SB: TSX Venture Exchange Issued: 75,887,611 shares
CALGARY, May 2, 2013 /CNW/ - Stratabound Minerals Corp. (TSX.V:SB) is pleased to provide an update on its recent mining and exploration
activities in the Bathurst Mining Camp of northern New Brunswick.
Captain North Extension (CNE Mine)
As previously reported, final regulatory approvals to proceed with
development and mining at CNE were received on January 24 (news release
dated January 30, 2013). With Xstrata Zinc's mill scheduled to shut
down permanently in mid-April, this left Stratabound a 10-week "window
of opportunity" to develop, mine and truck ore to the mill for
production and sale of concentrates.
Construction began on January 26, and mining commenced on March 5.
Reclamation began immediately upon the mill shutdown.
Subject to final confirmation, Xstrata reports that 62,720 dry metric
tonnes (DMT) of CNE ore were milled at an average grade of 8.13% zinc,
3.22% lead, and 111 g/t silver. Saleable production was 6,239 DMT of
zinc concentrate grading 54.55% zinc; 2,122 DMT of lead concentrate
grading 41.51% lead and 919 g/t silver; and 1,541 DMT of bulk
concentrate with 42.21% zinc, 16.27% lead, and 491 g/t silver.
Payments will be received by Stratabound in May and June, 2013. Final
revenue cannot yet be determined, as it will reflect average May prices
for zinc, lead, silver, gold, and the Canadian dollar versus its U.S.
Stan Stricker, President of Stratabound, states: "The company's
employees, consultants and contractors did a superb job under adverse
conditions, overcoming on a daily basis challenges arising from heavy
rain and snow and the necessity of constantly grading, plowing and
maintaining 57 kilometres of gravel roads for ore delivery during the
break-up season. We are optimistic that revenue will be sufficient to
cover all costs including reclamation and repayment of our production
loan, as well as substantial drilling and other exploration in 2013."
Stratabound's 2012/2013 winter exploration program focused on surface
exploration of the optioned Commander property. A drill hole completed
in October 2012 intersected several copper-bearing sulphide stringer
zones in chloritic pyroclastic rocks resembling the footwall at the
Brunswick No. 12 and No. 6 massive sulphide deposits (news release
dated November 1, 2012). Gravity work outlined a large (1.5 km x 1 km)
half-milligal gravity anomaly. The gravity response ended up being
much larger in area than previously indicated, but with lower amplitude
than before. The lower amplitude results from the interpretation of
additional survey data which has allowed definition of a background
trend. Amplitude would be about 1.2 milligals if a constant
non-trending background was assumed as before the additional
surveying. The large gravity anomaly appears to reflect widespread
chloritic alteration of the type commonly associated with massive
sulphide deposits in the Bathurst area. The gravity anomaly was
followed up with a deep penetrating UTEM electromagnetic survey.
Highlights of the UTEM survey include a strong untested shallow
response, which Stratabound expects to drill this summer, along with
other electromagnetic targets within the alteration zone/gravity
anomaly, in addition to newly selected drill targets on the CNE and
Captain claim blocks.
The technical information contained in this release has been reviewed by
Stan Stricker, P.Geol., a Qualified Person as defined in National
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
WARNING: the Company relies upon litigation protection for "forward
looking" statements. The information in this release may contain
forward-looking information under applicable securities laws. This
forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause actual results to differ
materially from those implied by the forward-looking information.
Factors that may cause actual results to vary materially include, but
are not limited to, inaccurate assumptions concerning the exploration
for and development of mineral deposits, currency fluctuations,
unanticipated operational or technical difficulties, changes in laws or
regulations, the risks of obtaining necessary licenses and permits,
changes in general economic conditions or conditions in the financial
markets and the inability to raise additional financing. Readers are
cautioned not to place undue reliance on this forward-looking
information. The Company does not assume the obligation to revise or
update this forward-looking information after the date of this release
or to revise such information to reflect the occurrence of future
unanticipated events, except as may be required under applicable
SOURCE: Stratabound Minerals Corp.
For further information:
Stan Stricker, P. Geol, President