Trading Symbol: BMC - TSX-V
Shares Outstanding: 124,627,490
HALIFAX, Jan. 20 /CNW/ - Buchans Minerals Corporation (BMC-TSX-V) ("Buchans Minerals or the Company") is pleased to announce that it has
engaged Wardrop, a Tetra Tech Company ("Wardrop") to complete a preliminary economic Assessment ("PEA") on the Company's 100% owned Lundberg and Engine House deposits located
near the town of Buchans in central Newfoundland.
Based on interim optimization and locked cycle metallurgical flotation
tests by SGS Canada Inc. ("SGS") and the recently completed open pit
mine plan by Wardrop, the Company has decided to proceed with a PEA on
the Lundberg and Engine House base metal deposits. Wardrop will
incorporate the final metallurgical data into the PEA once ongoing
metallurgical tests at SGS are complete. The Company anticipates
receiving results from the ongoing tests at SGS within the next 8 to 10
weeks, and expects the completed PEA will be available shortly
The recently completed open pit mine plan by Wardrop captures 16.64
million tonnes of the existing mineral resource as described in the
Company's press release, dated November 7, 2008. The average grades for
the captured material over the life of mine is 1.637% zinc (Zn), 0.698%
lead (Pb), 0.406% copper (Cu), 5.97 g/t silver (Ag), 0.072 g/t gold
(Au) and 1.254% barium (Ba) for a combined base metal grade of 2.74%
(Zn, Pb, Cu). It is estimated that the life of mine will be
approximately 10 years and the average stripping ratio is estimated to
be 3.20 : 1 with 53 million tonnes of waste material being moved. The
proposed open pit is located just west of the town of Buchans and is
anticipated to be comprised of 20 benches to a depth of 200 metres,
with a final footprint measuring 800 metres by 900 metres.
Mr. Daniel Gagnon, P.Eng., a Senior Open Pit Mining Engineer with
Wardrop, is acting as Qualified Person in compliance with National
Instrument 43-101 with respect to the open pit mine plan information
and has reviewed the contents for accuracy.
About Buchans Minerals:
Buchans Minerals is an Atlantic Canada based resource company focused on
exploring and developing base metal and gold properties in the region,
including its flagship project covering the historic base metal Buchans
mining camp in central Newfoundland.
Forward Looking Statements:
Certain information contained herein may constitute forward-looking
statements within the meaning of applicable securities laws.
Forward-looking statements may include estimates, plans, expectations,
opinions, forecasts, projections, guidance or other statements that are
not statements of fact. Although Buchans Minerals (the Company)
believes the expectations reflected in such forward-looking statements
are reasonable, they can give no assurance that such expectations will
prove to have been correct. The Company cautions that actual
performance will be affected by a number of factors, many of which are
beyond its control, and that future events and results may vary
substantially from what the Company currently foresees. The Company's
forward-looking statements are expressly qualified in their entirety by
this cautionary statement.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
SOURCE BUCHANS MINERALS CORP.
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