VANCOUVER, BC -- (Marketwire) -- 11/12/08 -- SACRE-COEUR MINERALS, LTD. (the "Company")
(TSX-V: SCM)
(FRANKFURT: S5N) today announced a strategic restructuring of its
exploration programs in Guyana to prioritize development of its advancing
Million Mountain Project, as well as a series of steps to conserve cash.
Exploration will continue on a more limited basis on other priority targets
within its portfolio in Guyana. The restructuring reflects management's
assessment of the optimal strategy for increasing shareholder value in the
present difficult world economic environment, based upon information
developed in its Guyana exploration program over the past three years.
In September, 2008, the Company released its NI 43-101 compliant interim
resource estimate of 451,397 measured and indicated tr oz Au contained in
Zone 1 near surface at its Million Mountain Project in Guyana. In the same
release, the Company also announced identification of seven additional
highly prospective mineralized zones in close proximity, along a trend with
the original Zone 1 discovery. These seven additional zones of anomalous
gold cover a surface area in aggregate more than 20 times the mineralized
target area defined by Zone 1. Together, these eight zones comprise a
mineralized target with world class potential. In addition to its
potential to host a commercial deposit of significant size, the project
exhibits relative ease of access from the capital city of Georgetown, has a
large and well developed permanent work camp, has a minimum of
environmental complexities, and is the subject of a large body of technical
data which the Company has now developed. As such, the Million Mountain
Project is considered by management to be the Company's highest priority
for immediate development and the focus for its expenditures in the next
year.
Given the very difficult state of the world economy, and of the junior
resource equity market in particular, the Company's management and Board
have revised its strategy to maximize opportunities for near term success
while conserving cash through the expected period of downturn. In addition
to prioritizing development of the Million Mountain Project, the Company is
suspending grassroots exploration and target generative programs elsewhere
in its portfolio. This strategic shift will permit the Company to reduce
its exploration staff in Guyana by some 194 persons to 27 % of past level.
The reduction in staff will include not only local support workers but
expatriate geologists as well, which will be reduced 64% from 14 to 5
effective January 1, 2009. Field work will be consolidated out of the
Company's main Lower Puruni District Camp, located at the Million Mountain
Project, to further reduce operating costs.
