Metalline Provides Detail on Planned Activities
Coeur d'Alene, Idaho - Metalline Mining Company (MMG: NYSE Amex) announces recent progress and planned expenditures following the successful closing of the transaction with Dome Ventures Corporation on April 16, 2010. In connection with the closing, Metalline moved forward with its 2010 budget plan for the Sierra Mojada project, which calls for an aggressive exploration drilling program on the silver mineralization located north of the Sierra Mojada fault. Approximately 44,000 m of drilling are planned for calendar 2010, of which over 3400m have been drilled as of the end of April. The pace of drilling is accelerating through double shifting of Company diamond drills and the use of drilling contractors. A total of at least six drills will be turning on the project at the peak of activities. Initially this work will be focused in the west end of Metalline's concessions.
More than 7,000 samples from previous core drilling are being submitted to the external independent laboratory for analysis. These samples have been screened through Metalline's on-site laboratory and consist mainly of samples that contain more than 10ppm silver or more than 1% Zn. Metalline plans to complete a comprehensive update of the resource model for silver by end of the 2010. An initial program of metallurgical test work is in progress to assess recoveries at various process methods that can be expected from the silver and associated zinc mineralization. This program will be expanded as more samples are available from core drilling in the west end. The results of drilling and metallurgy studies are scheduled to be available for use in a Preliminary Economic Analysis (Scoping Study) beginning early next year.
The Company also recently acquired purchase options on several additional concessions in the historic mining district. These concessions contain extensive underground workings from historic mining activities that extracted high-grade silver resources, and abundant channel sampling from these workings indicate significant silver remains, which will be the focus of some of the planned 2010 drilling program.
In addition, as a result of closing the transaction with Dome, NYSE Amex has advised Metalline that it has resolved its continued listing deficiencies raised by NYSE Amex in May 2009.
This news release contains forward-looking statements regarding future events and Metalline's future results that are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act") and constitute "forward looking information" within the meaning of Canadian securities laws. These statements include statements about Metalline's planned drilling program and are based on material factors and assumptions including Metalline's management's current expectations, estimates, forecasts, and projections about the industry in which Metalline operates and the beliefs and assumptions of Metalline's management. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "continues," "may," variations of such words, and similar expressions, are intended to identify such forward-looking statements. In addition, any statements that refer to projections of Metalline's future financial performance, Metalline's anticipated growth and potentials in its business and other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict, including the risk that Metalline's drill program may not be successful or result in the discovery of commercially mineable deposits of ore and those risks identified in Metalline's Annual Report on Form 10-K for the fiscal year ended October 31, 2009 under "Risk Factors." Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Metalline undertakes no obligation to revise or update any forward-looking statements for any reason.