Last C$0.07 CAD
Change Today -0.01 / -12.50%
Volume 492.8K
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As of 11:36 AM 10/23/14 All times are local (Market data is delayed by at least 15 minutes).

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03/14/14 - C$0.24
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mega precious metals inc (MGP) Details

Mega Precious Metals Inc. is engaged in the acquisition, exploration, and development of mineral properties in Canada. It holds a 100% interest in the Monument Bay property, which consists of 136 contiguous claims totaling approximately 338 square kilometers in northern Manitoba; and a 65% interest in the Domain project that comprises 3 staked claims totalling 576 hectares situated in the Gods Lake greenstone belt in northern Manitoba. The company also has a 100% interest in the North Madsen project, which comprises the Laverty East My-Ritt and Skookum properties located in the prolific Red Lake Gold Camp; and the Headway property that consists of 6 patented claims and 1 unpatented claim totaling approximately 320 acres in Red Lake, Ontario. In addition, it holds interest in the Blue Caribou property, which consists of 25 staked mineral claims totaling 25,605.9 hectares in Nunavut, Canada. The company was formerly known as Mega Silver Inc. and changed its name to Mega Precious Metals Inc. in September 2009. Mega Precious Metals Inc. is headquartered in Thunder Bay, Canada.

mega precious metals inc (MGP) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: C$189.7K
Chief Financial Officer
Total Annual Compensation: C$18.0K
Technical Consultant
Total Annual Compensation: C$127.5K
Compensation as of Fiscal Year 2013.

mega precious metals inc (MGP) Key Developments

Mega Precious Metals Inc. Reports Updated Mineral Resource Estimate for the Monument Bay Project

Mega Precious Metals Inc. released an updated gold and initial tungsten mineral resource estimate for the Company's 100% owned Monument Bay Project located in northeastern Manitoba. The undiluted and in-situ estimate was completed by WSP utilizing a 3D block model and supported with input from the Company's geological personnel and an extensive external third party peer review by Tim Twomey, P. Geo. For clarity, a reconciliation of changes with respect to the previously released resource estimate. Overall Measured and Indicated resources of 2.13 million ounces @ 1.51 g/t gold and 253,000 mtu (Metric Tonne Unit) of WO3; an increase of 9% in grade. Overall Inferred resources of 0.63 million ounces @ 1.62 g/t gold and 99,000 mtu of WO3; an increase of 27% in grade. Potential "starter pit" is identified and is based on higher-grade,near-surface mineralization. Measured and Indicated resource of 1.07 million ounces @ 2.89 g/t gold representing an increase of 60% in ounces and an increase of 7% in grade, 305,000 Inferred ounces at 2.46 g/t gold. Conservative estimate utilizing a 20% reduction in gold price to $1,092, 4.7% less gold recovery, 20% increase in pit constrained costs and a 31% reduction in gold grade cap (compared to the June 13, 2013 Resource Estimate). 13,500m of infill drilling, 11,000m OCAP sampling with the inclusion of separate gold and gold/tungsten wireframes were utilized compared to the previous estimate. The Indicated and Inferred tungsten resource is an initial resource and the ongoing OCAP sampling program will continue to build upon this tungsten resource in the coming months. Only one-quarter of the OCAP core.

Mega Precious Metals Inc. Provides Positive Metallurgical Results for the Monument Bay Project

Mega Precious Metals Inc. announced positive results from the ongoing metallurgical work being completed by Thibault & Associates Inc. on the conceptual open pit within the Twin Lakes Deposit at the Monument Bay Project. The metallurgical program results will be included as part of Mega's upcoming maiden gold and tungsten NI 43-101 Resource Estimate and for future Preliminary Economic Assessment (PEA) work. The preliminary metallurgical recovery results suggest overall gold recoveries of 90.3% which were achieved using standard conventional milling processes. Further to this, Thibault and Mega have developed very competitive operating costs for the various process scenarios under consideration based on a Dynamic Economic Model (DEM) AACE Class V. These preliminary mill operating costs were defined for extraction of gold mineralization from 5,000, 10,000 and 18,000 tonne/day milling rate scenarios. Highlights of the Preliminary Metallurgical Process: Overall gold recoveries of 90.3% which includes recovery from a bulk sulphide concentrate, extraction in Pressure Oxidation Leaching (POX)/Cyanidation and recovery of gold in a CIP Circuit; Bulk sulphide concentrate has a mass pull of 5.4% of the process ore with a small POX circuit i.e. a small amount of ore creates the concentrate; Dynamic Economic Model (DEM) estimated process operating costs (OPEX) for gold dore production between CAD 10.10-15.35/tonne. The company is currently completing additional gold and tungsten metallurgical tests to further optimize gold and tungsten recoveries.

Mega Precious Metals Inc. Appoints Anthony (Tony) Makuch to the Board of Directors

Mega Precious Metals Inc. announced the appointment of Anthony (Tony) Makuch to the Board of Directors. Currently, Mr. Makuch is the President and CEO of Lake Shore Gold Corp. Tony has over 25 years of management, operations and development experience in the mining industry.


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