Geoinformatics Clarifies Back-In Rights on Whistler Project, Alaska



    TORONTO, June 18 /CNW/ - Geoinformatics Exploration Inc. (TSX-V: GXL)
("Geoinformatics" or the "Company") is very pleased to announce the successful
definition of the work program required to trigger Kennecott Exploration's
("Kennecott") back-in rights over the Whistler Project in Alaska. The work
program calls for Geoinformatics to complete defined amounts of geophysics and
drilling on several targets within the Whistler project area. Once the full
program is completed, Kennecott will decide on whether to exercise its right
to back in or relinquish back-in rights and revert to a royalty.
Geoinformatics will operate the program and work is expected to begin in the
2009 field season, which could yield Kennecott's decision in 2010.

    Kennecott Back-In Rights

    The original back-in rights agreement required Geoinformatics to produce
a positive Order of Magnitude Study (essentially a scoping study in NI43-101
terms) on the Whistler project area, but the agreement did not foresee a
property such as the Whistler project which contains multiple tens of targets.
The renegotiated back-in rights agreement allows Geoinformatics to conduct a
program of regional exploration that will consist of:

    
    -   Up to 341 line kilometers of 2D and 3D Induced Polarization
        geophysics on regional targets.
    -   Drilling of a minimum of 20 holes with a minimum depth of 200m per
        hole, for at least 7000m in aggregate.
    

    The work program will be supervised by a technical committee comprised of
two geoscientists from each of Geoinformatics and Kennecott. Although no
timeframe is specified in the agreement, as operator, Geoinformatics expects
that the program could take as little as 12 months to complete. At completion
Kennecott must either elect to:

    
    -   Within 90 days, relinquish its back-in right and revert to a 2% net
        smelter returns royalty, or
    -   Within 90 days, exercise its back-in right on the project to earn an
        initial 51% interest by refunding two times Geoinformatics' total
        qualifying exploration expenditures. Kennecott may then elect to
        increase its interest to 60% by funding all programs and budgets
        until the project reaches a development decision, or
    -   Within 30 days, agree to fund a supplemental exploration drill
        program. Within 30 days of receiving the results from the completed
        supplemental program, Kennecott must make a final decision on whether
        to exercise or relinquish its back-in rights as described above. If
        Kennecott elects to back in after the supplemental program, Kennecott
        can offset the costs of the supplemental program to a maximum of 6%
        of two times Geoinformatics' total exploration costs. The
        supplemental program shall not exceed 180 days.
    

    Ms. Rosie Moore, CEO of Geoinformatics, said, "This is a huge milestone
for the Company. Uncertainty regarding Geoinformatic's ultimate ownership of
Whistler has been viewed as a negative by the market. Internally, we view it
as a "win-win" situation because one scenario that might cause Kennecott to
trigger its back-in right would be the discovery of a very significant deposit
at Whistler, resulting in Kennecott as a strong operating partner with
Geoinformatics. On the other hand, if the work program is completed and
Kennecott elects not to back in, we will still have a large defined
gold-copper resource and multiple targets remaining on a vast, prospective
project. Regardless, defining the work requirement and being in control of the
timeline provide clarity for Geoinformatics and, pending the proposed
completion of the business combination of Geoinformatics and Rimfire Minerals
Corporation, for the new company to be created. On behalf of the board I would
like to thank Kennecott for demonstrating continued willingness to negotiate
in good faith and commend Darren Holden, COO of Geoinformatics, for
spearheading this accomplishment."

