VANCOUVER, Feb. 28, 2012 /CNW/ - The Directors of WCB Resources Ltd ("WCB" or the "Company") (WCB - TSX.V) are pleased to advise that the
Company through its wholly owned subsidiary, WCB Pacific Pty Ltd has
commenced Year 1 exploration program planning on EL1747 located on
Misima Island, Papua New Guinea.
The Year 1 exploration program will include an extensive ridge and spur
auger soil sampling program, a rock chip sampling program, and a large
trenching program supported by a detailed aeromagnetic survey. These
activities are designed to delineate appropriate drill targets.
The extensive ridge and spur auger soil sampling program, and rock chip
sampling program will be managed by Salva Resources, led by Mr Robert W
Murphy, an experienced PNG exploration geologist who worked at OK Tedi
from 1989 to 1995 where he attained the position of Chief Geologist.
President of WCB Resources Cameron Switzer said "Furthermore with the ongoing support of our joint venture partner Pan
Pacific Copper and the experience of Salva and Bob Murphy's hands on
experience in PNG, I have every confidence that the systematic
exploration program that is entrained will lead to the delineation of
significant exploration targets requiring drill testing."
About the Misima Farm In and EL1747
In December 2011, WCB entered into an exploration Farm-In Agreement with
Pan Pacific Copper ("PPC") covering EL1747 located on Misima Island,
Papua New Guinea. Under the terms and conditions of the exploration
Farm-In Agreement, WCB can earn up to a 70% interest in EL1747 Misima
by spending a total of AUD9.0M within a 4 year timeframe.
PPC, owned by JX Nippon Mining and Metals (66%) and Mitsui Mining and
Smelting (34%), is a global mining, smelting, refining and
international copper producer,
The Company is targeting Porphyry copper gold and Epithermal gold silver
mineralisation on EL 1747.
From a geological and mineral deposits perspective, EL 1747 Misima is
located in the same terrain and geological region that includes the
deposits of Grasberg, Ok Tedi, Hidden Valley, Wafi-Golpu, Lihir,
Simberi and Panguna as well as significant projects such as Tolukuma,
Kainantu and Woodlark Island.
Further details of this announcement or information pertaining to the
Misima Farm In Agreement and further technical information regarding
Misima Island and EL 1747, is located at
Mr. Cameron Switzer, BSc (Hons), MAIG (3384), MAUSIMM (112798),
President and Chief Executive Officer of WCB Resources, is a qualified
person as defined by National Instrument 43-101. He is responsible for
quality control of exploration undertaken by WCB. Mr. Switzer has
reviewed and approved the technical information in this release.
About WCB Resources
WCB is an aggressive minerals exploration and development company that
brings together a strong, interdisciplinary, and proven management team
with the ability to take a project from discovery right through to
WCB's strategy is to build shareholder value through acquisition,
exploration and development of copper gold projects. This strategy is
being developed by a synthesis of WCB's core skills in project
evaluation, structured acquisition, exploration and project development
and operations, areas where WCB directors and executives have
We believe that our capabilities and experience, combined with an
efficient corporate structure, provide tremendous potential upside for
investors. WCB is engaged in an ongoing search and evaluation of
additional copper gold projects in the Asia Pacific region.
On behalf of the Board of Directors
President and Chief Executive Officer
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.
Forward Looking Statements: This news release includes certain
statements that may be deemed "forward-looking statements". All
statements in this release, other than statements of historical facts,
including, without limitation, statements potential mineralization, the
estimation of mineral resources, the realization of mineral resource
estimates, interpretation of prior exploration and potential
exploration results, the timing and success of exploration activities
generally, the timing and results of future resource estimates,
permitting time lines, metal prices and currency exchange rates,
availability of capital, government regulation of exploration
operations, environmental risks, reclamation, title, and future plans
and objectives of the company are forward-looking statements that
involve various risks and uncertainties. . Although the Company
believes the expectations expressed in such forward-looking statements
are based on reasonable assumptions, such statements are not guarantees
of future performance and actual results or developments may differ
materially from those in the forward-looking statements.
Forward-looking statements are based on a number of material factors
and assumptions. Factors that could cause actual results to differ
materially from those in forward-looking statements include failure to
obtain necessary approvals in respect of the transaction, unsuccessful
exploration results, changes in project parameters as plans continue to
be refined, results of future resource estimates, future metal prices,
availability of capital and financing on acceptable terms, general
economic, market or business conditions, risks associated with
operating in foreign jurisdictions, uninsured risks, regulatory
changes, defects in title, availability of personnel, materials and
equipment on a timely basis, accidents or equipment breakdowns, delays
in receiving government approvals, unanticipated environmental impacts
on operations and costs to remedy same, and other exploration or other
risks detailed herein and from time to time in the filings made by the
companies with securities regulators. Mineral exploration and
development of mines is an inherently risky business. Accordingly the
actual events may differ materially from those projected in the
forward-looking statements. For more information on the Company,
investors should review their annual filings that are available at
SOURCE WCB Resources Ltd.
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