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CALGARY,
ALBERTA--(Marketwire - Nov. 29, 2007) - Tyler Resources Inc. (TSX
VENTURE:TYS) ("Tyler" or the "Company") today
announced assay results from seven additional drill holes at the Main
Zone of its 100% owned Bahuerachi project in Mexico. Tyler also responded
to unfounded claims made by Mercator Minerals Ltd. In its press release dated
November 27th regarding Mercator's unsolicited offer for Tyler.
"This latest series of positive drill results supports the Tyler
Board of Directors' belief that the Bahuerachi project is a significant
asset with further upside potential and highlights the opportunistic
nature of Mercator's hostile attempt to acquire control of Tyler. This
is one of the reasons for the Board's recommendation to reject the
Mercator offer," said Jean-Pierre Jutras, Director, President and
CEO of Tyler.
"We are moving aggressively towards an updated resource estimate
and a pre-feasibility study for the project, both of which are expected
in the first half of 2008. Based on positive ongoing information from
our drilling programs, we are optimistic that the project's resource
base and ultimate project size will increase as the Company continues
to reach, and complete critical milestones. Positive work from our
ongoing work at Bahuerachi, such as today's drill results clearly
demonstrate why we believe that the Mercator hostile offer undervalues
this Company and its growing asset base at Bahuerachi."
New Step Out Holes Expand Bahuerachi Deposit to the West
The seven new drill holes, significant results of which are tabulated
in this release, are from Tyler's ongoing drilling program at
Bahuerachi. All holes completed to depth successfully met the objective
of extending mineralization to the west in the northern half of the
deposit, and targeting a potentially significant increase in the
ultimate tonnage of the Main Zone in the upcoming resource estimate to
be completed in January 2008. Based on engineering work completed to
date as part of the scoping study, an increase in the overall width of the
Main Zone Deposit can be expected to allow a wider, deeper pit to be
designed for the pre-feasibility study, allowing access to a greater
portion of the existing resource base and positively impacting the
scale of the Bahuerachi Project going forward.
The seven drill holes reported here have been successful in extending
the known mineralization of the Main Zone deposit to the west over a
strike length of approximately 800 meters, and adding 120 to 275 meters
of new width to the known mineralization westwards (in some cases
doubling the previous deposit widths as modeled in May 2007). While
Tyler initially believed that mineralization to the west in this part
of the deposit was cut off by a fault, the results of drilling to date
demonstrate that a full suite of mineralized porphyry, skarn, marble
and sediments is present, as was found in the southern half of the
deposit. All sections remain open to the west for further expansion,
and drilling will continue to test this potential until year-end for
the new resource modeling scheduled to start on or about December 15,
2007.
Significant results for these drill holes are presented in the
following table and discussed below. Drill hole collar locations are
shown on the attached drill plan map: http://www.ccnmatthews.com/docs/1129TYS_map.pdf.
Significant Intervals, Main Zone --------------------------------------------------------- ��������� From������ To� Interval� Copper�� Gold� Silver Hole #����� (m)����� (m)������ (m)���� (%)� (g/t)�� (g/t) --------------------------------------------------------- DDH 124� 108.4� 176.1(1)� 39.05(1)�� 0.57�� 0.16�� 14.86 --------------------------------------------------------- and���� 227.8��� 275.3�� 40.80(2)�� 0.56�� 0.05��� 5.06 --------------------------------------------------------- within� 108.4����� 293� 127.65(3)�� 0.46�� 0.07��� 7.35 --------------------------------------------------------- --------------------------------------------------------- DDH 125 --------------------------------------------------------- --------------------------------------------------------- DDH 126� 46.95������ 54����� 7.05��� 0.26�� 0.39��� 9.94 --------------------------------------------------------- and������ 257��� 383.3� 126.03(4)�� 0.30�� 0.02��� 2.43 --------------------------------------------------------- --------------------------------------------------------- DDH 127��� 138��� 178.5 �����40.5��� 0.17�� 0.02��� 6.37 --------------------------------------------------------- and������ 299����� 345��� 23.5(5)�� 0.71�� 0.05��� 7.60 --------------------------------------------------------- within��� 200��� 435.8� 130.90(6)�� 0.29�� 0.03� ��5.99 --------------------------------------------------------- --------------------------------------------------------- DDH 128��� 332�� 341.85����� 9.85��� 0.26�� 0.17�� 61.01 --------------------------------------------------------- and������ 415�� ���448�� 