    About the Whistler Project

    In November 2005, Geoinformatics entered into an agreement with Kennecott
that set the framework for Geoinformatics to option projects offered by
Kennecott. Geoinformatics optioned the Whistler Project from Kennecott in June
2007 and earned a 100% interest, subject to Kennecott's back in rights, in
November 2008.
    The Whistler Project in Alaska covers an area of approx 440km(2) within
the same geological belt that hosts the world class Pebble copper-gold
porphyry deposit and is one of the largest contiguous claim blocks in Alaska
controlled by a junior exploration company. Whistler comprises a gold-enriched
gold-copper porphyry district with multiple mineralized systems identified by
geological mapping, geophysical techniques, geochemical surveys and drilling.
The central Whistler Zone is the most advanced prospect within the project
area and has a NI43-101 compliant resource of 1.31 and 4.44 million ounces of
gold equivalent in the Indicated and Inferred Resource categories respectively
(refer to Table 1 for details). Besides this Whistler Zone resource, the
Whistler Project also includes a number of high priority targets including:

    
    -   over 40 prioritized "Whistler Zone look-alike" gold-copper porphyry
        targets within 10 km of the Whistler Zone including the 2008 Raintree
        West discovery with 160 m averaging 0.59g/t gold, 0.10% copper and
        6.02g/t silver (refer to Geoinformatics' press release dated November
        4, 2008 for details);

    -   the approximate 2.0 x 2.5 km Muddy Creek high grade gold target
        located 12 km south of the Whistler Zone and defined by 150 rock
        samples that average 4.72g/t gold which has never been drill tested
        (refer to Geoinformatics' press release dated February 29, 2008 for
        details); and

    -   the distinct 2.4 x 3.4 km Island Mountain copper-gold target located
        22 km south of the Whistler Zone.

    Table 1: Mineral Resources for the Whistler Zone in Alaska as reported by
             Geoinformatics in its January 9, 2008 press release.
    -------------------------------------------------------------------------
                       Tonnes and Grades              Total Contained Metal
    -------------------------------------------------------------------------
    Resource                                  Gold  Gold                Gold
     Category   Tonnage  Gold  Silver  Copper Eq(3) (Moz) Silver Copper Eq(3)
    -------------------------------------------------------------------------
    Indicated
     (open-
      pit(1))      30    0.87   2.46    0.24  1.35  0.84   2.37    159   1.31
    -------------------------------------------------------------------------
    Total
    Indicated      30    0.87   2.46    0.24  1.35  0.84   2.37    159   1.31
    -------------------------------------------------------------------------
    Inferred
     (open-
      pit(1))     123    0.59   2.07    0.19  0.98  2.33   8.19    515   3.86
    -------------------------------------------------------------------------
    Inferred
    (under-
    ground(2))     11    1.16   3.55    0.24  1.66  0.41   1.26     58   0.59
    -------------------------------------------------------------------------
    Total
     Inferred(4)  134    0.64   2.18    0.20  1.05  2.74   9.44    573   4.44
    -------------------------------------------------------------------------
    (1) Reported within a conceptual pit shell and based at a cut-off grade
        of 0.3 g/t gold equivalent adjusted for metallurgical recovery of 75%
        for gold and silver and 85% for copper using the metal prices in
        point 3 below.

    (2) Reported based on an underground bulk mining method using a cut-off
        grade of 1.1 g/t gold equivalent adjusted for metallurgical recovery
        of 75% for gold and silver and 85% for copper using the metal prices
        in point 3 below.

    (3) Total grade and Total Contained Metal gold equivalent grade and
        ounces estimated based on equal full recoveries, $550 per ounce gold,
        $8 per ounce silver and $1.50 per pound of copper;

    (4)  Totals may vary due to rounding.
    

