Additional 75 feet of sill development completed in 325N Zone averaging
0.52 oz/t (18.0 g/t) over an average of 4.8 feet (1.5 m)
Sill drifting continuing in the 325N - #1 and #2 zones. Based on current
diamond-drill results, company expects a minimum of a further 425 feet
of sill drifting to be established at similar grades in the zones
TORONTO, Dec. 18, 2012 /CNW/ - Armistice Resources Corp. (TSX: AZ),
operator of the McGarry gold mine in Ontario's Kirkland Lake area,
today reported the results of an additional 75 feet of completed sill
drifting in the 325N - #2 Zone of the mine. The new sill drifting
averages 0.52 oz/t (18.0 g/t) over an average of 4.8 feet (1.5 m). This
new sill drifting has obtained results consistent if not better, than
previous sill drifting in the 325N gold zones.
"Our extensive work at the McGarry Mine is progressing very well, both
with respect to the stope drilling and on key components of the
infrastructure needed to enable Armistice to meet our targeted
350-to-400 tons per day of ore production in calendar 2013," said Todd
J. Morgan, chief executive officer and president.
In a news release issued by Armistice on November 28, 2012, the company
reported that it had completed 600 feet of stope sill development in
the 325N gold zones grading an average of 0.34 oz/t (11.6 g/t) over an
average width of 4.8 feet (1.5m). The total amount of sill drifting in
the 325N Zone now stands at 675 feet (205 m) averaging 0.41 oz/t (14.0
g/t) gold over an average width of 4.8 feet (1.5 m).
The continuous stope development in the 325N Area #1 and #2 zones on the
2250 Level of the McGarry Mine is still in progress. Based on current
diamond-drill results in the area, Armistice expects that a minimum of
425 feet of additional sill drifting will be established at similar
grades in the zones. Assay grade data and strike extent of the gold
mineralization continues to meet or exceed expectations.
The 325N mineralized area, centered about 1,700 feet west of the shaft,
continues to be the current focus for the development and production of
ore. Data from an intensive program of short-hole diamond drilling has
been used to guide the establishment of sill drifts about 30 feet below
the main 2250 Level haulage drift.
Note that ounces per ton and oz/t refers to Troy ounces per short. Also
note that g/t refers to grams per metric tonne and m refers to metres.
All grades reported above are undiluted and not top cut.
Quality Control and Quality Assurance Process
Armistice maintains procedures for Quality Control and Quality
Assurance. These procedures include sawing the core in half and
retaining half for archive reference. The other half is assayed using
standard fire assay techniques with AA finish. For every 20 samples
submitted for assay, one sample is quarter sawn and each quarter is
submitted to separate labs for independent analysis. For each 20
samples submitted, one blank is also submitted for control. All samples
are sent to PolyMet Labs, Cobalt, Ontario, and Swastika Labs, Swastika,
Ontario, both being recognized independent assay laboratories.
Erik Andersen, P.Eng., Vice-President and Chief Operating Officer of
Armistice Resources and a Qualified Person as defined by National
Instrument 43-101, has reviewed and approved this news release.
About Armistice Resources Corp.
Armistice Resources, a Canadian-based exploration and development
company, is the operator of the McGarry gold mine in Ontario's Kirkland
Lake area. The McGarry Mine is located in Virginiatown on the prolific
Larder Lake-Cadillac Break that extends 200 km east-west straddling the
Ontario and Quebec border and that has produced 95 million ounces of
gold. Refining and sales of the gold concentrate resulting from the
milling began in August 2012.
The McGarry Mine is adjacent to the Kerr-Addison Gold Mine that produced
more than 11 million ounces of gold. Armistice has signed a definitive
five-year option agreement for the purchase of up to 100 percent of the
mineral rights on the Kerr-Addison property. The McGarry Mine consists
of 33 contiguous patented mining claims, including three licenses of
occupation, totaling 484 hectares. The McGarry Mine is fully permitted
and all equipment and systems at the site have been brought up to
standards, including its installed mining plant. Armistice Resources is
listed on the Toronto Stock Exchange (Symbol: AZ) and currently has
221,528,971 common shares issued and outstanding. To find out more
about Armistice Resources, please visit the company's website at www.armistice.ca.
This news release contains forward-looking statements, including current
expectations on the timing of the commencement of production and the
rate of production, if commenced. These forward-looking statements
entail various risks and uncertainties that could cause actual results
to differ materially from those reflected in these forward-looking
statements. Such statements are based on current expectations, are
subject to a number of uncertainties and risks, and actual results may
differ materially from those contained in such statements. These
uncertainties and risks include, but are not limited to, the strength
of the Canadian economy; the price of gold; operational, funding, and
liquidity risks; the degree to which mineral resource estimates are
reflective of actual mineral resources; and the degree to which factors
which would make a mineral deposit commercially viable are present; the
risks and hazards associated with underground operations. Risks and
uncertainties about Armistice Resources' business are more fully
discussed in the company's disclosure materials, including its annual
information form and MD&A, filed with the securities regulatory
authorities in Canada and available at www.sedar.com and readers are
urged to read these materials. Armistice Resources assumes no
obligation to update any forward-looking statement or to update the
reasons why actual results could differ from such statements unless
required by law.
SOURCE: Armistice Resources Corp.
For further information:
President, CEO and Chairman
Todd J. Morgan
Armistice Resources Corp.
Investor and Media Relations
Richard W. Wertheim
Wertheim + Company Inc.