(DNI : TSX-Ven)
(DG7 : Frankfurt)
TORONTO, Sept. 13, 2012 /CNW/ - DNI Metals Inc. (DNI:TSX-Ven)(DG7:FSE) has been requested by IIROC to clarify certain statements contained in its September 12, 2012, announcement (the "Release") relating to delineation of a 2.7 billion short ton inferred resource from cover rocks above the Buckton zone on its Alberta polymetallic black shale projects.
Whereas the Release ascribes a per ton (or tonne) recoverable value to the Buckton Labiche resource announced, as summarized from the technical report, IIROC notes that the values announced are "gross" values and that their disclosure does not comply with Section 2.3(1)(c) of National Instrument 43-101. DNI, accordingly, retracts the per ton (or tonne) values ascribed to the Labiche resource which were announced in the Release, but instead notes that the per ton (or tonne) of recoverable gross value represented by the Labiche resource is sufficiently higher than the US$7.5 per tonne cut-off used by the resource study, and higher than the related iteration of the resource model at the higher US$10 per tonne cut-off, to reasonably conclude that the Buckton Labiche inferred mineral resource is mineralization which has a reasonable prospect for extraction in the future, especially in conjunction with extraction of the underlying higher grading Second White Speckled Shale Formation. DNI notes that, as previously announced, it is shortly proceeding toward a Preliminary Economic Analysis Study (Scoping Study) for the Buckton Zone to prepare the necessary estimates of values which might be ascribed to the mineral resource at the Zone.
In addition, DNI also issues the following clarification regarding recoverable grades disclosed in the Release: namely, that metals recoveries disclosed in the Release have been summarized from a series of bench scale laboratory tests completed by DNI during the past three years, that DNI has not yet completed bulk sampling/testing nor a pilot plant test on recovery of metals from its black shales, and that the foregoing recoverable metal grades do not imply that economic viability of the recoveries has been determined and may not reflect actual recoveries which might be achieved in an ultimate mineral production operation. As previously announced, the necessary testwork addressing the foregoing is in progress in collaboration with CANMET Mining and Minerals Science Laboratories, Ottawa, toward the commercialization of a heap leaching process for DNI's polymetallic black shales.
The Qualified Person in connection with this press release and in respect of the Alberta polymetallic black shale projects is S.F.Sabag PGeo, President and CEO of DNI, who is responsible for verification and quality assurance of the exploration information disclosed in connection with the projects and this release.
Neither the 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.
DNI - TSX Venture
DG7 - Frankfurt
We seek Safe Harbour. This announcement includes forward looking statements. While these statements represent DNI's best current judgment, they are subject to risks and uncertainties that could cause actual results to vary, including risk factors listed in DNI's Annual Information Form and its MD&As, all of which are available from SEDAR and on its website.
SOURCE: DNI Metals Inc.
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