White Tiger Gold More than Doubles Mineral Reserves and Mineral Resources on the Ildikan Property, Savkino Gold Mine
(firmenpresse) - TORTOLA, BRITISH VIRGIN ISLANDS -- (Marketwire) -- 01/04/12 -- White Tiger Gold Ltd. (TSX: WTG) ("White Tiger Gold" or the "Company") announces the completion of an updated NI 43-101 technical report titled "Mineral Reserve and Resource Estimates of the Savkino Deposit, Zabaikalsky Territory, Russian Federation" (the "2011 Technical Report") for the Savkino Gold Mine (Ildikan Property) in Siberia, Russia. The 2011 Technical Report estimates that Ildikan Property contains Proven and Probable reserves of approximately 13.6 million tonnes grading at 1.05 g/t, containing 439,000 ounces of gold, which is a 287% increase in reserve ounces from the estimate contained in the previous technical report. The 2011 Technical Report was prepared by JSC TOMS Engineering ("TOMS"), CSA Global Pty Ltd. dated Dec.13, 2011, as an integral part of the Company's evaluation of the development and extended exploration of the Ildikan Property. The 2011 Technical Report incorporates drill results from the 41,644 metres of core drilling completed in June 2011. The 2011 Technical Report will be filed on SEDAR within 45 days. The updated resource and reserve estimates are set out in the tables below. This 2011 Technical Report updates the technical report titled "Savkino Gold Project, Chita Region Russian Federation, Mineral Resources and Reserves" dated November 22, 2010 by Micon International Co Limited ("Micon") on the Savkino Gold Mine.
Highlights:
Savkino Mineral Resources were classified following CIM guidelines on the basis of the density of drill hole data using a cut-off grade of 0.5 g/t Au and are provided in Table 1. The Mineral Resources below were estimated by TOMS as of December 1, 2011 and by Micon as of September 1, 2010.
The mineral reserves below (Table 2) were estimated by TOMS as of December 1, 2011 using a cut off grade of 0.5g/t Au and by Micon as of September 1, 2010 using a cut-off grade of 0.7g/t Au
Central Zone: waste - 17034.7 m3x1000, strip ratio - 5.4 t/t. South-West Zone: waste - 11542.8 m3x1000, strip ratio - 4.4 t/t. Mineral reserves were estimated in compliance with CIM. Proven reserves were computed from measured resources that fall within the pit contour suggested by TOMS. Probable reserves were derived from indicated mineral resources within the same contour.
"Our comprehensive exploration program has resulted in a substantial increase in gold contained in reserves and resources on the Ildikan property and positively impacts the Savkino gold deposit operations going forward," said Daniel Major, CEO of White Tiger Gold. "The increase in reserve tonnage expands the potential of the deposit and fully supports our planned expansion of the open-pit. We expect this increase in gold throughput will have a significant positive impact on the project's economics."
The mineral reserves in the 2011 Technical Report were estimated in accordance with the definitions contained in the CIM definitions and standards adopted on November 27, 2010. The effective date of the mineral reserve estimate is December 1, 2011 which is also the cut-off date for data on which the estimate is based.
An economic cut-off grade of 0.5 g/t Au was used in calculating the Mineral Reserves. Measured and Indicated Resources include Proven and Probable Reserves. The long term metal price used was US$1500 per ounce for gold. The estimated Mineral Reserves include intrinsic planned dilution and mining losses.
Numbers have been rounded in all categories to reflect the precision of the estimates. The mineral reserves were estimated from the life-of-mine plan, which defined sustaining capital requirements and mine operating costs, to demonstrate that the these reserves can be economically extracted and processed. Mining losses and dilution were determined based on experience of the operating environment and the specific mining technique and equipment limitations for each area of the mine.
Contained metal in estimated reserves remains subject to metallurgical recovery losses. The resource and reserve estimates reflect the drilling completed at the Savkino Gold Mine as of June 20, 2011.
