Trading Symbol: BMC - TSX-V
Shares Outstanding: 124,627,490
WINDSOR, NS, Jan. 5 /CNW/ - Buchans Minerals Corporation (BMC-TSX-V) ("Buchans Minerals" or the "Company") is pleased to announce that
Wardrop., A Tetra Tech Company ("Wardrop"), has completed the detailed
open pit mine plan for the Company's 100% owned Lundberg & Engine House
base metal deposits located just outside the town of Buchans in central
Newfoundland. The open pit mine plan for the Lundberg & Engine House
base metal deposits is based on a 5,000 tonne per day operation and is
one of two key building blocks required to complete a preliminary
economic assessment ("PEA"). The remaining key building block is the
ongoing metallurgical testing that will determine the recoverability of
the metals and grades of saleable concentrates.
The open pit mine plan developed 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 53.26 million tonnes of waste material being moved.
The open pit is located just west of the town of Buchans and the final
open pit is anticipated to be comprised of 20 benches down to a depth
of 200 metres and a final footprint having approximate dimensions of
800 metres north-south and 900 metres east-west. Three dimensional
images of the mine plan can be viewed on the Company's website at http://www.buchansminerals.com.
The mine plan developed by Wardrop is based on the original resource
estimate with an Inferred Resources of 20.7 million tonnes grading
2.78% combined base metals comprised of 1.68% zinc, 0.72% lead, 0.38%
copper, 5.92 g/t silver and 0.07 g/t gold at Lundberg and 1.1 million
tonnes grading 3.71% combined base metals comprised of 2.04% zinc,
0.85% lead, 0.82% copper, 9.79 g/t silver and 0.12 g/t gold at Engine
Warren MacLeod, President and CEO of Buchans Minerals stated that "The completion of the open pit mine plan is a key milestone in the
development of the Lundberg & Engine House deposits and we look forward
to continuing our metallurgical work towards making a decision to
proceed with a PEA".
* Technical Report on the Mineral Resource Estimate for the Lundberg and
Engine House deposits Buchans Area, Newfoundland, Canada. Prepared for Royal Roads Corp. by Peter C. Webster, B.Sc., P.Geo., P.
James F. Barr, B.Sc., Mercator Geological Services Limited. Effective
Date November 3, 2008.
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 this release and has reviewed the
contents for accuracy.
About Buchans Minerals
Buchans Minerals is an Atlantic Canada based resource company that is
focused on exploring and developing mineral properties in New Brunswick
and the historic Buchans mining camp in central Newfoundland, Canada.
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 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 their 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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