DGAP-News: GRIT INTERNATIONAL BEGINS WORK ON CANADIAN MINING PROJECTS
(firmenpresse) - DGAP-News: GRIT International Inc. / Key word(s): Miscellaneous
GRIT INTERNATIONAL BEGINS WORK ON CANADIAN MINING PROJECTS
11.11.2010 / 14:58
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GRIT INTERNATIONAL BEGINS WORK ON CANADIAN MINING PROJECTS
SETS SCHEDULE TO BEGIN WORK IN TANZANIA
GRANDE PRAIRIE, AB, Thursday November 11th, 2010: GRIT International Inc.,
'GRIT' (FRANKFURT: 3GR1) is pleased to announce that GRIT's mining division
GRIT Minerals and joint venture partner BCT mining have begun work and
preparation on its Canadian mining properties. The project contains 12 hard
rock properties with 29 claims and 63 placer claims. The hardrock
properties cover over 4,200 hectares and the placer claims cover over 2,000
hectares.
BCT Mining has now received its first cash payment from GRIT International
and geologists are now preparing schedules for work to begin in the spring,
along with additional testing and the preparing of 43-101 compliant
documents. Results of the 43-101 compliant documents will be announced
soon, with data to be added to the website upon completion of work by GRIT
Minerals mining engineer Al Beaton and mining technician Greg McKee.
Overall, the total placer projects have the potential to produce
significant ounces of gold for many years. This package comprises one of
the largest and most diverse placer projects in British Columbia, Canada.
The famous Cariboo, Barkerville, Atlin, and Bridge River Goldfields are
part of this rich placer package. When total volume of mineable material
and conservative grade estimates are calculated, contained gold exceeds $3
billion.
The hardrock portion of the Canadian mining program is very comprehensive
and the expected lifespan of the program is for a minimum of 25 years of
production based on the sheer volume of material to process and gold to
extract. In total there are 29 hardrock claims to be accessed, studied and
put into production. Properties are located in the well-known Bralorne
section of British Columbia Canada, this is a large section well known to
mining companies world-wide. Both the placer and hardrock properties are
being worked simultaneously and GRIT is currently contracting additional
geologists to begin work on this 2000 hectare area. Pilot North and Mandy
24 are two of the largest claims GRIT is working on and results of
preliminary work should be available by February 2011 weather permitting.
Preliminary information indicates that these hardrock properties could
produce up to 2,000,000 ounces of gold over the next 10 years and will
continue to produce well into the future.
In addition to the above properties, the company is also focused on two of
its premier projects, 'Little Gem' and 'Jewel'. The project consists of
over 4,500 hectares, with 19 targets already selected and was optioned by
Gold Bridge mining another GRIT Minerals partner. This is a very
significant project and has the potential to produce 1,000,000 ounces of
gold or more which is very significant and quite exciting. In a technical
report written by geologist JT. Shearer, he stated the following:
'It is considered significant that the Little Gem and Jewel mineralization
occurs in theBralorne Gold Camp. There are numerous variations on the
gold-in-quartz vein model which was such a prolific producer of gold to the
southeast in the Bralorne-Pioneer veinsystems which produced in excess of
117,800 kilograms of Au ( 3.7 million ounces ) fromore with an average
grade of 9.3g/t.'
In October of 2007, Mr. Shearer collected underground samples of
mineralization that assayed up to 2.82 ounces of gold per ton. Out of 142
samples collected, only one sample assayed above trace values. Further
encouraging information was stated in a report from 1979 when airborne
geophysics, VLF-EM magnetics and soil geochemist test were completed found
the following:
'...are quite encouraging and show the Little Gem zone to extend to a much
greater length. This is a positive indication of the zones being
well-faulted or sheared.These areas are therefore much more amenable to
sulphide mineralization.' (DavidG. Mark, Geophysicist, for Major Resources
Ltd., Ass't Report 7704 on Roxey CreekProperty, Sept.10, 1979).
The 'Jewel' by contrast is located just 1.3 kilometers from the 'Little
Gem'. The average gold content of the ore is almost 2 ounces per tonne
across the width of the vein in a serpentine body. This information was
made available by the BC government and is based on work completed by
Goldbridge Mining. Additional testing and work is required, but based on
the above information, more than warranted.
COMPANY SETS SCHEDULE TO BEGIN EXPLORATIONIN TANZANIA
Tanzania represents a very exciting possibility for GRIT Minerals. For
years locals mined in Tanzania by hand with just a chisel. In the early
1990's it was thought that this area of Tanzania may contain maybe
1,000,000 ounces of gold. Twenty years later it appears as though there is
a minimum of 50,000,000 ounces in the ground in the Handeni area of
Tanzania. Locals would process the rock material in small ball mill type
crushers and then by gravity water sluice box and final hand panning
methods to recover the gold. They have reported recovering from 40 to 60
grams of gold per 25 kilogram bag of recovered rock (Approximately 40 bags
of recovered rock would equal a tonne). The company has no independent
verification of this grade or recovery, but other mining companies in this
part of Africa have had great success so GRIT Minerals plans to do
extensive exploration work in this area. The target property is a large 50
square kilometer area, very close to the successful Canaco Resources
property. The company expects to spend $1,000,000 testing, exploring and
completing 43-101 documents in order to put a work program together that
will deliver a successful result. The project has been put together by
executives at BCT mining. Tanzania is a major priority for the company and
GRIT Minerals expects to have a crew on the ground there by late February.
Allan J. Beaton from GRIT Minerals will be working closely with BCT mining
and engineers. Mr. Beaton P. Eng. is a senior Mining Engineer with 35 years
of professional mining experience in both large and small operations.
Allan became a member of the Association of Professional Engineers in 1975
after graduating from St. Francis Xavier University with degrees in Geology
and Engineering.
###
ABOUT GRIT INTERNATIONAL INC
GRIT International is a Canadian based company registered in the State of
Nevada, US; -Diversified Industrial Services Company, offering Support
Services, Utilities, Oil&Gas and Mineral holdings. The businesses that
make up GRIT INTL - Integrate amongst each other providing a present
revenue from the energy industry and also seeks out Environmentally
Sustainable solutions in nuclear energy, renewable resources in bio-waste
and other alternative fuels available at present time. GRIT foresees
expanding its divisions from an international to that of a Global services
provider.
Contact: GRIT International Inc.,
Investor Relations
Website: www.gritintl.com;
E-mail: grit-admin(at)gritintl.com
P : 780.513.1125
F : 780.814.5584
A : Suite 201, 9914 - 109th Avenue, Grande Prairie, AB, T8V 1R7
Investor Relations - German
Mr. James Stewart
P: +49 (0) 2161 49694870
E: jstewart(at)gritintl.com
Safe Harbor Statement; under the Private Securities Litigation Reform Act
of 1995: The statements contained herein which are not historical are
forward-looking statements that are subject to risks and uncertainties that
could cause actual results to differ materially from those expressed in the
forward- looking statements, including, but not limited to, certain delays
beyond the company's control with respect to market acceptance of new
technologies or products, delays in testing and evaluation of products, and
other risks detailed from time to time in the Company's filings with the
Securities and Exchange Commission.
End of Corporate News
11.11.2010 Dissemination of a Corporate News, transmitted by DGAP - a
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103149 11.11.2010
Datum: 11.11.2010 - 14:58 Uhr
Sprache: Deutsch
News-ID 32574
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