Gold X Mining Corp. GLDXF

Resource update adds 2.5 million ounces....

[veteran98]

Sandspring's (SSP) Toroparu at 2.64 M oz Au indicated

2010-09-15 09:51 ET - News Release


Mr. Abraham Drost reports

SANDSPRING ANNOUNCES NEW INDICATED NI 43-101 MINERAL RESOURCE OF 2.64 MILLION OUNCES GOLD, 261 MILLION POUNDS COPPER AND 3.42 MILLION OUNCES GOLD, 216 MILLION POUNDS COPPER INFERRED

Sandspring Resources Ltd. has completed an updated NI 43-101-compliant mineral resource estimate for the Toroparu gold-copper deposit in the Republic of Guyana, South America.

The single optimized open pit shell resource model features an Indicated mineral resource of 2.64 million oz. gold and 261.7 million pounds copper (3,293,000 ounces gold-equivalent) contained within 98,937,000 tonnes at a grade of 0.83g/t gold and 0.12% copper (Table 1).

An additional Inferred mineral resource of 3.42 million oz. gold and 216.1 million pounds copper (3,952,000 ounces gold-equivalent) is contained within 140,054,000 tonnes at a grade of 0.76 g/t gold and 0.07% copper (Table 1).

The new Toroparu gold-copper deposit mineral resource estimate was independently modeled by P&E Mining Consultants Inc. ("P&E") as a potentially open-pittable deposit. The full NI 43-101 technical report may be viewed and will be publicly disclosed by Sandspring at www.sedar.com and on the Company's website within 45 days of this press release.

Abraham Drost, P.Geo. President of Sandspring states: "The new mineral resource update adds approximately 2.5 million ounces of gold and 150 million lbs of copper in the Inferred category of a newly optimized, expanded pit shell.

The new optimized open pit resource model is still open to depth and mineralization extends along strike in both directions. Sandspring's Toroparu Project continues to show considerable potential for additional resource growth on the stepout to the northwest. Pit optimization and exploration drilling continues at this time.

The new results add considerably to the scope of an internal preliminary economic assessment being prepared by the Company at this time and will delay the completion and public disclosure of a preliminary cash flow economic model and mine plan."

To view table 1, please visit the following link:

https://media3.marketwire.com/docs/ToroparuTable.pdf.





https://media3.marketwire.com/docs/Toroparu.pdf.