VANCOUVER, Nov. 26, 2014 /CNW/ - Rathdowney Resources Ltd. ("Rathdowney" or the "Company") (TSX-V: RTH) announces that it has received important government approvals, securing the tenure for its flagship Olza zinc-lead-silver project in southwest Poland. These are:
- Five year extensions to all of the exploration concessions comprising the 150 square kilometre property; and
- Approval of Rathdowney's geological documentation by the Ministry of the Environment, giving the Company the exclusive right to apply for exploitation concession(s) for a period of five years.
One of the initial activities of Rathdowney's Phase II program and a requirement of the permitting process in Poland is completion of a comprehensive appraisal of the project data and a geological documentation report. The Project Olza report includes the data sets from 30 years of Polish government surveys and Rathdowney's resource drilling program in 2011-2013. The procedure encompassed two steps: a bid for the government data that concluded earlier this year, and compilation, submission and approval of the documentation report, which has now also been received, securing the Project Olza tenure. Moreover, this approval marks completion of the initial step of permitting and advancement of the development path for the Olza project.
President and CEO Robert Konski said "With these key approvals, we have secured our project tenure and progressed with the evaluation and permitting phase at Olza. Baseline and other data collection for an environmental assessment report and to advance engineering studies for the project continue, supported by the strong and ongoing stakeholder engagement program being deployed by Rathdowney's Poland-based project team."
About Project Olza
Project Olza is located in the Upper Silesian Mining District of southwestern Poland, a world-class region of Mississippi Valley-type deposits with well-developed mining infrastructure. Easily accessible by road, the Olza project site is a one-hour drive from Krakow, a major city with full services, including an international airport. The deposits at Olza are also approximately 30 kilometres along strike from the long-life Pomorzany zinc-lead mine and associated mining infrastructure at Boleslaw, which is accessible by rail.
Rathdowney's Phase I confirmatory drilling program built on the extensive historical drill database assembled by the Polish State Survey to delimit 21.2 million tonnes of inferred mineral resources, grading 7.42% combined zinc and lead1, with excellent potential for expansion. Work by Rathdowney also indicates that there are significant silver concentrations in the Olza mineralization. A Phase II program is now underway, comprised of technical studies designed to advance project planning and permitting.
About Rathdowney
Rathdowney Resources Ltd. is an exploration and development company focused on advancing the Olza zinc-lead-silver project in Poland through permitting and into production. Rathdowney is associated with Hunter Dickinson Inc. ("HDI") a diversified, global mine development company with a 25-year history of mineral development success.
For further details on Rathdowney and Project Olza, visit our website at www.rathdowneyresources.com.
The technical information in this news release has been reviewed and approved by David Copeland, PEng, Chairman and Director of Rathdowney, who is a qualified person.
On behalf of the Board of Directors
Robert Konski
President & CEO
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1 Estimated at a 2.0% zinc cutoff; individual grades are 5.88% zinc and 1.54% lead (see Rathdowney News Release dated September 11, 2012). Silver was not analysed during historical drilling so was not included in the estimate.
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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.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Assumptions used by the Company to develop forward-looking statements include the following: the Olza project will obtain all required environmental and other permits and all land use and other licenses, studies and development of the Olza project will continue to be positive, and no geological or technical problems will occur. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, potential environmental issues or liabilities associated with exploration, development and mining activities, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.
SOURCE Rathdowney Resources Ltd.
Roger Blair, Investor Relations, Tel: 778-373-6725, Toll free (NA): 1-800-667-2114Copyright CNW Group 2014