| Trading Symbol: TSXV: BMC |
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| Shares Outstanding: 150,898,545 |
WINDSOR, NS, May 4 /CNW/ - Buchans Minerals Corporation (TSXV: BMC) ("Buchans Minerals" or the "Company") is pleased to announce that SGS Canada Inc. (SGS), have completed phase one of the metallurgical flotation test program for its Lundberg project located at Buchans, Newfoundland. The program consisted of thirty two (32) flotation scoping tests and three (3) locked cycle flotation tests on a variety of samples from the deposit.
Based on the SGS metallurgical test results, Wardrop Engineering, A Tetra Tech Company (Wardrop), will use the following concentrate grades and metal recoveries in the National Instrument 43-101 compliant Preliminary Economic Assessment (PEA) they are currently completing on the Lundberg project;
| Copper: |
24.1% concentrate grade 89.3% recovery |
| Lead: |
73.9% concentrate grade 78.7% recovery |
| Zinc: |
53.0% concentrate grade 66.2% recovery |
| Silver in Lead concentrate: |
27.8% recovery at a grade of 360 g/t |
| Silver in Copper concentrate: |
10.5% recovery at a grade of 37.8 g/t |
Warren MacLeod, President and CEO of Buchans Minerals stated that "We are very pleased with the results of the initial Lundberg test program as they demonstrate that saleable concentrate grades are readily obtainable at excellent recovery levels. With the completion of these tests and the open pit mine plan we look forward to the completion of the PEA on Lundberg in the near future."
Qualified Person:
Daniel Coley, MBA, B.Sc., P.Eng., Senior Process Engineer with Wardrop, is a Qualified Person as defined by NI 43-101 and has reviewed and approved the results of the metallurgical test work conducted by SGS Canada for Buchans Minerals Corporation regarding the Lundberg deposit.
About Buchans Minerals:
Buchans Minerals is an Atlantic Canada based resource company that is primarily focused on exploring and developing mineral properties in New Brunswick and the historic Buchans mining camp in central Newfoundland, Canada.
Forward Looking Statements:
Certain information contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although the Company believes the expectations reflected in such forward-looking statements are reasonable, they can give no assurance that such expectations will prove to have been correct. The Company cautions that actual performance will be affected by a number of factors, many of which are beyond their control, and that future events and results may vary substantially from what the Company currently foresees. The Company's forward looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date and the Company does not assume the obligation to revise or update these forward-looking statements, except as may be required under applicable securities laws.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
