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NEWS NEWS NEWS East Delta Releases 43-101 Report on Gold Resources at Huaqiao, Shows an Inferred Resource of at Least 300,000 Ounces 2006-02-08 07:00 ET - News Release MONTREAL, Feb. 8, 2006 (PRIMEZONE) -- East Delta Resources Corp. (OTCBB:EDLT) (Frankfurt:EJK) announced today that it is making available, through a 43-101 Report, information on its mineral resources at Huaqiao (China) as part of its resource-determination activities now underway at the mine. The Company had recently signed a definitive agreement to acquire 77.5% of this producing gold mine. As previously announced, East Delta contracted the engineering consulting firm BETA Inc. of Connecticut to conduct a review of the mineral resources and reserves of the Huaqiao Project located in Guizhou province, China. The report serves as a formal statement of resources and reserves estimated by EDLT for its Huaqiao Property and meets U.S. reporting requirements. It was prepared by a Qualified Person as defined by the Canadian National Instrument 43-101 and the companion policy 43-101CP. The definitions of the measured, indicated and inferred resources, as used by EDLT, conform to the CIM Standard Definitions. A summary of this report is available on the Company`s website at: www.eastdelta.ca. The following are important extracts from this report. -- The mine is located in an area that is well known to host both turbidite and Carlin-style gold deposits (in Guizhou Province of China). -- The region of the mine immediately adjacent to the mine hosts at least four major gold deposits (Huaqiao, Kentou, Pingqui, and Jingjing). -- The district (also known as the Tong Gu gold district) lies within an area of regionally folded Precambrian turbidite sequences. -- There are seven gold-bearing quartz vein zones known on the Huaqiao property -- specified as M1, M2, M3, M4, M5, M6 and Fx. They occur in different strata and have different type and characteristics of mineralization. -- A great deal of geological exploration has been performed by local Team 103, including 1/10000, 1/5000 and 1/2000 geological mapping, 16 exploration sections and 42 drill holes totaling 11,915 m and 2,977 samples. BETA reported the tonnes and grade as originally stated, with no correction factors applied, despite extensive operating experience showing significant understatement of initial estimates. The following tables summarize gold resources for only the M6 vein. Table 1-1 INDICATED MINERAL RESOURCES ----------------------------------------------------------------- Gold Grade Contained M6 Vein Ore Tonnes g/t Ounces -------------- -------------- -------------- -------------- Total Combined 383,812 2.37 29,202 Inferred resources have been calculated by local geologists, based on assumed continuity and persistence of mineralization within reasonable constraints. BETA did not receive detailed information for review, and as such, reports inferred resources without validation. Table 1-2 INFERRED MINERAL RESOURCES ------------------------------------------------------------------ Gold Grade Ounces All veins Ore Tonnes g/t Contained -------------- -------------- -------------- -------------- Total INFERRED 1,325,000 7.0 298,200 Mineral Reserve Estimate BETA concluded that the gold ore estimates performed by the No. 103 geologic team meet the requirements for classification as probable minable reserves. BETA notes that the quantity and grade of ore mined since the No. 103 team`s study was completed has exceeded original estimates by large multiples both in tonnage and grade. Production cost experienced at the mine is very low, allowing a low cutoff grade of 0.89 g/t. Table 1-3 PROBABLE MINABLE RESERVES --------------------------------------------------------------------- Gold Grade Kilograms Recoverable M6 Vein Ore Tonnes g/t Gold Contained Ounces ----------- ------------ ----------- -------------- ------------ undiluted 383,812 2.37 908.18 26,282 Dilution 48,000 0.00 0.00 0.00 ----------- ------------ ----------- -------------- ------------ Total 431,812 2.10 908.18 26,282 -- The expected recovery of gold into concentrate is 90%. -- The expected cost of milling and refining is US $7.29 (yuan 59) per tonne ore. -- The expected cost of mining is US $5.06 (yuan 41) per tonne ore. -- The expected cost of administration is US $0.91 (yuan 7.3) per tonne ore. -- The expected cost of other overhead is US $0.61 (yuan 4.9) per tonne ore. -- The cash operating cost per ounce is US $220 (yuan 1,760). Victor Sun, President of East Delta, commenting on the report, stated, " We are extremely pleased that the data is indicating resources beyond our original expectations. The project is proving to be an excellent deal for us. Although the above report focused on the M6 vein, we anticipate a lot more positive results to come from the other 6 veins. Considering that to acquire the whole project, we are paying only $150,000 plus a promise to invest another $500,000, all for a mine having potential resources of well over 300,000 ounces of gold. Production costs are known to be relatively low, ranging from $175 to $225 per ounce on the several hundred thousand ounces of gold already mined at Huaqiao to date." The agreement to acquire Huaqiao, between East Delta`s wholly owned Chinese subsidiary Guiyang High Tech Meiya Investment, Ltd and Huaqiao Gold Mines gives EDLT 77.5% ownership of this mine and while the closing of the acquisition only awaits receipt of SEC-qualified audits and financial statements, East Delta is proceeding with a work plan to complete underground geologic mapping, systematic sampling, followed by confirmation drilling to determine the extent and persistence of the mineralization. A 100+ tonne/day mill is on site, with both gravity separation shaker-tables and flotation cells installed. East Delta has temporarily closed the mine to modernize and upgrade its facilities. The mine is expected to reopen in spring 2006. The Company East Delta Resources Corp. is a publicly traded Delaware corporation, headquartered in Montreal, Quebec, whose business objective is to profit from the recent strong worldwide revival of interest in precious metals. EDLT`s primary activity is in mine development and production of gold. EDLT also participates in other mineral exploration and mining, specifically, silver, nickel, zinc and lead. The geographic focus of the Company currently is mostly China. With over (USD) $1.5 million in the bank, majority interest in several highly-prospective properties, experienced personnel, and an extensive network of contacts in China, the Company believes it has made a solid start on implementing its business plans and objectives. Safe Harbor Certain statements contained herein are " forward-looking" statements (as such term is defined in the Private Securities Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. CONTACT: East Delta Resources Corp. David Amsel (514) 487-8468 deam@sympatico.ca www.eastdelta.ca |
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| aus der Diskussion: | Meganews bei East Delta |
| Autor (Datum des Eintrages): | midnight_1 (08.02.06 13:29:09) |
| Beitrag: | 1 von 8 (ID:20096969) |
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