VanEck Vectors Global Alternative Energy ETF

Published : April 23rd, 2008

Continues to Expand the Lexington-Grenoble Deposit

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NEWS RELEASE 08-13

Merit Mining Continues to Expand the Lexington-Grenoble Deposit

 

April 23, 2008 – Vancouver, British Columbia. Merit Mining Corp. announces assay results from its fall 2007 diamond drilling program on the Lexington-Grenoble deposit located near Greenwood, BC. The Company completed a 3,282 metre, 19 hole surface drill program with the objective of extending the size of the Lexington-Grenoble deposit. The program successfully achieved this objective by intercepting multiple gold-copper intercepts at the edges of the deposit, which remains open for further expansion.

The highlights of the drill program are tabled below.

 

2007 Lexington-Grenoble Surface Drilling Highlights

Hole

From (m)

To (m)

Length (m)

Au (g/t)

Cu (%)

AuEQ (g/t)*

DHL07-01

151.44

152.82

1.38

3.59

1.12

6.91

DHL07-02

186.18

187.65

1.47

7.61

0.41

8.82

DHL07-03

155.50

159.80

4.30

7.36

0.49

8.81

DHL07-03

168.50

171.50

3.00

7.19

0.54

8.79

DHL07-04

24.50

25.50

1.00

7.54

0.16

8.01

DHL07-04

215.50

216.55

1.05

2.82

1.81

8.18

DHL07-05

24.90

26.00

1.10

6.90

0.06

7.08

DHL07-08

25.18

28.18

3.00

8.58

0.10

8.88

DHL07-12

88.87

90.21

1.34

3.27

1.21

6.86

DHL07-13

94.44

96.50

2.06

4.40

1.01

7.39

DHL07-14

84.00

86.00

2.00

8.62

0.51

10.13

DHL07-14

172.12

172.93

0.81

5.70

0.62

7.54

DHL07-18

26.85

27.75

0.90

4.00

0.74

6.19

DHL07-18

55.20

58.10

2.90

8.19

1.88

13.76

DHL07-19

47.00

48.67

1.67

3.85

1.73

8.98

DHL07-19

57.10

58.60

1.50

3.68

2.76

11.86

* AuEQ = gold equivalent grade (AuEQ) was calculated using a gold price of US$921/oz and copper price of US$3.98/lb., at April 22, 2008 to obtain a conversion factor of % copper x 2.963 + gold g/t = AuEQ g/t. Metallurgical recoveries and smelting/refining costs were not factored into the gold equivalent calculation.

 

Holes DHL07-01 through DHL07-10 focused on up dip and down dip extensions of the 535 metre long northeast dipping Lexington-Grenoble deposit and encountered mining widths and economic grades to expand the limits of the deposit. This program only tested a small portion of the remaining untested edges of the deposit. Approximately 35% of the up dip and 50% of the down dip edges of the deposit remain untested by drilling and are thus open to expansion.

 

The two intercepts in holes DHL07-05 and DHL07-08 represent a new near surface zone, which Company geologists are currently evaluating.

Holes DHL07-11 through DHL07-19 focused on two satellite bodies of mineralization located 100 to 200 metres north of the Lexington-Grenoble deposit and within the mine plan. Holes DHL07-12 and 13 successfully extended the known mineralization in the first body. DHL07-14 extended the known mineralization in the second body. New zones were encountered in DHL07-14, DHL07-18 and DHL07-19.  

 

The 2007 surface drill program was supervised by Mr. John Rus, P.Geo. and Henry Castillo, geologists for Merit Mining, and directed by Paul Cowley, P.Geo., Vice President Exploration and Qualified Person for the Company. The 2007 holes were generally 20 metre step-outs from known drillhole intercepts. Appropriate QA/QC protocols were followed. Standards and blanks were inserted into the sample sequence. The HQ drill core was cut in half and sent to Eco Tech Laboratory of Kamloops for fire assay, assay and ICP analyses.

Mining of a 10,000 tonne bulk sample from the Lexington-Grenoble deposit is nearly completed. This material is being processed through the Company’s newly constructed mill and tailings facility. The first shipment of gravity gold concentrate has been shipped to an off-site refiner.

Fred Sveinson, President and CEO of Merit states, “We are pleased with the success of the drill program in expanding the mineralized zones within our Lexington-Grenoble Mine. The exploration potential for further mine life extension, within and around the Lexington-Grenoble deposit, remains excellent.”

Merit Mining Corp.

Signed “Fred Sveinson

Fred Sveinson, President & CEO

 

For further information please contact:

Fred Sveinson at (604) 694-2344

For Investor Relations Information Contact:

MarketSmart Communications (604) 261-4466

(Toll Free 1-877-261-4466)

 

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

 

Paul Cowley, P.Geo., VP Exploration of Merit Mining Corp., is the Qualified Person as defined in National Instrument 43-101, who has reviewed and approved the technical content of this news release.

 

 The statements made in this News Release may contain certain forward-looking statements.  Actual events or results may differ from the Company’s expectations.  Certain risk factors may also affect the actual results achieved by the Company.

 

VanEck Vectors Global Alternative Energy ETF

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ISIN : CA 58988R1047
CUSIP : 58988R104
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Huakan International is a nickel and zinc producing company based in Canada.

Huakan International produces nickel, zinc, gold in Canada, develops copper, gold, lead, silver and zinc in Canada, and holds various exploration projects in Canada.

Its main asset in production is BOUNDARY - CARAMELIA in Canada, its main assets in development are J & L - YELLOW JACKET, GREENWOOD - LONE STAR, GREENWOOD - LEXINGTON GRENOBLE, J & L and GREENWOOD - GOLDEN CROWN in Canada and its main exploration properties are WELBAR, BOUNDARY - MIDWAY, BOUNDARY - OLD NICK, PROMISE and MYRTLE-PROSERPINE in Canada.

Huakan International is listed in Canada. Its market capitalisation is 34.6 millions as of today (US$ 35.5 millions, € 25.7 millions).

Its stock quote reached its lowest recent point on September 18, 2009 at 0.01, and its highest recent level on May 21, 2010 at 1.65.

Huakan International has 47 442 200 shares outstanding.

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