ERIN VENTURES INC. ("Erin") - STATUS OF EXPLORATION AT PISKANJA BORATE PROJECT, SERBIA

CALGARY, April 27 /CNW/ - Erin Ventures Inc. (TSXV: EV) reports that exploration is well underway in preparation for a quality drilling program to develop a NI 43-101 qualified resource at the Piskanja borate project in Serbia. The intent is to initiate drilling in June of this year. The first phase of drilling will consist of approximately 5,000 metres of HQ size core drilling.

Unexpected delays in receiving certain historical exploration data and drill core from the Serbian authorities set back the drilling target date by three months from Erin's original plans. Erin has now received most known available historical exploration data, including copies of the results of historical drilling conducted by Ibar Mines (a Serbian government-owned company), Erin Ventures, and Rio Tinto, completed in three separate exploration programs over a twenty year period.

Currently, the following exploration related tasks are in progress, or have been completed:

  • A secure Access database has been created for all prior data.  The historical drilling by Ibar and some results from Erin Ventures still lack verifiable assay records to import.   Erin is currently importing assay data from drill logs to assist in correlation and interpretation, but these results can not be reported as verifiable results.
  • Relogging and interpretation of structure and sedimentary features of the Rio Tinto holes is in progress.  Many sedimentary and structural features are being noted that are not recognized or described on the Rio Tinto logs, but will be critical in planning a drilling program to be used in mine planning and correlation of ore zones.  Structural controls are very critical.  Relogging should also verify the Rio Tinto log descriptions and sampling intervals.
  • Studies have been initiated or are planned using  experienced Serbian geologists from the Mineral Institute and University in Serbia on the geohydrology of the basin and geotechnical planning of the drilling program, as well as economic factors.  When drilling, selected drill holes will be converted to water monitoring holes.  The intent is to proactively address anticipated issues now so that Erin Ventures can rapidly move towards mine development.
  • The Serbian Petroleum Industry is developing a proposal for a shallow seismic and resistivity survey to better plan drilling and mine development.
  • In May, new cross sections and 3-D models will be prepared based on the relogging and database of historic drilling to develop an interpretation of the borate mineralization and develop the initial drilling program.
    An initial 5000 metre drill program is planned. Drilling will then continue with adjustments being made in hole locations and the possible need for angle holes.
  • Written procedures are being prepared to meet NI 43-101 standards in drilling, sampling and QA/QC.
  • Erin Ventures is developing community and government relations with the assistance of Ibar Mines.  Erin is also developing a strong Serbian team of advisors from the Mineral Institute and University to aid in the program and to strengthen its Serbian ties. Several theses are expected to be prepared on the deposit including one dissertation.
  • Safety, social and environmental concerns are being evaluated both in-house and with the government agencies.
  • Surface access leases required for drilling are starting, aided by Ibar Mines.
  • Meetings have been held with government agencies to insure that all permitting issues are addressed.
  • Discussions and planning are in progress with drilling contractors, analytical labs and independent consulting groups that would verify quality of work to NI 43-101 standards and prepare an independent report.

A cooperative team composed of four experienced Serbian geologists under contract to Erin Ventures and four experienced geologists from Ibar Mines has been established to work on the project.  Ibar Mines is offering its full support and cooperation for this project.

The following table summarizes the current available data on borate intercepts using a 10% B2O3 cutoff.  This cutoff is used only to present significant results and does not represent a mining cutoff but is used only for exploration purposes.  Only holes with verified lab results are included; thus all results from Ibar Mines are not currently available.

