The Plymouth deposit is located within Buchans Minerals' 100% owned Woodstock Property which is subject to an agreement between Buchans Minerals and Minco plc ("Minco") whereby Minco have the option to earn up to a 50% interest in Buchans Mineral's wholly-owned subsidiary, Canadian Manganese Company Inc. ("CMC"), the registered owner of the property. 

The Technical Report was prepared for Buchans Minerals Corporation and Centrerock Mining Limited (a wholly-owned subsidiary of Minco) by Michael Cullen, P. Geo. and Andrew Hilchey, P.Geo. of Mercator Geological Services Limited of Dartmouth, Nova Scotia.The report was prepared in accordance with NI 43-101 Standards of Disclosure for Mineral Projects and conforms to the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. 

Minco & Buchans Joint Venture Agreement

Minco has the right to earn up to 50% interest in CMC, a wholly-owned subsidiary of Buchans Minerals that owns 100% of the Woodstock manganese property.  Minco has committed to earning a 10% interest in CMC by making phase one expenditures of $1.250 million to fund drilling and resource estimation of an Inferred resource at the Plymouth deposit as well as complete additional hydrometallurgical test work on the deposit to optimize the flowsheet to produce high-grade electrolytic manganese metal ("EMM").

Following this initial commitment, Minco will have 30 days to elect to continue with further expenditures of $750,000 over a period of six months (phase two expenditures) to complete a Preliminary Economic Assessment ("PEA") on the Plymouth deposit to earn a further 10% interest in CMC.  If Minco elects not to proceed with the second phase of expenditures, Buchans will have a 90-day option to buy back Minco's 10% interest in CMC for $1.250 million.  Buchans Minerals are now in the process of completing a full property assessment report that will complete the phase one program and trigger the 30 day election period.

Should Minco advance the project through a PEA, it will have an exclusive 3-month option to elect to earn a further 30% interest in CMC by completing an NI 43-101 compliant pre-feasibility report on the deposit within two years (budget to be determined at that time).  Buchans Minerals will be the operator for all work programs performed under the option agreement with Minco.

Qualified Person

Paul Moore, M.Sc., P.Geo., Buchans Minerals' Vice President of Exploration, a Qualified Person within the meaning of National Instrument 43-101 of the Canadian Securities Administrators, has reviewed the contents of this release for accuracy, and is responsible for technical content of this press release.

About Buchans Minerals

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