Stonegate Agricom Announces Additional Assay Results for Upper Phosphate Zone Intercepts of the Paris Hills Phosphate Project in Idaho
TSX: ST and ST.WT
TORONTO, June 8, 2012 /CNW/ - Stonegate Agricom Ltd. ("Company") (TSX: ST) today announced additional assay results for 11 drill hole intercepts of the Upper Phosphate Zone (UPZ) at the Paris Hills Phosphate Project in Idaho.
The UPZ assay results, reported in the table below, show grades ranging from 21.00% to 31.29% P2O5 and phosphate bed thicknesses of 2.5 to 5.4 meters, which are consistent with ranges previously published for 15 drill hole intercepts of the UPZ in a news release dated April 25, 2012.
"The results reported to date cover most of the property area and demonstrate the consistency of the grades and thicknesses in the UPZ. Drilling to determine resources is now complete and the Company expects to release a NI 43-101 compliant estimate of UPZ Mineral Resources in the second half of 2012," said Mark Ashcroft, President and Chief Executive Officer.
"In addition, the Company intends to publish assay results for the Lower Phosphate Zone (LPZ) in the next few weeks and to update NI 43-101 compliant estimates of Mineral Resources for the LPZ in the second half of 2012. Mineral Reserves estimates for the LPZ are expected to be updated in the bankable Feasibility Study planned by the end of 2012. A Pre-Feasibility Study for the LPZ was released on March 26, 2012."
A map of the drill hole sites for the reported and pending UPZ assay results is available at: http://files.newswire.ca/923/Stonegate_Paris_Hills.pdf
Paris Hills Phosphate Project Assay Results for the UPZ as of June 8, 2012
|UPZ||PA007||143.6 m (471.0 ft)||149.4 m (490 ft)||5.8 m (19.0 ft)||5.4 m (17.8 ft)||21.46|
|PA008||238.2 m (781.5 ft)||241.2 m (791.5 ft)||3.0 m (10.0 ft)||3.0 m (9.8 ft)||22.84|
|PA012||254.5 m (835.0 ft)||258.4 m (847.9 ft)||3.9 m (12.9 ft)||3.7 m (12.2 ft)||21.58|
|PA013||317.1 m (1040.5 ft)||321.3 m (1054 ft)||4.2 m (13.5 ft)||3.9 m (12.8 ft)||22.80|
|PA014||375.8 m (1233.0 ft)||379.5 m (1245 ft)||3.7 m (12.0 ft)||3.6 m (11.7 ft)||23.16|
|PA016B||79.1 m (259.6 ft)||82.2 m (269.8 ft)||3.1 m (10.2 ft)||3.1 m (10.0 ft)||31.29|
|PA023||388.5 m (1274.5 ft)||392.4 m (1287.5 ft)||3.9 m (13.0 ft)||3.8 m (12.6 ft)||22.45|
|PA106A||567.8 m (1863.0 ft)||571.8 m (1876.1 ft)||4.0 m (13.1 ft)||3.9 m (12.8 ft)||22.09|
|PA142A||589.4 m (1933.8 ft)||592.6 m (1944.1 ft)||3.2 m (10.3 ft)||3.0 m (9.9 ft)||21.00|
|PA164||509 m (1669.8 ft)||512.2 m (1680.3 ft)||3.2 m (10.5 ft)||3.2 m (10.5 ft)||23.25|
|PA171||613.9 m (2014.1 ft)||616.7 m (2023.2 ft)||2.8 m (9.1 ft)||2.7 m (8.8 ft)||23.43|
The holes reported in the table above were drilled throughout the property concurrent with drilling of the Lower Phosphate Zone. True bed thicknesses have been calculated based on down hole drilling deviations and stratigraphy orientation.
Drill core samples are submitted to IAS EnviroChem of Pocatello, Idaho for preparation and analysis. Internal standards and blanks were submitted with the samples as part of Stonegate's quality control program.
Additional technical information on the Paris Hills Phosphate Project, including the results of a Pre-Feasibility Study for the Lower Phosphate Zone, is contained in the NI 43-101 Technical Report on the Paris Hills Phosphate Project dated March 26, 2012 and in the Company's annual information form dated March 29, 2012.
This news release has been reviewed and approved by Daniel Thompson, P.E., Manager, Technical Services of the Company, who is a qualified person as defined in National Instrument 43-101.
About Stonegate Agricom
Stonegate Agricom, which is actively engaged in acquiring and developing agricultural nutrient projects, is currently focused on the development of two potentially world-class, long-life phosphate deposits, the Paris Hills Phosphate Project located in Idaho and the Mantaro Phosphate Project located in Peru. Stonegate is confident that the two deposits have sufficient size and grade to become strategic, cost-effective sources of phosphate supply for major fertilizer producers. The Company intends to continue definition and exploration drilling to confirm and expand estimates of NI 43-101 compliant mineral resources in the deposits and then complete feasibility studies leading to a decision to proceed with extracting and processing the phosphate. More information is available at www.stonegateagricom.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable law. Generally, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All forward-looking statements and forward-looking information are based on reasonable assumptions that have been made by the Company as at the date of such information. Forward-looking statements and forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements and forward-looking information, including but not limited to: risks relating to assumptions used in preparation of the Pre-Feasibility Study on the Lower Phosphate Zone of the Paris Hills Phosphate Project including government regulation, phosphate prices, labour costs and capital costs, and project risks including a project location, permitting requirements, project delays, ground control and dilution and water management; the general risks associated with the speculative nature of the Company's business, commodity prices, current global financial conditions, uncertainty of additional capital, price volatility, the Paris Hills and Mantaro projects are advanced exploration stage projects, limited operating history, no history of earnings, government regulation in the mining industry, environmental risks and hazards, impending climate change legislation, required approvals and permits, foreign subsidiaries, risks relating to the retention of the Paris Hills project, expiration of leases and permits for the Paris Hills Project, political and economic risk in Peru, risks relating to the retention of the Mantaro project, title to mineral properties, obtaining and converting mineral concessions and surface rights, community relations and project support, water rights, exploration, development and operating risks, uncertainty in the estimation of mineral reserves and resources, uncertainty of inferred mineral resources, mineral exploration, reliability of historical exploration work, absence of public trading market, risks associated with having a controlling shareholder, arbitrary offering price, dilution to the common shares, dependence on key personnel, currency fluctuations, insurance and uninsured risks, competition, legal proceedings, conflicts of interest and lack of dividends as well as those factors discussed in the section entitled "Risk Factors" in the Company's most recently filed annual information form available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or forward-looking information. The forward-looking statements and forward-looking information contained in this press release are included for the purpose of providing investors with information to assist them in understanding the offering as well as the Company's expected financial and operational performance and may not be appropriate for other purposes. Stonegate does not undertake to update any forward-looking statement or forward-looking information that is included herein, except in accordance with applicable securities laws.
Vice President, Investor Relations
Stonegate Agricom Ltd.
Renmark Financial Communications Inc.