HoleID From_m To_m Thickness Average
B2O3_%
Company HoleType
B-10/97 120 128 7 28.16 ErinVentures RC
B-10/97 228 230 2 31.27 ErinVentures RC
B-29/97 123 130 3 22.8 ErinVentures RC
B-29/97 198 205 7 22.52 ErinVentures RC
B-8/97 176 182.5 6.5 21.46 ErinVentures RC
B-8/97 251 253.5 2.5 22.41 ErinVentures RC
B-9/97 123 137 11.5 33.31 ErinVentures RC
B-9/97 142 144.5 3 27.68 ErinVentures RC
B-9/97 182 185.5 2.5 32.59 ErinVentures RC
B-9/97 254.5 257.5 3 26.58 ErinVentures RC
IBM-1 103.57 104.73 1.16 35.11 RioTinto Core
IBM-1 139.93 140.87 0.94 37.99 RioTinto Core
IBM-1 233.9 235.45 1.55 39.44 RioTinto Core
IBM-12 430.49 440.2 9.71 13.32 RioTinto Core
IBM-12 560.13 561.5 1.37 40.89 RioTinto Core
IBM-2 199.48 201.79 2.31 13.65 RioTinto Core
IBM-2 208.98 214.37 5.39 44.75 RioTinto Core
IBM-3 160.06 162.73 2.67 44.11 RioTinto Core
IBM-3 185.08 198.55 11.9 42.49 RioTinto Core
IBM-3 239.84 241.12 1.28 32.13 RioTinto Core
IBM-3 312.58 319.66 6.08 46.74 RioTinto Core
IBM-5 356.07 359.39 3.32 56.88 RioTinto Core
IBM-5 429.75 433.3 3.55 33.55 RioTinto Core
IBM-5 462.05 463.12 1.07 53.13 RioTinto Core
IBM-6 140.25 141.25 1 36.06 RioTinto Core
IBM-6 255.38 256.91 1.53 47.65 RioTinto Core
IBM-8 209.05 211 1.95 10.69 RioTinto Core
IBM-9 119.65 134.75 11.66 35.13 RioTinto Core
IBM-9 142.2 143.23 1.03 28.24 RioTinto Core
IBM-9 148 148.9 0.9 11.37 RioTinto Core
IBM-9 173.47 175.2 1.72 35.08 RioTinto Core
IBM-9 238.92 245.77 6.85 39.58 RioTinto Core
IBM-9A 117.5 125.2 7.7 39.47 RioTinto Core

Management of the program is under the direction of Dr. Dennis LaPoint, a director of Erin Ventures.

Summary of the Piskanja boron property
The historical data, prepared to standards of the Serbian government, states that the Piskanja property has a historical resource estimate of approximately 7.5 million tonnes, averaging 36 - 39 per cent B2O3 (boron). The Piskanja deposit has the potential of hosting additional significant borate tonnage beyond the historical estimate, based on initial review of the historical drill information and assay data showing other zones of possible borate mineralization. A Qualified Person has not done sufficient work to classify the historical estimate as a current mineral resource. Erin is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.

It has been ascertained that the boron at Piskanja is primarily colemanite and ulexite. Colemanite currently sells on the world market for approx. US$280/ton, based on a boron content of 40% (approx. the purity found at Piskanja). Ulexite currently sells on the world market for approx. US$500/ton, based on a boron content of 40% (approx. the purity found at Piskanja).

Piskanja is located in a historical mining region that has good infrastructure for mining including roads, rail, electric power, experienced miners, support services, etc., 250 km south of Belgrade, Serbia.

About boron

  • Boron is a critically important industrial mineral. World production of boron minerals reached an estimated 4.35 million metric tons in 2008.
  • Market prices reflect the relative scarcity of borates with prices averaging: US$280/t for colemanite concentrate (40-42 percent B2O3); US$500/t for ulexite (40 percent B2O3); US$550/t for boric acid.
  • Consumption of borates used in high- technical applications is expected to increase by 10% in North America and 13% in Europe by 2012. China is the largest consumer of boron, where consumption has risen by 15 percent per year from 2000 to 2010.
  • Borate minerals and refined borate products are used extensively worldwide in the manufacture of vitreous products such as fiberglass insulation, textile fiberglass, borosilicate glass (e.g. LCD screens), ceramic glazes and porcelain enamels.  These applications account for approximately 60 per cent of borate consumption, with detergents, fire retardants, metallurgy, agriculture, insecticides, wood preservatives and specialty products accounting for the remainder.

Source: US Geological Survey, Report on Boron - 2008.

The technical information in this release was prepared and approved by Dennis LaPoint, Registered Geologist in the State of North Carolina, a director of the Corporation, who is a Qualified Person under National Instrument 43-101.

On behalf of the Board of Directors,

Blake Fallis, General Manager

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

Forward Looking Statements

This release contains forward looking statements.  The words "believe," "expect," "feel," "plan," "anticipate," "project," "could," "should" and other similar expressions generally identify forward-looking statements.  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.  These forward-looking statements are subject to a number of risks and uncertainties including, without limitation, variations in estimated costs, the failure to discover or recover economic grades of minerals, and the inability to raise the funds necessary for the continued operations of the Company, changes in external market factors including commodity prices, and other risks and uncertainties.  Actual results could differ materially from the results referred to in the forward-looking statements.

 

SOURCE Erin Ventures Inc.

For further information:

For further information, please contact:     Erin's Public Quotations:
Erin Ventures Inc.       Canada
Blake Fallis, General Manager       TSX Venture: EV
Phone: 1-250- 384-1999 or 1-888-289-3746    USA
www.erinventures.com        SEC 12G3-2(B) #82-4432
  OTCBB: ERVFF
  Europe
  Berlin Stock Exchange: EKV

 

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