American Bullion: Higher Grade 'Inner Core' and New Resource Calculation for Red Chris Project.VANCOUVER, B.C.--(BUSINESS WIRE)--April 22, 1998--American Bullion BULLION. In its usual acceptation, is uncoined gold or silver, in bars, plates, or other masses. 1 East, P. C. 188. 2. In the acts of Congress, the term is also applied to copper properly manufactured for the purpose of being coined into money. Min (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :ABP 1. (networking) ABP - Alternating bit protocol. 2. ABP - Microsoft Address Book Provider. ) The Board of Directors of American Bullion Minerals Ltd. ("American Bullion") is pleased to announce that a new resource estimate for the Red Chris Project has been received from Giroux Consultants Ltd. The new estimate is based on a revised geological model in which the mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. zone was divided into separate domains by geological constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. (principally sub- vertically oriented o·ri·ent n. 1. Orient The countries of Asia, especially of eastern Asia. 2. a. The luster characteristic of a pearl of high quality. b. A pearl having exceptional luster. 3. faults and shear shear: see strength of materials. Shear A straining action wherein applied forces produce a sliding or skewing type of deformation. zones). Using this approach, the sample data in the new model is now properly constrained con·strain tr.v. con·strained, con·strain·ing, con·strains 1. To compel by physical, moral, or circumstantial force; oblige: felt constrained to object. See Synonyms at force. 2. within these geologic domains - rather than being geostatistically averaged or "smeared smear v. smeared, smear·ing, smears v.tr. 1. a. To spread or daub with a sticky, greasy, or dirty substance. b. " by non-constrained calculations. Management believes that this is a more realistic assignment of grade for geostatistical calculations. A summary of the new global resource estimate is shown in the following table; -0-
New Global Resource Estimate
Cut-off Grade
(p.c. Cu) Measured/Indicated/Inferred
Tonnes Copper Gold
(millions) (p.c.) (g/t)
0.20 522.7 0.352 0.272
0.40 119.3 0.600 0.485
Cut-off Grade
(percent Cu) Measured/Indicated Inferred
Tonnes Copper Gold Tonnes Copper Gold
(millions) (p.c.) (g/t) (millions) (p.c.) (g/t)
0.20 501.9 0.355 0.273 20.8 0.296 0.229
0.40 116.6 0.602 0.486 2.8 0.497 0.426
As announced on March 6, 1998, American Bullion's engineering staff had previously found indications that copper and gold grades within the high grade core (the "Inner Core") exceeded the values assigned in the previous block model. A review of the geostatistical work recently completed confirms that the new model is a more appropriate representation of the Red Chris geology and that higher copper and gold grades do exist within the "Inner Core". This is of particular importance to the mine schedule - significantly enhancing the opportunity to mine higher-grade ore earlier in the mine life, yielding improved project economics over the previous plan. The following table highlights the improvement in grade and compares resource estimates for the "Inner Core" (Measured and Indicated);
Inner Core Resource Estimate
Cut-off Grade NEW Model
(p.c. Cu) Measured/Indicated
Tonnes Copper Gold
(millions) (p.c.) (g/t)
0.20 118.9 0.584 0.470
Cut-off Grade Previous Model Inner Core Change
(p.c. Cu) Measured/Indicated Measured/Indicated
Tonnes Copper Gold Change in Change in
(millions) (p.c.) (g/t) Copper Grade Gold Grade
0.20 118.5 0.491 0.392 + 18.9 p.c. + 19.9 p.c.
The Company is advancing its work on the Red Chris Pre-feasibility study, focusing on a project size of approximately 200 to 225 million tonnes, and will define a new mine schedule and mineable reserve calculation based on this work. The study is scheduled for delivery on June 1, 1998. The foregoing news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of the company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others those described in the Company's annual report on Form 20-F, including among others, the following: uncertainties related to early stage of development, technology and product development; dependence on future corporate collaborations; dependence on proprietary technology and uncertainty of patent protection; management of growth; future capital needs and uncertainty of additional funding; intense competition; manufacturing and market uncertainties; government regulation; product liability exposure and insurability. -0- NOTE TO EDITORS: The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. CONTACT: American Bullion Minerals Ltd. Charles H. Wills, 604/622-4400 604/622-4444 (FAX) or American Bullion Minerals Ltd. Investor Relations Investor relations The process by which the corporation communicates with its investors. , 800/403-2940 http://www.abpminerals.com e-mail: info@abpminerals.com |
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