25.45(7)�� 0.56�� 0.11��� 8.88 --------------------------------------------------------- within��� 332�� 460.35� 107.17(8)�� 0.26�� 0.07�� 11.48 --------------------------------------------------------- --------------------------------------------------------- DDH 129� 119.6����� 126������ 6.4��� 0.45�� 0.06��� 6.34 --------------------------------------------------------- and --------------------------------------------------------- DDH 129��� 137��� 152.1����� 15.1��� 0.26�� 0.03���� 4.6 --------------------------------------------------------- --------------------------------------------------------- DDH 130��� 127����� 139������� 12��� 0.14�� 0.01�� 14.78 --------------------------------------------------------- and������ 219��� 496.5 �133.90(9)�� 0.30�� 0.01��� 3.45 --------------------------------------------------------- --------------------------------------------------------- ---------------------------------------------------------------------------- ��������� From������ To� Interval��� Moly�� Zinc Hole #����� (m)����� (m)������ (m)���� (%)��� (%) Rock Type ---------------------------------------------------------------------------- DDH 124� 108.4� 176.1(1)� 39.05(1)� 0.008�� 0.27� Marble/skarn ---------------------------------------------------------------------------- and���� 227.8��� 275.3�� 40.80(2)� 0.007� Trace� Porphyry ---------------------------------------------------------------------------- within� 108.4����� 293� 127.65(3)� 0.008��� 0.1� Marble/skarn/porphyry ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- DDH 125������������������������������������������ DDH 125 was a 600 meter �������������������������������� �����������������step back targeting deep ������������������������������������������������� skarn. It was ended in ������������������������������������������������� favourable marble ������������������������������������������������� stratigraphy due to �� �����������������������������������������������difficult ground ������������������������������������������������� conditions, before ������������������������������������������������� reaching target depth. ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- DDH 126� 46.95������ 54����� 7.05�� Trace� Trace� Skarn ---------------------------------------------------------------------------- and������ 257��� 383.3� 126.03(4)� 0.015� Trace� Sediments/Porphyry ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- DDH 127��� 138��� 178.5����� 40.5�� 0.002�� 0.31� Marble/Sediments ---------------------------------------------------------------------------- and������ 299����� 345��� 23.5(5)� 0.005�� 0.24� Marble/Skarn ---------------------------------------------------------------------------- within��� 200��� 435.8� 130.90(6)� 0.007� 0.118� Marble/Skarn/Sediments ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- DDH 128��� 332�� 341.85����� 9.85�� 0.002�� 8.22� Skarn ---------------------------------------------------------------------------- and������ 415����� 448�� 25.45(7)� 0.002�� 0.34� Marble/Skarn ---------------------------------------------------------------------------- within��� 332�� 460.35� 107.17(8)� 0.003�� 1.04� Marble/Skarn/Sediments ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- DDH 129� 119.6����� 126������ 6.4�� 0.005�� 0.48� Marble ---------------------------------------------------------------------------- and ---------------------------------------------------------------------------- DDH 129��� 137��� 152.1����� 15.1�� Trace� Trace� Marble. Drill hole was not ��������������� ����������������������������������completed to target depth ������������������������������������������������� due to difficult ground ������������������������������������������������� conditions. ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- DDH 130��� 127����� 139������� 12�� Trace�� 3.22� Marble ---------------------------------------------------------------------------- and������ 219��� 496.5� 133.90(9)� 0.012� Trace� Marble/Sediments/Porphyry ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- (1) Excluding 28.65 meters of unmineralized dykes (2) Excluding 6.70 meters of unmineralized dykes. (3) Excluding 56.95 meters of unmineralized dykes. (4) Excluding 0.27 meters for geotechnical testing. (5) Excluding 22.5 meters of unmineralized dykes. (6) Excluding 104.9 meters of unmineralized dykes. (7) Excluding 7.55 meters of unmineralized dykes. (8) Excluding 21.18 meters of unmineralized dykes. (9) Excluding 143.6 meters of unmineralized dykes Note: Due to drilling directions, dykes are estimated to be exaggerated by ����� 30-50%.
All
assay work was performed by ICP at ALS-Chemex labs of Vancouver, with
gold done using standard fire assay methods. All samples sent to the
lab are sealed with security tags for delivery to ALS-Chemex. Duplicate
samples as well as standards and blanks are inserted in each batch of
samples delivered to the laboratory and then checked to ensure proper
quality assurance and quality control (QA/QC).
