BUCHANS MINERALS COMPLETES DETAILED OPEN PIT MINE PLAN FOR LUNDBERG & ENGINE HOUSE BASE METAL DEPOSITS

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 House.

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.

Qualified Person
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.

For further information:

Buchans Minerals Corporation                 Investor Relations:
Warren MacLeod, President & CEO
Ph: (902) 472-3520
Windsor, Nova Scotia
warren@buchansminerals.com
www.buchansminerals.com
                The Howard Group Inc.
Jeff Walker
Toll Free: 1-888-221-0915
Info@howardgroupinc.com
www.howardgroupinc.com

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BUCHANS MINERALS CORP.

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