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cyprium mining corp (DFCPF) Details

Cyprium Mining Corporation, an exploration stage company, is engaged in the acquisition, exploration, and development of mineral resource properties in Northern Mexico. It principally holds interests in the Las Cristinas copper/silver project located in Chihuahua State. The company was formerly known as Freyja Resources Inc. and changed its name to Cyprium Mining Corporation in June 2014. Cyprium Mining Corporation was incorporated in 2005 and is based in Montréal, Canada.

Founded in 2005

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cyprium mining corp (DFCPF) Key Developments

Cyprium Mining Corporation Secures 100 Metric Tons Per Day Flotation Plant Outside Chihuahua, Mexico

Cyprium Mining Corporation announced that it has secured the exclusive use of a 100 metric tons per day flotation plant located outside the City of Chihuahua in Northern Mexico. The plant will immediately be used by Cyprium to offer toll milling services to local miners in the area. The plant will eventually be used by Cyprium for its own use once the Company's Las Cristinas project goes into production. The five year agreement provides for Cyprium to use the plant on a variable cost basis as it will pay the owner of the plant a pre-determined tolling charge based on metric tons milled. Cyprium will also be responsible for the supervision of all metallurgic processes, including quantitative chemical analysis, assaying of samples and determining feed grades. Chihuahua State is a vibrant mining jurisdiction with several small operating mines. Having access to one of the few mills in the area, Cyprium is uniquely positioned to leverage its management's long experience in milling operations. The Company intends to start immediately to offer milling services to miners in Northern Mexico. Any profits from milling operations will, consistent with the Company's business plan, be reinvested in the development of the Las Cristinas property, including building its own processing facility at the mine site in the second half of 2015. As of February 2015, in order to maintain its exclusivity, Cyprium shall supply the plant a minimum of 1,000 metric ton of ore milled per month or make payments representing such level of monthly operations. As of 2015, Cyprium shall have the obligation to make investments of a minimum of $100,000 per year over four years with a view of doubling the capacity of the plant to 200 tons per day. Cyprium has the option to make investments to double the capacity quicker than over the four year period. These investments will include additional equipment and their installation costs as well as investments to optimize production, obtain full permitting, the costs to ensure sufficient water and energy supply as well as the costs to repair and/or repair existing equipment. Cyprium granted the owner of the plant an option to purchase the Capital Investment. Cyprium shall remain the owner of all Capital Investments made at the plant until the plant owner has paid Cyprium in full for the costs of the Capital Investments. The plant owner shall also have the obligation to pay back Cyprium for the Optimization and Other Costs on a per metric ton basis.

Cyprium Mining Corporation Announces Assay Results from the First Phase of Drilling on its Las Cristinas Property Located in Chihuahua State, Mexico

