TORONTO, Jan. 31 /CNW/ - Chieftain Metals Inc. ("Chieftain" or the "Company") (TSX: CFB) is pleased to announce that the Ministry of Mines has now transferred
to Chieftain the MX-1-355 Mineral Exploration permit and the M-232
Mines Act permit for the Tulsequah Project.
Concurrent with the issuance of the permits, the Ministry of Mines has
confirmed that Chieftain is clear to proceed with the proposed drilling
as soon as site preparations are in place. Chieftain is also pleased
to announce that it has signed a contract with Hy-Tech Drilling Ltd. of
Smithers BC to complete 30,000 metres of surface and underground
drilling at the Tulsequah and Big Bull deposits. The objectives of the
program are to upgrade and increase the resources at the Tulsequah
Chief and Big Bull deposits. Crews are currently opening the camp
facilities at the Shazah airstrip on the property and preparing the
airstrip for mobilization of the necessary facilities installations and
equipment to support the proposed program.
The acquired Mines Act Permit covers the construction and operation of
all of the project site roads, airstrip, temporary barge landing,
laydown areas, and initial underground development preparations. It
also allows for the future construction of the potential
acid-generating ("PAG") waste storage site, the neutral waste ("NAG") storage site and the preparation of the plant site for new plant
construction including removal of the historic mine waste rock to their
appropriate storage areas.
The MX permit covers past and planned exploration works and surface work
on the property. At this time, the previous exploration areas near the
Tulsequah Chief deposit and along the new road infrastructure have been
transferred to the Mines Act permit. The new MX permit presently
covers exploration areas in the vicinity of the Big Bull deposit and
the short access road which was constructed in 2007.
These permits are key milestones for the company as it prepares for an
updated feasibility study and a date for renewed development of the
Tulsequah Chief Mine.
About Chieftain Metals Inc.
Chieftain Metals Inc.'s principal business is the acquisition,
exploration and development of mineral properties. Since incorporation,
the Company's business has focused entirely on the acquisition, and
thereafter the development, of the Tulsequah Polymetallic Project, in
northwestern British Columbia, Canada. The Tulsequah Project consists
of 38 mineral claims and Crown-grants covering approximately 14,220
hectares and covers two previously producing mines. For more
information on the Tulsequah Project, please refer to the Company's NI
43-101 compliant technical reports, "Tulsequah Chief Deposit, Tulsequah
Chief Property, Northern British Columbia" and "Big Bull Project,
Tulsequah Chief Property, Technical Report, Northern British Columbia",
each dated as of November 8, 2010 and available under the Company's
profile on SEDAR href="../(www.sedar.com).">(www.sedar.com).
This press release includes forward-looking information within the
meaning of Canadian securities legislation, concerning the business,
operations and financial performance and condition of the Company. The
words 'expect', 'believe', 'will', 'intend', 'estimate' and similar
expressions identify forward-looking statements. Forward-looking
statements are based on the opinions and estimates of management as of
the date such statements are made, and they are subject to known and
unknown risks, uncertainties, assumptions and other factors that may
cause the actual results, level of activity, performance or
achievements of the Company to vary or to be materially different from
those expressed or implied by such forward looking statements,
including but not limited to the factors described in greater detail in
the "Risk Factors" section of the Company's final prospectus dated
December 16, 2010. Forward-looking statements are based on a number of
assumptions, including assumptions regarding general market conditions,
the availability of financing for proposed transactions and programs on
reasonable terms and the availability of outside service providers to
deliver services in a satisfactory and timely manner. These factors and
assumptions are not intended to represent a complete list of the
factors and assumptions that could affect the Company; however, these
factors and assumptions should be considered carefully by readers.
Although management of the Company has attempted to identify important
factors that could cause actual results to differ materially from those
contained in forward-looking statements, there may be other factors
that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ materially
from those anticipated in such statements. Readers are cautioned not to
place undue reliance on forward-looking statements. The Company
disclaims any obligation to update or revise any forward-looking
statements, whether as a result of new information, events or
otherwise, except as expressly required by law.
SOURCE Chieftain Metals Inc.
For further information:
President and CEO
Telephone: (416) 644-6000 ext. 650