TORONTO, March 14, 2014 /CNW/ – NWM Mining Corporation (“NWM” or the “Company”) (TSX-V: NWM) is pleased to announce today that subsequent to its news release dated November 7, 2013, it has filed an updated National Instrument 43-101 Technical Report on SEDAR (www.sedar.com) for its Lluvia de Oro Project in Sonora, Mexico.
Total reserves for the project, which encompasses the Creston and Gold Ridge mines and the Jojoba deposit, are now estimated at 577,000 ounces (40.8 million tonnes at a combined grade of 0.44 g/t gold). The new reserve estimate represents a 50% increase from the previous estimate completed in 2010. The report contains revisions to the original resource and reserve estimates contained in the previous press release. The changes are due to minor errors in some of the original resource block classifications that were discovered during the preparation of the final NI 43-101 compliant Technical Report. The total changes in measured and indicated resources and proven and probable reserves amount to less than 5% of the numbers quoted previously. Updated estimates for the project are shown in summary Tables 1 and 2 below.
| Table 1. Mineral Reserve Estimates for the Lluvia de Oro Project | ||||
| Classification | Tonnes (millions) | Grade (g/t gold) | Gold Ounces | |
| Proven | ||||
| Creston mine | 20.7 | 0.38 | 253,000 | |
| Gold Ridge mine | 1.8 | 0.34 | 21,000 | |
| Jojoba deposit | 6.4 | 0.71 | 146,000 | |
| Probable | ||||
| Creston mine | 7.7 | 0.37 | 91,000 | |
| Gold Ridge mine | 1.0 | 0.36 | 10,000 | |
| Jojoba deposit | 3.2 | 0.54 | 56,000 | |
| Project Totals (Proven + Probable) | 40.8 | 0.44 | 577,000 | |
Notes (for Table 1)
- CIM definitions were followed for Mineral Reserves.
- Mineral Reserves are estimated at a cut-off of 0.12 g/t gold for Creston, 0.16 g/t gold for Gold Ridge and 0.15 g/t gold for Jojoba.
- Mineral Reserves are estimated using a long-term gold price of US$1300/oz and a $US/$CDN exchange of 1.00.
- Bulk density is 2.49t/m3 for Creston/Gold Ridge and 2.70t/m3 for Jojoba.
- Numbers may not add up due to rounding.
- Mineral Reserves are contained in pit shells developed using appropriate software and current mining costs from Lluvia de Oro operations.
- Mineral Reserve tonnages include 2% mining losses.
| Table 2. Mineral Resource Estimates for the Lluvia de Oro Project | ||||
| Resource Category | Tonnes (millions) | Grade (g/t gold) | Gold Ounces | |
| Measured | ||||
| Creston mine | 21.1 | 0.38 | 258,000 | |
| Gold Ridge mine | 1.9 | 0.34 | 21,000 | |
| Jojoba deposit | 6.5 | 0.71 | 149,000 | |
| Indicated | ||||
| Creston mine | 7.9 | 0.37 | 93,000 | |
| Gold Ridge mine | 1.0 | 0.36 | 11,000 | |
| Jojoba deposit | 3.3 | 0.54 | 57,000 | |
| Project Totals (Measured + Indicated) | 41.7 | 0.44 | 589,000 | |
| Inferred | ||||
| Creston mine | 14.3 | 0.25 | 114,000 | |
| Gold Ridge mine | 0.8 | 0.28 | 7,000 | |
| Jojoba deposit | 0.7 | 0.44 | 10,000 | |
| Total Inferred Resources | 15.8 | 0.26 | 131,000 | |
Notes (for Table 2)
- CIM definitions were followed for Mineral Resources.
- Mineral Resources are estimated at a cut-off of 0.12 g/t Au for Creston, 0.16 g/t Au for Gold Ridge and 0.15 g/t Au for Jojoba.
- Mineral Resources are estimated using a long-term gold price of US$1300/oz and a $US/$CDN exchange of 1.00.
- Bulk density is 2.49t/m3 for Creston/Gold Ridge and 2.70t/m3 for Jojoba.
- Mineral Resources are inclusive of Mineral Reserves.
- Numbers may not add up due to rounding.
- The effective date for the Resources estimate is July 31, 2013.
- Mineral Resources are contained in pits developed using appropriate software.
Qualified Persons
The preparation of the new mineral resource and mineral reserve estimates have been supervised by Messrs. Neil Gow, P.Geo., and Darren Koningen, P.Eng. both Qualified Persons under N 43-101. This press release has also been reviewed by Mr. Darren Koningen, P. Eng., NWM Mining’s CEO and President.
About NWM Mining Corporation
NWM is in commercial gold production at its wholly owned Lluvia gold project. The mine is an open pit heap leach operation in Sonora State, Mexico. Management believes the property is significantly under-explored and hosts potential to provide further gold discoveries and resource and reserve upgrades. While management has focused in the past on developing the mine and supporting cash flows, the focus in 2014 will shift to increasing mining rates and drilling to expand geological resources and reserves.
Additional information about NWM can be found on the NWM website at www.nwmcorp.ca or on SEDAR atwww.sedar.com.
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 of this release.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This news release includes “forward-looking information”, as such term is defined in applicable securities laws. Forward-looking information includes, without limitation, the success of exploration activities, price outlooks, production expectations and other similar statements concerning anticipated future events, conditions or results that are not historical facts. These statements reflect management’s current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward looking information is inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release and the Company is under no obligation to update or alter any forward-looking information.
SOURCE NWM Mining Corporation
For further information:
Darren Koningen, President & CEO or
Chris Chadder, CFO
Tel: 416-364-6799
Fax: 416-364-2595
Email: [email protected]
