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Crazy Horse Resources Inc.: Taysan Project Resource Estimate Increases to 459 Million Tonnes in the Measured and Indicated Categories, Which Now Covers All Resources for a 24-Year Mine Life
Feb 29, 2012
VANCOUVER, BRITISH COLUMBIA--(Marketwire -02/29/12)-Crazy Horse Resources Inc. (TSX-V: CZH.V - News)(OTCQX:CRZHF.PK - News) -
Highlights
-- Updated resource estimate for the Taysan Project comprises 459 million tonnes (Mt) in the Measured and Indicated categories, at a 0.1% copper cut-off grade. This revised Measured and Indicated resource now allows for a longer mine life (24 years compared to 15 years previously) based on recently updated pit optimisations.-- Based on Measured and Indicated resources, contained copper increases 7% to 2,579 Mlbs; contained gold increases 15% to 1.46 Moz ounces; contained silver increases 1% to 12.34 Moz; and contained magnetite increases by 11% to 14.89 Mt.-- Pre-feasibility study to be completed in April 2012.-- With 302 drill holes for 82,594 meters of core drilling, the Taysan Project has been sufficiently drilled for defining a compliant bankable feasibility study based on the 15 Mtpa mining operation currently planned.
Crazy Horse Resources Inc. (the "Company") is pleased to announce that an updated resource statement prepared by Mining Associates Pty. Ltd. of Brisbane, the Company's geological consultant, for its 100%-held Taysan Copper-Gold Project on Luzon Island in the Philippines defines:
-- a Measured resource of 156 Mt at an average copper grade of 0.31% for 1,077 Mlbs of contained copper;-- an Indicated resource of 303 Mt at an average copper grade of 0.23% for 1,502 Mlbs of contained copper; and-- an Inferred resource of 509 Mt at an average copper grade of 0.18% for 2,065 Mlbs of contained copper.
The 459 Mt contained copper resource in the Measured and Indicated resource categories represents a significant upgrade from the 411 Mt announced on October 14, 2011 and contained in a NI43-101 report dated October 10, 2011, entitled "Update of the Mineral Resource Estimate and Preliminary Economic Assessment for the Taysan Project", prepared by Mining Associates Pty. Ltd and AMEC Minproc Limited of Brisbane, which can be viewed under the C