Weda Bay Minerals Inc.: Step-Out Drilling Confirms Added Resource Potential At Santa Monica-Drill Program To Be Stepped Up.Business Editors TORONTO--(BUSINESS WIRE)--March 9, 2004 As a follow-up to the recently announced resumption of drilling at its sizeable laterite laterite Soil layer rich in iron oxide and sometimes aluminum, derived from a wide variety of rocks by leaching. It forms in tropical and subtropical regions where the climate is humid. nickel project The Nickel Project is a nickname for a transportation funding package enacted by the 2003 Washington State Legislature. The slogan for the package is "It’s your Nickel, Watch it Work." The $3. on Halmahera Island, Indonesia, Weda Bay Minerals is pleased to announce that early results from the Santa Monica Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. prospect indicate that, based on additional mapping and grid pegging, the potential to increase resources will exceed previous expectations. The scope of the current program is aimed at increasing the resource base at two of the main deposits, Santa Monica and Pintu - the two deposits together account for over 40% of the total project resource base which currently stands at 133 million tonnes grading 1.37% Ni and 0.11% Co of measured and indicated resources plus 82 million tonnes grading 1.33% Ni and 0.12% Co of inferred resource. All resource estimates are at cutoff grades of 1.0% Ni and 0.1% Co. Weda Bay's nickel laterite deposit ranks among the largest advanced undeveloped nickel deposits in existence. The TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension listed company listed company n → compañía cotizable listed company n → société cotée en Bourse listed company list n → (TSX: "WDA WDA Wireless Digital Assistant WDA Workforce Development Area WDA Welsh Development Agency (UK government) WDA Workforce Development Agency (Singapore) WDA Wildlife Disease Association ") has 35.3 million shares on issue and a market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. of under $CAN 40 million. Santa Monica - Exceeding Expectations At Santa Monica, an initial survey to define additional drill hole locations has demonstrated that the undrilled areas of nickel and cobalt rich laterite are far more extensive than previously contemplated. As such, in excess of twice the number of planned holes will now be drilled and it is expected that this will lead to a significant increase in the estimated resource at Santa Monica. The current measured and indicted INDICTED, practice. When a man is accused by a bill of indictment preferred by a grand jury, he is said to be indicted. resource at Santa Monica is 46 million tonnes of 1.32% Ni and 0.12% Co plus an inferred resource of 25 million tonnes of 1.39% Ni and 0.05% Co. Santa Monica has been selected as the initial source of feed for the Company's proposed nickel cobalt project and so any additional resource will further enhance project's economics. Drilling has re-commenced at the Santa Monica deposit with over 40 holes completed to date showing laterite thickness of up to 25 meters - the average depth is meeting, and in some areas exceeding, expectations. As a result of the additional laterite identified (assays pending), the drill program has been accelerated by moving to a two-shift operation so that the additional holes can be completed as soon as possible. Four drill rigs are now operating around the clock with a further 100 holes planned for Santa Monica, for a total of over 1,250 metres of drilling expected. "We are highly encouraged by what we are seeing in some of the laterite profiles being drilled at Santa Monica - in some cases intersecting more continuous and thicker than expected widths of nickel-rich laterite" said John Lynch, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Weda Bay. "We believe that we will significantly increase the size of our resource base at Weda Bay. To put dimensions in perspective, the total area covered by the currently defined, open-ended nickel resource at Weda Bay, amounts to an area approximately 5 kilometres by 5 kilometres, or roughly speaking - four to five times the size of Toronto's downtown core". Mr. Lynch adds; "We are making good progress on all levels of the project, from drilling to metallurgical test work to permitting - further reaffirming our belief that Weda is on-schedule to become a significant nickel producer, certainly comparable to those being developed by other Canadian-based emerging junior nickel producers." The information in this release has been compiled under the responsibility of Mr John Lynch, President and Chief Executive Officer of Weda Bay Minerals Inc. and a Fellow of the AusIMM. Mr Lynch has sufficient experience which is relevant to the style 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. and type of deposit under consideration and qualifies as a Qualified Person as defined in terms of NI 43-101. WEDA BAY MINERALS INC. JOHN E. LYNCH, PRESIDENT AND CHIEF EXECUTIVE OFFICER The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. has neither approved nor disapproved the information contained herein. |
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