Armistice Resources Corp. files technical report and announces intention to bring its McGarry Gold Project into production



    Issued and Outstanding common shares: 66,367,770

    TORONTO, April 14 /CNW/ - Armistice Resources Corp. (TSX: AZ)
("Armistice") is pleased to announce the results from its technical report
(the "Technical Report") for its McGarry Gold Project located in Virginiatown,
Ontario (the "Property"), which was prepared under, and is compliant with,
National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI
43-101") of the Canadian Securities Administrators. On the basis of these
results, management intends to move the McGarry project aggressively towards
production.
    In making the announcement Armistice President and CEO Todd J. Morgan
noted that because of the extensive infrastructure in place "we are able to
start work immediately." He noted this represents a "significant milestone
toward full production allowing us to take advantage of the current gold
cycle."
    A preliminary assessment or scoping study was conducted by Python Mining
Consultants ("Python") to determine the potential production between the
1250-foot and 2250-foot Levels. The scoping study also created a template for
actual mining operations. Based on the study Python concluded that an
operation starting at 350 tons-per-day and ramping up to 600 tons-per-day
could give the mine 4.5 years of production between these levels.
    An independent qualified person reported a NI 43-101 compliant mineral
resource estimate in respect of the Property in 2004 as an Indicated Mineral
Resource of 433,981 tons at a grade of 0.25 oz/t gold using a cut off grade of
0.10 oz/t gold above a depth of 2600 feet.
    The Technical Report updates this mineral resource to include all the
assay and geological data available as of 8 April 2009. The following table
presents the estimated mineral resource. The summary of resources above and
below the 2300 elevation is made to reflect the fact that the existing shaft
and hoisting infrastructure services to the 2250 Level.

    
             Undiluted Mineral Resource Estimate - April 8, 2009
    -------------------------------------------------------------------------
                                      Cut to 1.50 oz/t            Uncut
                                  -------------------------------------------
    Mineral                  Tons
    Resource               (short      Grade      Gold       Grade      Gold
    Category                tons)   (oz/t gold)   (oz)    (oz/t gold)   (oz)
    -------------------------------------------------------------------------
    Indicated
    -------------------------------------------------------------------------
     Above 2300 elevation
      (all zones)         374,000     0.22     82,000       0.25     93,000
    -------------------------------------------------------------------------
     Below 2300 elevation
      (all zones)         118,000     0.25     30,000       0.26     30,000
    -------------------------------------------------------------------------
     Total Indicated
      (all zones)         492,000     0.23    112,000       0.25    123,000
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Inferred
    -------------------------------------------------------------------------
     Above 2300 elevation
      (all zones)          59,000     0.17     10,000       0.19     11,000
    -------------------------------------------------------------------------
     Below 2300 elevation
      (all zones)         113,000     0.16     19,000       0.16     19,000
    -------------------------------------------------------------------------
     Total Inferred
      (all zones)         172,000     0.17     29,000       0.17     30,000
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

        -  Mineral resources estimated according to CIM definition standards
           (2005).
        -  A 0.10 oz/t gold cut-off grade was used with high-grade values
           uncapped and capped at 1.5 oz/t gold.
        -  A fixed specific gravity of 2.79 was used.
        -  Undiluted resources, all drill hole intercepts are calculated
           using a minimum horizontal width of 5 ft, using the grade of
           adjacent material, if assayed, or zero if not assayed.
        -  Gold grades determined using the polygonal method with polygons
           determined from interpretation on vertical cross sections and
           elevation plans. Maximum distance to the edge of a block from a
           drill hole or chip sample intercept of 50 ft has been applied.
           Maximum block size is 10,000 sq ft.
        -  A confidence level of +/-10% is estimated for the Indicated
           Mineral Resource and +/-25% for the Inferred Mineral Resource.
        -  Effective date of resource estimate is 8 April 2009.
        -  Qualified Person for the mineral resource estimate is
           Erik Andersen, P.Eng. (Armistice Resources Corp.)
        -  Mineral resources which are not mineral reserves do not have
           demonstrated economic viability. The estimate of mineral resources
           may be materially affected by environmental, permitting, legal,
           marketing, or other relevant issues although the Qualified Person
           is not aware of any such issues.
    

    Using assumptions, based in part on 12 months of actual development
mining at McGarry site, Armistice is conservatively expecting metallurgical
recoveries of 85% along with gold selling at $C800 per ounce and, after a year
of production, revenues from custom milling would produce sufficient income to
cover ongoing operating costs. Python's calculations are in an estimated 25
per cent accuracy range.
    A detailed sampling programme has given support to a conclusion that gold
zone continuity of 100 feet along strike and 200 feet along plunge while
maintaining minimum mining widths of five feet can reasonably be expected.
    Once a successful mining operation is established with this programme,
the next phase will be to expand the project towards surface and to depths in
the 5000- to 6000-foot range. In particular, there is excellent support from
drill intersections that similar gold zones exist down to these elevations.
The potential below these elevations remains to be explored. The estimated
cost of the first 12 months of the programme outlined in the complete version
of the report is $C12 million +/-25%, with $C15 million at the top cost range.
    The full Technical Report can be viewed on SEDAR at http://www.sedar.com
and the Armistice website at http://www.armistice.ca
    The qualified person who signed the Technical Report is Erik Andersen,
P.Eng., Vice President and COO of Armistice. Mr. Andersen has reviewed and
approved this release.

    Armistice is a Canadian exploration company that owns the McGarry project
in North-eastern Ontario located on the prolific Larder Lake break. The
McGarry project is an advanced exploration underground gold project consisting
of 33 contiguous patented mining claims including 3 licences of occupation
totaling 484 hectares which adjoins the former producing Kerr Addison gold
mine which produced in excess of 11 million ounces of gold.

    
    ARMISTICE RE

SOURCES CORP. "Todd J. Morgan" Todd J. Morgan President, CEO and Chairman of the Board CAUTIONARY STATEMENT: This news release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Armistice, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Armistice's expectations are exploration risks detailed from time to time in the filings made by Armistice with securities regulators.

For further information:

For further information: Todd J. Morgan, (705) 567-4567,
info@armistice.ca


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