Ardent mines appoints luciano de freitas borges as president
New york--(business wire)--ardent mines ltd. (otcqb: adnt) (the "company" or "ardent mines"), a precious resources exploration, development, and mining company focused on advancing its two gold properties in brazil, announced that the board of directors has appointed luciano de freitas borges as president. mr. borges commented on his appointment, “ardent mines has made significant progress this past year, having acquired two premier gold properties in brazil, gold hills and misty hills. in addition, we completed the 43-101 exploration report on gold hills which confirmed an exploration potential of between 3.6 mt and 6.0 mt at an average grade between 4.0 g/t to 7.0 g/t. i am looking forward to advancing our exploration programs to prove up the resource potential and expected solid economics of these projects.” mr. borges has over 28 years experience in brazil’s mining industry, both in the government and private sector. he served as the national secretary of mines and metallurgy in brazil’s ministry of mines and energy from 1993-2001, and as senior advisor to the ministry & strategic planning executive officer to the brazilian geological survey since 2002. from 2007 to 2008, he was chief executive officer of steel mineracao do brasil s.a., and since 2006, he has served as the senior partner and chief executive officer of ad hoc associated advisors inc., a technical advisory consulting firm for the mining industry. he currently serves as a director on the boards of amerix precious metals corporation and ouro roxo participacoes s.a., each of which are developing gold projects in brazil. mr. borges earned his undergraduate and post-graduation degrees in geology at the university of brasilia, as well as having an mba in mineral economics and mineral projects valuation from other institutions. gold hills/serra do ouro based on the results of the 43-101 exploration report and historical drill data from the area, the company believes gold hills could contain a few million ounces of gold of excellent grade that should be extracted at very viable costs as the main vein is located at an average depth of 30 to 50 meters from the surface. also, the report did not take into account any untested potential for parallel structures which can be interpreted from the airborne geophysics. further enhancing the economics of the project is the 10-year income tax holiday ardent expects to receive based on local incentives for investments in this semi-arid area of brazil. misty hills/serra do sereno on october 18, 2011, ardent mines closed on its acquisition of the mineral rights in a highly mineralized area of 9,000 hectares located in the carajas mineral province, state of para, with an option exercise payment of $350,000 to the cooperativa dos produtores de minerios de curionÓpolis (“coopemic”). the serra dos carajÁs mineral province is a distinct geologic dominium, well known worldwide for hosting brazil’s largest iron, copper and gold deposits. ardent mines property, named serra do sereno, or misty hills, was initially prospected by anglo american brasil ltda. which identified gold and copper trends. millions of tons of copper and millions of ounces of gold resources have been confirmed in areas which are in the same region as misty hills and new significant discoveries are still being made in the area. about ardent mines ardent mines has positioned itself to develop low cost gold mining operations in brazil, a mining friendly jurisdiction. ardent mines owns a 100% interest in gold hills mining ltda., which in turn owns mineral rights on 3,500 hectares, covering a highly-mineralized vein containing high grades of gold. ardent mines also owns the mineral rights on the serra do sereno (misty hills) property, located in carajas, brazil, one of the better known mining districts in the world. ardent mines is headquartered in new york, and has a field office in brasilia. the company has 16.3 million shares outstanding, and trades under the ticker symbol adnt. forward-looking statements this news release contains "forward-looking statements" as defined in the u.s. private securities litigation reform act of 1995. these statements are based upon our current expectations and speak only as of the date hereof. these forward-looking statements are based upon currently available competitive, financial, and economic data and management's views and assumptions regarding future events. such forward-looking statements are inherently uncertain. our actual results may vary materially from those expressed in any forward-looking statements as a result of various factors and uncertainties. ardent mines cannot provide assurances that any prospective matters described in the press release will be successfully completed or that ardent mines will realize the anticipated benefits of any transactions. various risk factors that may affect our business, results of operations and financial condition are detailed from time to time in the annual report on form 10-k and in the current reports on form 8-k and other filings made by ardent mines with the u.s. securities & exchange commission. ardent mines undertakes no obligation to update information contained in this release.