Cyprium Mining Corporation announced assay results from the first phase of drilling on its Las Cristinas property located in Chihuahua State, Mexico. The first phase of drilling consisted of 1,204 meters of diamond drilling and focused on the North Mount and South Mount, a 550 meter long mineralized section located at the southern end of the property where copper production took place in the early 1970's. A total of twelve holes were drilled to a maximum vertical depth of 150 meters. Drilling Highlights: The main objective of the first phase of the drilling program was to test potential sulphide copper/silver mineralization close to the surface and along the South and North Mounts. To date, Cyprium's drilling program has outlined copper mineralization over an investigated area 550 meters long by 100 meters wide. This area contains four major structures ranging from 0.25 meter to 10 meters of true width, averaging approximate grades of 0.2% to 12.4% copper and from 2 g/t to 298 g/t Ag (silver). One hole was done to verify the near surface rock stability to support the mine development design. The four structures are identified as Semana Santa and Semana Santa 1 to 3 ('SS'). The thickest and best mineralized parts of these structures were encountered in SS 1 and SS 2. The south east sector of where drilling was conducted presented the best assays and the best continuity for copper/silver mineralization; Hole LC2014dd10 intersected SS1 over a 10,8 m interval (10,32 m true width) of 1.4% Cu and 5 g/ton Ag including 2.65 m (2.54 m true width) of 3.0% Cu and 12 g/t Ag. Hole LC2014dd09, which is located 200 m to the north east of hole LC2014dd10 intersected SS1 over a 12.2 m interval (10.57 m true width) of 1.4% Cu and 4 g/ton Ag including 5 m (4.3 m true width) of 3.2% Cu and 14 g/t Ag. The interval in hole LC2014dd10 is from a depth of 61.10 m to 71.90 meters while the interval in hole LC 2014dd09 is from a depth of 104.60 m to 116.80 m, demonstrating an enrichment of mineralization at depth. This analysis is supported by a stronger copper metal factor (Cu% multiplied by true thickness in meters) at depth; Hole LC2014dd05 intersected SS1 over a 1.25 m interval (0.93 m true width) of 4.9% Cu and 6 g/ton Ag and SS2 over an interval of 4.55 m (3.73 m true width) of 3.0% Cu and 17 g/ton Ag. In all diamond drill holes, several intersections exposed a typical stockwork structure. This stockwork, based on the actual grid spacing, presents levels of mineralisation in copper and silver that are irregular but always present. Enrichment At Depth: The analysis of the drilling results, more particularly the intervals in hole LC2014dd10 and hole LC 2014dd09 demonstrate an enrichment of mineralization at depth. This analysis is also supported by a stronger copper metal factor (Cu % multiplied by true thickness in meters) at depth. Massive Sulphide: Several holes intersect high grade centimetric massive sulphide including hole LC2014dd04 which intersect SS2 over a 0.10 m interval (0.08 m true width) of 8.2% Cu and 48 g/ton Ag. Also, hole LC2014dd05 which intersected SS1 over a 0.50 m interval (0.37 m true width) of 12.1% Cu and 1 g/ton Ag. It also intersected SS2 over a 1.30 m interval (1.06 m true width) of 9.5% Cu and 35 g/t. Phase 2 Drilling: Cyprium is currently planning the second phase of drilling which it will undertake by year end. The main goal of the next phase of drilling will be to test the copper mineralization below the vertical depth of 150 m achieved in Phase 1 and to better outline the size of the newly defined mineralized structures. Cores from the twelve holes were split and delivered in secure tagged bags, directly to the analytical facility for analysis, namely the laboratory of ALS Chemex de Mexico, located in Chihuahua City, Mexico. The samples were weighed, identified and photographed prior to sample preparation. All samples were analyzed by ME-MS41 for 51 elements, Ag-OG62 when Ag is greater than 100g/t, Cu-OG62 when copper is greater than 1% and Cu-AA07n to obtain the oxide portion of copper if necessary. Note that only visual evidence of mineralized zones was sent to the lab for assaying. Drilled Geology: The area geology is characterized by limestone oriented 150deg and dipping 80deg to the south west affected by a metasomatic event resulting in the intrusion of several centimetric to metric copper bearing veins sub parallel to the general lithological trends. The core drilled holes LC2014dd01, 07, 02 and 08 located in the north west sector of Las Cristinas, cut through a fine grained, dark and compact limestone. In the south east sector, the core drilled holes LC2014dd04, 09, 11, 05, 03, 06, 10, have cut thru a sequence of fine grained, dark gray and compact limestone followed by a pale gray, fine to medium grained limestone and by the clear limestone associated to the SS3 structure. The latter is compact, medium grained, recrystallized, with conglomeratic and calcareous sandstone bands and greenish bands caused by the presence of chlorite and epidote within fracture and in disseminate sections (propylitic alteration) related to the intrusion of multiple aplitic dikes.

Cyprium Mining Corporation Announces Change in Financial Year-End from September 30 to December 31

Cyprium Mining Corporation announced that, its financial year-end will be changed from September 30(th) to December 31(st) to align Cyprium's financial reporting calendar with its Mexican subsidiaries and to facilitate the investment community's ability to compare its financial performance. Cyprium will report a, one-time, fifteen month transition year covering the months of October 2013 to December 2014. Subsequent to the transition year, the Company's first full financial year will cover the period of January 1, 2015 to December 31, 2015. During the remainder of the transition year, Cyprium will file interim financial statements for the three and twelve-month interim periods ending September 30, 2014 and September 30, 2013. Year-end financial statements will be filed for the fifteen month period ending December 31, 2014 and these will be compared to the financial statements for the twelve months ended September 30, 2013.

 

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