The Qualified Person responsible for the design and implementation of
the Field Program as well as the preparation of this news release was
J. P. Jutras, P.Geol., Director, President and CEO of the Company. The
work program is being carried out with the participation of Dr. Shane
William Ebert, Ph.D, P.Geo, Vice President and Director, Grant Couture,
M.Sc Geology, Paul Turnbull, B.Sc, P.Geol, Cornell McDowell, B.Sc
Geology, and Charla Boyer, B.Sc Geology, consultants to the Company.
Tyler Responds to Mercator News Release
Separately, Tyler takes issue with a number of the statements made by
Mercator in its news release issued November 27, 2007 regarding
Mercator's unsolicited offer for Tyler, and wishes to set the record
straight for shareholders with the following points of clarification:
- Tyler's Bahuerachi resource, as disclosed by news release on May 23,
2007, was calculated by qualified independent third parties and
subsequently disclosed in accordance with all requirements of National
Instrument Policy 43-101. The author of the resource estimate, Keith
McCandlish, P. Geol, is an Independent Qualified Person as defined by
NI 43-101. Mr. McCandlish, P. Geol., is fully familiar with NI 43-101
as he assisted in the implementation of the regulations and sits on the
MTAC committee advising the securities commission on policy
development. The complete resource study, dated July 9, 2007, is
available at www.sedar.com.
- Mercator's assertion that a transaction would be less dilutive to
Tyler shareholders than Tyler proceeding to advance Bahuerachi
independently is a further attempt to mislead Tyler shareholders.
Mercator chooses to ignore the fact that its current offer would dilute
Tyler shareholders' ownership in the Bahuerachi project from 100% to
15%. Given Mercator's current cash position and commitments, as well as
its current debt, there may be even further dilution as Mercator may
require significant equity financing to construct the project.
Alan Craven, Chairman of the Tyler Board and of the Special Committee,
said, "There is nothing in the Mercator press release that changes
our view that the Mercator offer significantly undervalues Tyler and
fails to adequately compensate Tyler's Shareholders for the loss of
opportunity to participate in Tyler's future growth. The Board remains
firm in its unanimous recommendation that shareholders reject the
Mercator offer and not tender their shares."
The Tyler Board encourages shareholders to read the November 23rd
Directors' Circular, particularly the "Analysis and Reasons for
Rejecting the Offer" (page 2) and "Background to the Offer
and Response of Tyler" (page 15) sections, for further
information.
How to Withdraw Shares from the Mercator Offer
Shareholders who have already tendered their shares to the Mercator
offer and wish to withdraw them, may do so by contacting Kingsdale
Shareholder Services Inc., the information agent retained by Tyler,
toll free at 1-866-639-3460. Shareholders may also contact Kingsdale
Shareholder with any questions they have regarding the Mercator offer
and/or Tyler's recommendation.
About Tyler Resources
Tyler Resources Inc. is a well-funded Canadian junior exploration
company focused on base and precious metals exploration in Mexico.
Tyler's primary project is the Bahuerachi property, which hosts
Mexico's fourth largest mineralized porphyry deposit. As part of its
ongoing drill program, the Company has now drilled in excess of 52,000
meters of combined diamond and reverse circulation drilling since 2004,
making it one of the most active Canadian junior exploration companies
operating in Mexico. For more information, visit www.tylerresources.com.
Reader Advisory - As required by National Instrument 43-101, Tyler
cautions that the scoping study is a preliminary assessment and is preliminary
in nature. It includes inferred mineral resources that are considered
too speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as mineral
reserves, and there is no certainty that the preliminary assessment
will be realized. Except for the historical and present factual
information contained herein, the matters set forth in this news
release, including words such as "expects",
"projects", "plans", "anticipates", will
and similar expressions, are forward-looking information that
represents management of Tyler's internal projections, expectations or
beliefs concerning, among other things, future operating results and
various components thereof or the economic performance of Tyler. The projections,
estimates and beliefs contained in such forward-looking statements
necessarily involve known and unknown risks and uncertainties, which
may cause Tyler's actual performance and financial results in future
periods to differ materially from any projections of future performance
or results expressed or implied by such forward-looking statements.
These risks and uncertainties include, among other things, those
described in Tyler's filings with the Canadian securities authorities.
Accordingly, holders of Tyler shares and potential investors are
cautioned that events or circumstances could cause results to differ
materially from those predicted. Tyler disclaims any responsibility to
update these forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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