Drilling at Tiomin's Pukaqaqa Copper/Gold Project Confirms Potential.TORONTO -- Tiomin Resources Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :TIO TIO Telecommunications Industry Ombudsman (Australia) TIO Technology Innovation Office TIO Turn It Off TIO Take It Off TIO Times of India TIO Tropical Intraseasonal Oscillation TIO Television Information Office ) is pleased to announce that a new mineral resource estimate has been completed on the Pukaqaqa copper/gold deposit. Pukaqaqa, in which Tiomin can earn a 49% interest, is located on a 31.5 sq. km. land package situated 10 km northwest of the town of Huancavelica and 230 km southeast of Lima, Peru. With a substantial copper resource defined at Pukaqaqa, combined with a strong commodity price environment with spot copper trading at over US$2.20/lb recently, Tiomin now well positioned to become a diversified mining company with exposure to copper and gold in Peru, as well as titanium (rutile rutile, mineral, one of three forms of titanium dioxide (TiO2; see titanium). It occurs in crystals, often in twins or rosettes, and is typically brownish red, although there are black varieties. and ilmenite ilmenite (ĭl`mĕnīt), black mineral, iron titanium oxide, FeTiO3, crystallizing in the hexagonal system. It is sometimes found as tabular hexagonal crystals but occurs more commonly as small grains in igneous and metamorphic ) and zircon zircon Silicate mineral, zirconium silicate, ZrSiO4, the principal source of zirconium. Zircon is widespread as an accessory mineral in acid igneous rocks; it also occurs in metamorphic rocks and, fairly often, in detrital deposits. in Kenya. Mining consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a AMEC AMEC African Methodist Episcopal Church AMEC Agent Mediated Electronic Commerce AMEC Arctic Military Environmental Cooperation AMEC Advanced Micro-Fabrication Equipment Inc AMEC Association of Media Evaluation Companies Americas Limited (AMEC) has also been retained to complete a detailed scoping study on the Pukaqaqa deposit. Several development scenarios are being contemplated, including a 15,000 tpd milling operation fed by 13,000 tpd by open pit mining and 2,000 tpd from higher grade underground mineral extraction. The NI 43-101 report summarizing the scoping study is expected to be completed shortly. Compania Minera Milpo S.A.A. (Milpo), the project operator, is a Peruvian mining company listed on the Lima Stock Exchange Lima Stock Exchange Peru's major securities market. , and a well known operator of copper, zinc and lead mines. Milpo has an excellent track record in the development and operation of low cost mines, such as the El Porvenir mine in Cerro de Pasco Cerro de Pasco (sĕr`rō thā päs`kō), city (1991 pop. 30,000), capital of Pasco dept., central Peru. At an altitude of 13,973 ft (4,259 m), it is one of the highest cities in the world. , the Chapi copper project and Cerro Lindo polymetallic project and the Ivan copper mine in Chile.
Pukaqaqa Mineral Resource Estimate (1000 % basis)
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Cutoff tonnes % Au
Category (% Cu) ('000) Cu g/t Au '000 lbs Cu '000 ozs
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Measured
0.3 191 0.58 0.08 2,441 0.48
0.4 170 0.61 0.08 2,287 0.44
Indicated
0.3 16,933 0.54 0.07 201,590 38.65
0.4 13,796 0.58 0.07 176,408 32.82
Measured + Indicated
0.3 17,124 0.54 0.07 204,031 39.14
0.4 13,966 0.58 0.07 178,696 33.27
Inferred
0.3 114,654 0.6 0.10 1,516,601 353.88
0.4 93,559 0.66 0.10 1,361,319 312.83
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Additional in-fill drilling is expected to convert a significant portion of the Inferred mineral resource into the Measured and Indicated categories. The mineral resource estimate for the Pukaqaqa deposit was prepared by Jorge Hinostroza, Senior Geologist with Compania Minera Milpo S.A.A. The estimate was reviewed by Doug Reddy, P.Geo, Principal Geologist, AMEC and he is the QP for the estimate. The 2005 mineral resource model for the Pukaqaqa project contains blocks estimated for copper, and gold in five zones: 1) Gaby Breccia breccia: see conglomerate. breccia Coarse sedimentary rock consisting of angular or nearly angular fragments larger than 0.08 in. (2 mm). Breccia commonly results from processes such as landslides or geologic faulting, in which rocks are fractured. , 2) Monica Breccia, 3) North Blanket, 4) South Blanket, and 5) Raurac Breccia. The resource estimates were prepared as 3-dimensional block models utilizing commercial mine modelling software (MineSight(R)). Interpolation interpolation In mathematics, estimation of a value between two known data points. A simple example is calculating the mean (see mean, median, and mode) of two population counts made 10 years apart to estimate the population in the fifth year. of copper and gold was by Ordinary Kriging for the North and South Blanket zones and by Inverse Distance for the Gaby, Monica and Raura Breccia zones. AMEC completed a review of the statistics, capping, variography and classification. The blocks have been classified as Measured, Indicated or Inferred based on the relative confidence in the supporting data for each block. Grades have not been estimated beyond the limits of these classifications. The classified resource is reported according to CIM (1) (Computer-Integrated Manufacturing) Integrating office/accounting functions with automated factory systems. Point of sale, billing, machine tool scheduling and supply ordering are part of CIM. Definition Standards on Mineral Resources and Mineral Reserves (CIM, 2005); the requirements of disclosure under NI 43-101; and across a range of copper cutoff values. The database used for the estimate includes information from 117 diamond drill holes, 4 reverse circulation holes and 25 trenches. The database included a total of 23,324 m of drilling, which averages to approximately 190 m per drillhole. In addition there are 931.35 m of samples from within the trenches. This resulted in a total of 8,549 samples and 1,651 composites (5 m downhole composites). All samples were assayed for copper, gold, silver, molybdenum molybdenum (məlĭb`dənəm) [Gr.,=leadlike], metallic chemical element; symbol Mo; at. no. 42; at. wt. 95.94; m.p. about 2,617°C;; b.p. about 4,612°C;; sp. gr. 10.22 at 20°C;; valence +2, +3, +4, +5, or +6. , lead and zinc. Tiomin can acquire a 49% interest in Milpo's option on the Pukaqaqa deposit by contributing US$1 million in exploration funding and a further US$ 1 million towards cash property payments owed to Rio Tinto Mining and Exploration Ltd. To-date, Tiomin has invested over US$1.7 million. After vesting the 49% interest in the option agreement, Tiomin will contribute 49% of the remaining outstanding cash payments, bringing its total acquisition cost to about $3.6 million. Certain of the information contained in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements, including but not limited to those with respect to the prices of rutile, zircon and ilmenite, estimated future production, estimated costs of future production, the Company's sales policy and permitting time lines, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the actual prices of copper, gold, rutile, zircon and ilmenite, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's documents filed from time to time with the Ontario Securities Commission The Ontario Securities Commission (OSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of Ontario. The OSC is an Ontario Crown corporation which reports to the Ontario legislature through the Minister of Finance. . NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHO RITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN. Tiomin Resources Inc. (TSX:TIO) |
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