TOMS believes that no environmental, permitting, legal, title, taxation, socio-economic, marketing or political issues exist that would adversely affect the audited mineral resource and reserve estimates at the Savkino Project. Ildikangold retained TOMS to independently audit the reserves and resources for the Savkino mine. The Qualified Persons for TOMS are Dmitry A. Pertel. MSc, AIG, GAA and Alexander O. Sobolev, Ph.D, MAIG. TOMS Qualified Persons have verified the data in respect of the Savkino gold mine contained in this press release.
The Savkino Gold Mine Overview:
Mine Location
The Savkino heap leach oxide gold mine is located in the Zabaikal Region of southeast Siberia in the Russian Federation. The mine is situated approximately 400 km east of Chita, and 15 km west of the north border of China. Access to the mine is by way of the Chita-Khabarovsk federal highway to Priargunsk and then serviced by all-weather gravel road to the mine site.
Property
The Exploration and Mining licence on the Ildikan Property which includes the Savkino gold mine was issued by the Federal Ministry of Natural Resources to Ildikangold on 11th July 2006 and expires on 15th June 2031. The total area of the Savkino licence block, including the "Ildikan mineralisation area" is 37 km2. The Savkino mine covers a surface area of 3.1 km2.
Savkino Production Details
The 2011 Technical Report states that the open-pit operations on the Savkino deposit are economically feasible. TOMS has developed optimized pit contours at the Central and South-West Sites and proposed an ore production schedule based on proven and probable gold reserves above the 0.5 g/t cut-off, with gold price estimated at US$1500 per ounce. At the planned level of output, the resulting mineral reserves will be able to sustain production until 2019.
Scientific and technical information in this press release, has been approved by Dr. Alexander Sobolev, head of the Department of Due Diligence and Consulting, TOMS Engineering, member of Australian Institute of Geoscientists, by reason of education, experience and professional registration, fulfils the requirements of an independent Qualified Person (QP) as defined in NI 43-101.
About White Tiger Gold
White Tiger Gold is a gold mining and exploration company with its assets based in eastern Russia. The common shares of White Tiger Gold are listed and posted for trading on the Toronto Stock Exchange (TSX) under the symbol "WTG".
Forward-Looking Statement
This news release contains forward looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws including with respect to the impact of the new resource and reserve estimate on the Savkino Gold Deposit's economics, expansion at the Savkino Mine, the planned increase production threat and the timing thereof, the drilling program on the Ildikan Property, the economic feasibility of the open-pit operations on the Savkino deposit, the planned level of output and the sustainability of production. Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology are used to identify forward-looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by the management of White Tiger Gold in light of their experience, current conditions and their expectations of future developments as well as other factors which they believe to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements and information. Risks and uncertainties that may cause actual results to vary include but are not limited to: uncertainties relating to the interpretation of the geology, continuity, grade and size of estimates; unanticipated operational or technical difficulties; changes in the availability of qualified personnel; changes in equity and debt markets; fluctuations in gold and other commodity prices; as well as other risks and uncertainties which are more fully described in White Tiger Gold's Annual Information Form dated March 30, 2011 and its annual and quarterly Management's Discussion and Analysis and in other filings made by White Tiger Gold with Canadian securities regulatory authorities and available at .
Any forward-looking statement and information speaks only as of the date on which it is made and, except as may be required by applicable laws, White Tiger Gold disclaims any intent or obligation to update any forward-looking statement and information, whether as a result of new information, future events or results or otherwise. Although White Tiger Gold believes that the assumptions inherent in the forward-looking statements and information are reasonable, forward-looking statements and information are not guarantees of future performance and accordingly undue reliance should not be put on such statements or information due to the inherent uncertainty therein.
Contacts:
White Tiger Gold Ltd.
Daniel Major
Chief Executive Officer
White Tiger Gold Ltd.
Joanna Longo
Investor Relations
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Datum: 04.01.2012 - 12:00 Uhr
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News-ID 100876
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