QUÉBEC, July 7, 2011 /CNW Telbec/ - Conway Resources Inc. ("Conway" or the "Corporation") (TSXV: CWY) is pleased to provide an update on work underway at the Belleterre Mine. Over the past few months, the Corporation has continued building the Belleterre Mine surface installations in preparation for dewatering of Shaft #1. The status of work is as follows:
Holding ponds:
- 80% of the site has been cleared;
- Tree trunk removal will begin in the second week of July;
- The surveyors will mark off the pond boundaries in July.
Shaft #1 access road:
- Gravel has been laid on 75% of the road to Shaft #1;
- The entrance to the mine has been cleaned and is ready to receive the gatehouse, which will be installed in early September 2011.
Laurent Beaudoin, President and Chief Executive Officer of Conway, said that: "We have been very busy this summer. We are making good progress on the preparations for dewatering of Shaft #1, and the exploration programs on the Belleterre Mine and LITCO-1 properties are going well, with results expected in the coming weeks."
Conway is also pleased to announce that 5,085,870 common shares of the Corporation were issued to the old shareholders of Belleterre Mining Resources Inc. ("BMR") on June 30, 2011, in accordance with the agreement dated April 1, 2010, for the acquisition of BMR and its key asset, the Belleterre Mine.
About Conway Resources Inc.
Conway is a mining exploration corporation that owns four gold properties and one rare metals property in Quebec. Its main asset is the Belleterre Mine property. The property is the site of the old Belleterre mine, which produced over 800,000 ounces of gold between 1936 and 1959. A total of 2.18 million tonnes of ore at an average grade of 10.73 g/t Au were extracted from the mine, primarily from vein 12 (95% of production). Earlier reports indicate the presence of at least 21 veins on the property.
More information can be found on Conway's website at www.ressources-conway.com.
Forward-Looking Statements
This press release contains certain forward-looking statements that might involve uncertainty, time frames, and/or known and unknown risks beyond the Corporation's control. The Corporation's actual results, performance and achievements may differ materially from the results, performance and achievements implied by such forward-looking statements.
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