Magellan Expands Coringa Resource by 108% in the Measured and Indicated Category and 444% in the Inferred Category
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/22/12 -- Magellan Minerals Ltd. (TSX VENTURE: MNM)(OTCQX: MAGNF) ("Magellan") is pleased to announce a National Instrument 43-101 compliant updated resource estimate for the Coringa Project, Para State, Brazil, which has been completed by independent consultants, Global Resource Engineering (GRE) Ltd.
Highlights include:-
The total resource at Coringa has increased by 108% in the Measured and Indicated category representing 561,000 oz gold (3.17Mt (at) 5.50 g/t gold) and 444% in the Inferred category representing 534,000 oz gold (5.51Mt (at) 3.02 g/t gold) at a 1g/t cut-off. Five main zones now form the basis of the resources at Coringa which were calculated based on 157 drill holes, totaling 23,836 meters.
Magellan's President and CEO, Alan Carter stated, "We are delighted with the updated resource estimate for Coringa which is a vindication of our efforts thus far. All of the mineralized zones remain open at depth and along strike, and the recent identification of large gold-in-soil anomalies which are untested, suggest that Coringa has the potential to expand significantly beyond the current estimate."
Tables 1 and 2 show the resources calculated for each zone and category at Coringa using 1g/t and 2g/t gold cut-offs respectively.
Magellan plans to update the preliminary economic assessment at Coringa which was released in May 2010 (see press release ) that returned a 34% Internal Rate of Return based on a 400tpd underground mine and a gold price of $950/oz.
Structural models for each of the mineralized gold veins or shear zones were created for each resource area. Gold grades were confined to the mineralized zones and estimated using the inverse distance squared method capped at 50 g/t gold.
The Coringa mineral resource estimate was prepared under the supervision of Mr. Kevin J. Gunesch a registered Professional Engineer in the state of Alabama (27448) and Principal Mining Engineer of Global Resource Engineering Ltd. (GRE). Donald Hulse, associate of GRE, a registered Professional Engineer in the state of Colorado (35269), and Principal Mining Engineer for Gustavson and Associates participated in the Coringa NI 43-101 report preparation. The mineral resource estimate was prepared under Canadian Institute of Mining Metallurgy and Petroleum (CIM) Definition Standards (2010) and CIM Best Practice Guidelines for preparing mineral resources and mineral reserves. Mr. Gunesch is an "independent" and "qualified person" as such terms are defined in NI 43-101.
The complete NI 43-101 report on the Coringa project will be filed on SEDAR within the next 45 days.
Magellan Minerals (TSX VENTURE: MNM) is a TSX Venture Exchange listed exploration and development company with a number of gold properties in the Tapajos Province of northern Brazil and is focused on the Cuiu Cuiu and Coringa projects.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
News Release #2012-8
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Magellan Minerals Ltd.
Alan Carter
President and CEO
604.676.5663
Magellan Minerals Ltd.
Jennifer Duthie
Corporate Communications Manager
778.370.0519
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Datum: 22.03.2012 - 10:30 Uhr
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News-ID 127377
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