold recovery totals to July 31, 2008:
Ceibo Chico Placer Gold Recovery |
Period |
Raw Gold Recovered* |
Ounces |
Gram |
Prior total (as of April 30, 2008) |
1,179.78 |
36,691.17 |
May, 2008 |
116.31 |
3,617.20 |
June, 2008 |
52.85 |
1,643.60 |
July, 2008 |
213.64 |
6,644.20 |
TOTAL |
1,562.58 |
48,596.17 |
*An Au (pure gold) equivalent can be approximated by multiplying the quantity of raw gold
by 0.70 (to account for a refining melt loss and the Fineness of the raw gold).
On behalf of the Board of Directors,
Blake Fallis, General Manager
About the Ceibo Chico Gold Prospect
- The property consists of 4 contiguous Exclusive Prospecting Licenses covering approximately 34 square kilometers (13 square miles), and a 160.25 hectare (396 acre) Mining License, in west/central Belize.
- Erin has an option agreement to acquire up to 90% equity in the Prospect.
- A 2 km wide zone in the upper area of the drainage system appears to be the host rock for the residual gold in the drainage system.
Erin has established production of the alluvial gold found on the Fan to help off set exploration costs
The technical information in this release was prepared by James E Wallis, M.Sc. (Eng), P. Eng. a director of the Corporation, who is a Qualified Person under National Instrument 43-101.
Erin Ventutures Inc.
Phone: 1-250- 384-1999 or 1-888-289-3746
www.erinventures.com
Erin’s Public Quotations:
Canada
TSX Venture: EV
USA
SEC 12G3-2(B) #82-4432
OTCBB: ERVFF
Europe
Berlin Stock Exchange: EKV
Forward Looking Statements
This release contains forward looking statements. The words "believe," "expect," “feel,” "plan," "anticipate," “project,” “could,” “should” and other similar expressions generally identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are subject to a number of risks and uncertainties including, without limitation, variations in estimated costs, the failure to discover or recover economic grades of minerals, and the inability to raise the funds necessary for the continued operations of the Company, changes in external market factors including commodity prices, and other risks and uncertainties. Actual results could differ materially from the results referred to in the forward-looking statements.
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