DGAP-News: Excelsior Mining Corp. Reports Indicated Resource of 3.2 Billion Pounds Oxide Copper at North Star
(firmenpresse) - DGAP-News: Excelsior Mining Corp. / Key word(s): Miscellaneous
Excelsior Mining Corp. Reports Indicated Resource of 3.2 Billion
Pounds Oxide Copper at North Star
19.07.2011 / 15:35
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Excelsior Mining Corp. (TSX-V: MIN) (Frankfurt:3XS) (OTCQX: EXMGF)
('Excelsior') is pleased to announce a significant increase to the mineral
resource estimate at the North Star Deposit. The oxide copper (Cu) mineral
resource has increased from 2.86 billion pounds of Cu (404 million tons at
0.35% Cu) in the inferred category to an indicated copper resource of 3.21
billion pounds and an additional inferred resource of 0.88 billion pounds
Cu (refer to table below for tonnage and grade details). The North Star
Deposit is part of the Gunnison Copper Property located within the copper
porphyry belt in southern Arizona.
The South Star Deposit was not drilled this year and remains unchanged with
an inferred resource of 0.38 billion pounds of oxide Cu (62 million tons at
0.30% Cu at a cut-off of 0.1% Cu - see news release dated November 2,
2010).
'We are extremely excited about our updated resource as we not only moved
the majority of the oxide resource from the inferred to the indicated
category, but we also significantly increased the global resource,' says
Stephen Twyerould, President and CEO of Excelsior. 'As our plan is to mine
Gunnison using in-situ recovery mining techniques, our focus is the oxide
component of the property, although the mixed and sulphide components have
also significantly increased. This upgraded resource represents the first
of several milestones that Excelsior aims to achieve over the coming
months.'
NORTH STAR RESOURCE (OXIDE ONLY AT 0.1% CUT-OFF)
Category Short Tons Total Copper Tons of Cu Pounds of Cu
(million) (%) (million) (billion)
Indicated 511 0.31 1.60 3.21
Inferred 159 0.28 0.44 0.88
NORTH STAR RESOURCE (OXIDE ONLY AT 0.3% CUT-OFF)
Category Short Tons Total Copper Tons of Cu Pounds of Cu
(million) (%) (million) (billion)
Indicated 237 0.44 1.05 2.10
Inferred 50 0.47 0.24 0.47
NORTH STAR RESOURCE (OXIDE, MIXED&SULPHIDE)
Category Short Tons Total Copper Tons of Cu Pounds of Cu
(million) (%) (million) (billion)
Indicated 554 0.32 1.76 3.52
Inferred 200 0.30 0.61 1.22
Note: 0.1% cut-off for Oxide component and 0.3% cut-off for Mixed and
Sulphide components
Resource Estimate Details
The mineral resource estimate for the North Star Deposit is based on
results from 109 drill holes totalling 141,252 feet (ft) and is effective
as of June 20th, 2011. Mr. Herb Welhener, (MMSA-QP) with the independent
firm, Independent Mining Consultant of Tucson, Arizona is a Qualified
Person as defined by NI 43-101 and is responsible for this mineral resource
estimate. He has verified, reviewed and approved the technical disclosure
contained in this news release and underlying sampling, analytical and test
data. The estimate is classified as an indicated or inferred mineral
resource, consistent with the CIM definitions referred to in NI 43-101.
This NI 43-101 compliant estimate will be filed in a Technical Report on
SEDAR within 45 days of this news release. Excelsior is not aware of any
environmental, permitting, legal, title, taxation, socio-political,
marketing or other issues which may materially affect its estimate of
mineral resources.
The mineral resource estimate is contained within a block model of the
North Star deposit covering a surface area of 3.30 square miles and to a
maximum depth of 2,575 feet below the topographic surface. The major
geologic formations and oxidization types are incorporated into the block
model based on the drill hole intercept data. The copper grades are
estimated using an ordinary kriging estimation technique from 25 ft drill
hole composite data. The grade estimate uses a 700 ft circular by 50 ft
search distance dipping 30 degrees east to parallel the general dip of the
sedimentary units. The 700 ft distance is 70% of the variogram range and
the indicated category requires three or more holes within the search
distance. All other blocks which received a grade estimate are classified
as inferred. No copper grades are estimated in to the overburden or the
non-sedimentary rock units.
All samples are prepared from manually split half-core sections on site in
Arizona. Split drill core samples are then sent to Skyline Assayers&Laboratories in Tucson, Arizona for Total Copper and Sequential Copper
analyses. Standards, blanks, and duplicate assays are included at regular
intervals in each sample batch submitted from the field as part of an
ongoing Quality Assurance/Quality Control Program.
