Morumbi Resources Announces Approval of Change of Business
TORONTO, ONTARIO--(Marketwire - Oct. 25, 2012) - Morumbi Resources Inc. (TSX VENTURE:MOC) ("Morumbi" or the "Company") is pleased to announce that the TSX Venture Exchange has accepted the Company's change of business from an oil and gas issuer to a mining issuer.
Morumbi Resources Inc. holds Exploration Licenses 1649 ("EL1649") and 1767 (the "Popondetta Property") in the southeast Owen Stanley Range in Oro State, Papua New Guinea.
The Company announced the filing of a National Instrument 43-101 ("NI 43-101") compliant technical report in respect of the Popondetta Property on October 22, 2012. The PNG Geological Survey has mapped the major geological trend from northwest to southeast through the Popondetta Property. The sparsely explored property lies between tenements where recently discovered porphyry copper-gold systems are being drilled to the northwest and massive nickel sulphides and some porphyry style geology are being investigated to the southeast as part of a joint venture between VALE of Brazil and Australia's Goldminex, in a 5 year, $25 Million advanced drilling program.
Little detailed exploration has been done on most of the Popondetta Property, and the little that has been done has resulted in finding high copper and gold values in rock chip samples. Exploration has been successful on adjacent properties in at least finding geological processes creating potential economic mineralization. Intrusives that directly relate to epithermal/porphyry style processes have not been found on the Popondetta Property but a few narrow felsic dykes and quartz veins with sulphides have been seen which can be taken as an indication of intrusive at depth. Sulphides (dominantly pyrite) occur in most shear zones.
The NI 43-101 proposed a two-phase program. Phase I budget of US$261,800 to conduct an initial exploration program including compilation of previous work, stream sediment sampling, pan concentrate sampling, litho-geochemical sampling and geological mapping. The objective of the program is to identify potential targets to be followed up with a phase II program which would include soil sampling, ground geophysical surveys (magnetic and IP) and an initial diamond drilling program (1500 meters). Proposed budget for Phase II is US$750,000. Phase II would be contingent upon favorable results from Phase I. Phase I would be completed over a three months field program.
Morumbi Resources Inc. is a public company with early stage mineral exploration licences in PNG. Morumbi is also currently evaluating resource opportunities in Bougainville, PNG by forming strategic relationships with local landowner companies with the view to securing mineral exploration licences on their traditional lands, if and when the moratorium is lifted and licences are granted. It also has a legacy light oil property in northwest Alberta. The Company trades on the TSX Venture Exchange under the symbol "MOC". For more information about Morumbi and the Company's plans visit our website at www.morumbi.ca.
FOR FURTHER INFORMATION PLEASE CONTACT:
Morumbi Resources Inc.
Chief Executive Officer