SAGUENAY, QUEBEC--(Marketwired - April 22, 2013) - The management of Arianne Phosphate ("Arianne" or the "Company") (News - Market indicators)(FRANKFURT:JE9N)(OTCBB:DRRSF) is pleased to announce that the National Instrument 43-101-compliant resource calculation for the Paul Zone is now filed on SEDAR (www.sedar.com). This technical report conducted by GoldMinds Geoservices Inc., in cooperation with Met-Chem Canada Inc., confirms that the Paul Zone contains more than 590 million metric tons (Mt) of measured and indicated resources. The Paul Zone is the main zone of the Lac à Paul phosphate mining project in the Saguenay-Lac-St-Jean region, Quebec, Canada.
The updated mineral resource estimate incorporates the results of 153 holes, totalling 39 371 metres, which were drilled from October 2008 to December 2012. This zone stays open to the west and more over 400 vertical metres depth. That is 2 700 metres long by approximately 250 metres wide.
The highlights are:
- The measured and indicated mineral resources (M+I) of the Paul Zone have more than tripled.
- The measured and indicated mineral resources (M+I) of the Paul Zone amount to 590.24 Mt at 7.13% P2O5.
- For this disclosure of resources, a cut-off grade of 4.0% P2O5, instead of 2.43% P2O5 in 2011, was used.
- This new cut-off grade was applied to show the robustness of the resource; the Feasibility Study underway will determine the exact cut-off grade.
- In comparison, if the cut-off grade used was 2.43% P2O5, as in calculation already established in the prefeasibility study, the resources in pit would be 668.38 Mt à 6,67% P2O5.
| |
| New mineral resources of Paul Zone |
| (comparison 2011 - 2013) |
| Resources |
November 2011
(cut-off grade: 2.43% P2O5) |
March 2013
(cut-off grade: 4.0% P2O5) |
In comparison: March 2013
(In pit resource)
(cut-off grade: 2.43% P2O5) |
| Tonnage (Mt) |
Grade P2O5(%) |
Tonnage (Mt) |
Grade P2O5(%) |
Tonnage (Mt) |
Grade P2O5(%) |
| Measured (M) |
22.10 |
6.82 |
336.76 |
7.22 |
382.69 |
6.77 |
| Indicated (I) |
161.80 |
7.10 |
253.48 |
7.02 |
285.69 |
6.53 |
| Total (M+I) |
183.90 |
7.07 |
590.24 |
7.13 |
668.38 |
6.67 |
| Inferred |
50.30 |
6.61 |
9.81 |
5.89 |
7.34 |
5.61 |
| Update of mineral resources effective: March 7, 2013. Mineral resources that are not mineral reserves have no demonstrated economic viability. |
Economic
It is important to note that the economic performance of the project, based on the Prefeasibility Study, have not been revaluated following the new resource estimate. The economy of the project will be reanalysed into the Feasibility Study that is currently being prepared.
Mineral reserves
The update of the Paul Zone's mineral resources does not affect current mineral reserves for the Manouane and Paul zones which are mentioned in the Updated Pre-Feasibility Study conducted by Met-Chem Canada Inc. in 2012. A new estimate of mineral reserves for the Paul Zone based on the new resource calculation will be established and integrated into the Feasibility Study that is currently being prepared by Cegertec WorleyParsons Inc.
Additional information
The complete technical report will be available as soon as possible on the Company's website www.arianne-inc.com.
Qualified persons
The independent qualified persons under NI 43-101, Claude Duplessis, Eng., of GoldMinds Geoservices Inc. and Mary-Jean Buchanan, Eng. M. Env., of Met-Chem Canada Inc. and Daniel Boulianne, P. Geo., Qualified Person for the Company as per NI 43-101, reviewed the technical content of this press release.
Arianne Phosphate (www.arianne-inc.com) owns and is developing the Lac a Paul phosphate-titanium deposit that produces a superior grade apatite concentrate grading close to 40% P2O5. The Company currently has 76 M shares issued.
Forward Looking Statements and Information
This press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities regulations in Canada and the United States (collectively, "forward-looking information"). The forward-looking information contained in this news release is made as of the date of this press release. Except as required under applicable securities legislation, the Company does not intend, and does not assume any obligation, to update this forward-looking information. Forward-looking information includes, but is not limited to, statements with respect to estimated mineral resources, anticipated effect of the completed drill results on the Project, timing of a feasibility study, and timing and expectations of future work programs. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects, "is expected", "budget", "scheduled", "estimates", forecasts", "intends", "anticipates", or "believes", or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved.
Cautionary note to USA readers
The SEC allows mining companies, in their filings with the SEC to disclose only those mineral deposits they can economically and legally extract or produce. Accordingly, information contained in this press release regarding our mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations of the Commission thereunder.
In particular, this press release uses the term "indicated" resources. U.S. readers are cautioned that while that term is recognized and required by Canadian regulations, the SEC does not recognize it. U.S. investors are cautioned not to assume that any part or all of mineral deposits in this category will ever be converted into mineral reserves.
This press release also uses the term "inferred" resources. U.S readers are cautioned that while this term is recognized and required by Canadian regulations, the SEC does not recognize it. "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. U.S. readers are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.
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