(DNI : TSX-Ven)
(DG7 : Frankfurt)
TORONTO, Sept. 13, 2012 /CNW/ - DNI Metals Inc. (DNI:TSX-Ven)(DG7:FSE) has been requested by IIROC to clarify certain statements contained in
its September 12, 2012, announcement (the "Release") relating to
delineation of a 2.7 billion short ton inferred resource from cover
rocks above the Buckton zone on its Alberta polymetallic black shale
Whereas the Release ascribes a per ton (or tonne) recoverable value to
the Buckton Labiche resource announced, as summarized from the
technical report, IIROC notes that the values announced are "gross"
values and that their disclosure does not comply with Section 2.3(1)(c)
of National Instrument 43-101. DNI, accordingly, retracts the per ton
(or tonne) values ascribed to the Labiche resource which were announced
in the Release, but instead notes that the per ton (or tonne) of
recoverable gross value represented by the Labiche resource is
sufficiently higher than the US$7.5 per tonne cut-off used by the
resource study, and higher than the related iteration of the resource
model at the higher US$10 per tonne cut-off, to reasonably conclude
that the Buckton Labiche inferred mineral resource is mineralization
which has a reasonable prospect for extraction in the future,
especially in conjunction with extraction of the underlying higher
grading Second White Speckled Shale Formation. DNI notes that, as
previously announced, it is shortly proceeding toward a Preliminary
Economic Analysis Study (Scoping Study) for the Buckton Zone to prepare
the necessary estimates of values which might be ascribed to the
mineral resource at the Zone.
In addition, DNI also issues the following clarification regarding
recoverable grades disclosed in the Release: namely, that metals
recoveries disclosed in the Release have been summarized from a series
of bench scale laboratory tests completed by DNI during the past three
years, that DNI has not yet completed bulk sampling/testing nor a pilot
plant test on recovery of metals from its black shales, and that the
foregoing recoverable metal grades do not imply that economic viability
of the recoveries has been determined and may not reflect actual
recoveries which might be achieved in an ultimate mineral production
operation. As previously announced, the necessary testwork addressing
the foregoing is in progress in collaboration with CANMET Mining and
Minerals Science Laboratories, Ottawa, toward the commercialization of
a heap leaching process for DNI's polymetallic black shales.
The Qualified Person in connection with this press release and in
respect of the Alberta polymetallic black shale projects is S.F.Sabag
PGeo, President and CEO of DNI, who is responsible for verification and
quality assurance of the exploration information disclosed in
connection with the projects and this release.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
DNI - TSX Venture
DG7 - Frankfurt
We seek Safe Harbour. This announcement includes forward looking
statements. While these statements represent DNI's best current
judgment, they are subject to risks and uncertainties that could cause
actual results to vary, including risk factors listed in DNI's Annual
Information Form and its MD&As, all of which are available from SEDAR
and on its website.
SOURCE: DNI Metals Inc.
For further information:
DNI Metals Inc. - Shahe Sabag, President & CEO or Denis Clement, Chairman - 416-595-1195
email email@example.com. Also visit www.dnimetals.com