Ambrex Mining Corporation - Aripuana Potential Increases to 10 Million Tonnes; Includes 2-Million-Tonne Indicated Resource With NSR Value of US$70/Tonne.TORONTO--(BUSINESS WIRE)--March 4, 1997--AMBREX (CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. :AMBX) -- Ambrex Mining Corporation today announced that independent consultant Watts Griffis and McOuat Limited (WGM WGM Whispering Gallery Mode (microresonators) WGM Women's Grandmaster WGM Work Group Manager WGM World Gone Mad (Austin, Texas drum and bugle corps) WGm West Germanic (linguistics) ) has projected a geological potential of more than 10 million tonnes on the western portion of its Aripuana base metal project in Brazil. Within that tonnage on a small area of the project site Ambrex drilled sufficiently close-spaced for WGM and Ambrex to estimate a formal Indicated Resource of 2.0 million tonnes. Ambrex expects to increase the Indicated Resource as soon as drilling begins later this year. The Indicated Resource has a Net Smelter Return (NSR NSR abbr. normal sinus rhythm NSR Normal sinus rhythm, see there ) value of US$70 per tonne for a total value of US$140 million. By employing industry-standard costs for transportation and smelting smelting, in metallurgy, any process of melting or fusion, especially to extract a metal from its ore. Smelting processes vary in detail depending on the nature of the ore and the metal involved, but they are typified in the use of the blast furnace. and conservatively estimated recovery rates, the NSR value was calculated from the Gross Metal Value (GMV GMV Game Music Video GMV Gross Merchandise Value GMV Ground Mobility Vehicle (US Army special operations vehicle) GMV Gross Metal Value GMV Got My Vote GMV Good Morning Vietnam GMV Generalized Minimum Variance ), which is US$160 per tonne. The average grade of the 2.0 million tonnes is 10.7 percent zinc, 2.0 percent lead and 87.5 grams (2.8 oz.) per tonne silver. The 10-million-tonne potential was projected from the data of a full program of drilling, geochemistry and geophysics recently completed on the western portion of the project site. This represents about only one-third of the total strike potential identified by preliminary exploration. Ambrex President Bill Fisher William Fisher (born 23 October 1928 in New York City) is an American journalist and retired manager of development programmes. He is a regular contributor to the news agency Inter Press Service, for which he mainly covers issues of human rights, foreign policy, international said he "was very pleased that after the 19-hole program we could establish a dollar value on the results from the Valley Deposit. To Ambrex, with its 49 percent interest, it means a formal asset value of at least US$70 million. The completion of Highway BR174, 400 kilometers long and connecting Aripuana to an inland deep-water port, will establish the project as viable and will ensure that concentrates can be shipped economically." To date, the Valley Deposit has been drilled to a depth of only 300 meters and along strike for 225 meters. It remains open at depth and along strike. The geophysical data indicate the deposit extends to at least 600 meters below surface. Ambrex is now awaiting results from its latest geophysical work on the remaining two-thirds of favorable strike extent before proceeding with the next phase of drilling, which will include deep drilling and further testing of the deposit along strike to the east. The richest intersections to date in the 19-hole program now completed returned high-grade assays of: DDH DDH Decision Diffie-Hellman DDH Developmental Dysplasia of Hip DDH Dorothy Day House DDH Document Drafting Handbook DDH Dublin Dental Hospital DDH Destroyer-Carrying Helicopter DDH Dissociated Double Hypertropia 17: 4.3 meters of 14.1 percent zinc, 2.7 percent lead and 214 grams (6.7 oz.) per ton silver DDH 16: 6.0 meters of 16.1 percent zinc, 1.6 percent lead and 132 grams (4.2 oz) per ton silver These high-grade zones are continuous between holes and lie within an envelope of mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. which in DDH 16 graded 3.2 percent zinc, 0.9 percent lead and 26.5 grams (0.85 oz) per ton silver across 82 meters (270 ft). To the west, Ambrex is also exploring a second similar deposit, known as the North Ridge. As well as economic zinc and lead values, this deposit has returned 5.0 percent copper and 1.63 grams per ton gold across 5.8 meters from DDH 12. Ambrex and St. Genevieve Resources in joint venture have the right to earn a 70 percent interest in the project (Ambrex 49 percent, St. Genevieve 21 percent) from Ourominas. Ambrex specializes in mineral exploration in Brazil. The Company's shares trade on the Canadian Dealing Network Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. (CDN) under the symbol AMBX. -0- NOTE: This release is available on the Internet at http://www.ambrexmining.com and http://www.cdn-news.com CONTACT: Ambrex Mining Corporation William Fisher People named William Fisher include:
or Ambrex Mining Corporation Gary Last, 416/ 865-9300 or Hume, Kieran Inc. Jon W. Kieran, 416/ 868-1079 or Hume, Kieran Inc. Olav Svela, 416/ 868-1079 |
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