Mansfield Minerals Inc.: Updated Resource Estimate for Lindero Oxide Gold Deposit
10 November 2009 - 7:12AM
Marketwired
Mansfield Minerals Inc. (TSX VENTURE: MDR) -
Mansfield Minerals Inc. (Mansfield or the "Company") is pleased
to announce it has received an updated resource estimate from AMEC
Americas Limited on its 100% owned Lindero oxide gold deposit
located in northwestern Argentina. Significantly, for the measured
and indicated category at a cut off grade of 0.30 grams/tonne, the
new estimate shows an increase in gold grade of 6.7% over those of
the previous (June 2008) estimate while the number of ounces
reduced by 6.2%. AMEC's decision to emphasize the cut-off at 0.3
grams/tonne versus 0.45 grams/tonne as stated in the previous
estimate is a function of increased confidence in project metrics
as the prefeasibility study progresses. The following tables
summarize these findings.
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Measured & Indicated Category
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Cut-off Grade Grade Tonnes Tonnes Au Contained Ounces
(g/t) Au (g/t) % Change (MT) % Change (MOz) % Change
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0.30 0.64 +6.7 95.0 -13.0 1.96 -6.20
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0.40 0.74 +10.4 70.5 -14.3 1.68 -6.15
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0.50 0.83 +9.2 54.5 -8.5 1.45 0
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Inferred Category
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Cut-off Grade Grade Tonnes Tonnes Au Contained Ounces
(g/t) Au (g/t) % Change (MT) % Change (MOz) % Change
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0.30 0.49 +8.9 31.7 -8.5 0.49 -9.0
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0.40 0.61 +10.9 16.5 -12.7 0.33 -1.5
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0.50 0.75 +15.4 8.9 -11.9 0.21 0
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The new resource estimate is based on 121 HQ diamond drill holes
comprising 34,295 metres, plus 1,480 metres of channel sampling
which consists of diamond saw cuts 8 cm deep and 8 cm wide. The
estimate is based on interpolation into a block model comprised of
10m by 10m by 4m blocks using ordinary kriging.
Although there is a small reduction in the tonnes at all cut-off
grades and contained ounces at the lower cutoff grades, management
believes that the overall effect of higher grade will be positive
to project economics. These conclusions are based on preliminary
economic modeling related to the prefeasibility study. Work is
continuing on the prefeasibility study with the objective of
optimizing project economics with completion estimated to be late
Q4/2009. Note that the mineral resources stated above do not
constitute mineral reserves as the project economic viability has
yet to be demonstrated.
This updated AMEC mineral resource estimate dated November 1,
2009 was prepared by Dave Thomas, P.Geo. of AMEC, a Qualified
person ("QP") as defined by National Instrument 43-101 (Standards
of Disclosure for Mineral Projects). This news release has been
reviewed by Gordon P. Leask, P.Eng., President and CEO of the
Company, and a QP as defined by National Instrument 43-101
(Standards of Disclosure for Mineral Projects).
This news release has been reviewed by Gordon P. Leask, P.Eng.,
President and CEO of the Company, and a QP as defined by National
Instrument 43-101 (Standards of Disclosure for Mineral
Projects).
On behalf of the Board of Directors,
Gordon P. Leask, President & CEO
Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements - This news release
contains certain forward-looking statements, including statements
regarding the business and anticipated financial performance of the
Company. These statements are subject to a number of risks and
uncertainties. Actual results may differ materially from results
contemplated by the forward-looking statements. Factors that could
cause actual results to differ martially from those in
forward-looking statements include changes in metal prices, changes
in the availability of funding, unanticipated changes in key
management personnel and general economic conditions. Mining is an
inherently risky business. Accordingly the actual events may differ
martially from those projected in the forward-looking statements.
When relying on forward-looking statements to make decisions,
investors and others should carefully consider the foregoing
factors and other uncertainties and should not place undue reliance
on such forward-looking statements. The Company does not undertake
to update any forward looking statements, oral or written, made by
itself or on its behalf.
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.
Contacts: Mansfield Minerals Inc. (604) 681-4462 (604) 681-0180
(FAX) info@mansfieldminerals.com www.mansfieldminerals.com
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