    Other News

    The original Master Strategic Alliance Agreement ("MSAA") between
Kennecott and Geoinformatics covered British Columbia and Yukon in Canada;
Nevada, Western Utah, Arizona and New Mexico in the USA; and Sonora and
Chihuahua States in Mexico. The MSAA gave Geoinformatics certain rights to
Kennecott's extensive regional exploration databases for the purposes of
project generation and, in tandem with publicly available information, allowed
Geoinformatics to conduct regional-scale reconnaissance using Geoinformatics'
proprietary exploration targeting technologies. However, projects generated in
these broad geographic areas were also subject to the Kennecott back-in rights
agreement. Geoinformatics and Kennecott have mutually agreed to a partial
termination of the MSAA such that the revised agreement now covers only the
projects currently held by Geoinformatics or its partners and will no longer
apply to new property acquisitions. Geoinformatics is returning proprietary
exploration data to Kennecott but retains certain products from the alliance
including its extensive compilations of publicly available data and the
regional application of Geoinformatics' proprietary targeting techniques.
    In Mexico, Geoinformatics recently elected, by refusing a final payment,
not to continue its option on the Azulitas claims that were a small portion of
its La Noria Project. Geoinformatics retains the surrounding La Noria project
which includes extensive untested geochemistry anomalies at the El Tiro and El
Zapote prospects and the Los Laureles copper-silver-molybdenum-gold discovery.

    Qualified Person Statement

    The technical data and contents of this news release have been reviewed
by Darren Holden, Chief Operating Officer of Geoinformatics, who is a
Qualified Person within the meaning of NI43-101, with the ability and
authority to verify the authenticity and validity of the data. The Whistler
Resource in Table 1 is as previously reported in the NI43-101 compliant
independent report compiled by Dr Jean-Francois Couture and Mr. George Wahl of
SRK Consulting (Canada) Inc. Further details in this regard were published by
Geoinformatics previously by press release dated January 9, 2008.

    
    Neither the TSX Venture Exchange nor its Regulation Service 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 Information

    This news release contains "forward-looking information" within the
meaning of applicable securities laws. Forward-looking information includes
but is not limited to the work program required to trigger Kennecott's back-in
rights over the Whistler project and the potential impact thereof. Generally,
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",
"understands" or "does not anticipate", or "believes" or variations of such
words and phrases or statements that certain actions, events or results
"will", "may", "could", "would", "might", or "will be taken", "occur", or "be
achieved". Forward-looking information is based on the views, opinions,
intentions and estimates of management at the date the information is made,
and is based on a number of assumptions and subject to a variety of risks and
uncertainties and other factors that could cause actual events or results to
differ materially from those anticipated or projected in the forward-looking
information (including the actions of other parties who have agreed to do
certain things and the approval of certain regulatory bodies). Many of these
assumptions are based on factors and events that are not within the control of
Geoinformatics and there is no assurance they will prove to be correct.
Factors that could cause actual results or events to vary materially from
results or events anticipated by such forward-looking information include
risks associated with the mining industry such as economic factors (including
future commodity prices and currency fluctuations), failure of plant,
equipment, processes and transportation services to operate as anticipated,
dependence on key personnel and employee relations, environmental risks,
government regulation, actual results of exploration activities, possible
variations in ore grade or recovery rates, permitting timelines, capital
expenditures and other risks of the mining industry, as well as those risk
factors discussed in the company's management discussion and analysis for the
period ended March 31, 2009, which risks may cause actual results to differ
materially from any forward-looking statement. Although Geoinformatics has
attempted to identify important factors that could cause actual actions,
events or results to differ materially from those described in forward-looking
information, there may be other factors that cause actions, events or results
not to be anticipated, estimated or intended. There can be no assurance that
forward-looking information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such
information. Geoinformatics undertakes no obligation to update forward-looking
information if circumstances or management's estimates or opinions should
change except as required by applicable securities laws, or to comment on
analyses, expectations or statements made by third parties in respect of
Geoinformatics, its financial or operating results or its securities. The
reader is cautioned not to place undue reliance on forward-looking
information.

    %SEDAR: 00007774E




For further information:

For further information: Ms. Rosie Moore, Chief Executive Officer, Tel:
(604) 925-5881; Mr. Darren Holden, Chief Operating Officer, Tel: (604)
605-3073; Email: info@geoinformex.com; Suite 303 - 80 Richmond St. West,
Toronto, Ontario, M5H 2A4; Suite 304 - 700 West Pender Street, Vancouver,
British Columbia, V6C 1G8; www.geoinformex.com

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