Landore Resources Limited - Junior Lake-VW Nickel Project Resource Upgrade Statement



    THE RECENTLY COMPLETED EXTENSION AND INFILL DRILLING CAMPAIGN ON THE VW
    NICKEL DEPOSIT HAS SUBSTANTIALLY UPGRADED THE RE

SOURCE: - Increasing the global resource base by 48% to 22,407 tonnes Nickel Equivalent (NiEq) at 0.2% Nickel cut-off grade. - Upgrading the resource significantly with 91% now in the "Indicated" category. The resource estimated in 2007 by Scott Wilson RPA resource was all in the "Inferred" category. - Improving the average grade of the resource by 25% to 0.45% NiEq at 0.2% Nickel cut-off grade. - Mineralization on the VW Nickel Deposit remains open along strike in both directions to the east and west as well as at depth. (AIM Ticker: LND.L) THUNDER BAY, ON, March 26 /CNW/ - Commenting on the report, Chairman of Landore Resources, Bill Humphries, said: "This substantially increased Resource confirms our view of the strong economic potential of the VW Nickel deposit. We will be moving ahead with the scoping and feasibility studies with the aim of becoming a Nickel producer whilst continuing to expand the Resource." Scott Wilson Roscoe Postle Associates Inc. (Scott Wilson RPA), Toronto, was retained by Landore Resources Canada Inc. (Landore) to independently carry out a Canadian National Instrument 43-101 compliant resource estimate for the VW Nickel Deposit located at Landore's Junior Lake project, Ontario. VW resource estimate at 0.2% Nickel Cut-Off Grade, Extract from the resource estimate table produced by Scott Wilson RPA. (See Appendix A) ------------------------------------------------------------------------- Indicated Resource ------------------------------------------------------------------------- Cut-Off Grade Tonnes Ni% (000's) Ni% Cu% Co ppm Pt ppb Pd ppb Au ppb NiEq% ------------------------------------------------------------------------- 0.2% 4,490 0.393 0.054 155 28 36 11 0.453 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Inferred Resource ------------------------------------------------------------------------- Cut-Off Grade Tonnes Ni% (000's) Ni% Cu% Co ppm Pt ppb Pd ppb Au ppb NiEq% ------------------------------------------------------------------------- 0.2% 473 0.380 0.050 147 30 35 11 0.437 ------------------------------------------------------------------------- Extract ends. ------------------------------------------------------------------------- Contained Metal ------------------------------------------------------------------------- Ni Cu Co Pt Pd Au NiEq Tonnes Tonnes Tonnes Ounces Ounces Ounces Tonnes ------------------------------------------------------------------------- Total contained metal 19,443 2,661 765 4,498 5,729 1,755 22,407 ------------------------------------------------------------------------- The contained Nickel in the global resource base increased by 36%. In the 2007 resource estimate cobalt was not included. However, results from drilling in the recently completed campaign showed a marked increase in cobalt levels in the western extension of the resource. Accordingly, cobalt has been included in the new resource estimate and contributes to the increased global resource. Junior Lake: The Junior Lake property is located in the province of Ontario, Canada, approximately 235 kilometres north-northeast of Thunder Bay and is situated within the Caribou-O-Sullivan Greenstone Belt in the Wabigoon Subprovince. The VW Nickel Deposit is located at Ketchikan Lake toward the south eastern end of the Junior Lake property. During 2007 an infill and extension drill programme, consisting of 63 NQ size holes (0407-99 to 0407-161,178) for a total of 17,361 metres, was completed on the VW Nickel Deposit. Drilling has now tested the VW Nickel deposit at approximately 25x50 metre spacing over a strike length of 450 metres and to a vertical depth of approximately 300 metres. This close drill spacing has provided sufficient confidence for the majority of the resource to be advanced to the "Indicated" category, a necessary requirement for feasibility studies. Mineralization on the VW Nickel Deposit remains open along strike in both directions to the east and west as well as at depth. Ongoing works. Scott Wilson RPA is currently preparing a Canadian National Instrument 43-101 (NI43-101) compliant technical report on the resource upgrade for the VW Nickel deposit. SGS Lakefield Research Limited of Lakefield, Ontario, is carrying out additional metallurgical testing in preparation for scoping and pre feasibility studies scheduled for the second half of 2008. Following receipt of the Technical report, drilling will re-commence on the VW Nickel deposit, with 8,000 metres being programmed for further extension and infill drilling, 1,000metres for geotechnical work on the VW deposit for open-pit design requirements and a further 3,000 metres for exploration of known mineralized occurrences on the Junior lake property. James Garber, (BSc. Hons. Geology, member of APGO) a Director of Landore Resources Ltd and a qualified person as defined in the Canadian National Instrument 43-101, has reviewed and verified all scientific or technical mining disclosure contained in this announcement, which is stated in accordance with the Canadian Institute of Mining Metallurgy and Petroleum. Mr. Richard Routledge, M.Sc., P. Geo., Consulting Geologist with Scott Wilson RPA, prepared the resource estimate for Landore Resources Canada Inc. Mr. Routledge is a Qualified Person in accordance with the requirements of the Canadian National Instrument 43-101. APPENDIX A RE