About Excelsior
Excelsior is an exploration and development company with a copper project
located within the copper porphyry belt of Arizona. The Gunnison Copper
Project is located close to the required infrastructure and with its
in-situ recovery potential, is intended for near-term production. The
Excelsior team consists of experienced professionals with proven track
records of advancing projects towards production.
Further details about Excelsior can be found at:
http://www.excelsiormining.com
ON BEHALF OF THE EXCELSIOR BOARD
'Stephen Twyerould'
President&CEO
Excelsior Mining Corp. - Vancouver
T: +1 604-681-8030
F: +1 604-681-8039
E: info(at)excelsiormining.com
www.excelsiormining.com
Cautionary Note Regarding Forward-Looking Information
Information set forth in this news release may involve forward-looking
statements under applicable securities laws. Forward-looking statements are
statements that relate to future, not past, events. In this context,
forward-looking statements often address expected future business and
financial performance, and often contain words such as 'anticipate',
'believe', 'plan', 'estimate', 'expect', and 'intend', statements that an
action or event 'may', 'might', 'could', 'should', or 'will' be taken or
occur, or other similar expressions. All statements, other than statements
of historical fact, included herein including, without limitation;
statements about future exploration on and the development of the Gunnison
Project and the ability to mine Gunnison using in-situ recovery mining
techniques are forward-looking statements. By their nature, forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause our actual results, performance or achievements, or other
future events, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. Such factors include, among others, the following risks: the
need for additional financing; operational risks associated with mineral
exploration; fluctuations in commodity prices; title matters; environmental
liability claims and insurance; reliance on key personnel; the potential
for conflicts of interest among certain officers, directors or promoters
with certain other projects; the absence of dividends; competition;
dilution; the volatility of our common share price and volume and the
additional risks identified the management discussion and analysis section
of our interim and most recent annual financial statement or other reports
and filings with the TSX Venture Exchange and applicable Canadian
securities regulations. Forward-looking statements are made based on
management's beliefs, estimates and opinions on the date that statements
are made and Alderon undertakes no obligation to update forward-looking
statements if these beliefs, estimates and opinions or other circumstances
should change, except as required by applicable securities laws. Investors
are cautioned against attributing undue certainty to forward-looking
statements.
Cautionary Note Concerning Reserve and Resource Estimates
This press release uses the terms 'reserves', 'resources', 'proven
reserves', 'probable reserves', 'measured resources', 'indicated resources'
and 'inferred resources'. United States investors are advised that, while
such terms are recognized and required by Canadian securities laws, the
United States Securities and Exchange Commission (the 'SEC') does not
recognize them. Under United States standards, mineralization may not be
classified as a 'reserve' unless the determination has been made that the
mineralization could be economically and legally produced or extracted at
the time the reserve determination is made. Mineral resources that are not
mineral reserves do not have demonstrated economic viability. United States
investors are cautioned not to assume that all or any part of measured or
indicated resources will ever be converted into reserves. Inferred
Resources are in addition to Measured and Indicated Resources. Further,
inferred resources have a great amount of uncertainty as to their existence
and as to whether they can be mined legally or economically. It cannot be
assumed that all or any part of the inferred resources will ever be
upgraded to a higher category. Therefore, United States investors are also
cautioned not to assume that all or any part of the inferred resources
exist, or that they can be mined legally or economically. Disclosure of
'contained ounces' is permitted disclosure under Canadian regulations,
however, the SEC normally only permits issuers to report 'resources' as in
place tonnage and grade without reference to unit measures. Accordingly,
information concerning descriptions of mineralization and resources
contained in this release may not be comparable to information made public
by United States companies subject to the reporting and disclosure
requirements of the SEC.
National Instrument 43-101 Standards of Disclosure for Mineral Projects
('NI 43 101') is a rule developed by the Canadian Securities
Administrators, which established standards for all public disclosure an
issuer makes of scientific and technical information concerning mineral
projects. Unless otherwise indicated, all reserve and resource estimates
referred to in this press release or released by the Company in the future
have been or will be prepared in accordance with NI 43-101 and the Canadian
Institute of Mining, Metallurgy and Petroleum Classification System. The
requirements of NI 43 101 are not the same as those of the SEC and any
reserves reported by the Company in compliance with NI 43 101 may not
qualify as reserves under the SEC's standards.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release, and no
securities regulatory authority has either approved or disapproved of the
contents of this release.
End of Corporate News
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132506 19.07.2011
Datum: 19.07.2011 - 15:35 Uhr
Sprache: Deutsch
News-ID 34643
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