NR Anglo Swiss Resources Inc. Announces NI 43-101 Gold Resource Report
posted onAug 05, 09 02:15PM
AngloSwiss Resources Inc. Announces NI 43-101 Gold Resource Report on the257 Level of the Kenville Gold Mine Property and Clarifies PriorHistorical Disclosure
Vancouver, British Columbia CANADA, August 05, 2009 - Anglo Swiss Resources Inc. (ASW - TSX Venture, ASWRF - OTCBB, AMO - FWB)As a result of a review by the British Columbia Securities Commission,Anglo Swiss Resources Inc. (the "Company") is issuing the followingnews release to clarify some of its previous disclosure for theKenville Gold Mine Property located near Nelson, British Columbia (the"Property").
Updated Technical Report
RichardMunroe, FGAC, P.Geo., of Munroe Geological Services Inc., anindependent Qualified Person as defined by NI 43-101, has prepared a NI43-101 Technical (Geological) Report for the 257 Level of the KenvilleGold Mine. This Technical Report (the "Munroe Report") is complete andis under review by management and will be filed on SEDAR within 45days. The Company cautions that, as noted below in this news release,current underground gold resource estimates have only been undertakenfor the 257 Level so far, as reflected by the estimates in the MunroeReport. However, since the Munroe Report is only for one of the sixlevels in the Kenville Gold Mine, exploration to facilitate additionalresource estimation is being planned, and an additional TechnicalReport to identify an increased mineral resource has been requested,for the 275 Level. Work for rehabilitating this Level for explorationpurposes is in the detailed planning stages.
Mineral Resource Estimates
The Company provides the following complete statement for its gold resource estimates for the Kenville Gold Mine:
1.The Company releases its mineral resource statement as of July 22,2009, which has been estimated by Mr. Munroe and is documented in theMunroe Report.
2.A Notice of Work application is awaiting approval by the BritishColumbia Ministry of Energy, Mines & Petroleum Resources (the"Ministry") for further diamond drilling and trenching work in the areaof a possible porphyry copper-gold deposit southwest of Eagle Creek.TheCompany is also presently planning to obtain a NI 43-101 compliantprogram to determine the grade and tonnage of the old mine waste dumpson the Property so that the Company can submit a Quarry Permitapplication to the Ministry.
3.Except for old mine waste tonnage reported in various annual reports ofthe Ministry, the Company has no historical or current gold mineralresource estimate for low-grade surface materials, nor does it have anymineral resource estimate for an in-situ porphyry copper-gold deposit,on the Property. It retracts in its entirety previous disclosure in theCompany's investor materials of quantities, grades and dollar value ofgross contained metal for low-grade gold deposits in old mine wastesand a porphyry gold-copper deposit on the Property.This disclosure wasbased on management's review of historical information about theProperty prepared by various consultants.In the future, any suchdisclosure will be made in accordance with the requirements of NI43-101.
Clarification of Recent Sampling Results and Estimates of Potential
TheCompany's July 10, 2009 news release emphasized the importance of a2,696 g/tonne gold assay from sample L25, which was taken at the 1281sub-drift on the 257 Level in South Yule Vein. Historically, similarvalues and areas of enrichment have occurred in spot locations. In the1281 sub-drift area, sample spacing was 2m. Adjoining sample L24returned values of 1.24, 1.28 and 2.03 g/t and L26 provided 6.47, 6.78and 7.57 g/t. The gold mineralization is subject to a "nugget effect",and as a provisional cutting procedure, the L25 value is cut to thenext highest assay value from the sub-drift at 43.55 g/t. Additionalanalysis to determine appropriate cutting procedures is underway.
TheCompany's July 10, 2009 news release also discussed new excitingdiscoveries at the Eagle Vein Structure and the Jackpot Mine, "each ofwhich, in management's opinion, could replicate the size and richnessof the existing Kenville Gold Mine footprint". The Company clarifiesthat these are exploration targets and will require significantexploration to prove their potential. The Company retracts anyinference that they could equal the size or richness of the historicalKenville Gold Mine.At this time the Company does not have sufficientexploration data to estimate potential ranges of tonnes and grade forthese targets, there has been insufficient exploration to define amineral resource and it is uncertain if further exploration will resultin the targets being delineated as a mineral resource. The Company hasapplied for a permit from the Ministry to conduct a surface drillprogram in the months ahead to test both of these targets and isplanning a drift from the 257 Level to explore the Eagle Vein systemunderground.
Production Plans and Economic Viability
TheCompany's October 9, 2008 news release discussed initial pilot plantmill feed from the extensive tonnage of broken mineralized quartzmaterials on the 257 Level of the Property, and subsequently frommining of the mineralized veins. It disclosed there are undergroundhistorical reserves with ore bodies readily available. The Company'sMarch 23, 2009 news release further indicated that the 257 and 275Levels of the Kenville Gold Mine contain substantial volumes that willinitially supply the on-site mill as the Company initiates its startup.The October 9, 2008 news release cautioned that historic reserves arenot to be considered currently economic.As indicated above, previouslydisclosed quantity and grade estimates should not be relied on.TheCompany further cautions that there are significant additional risks inmaking a production decision without appreciable current indicated andmeasured resource estimates, before completing a preliminary economicassessment, and without a preliminary feasibility study or feasibilitystudy to qualify a current mineral reserve.
TheCompany intends to proceed based on current underground resourceestimates that are contained in the Munroe Report, but cautions thatdue to the nature of the Kenville Gold Mine's high grade vein deposits,long mine life gold resource estimates are not always readilydeterminable and obtaining a more accurate resource definition may bepartly dependent on extending underground access to the Property duringthe course of the Company's operations.
TheCompany intends to start-up gold production based on the feed mineralprocessing assessment for the 257 Level by G&T MetallurgicalServices Ltd. in its report to the Company dated April 9, 2009.TheG&T Metallurgical report states that the equipment on hand at thepilot plant milling facility could process 200 tonnes per day. TheCompany has received a permit from the Ministry to operate as a minequarry and will use its on-site mill as a pilot plant to process 1,000and 10,000 tonne bulk samples from the 257 Level and to crushapproximately 200,000 tonnes from the surface waste dump. Any resultinggold, copper and silver values will be sold at the prevailing marketvalue. The mill will only be operating in a pilot plant capacity duringthe bulk sampling programs.
TheCompany's March 23, 2009 news release discussed processing theextensive waste rock material left on surface of the Property byprevious operations. The Company clarifies that surface waste rockfines have been assayed by G&T Metallurgical Services Ltd. from twoseparate locations weighing 10 kg each and averaged 5.5g/tonne gold.The Company cautions that these samples are insufficient for estimatinga representative gold grade. During 2008, the Company processedapproximately 2,200 tonnes of the waste rock dumps. It produced drainrock and pea gravel, and separated gold bearing fines from shatteredquartz, which it stockpiled.The Company has not yet determined thequantity nor the grades from such gold bearing material.
Qualified Person
Theinformation contained in this news release and the preparation of theinformation contained in this news release has been supervised byEdward J. Nunn, P.Eng, a Qualified Person as defined by NI 43-101.Mr.Nunn is a director of the Company with over 30 years of mineralexploration experience and is a Professional Engineer in the Provinceof British Columbia.Prior to becoming a director of the Company, Mr.Nunn was an engineering consultant for the Company at the Property.
On behalf of the Board
"Len Danard"
Len Danard, Chief Executive Officer