TORONTO, Jan. 15 /CNW/ - Moss Lake Gold Mines Ltd. (TSX-V: MOK, "Moss
Lake") is pleased to announce it has re-engaged Watts, Griffis and McOuat
Limited, a Toronto-based international geological and engineering consulting
firm ("WGM"), to conduct a Preliminary Assessment ("PA") report, which will be
in compliance with National Instrument 43-101 ("NI 43-101") guidelines and
standards. The Moss Lake Gold Deposit (the "Property") is a large tonnage,
low-grade gold deposit in the Shebandowan area, located approximately 100
kilometres west of Thunder Bay, Ontario. The Property was the subject of an
independent NI 43-101 report authored by WGM in November 2006 that defined an
inferred resource of 56.1 million tons grading 0.027 ounces gold per ton for
the Property, containing 1.51 million ounces. This included 39.0 million tons
grading 0.035 ounces per ton applying a 0.015 ounce per ton cut-off grade.
Management believes that with the price of gold above $CAD 900 per ounce,
this Property is attractive and has determined that a PA would be the best way
to economically evaluate potential options going forward.
The technical report will involve a review of historical data and include
a site visit, followed by a Mineral Resource review that will be incorporated
into the technical report. Further work will include a review of deposit
metallurgy, an environmental and infrastructure review and preliminary
CAPEX/OPEX cost development. The PA will also include work on open pit
parameters, Whittle pit optimization and economic sensitivity analysis for the
Preliminary engineering design work, costing and economic studies will be
followed by infill and expansion drilling, further metallurgical tests and
geotechnical work. The goal is to upgrade confidence in resource
classification and provide necessary technical input to advance towards
feasibility study level project evaluation.
Management continues to be impressed with the size of the resource and
obvious exploration potential of the Moss Lake Gold Deposit. The significance
of this asset will continue to grow with the gold price.
Moss Lake Gold Mines Ltd. trades on the TSX-V under the symbol "MOK" and
has 43.9 million shares issued and outstanding.
For further information:
For further information: on Moss Lake Gold Mines Ltd. please contact
George Mannard, P.Geo, President or Donovan Pollitt, VP Corporate Development,
8 King St. East, Suite 1305, Toronto, ON, M5C-1B5, Toll Free: 1-866-4-WDO-TSX,
Phone: (416) 360-3743, Fax: (416) 360-7620, Website: www.mosslakegold.com