SOURCE ESTIMATE PREPARED BY SCOTT WILSON RPA. VW ZONE RE

SOURCES AT VARIOUS CUT-OFF GRADES Landore Resources Canada Inc. - Junior Lake Project, VW Zone, Ontario Indicated Resource Cut-Off Grade Tonnes Ni% (000's) Ni% Cu% Co ppm Pt ppb Pd ppb Au ppb NiEq% ------------------------------------------------------------------------- 0.2% 4,490 0.393 0.054 155 28 36 11 0.453 0.3% 2,826 0.475 0.061 177 28 40 12 0.542 0.4% 1,581 0.578 0.067 206 30 46 12 0.654 0.5% 837 0.697 0.075 238 30 55 12 0.784 0.6% 502 0.799 0.079 255 32 63 12 0.892 0.7% 322 0.884 0.079 268 33 69 12 0.980 0.8% 181 0.992 0.087 293 31 75 11 1.096 0.9% 117 1.076 0.092 312 31 79 11 1.186 1.0% 69 1.166 0.092 321 30 82 10 1.278 ------------------------------------------------------------------------- Inferred Resource Cut-Off Grade Tonnes Ni% (000's) Ni% Cu% Co ppm Pt ppb Pd ppb Au ppb NiEq% ------------------------------------------------------------------------- 0.2% 473 0.380 0.050 147 30 35 11 0.437 0.3% 305 0.448 0.057 167 30 38 12 0.512 0.4% 146 0.562 0.062 197 32 46 12 0.635 0.5% 77.5 0.669 0.066 222 35 56 12 0.750 0.6% 48.1 0.742 0.069 236 37 61 13 0.828 0.7% 28.4 0.812 0.068 239 40 69 12 0.900 0.8% 9.5 0.944 0.073 269 38 90 11 1.041 0.9% 4.6 1.052 0.092 303 35 78 12 1.161 1.0% 2.3 1.167 0.088 317 36 99 9 1.279 ------------------------------------------------------------------------- Notes: 1. CIM definitions were followed for Mineral Resource estimation and classification. 2. Mineral Resources are constrained by wireframes constructed at a minimum grade of 0.2% Ni. 3. Block grades were estimated by inverse distance squared interpolation. 4. High assay values were capped based on lognormal distribution: Ni at 2.5%; Cu at 0.8%, Pt at 300 ppb, Pd at 550 ppb and Au at 100 ppb. Cobalt assays were not capped. 5. Mineral Resources are estimated using average long-term metal prices (US$) of $8.00/lb nickel, $2.00/lb copper, $25.00/lb cobalt, $1,200/oz platinum, $350/oz palladium and $750/oz gold. 6. An open pit discard grade for US$8.00/lb Ni is approximately 0.3% Ni whereas for Ni spot prices and futures for Ni of US$12/lb as of January 2008, the open pit discard is approximately 0.2% Ni. Scott Wilson RPA recommends reporting resources at the 0.3% Ni cut-off. 7. US$/C$ exchange rate of 1.05. 8. Bulk density is 3.01 t/m3. 9. Resources were estimated to a maximum depth of approximately 315 m. 10. Nickel equivalent factors are: 0.26 x Cu%; 2.38 x Co%, 0.19 x Pt ppm, 0.06 x Pd ppm; and 0.12 x Au ppm. The low content of the precious metals may not be payable but they contribute to NiEq grade. %SEDAR: 00008466E

For further information:

For further information: Bill Humphries, Chairman, Tel: +44(0)7734
681262; Richard Prickett, Chief Executive, Tel: +44(0)7775 651421; Landore
Resources Limited, www.landore.com; Simon Raggett, Tel: +44 (0)20 7409 3494,
Strand Partners Limited; David Bick, Tel: +44 (0)7831 381201


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890