VIPR Industries Announces Trenching Results to the Mwamunguli Diamond Deposit: Independent Report Indicates a Potentially Conser
March 04 2009 - 4:51PM
Marketwired
VIPR Industries Inc. ("VIPR") (PINK SHEETS: VIPR) announces
positive and very encouraging pitting and trenching results from
its Mwamunguli Diamond Prospect.
As previously disclosed, the Company presently has a purchased
interest in the property with a larger purchase option available.
Located in the Shinyanga region of Tanzania, it is recognized as
one of the world's largest diamond producing areas. The Mwamunguli
Diamond Deposit consists of ten primary mining licenses situated
south of the Williamson Mine, one of Africa's most significant
diamond producers.
The recent pitting and trenching operation processed 725 tons of
kimberlite gravel ore, which recovered 29 stones with a yield of 49
carats of diamonds. Based on the thickness of the kimberlite pool,
Geologist (Javan E. Bidogo) estimates a minimum resource of 100,000
carats of diamonds at a value of over $30 Million Dollars making it
a very potentially lucrative asset. The report, created by JICL
Consultants, provides a conservative estimation on the potential of
the deposit. JICL Consultants is an independent geological company
with offices in Tanzania that has created reports for several
international mining companies. Below is a snapshot of the
report:
Total area = 30Ha = 300,000 m2
Average gravel thickness = 2.3m
Average diamond grade = 6.8 Cpht
Density of gravel material = 2.14 tfm3
Value of diamond in US$/carat = 300US$/carat
Volume of gravel = 300,000 m2 X 2.3m = 690,000 m3
Tones = 690,000 m3 X 2.14 tfm3= 1,476,600 tonnes
Total carats = 1,476,600 tonnes X 6.8 Cpht = 100,408.8 carats
Anticipated minimum income in US$ = 100,408.8 carats X US$300 = US$
30,122,640.00
(Price per carat based on price as of date of this report)
JC Barbeck, President and CEO of VIPR Industries commented, "
While cautioning that the report is only an estimate and that
actual results could be materially different, the initial data from
the pitting and trenching operation is encouraging, allowing the
Company to believe the acqusitioncould represent a significant
milestone in the Company's history. Provided the Company is able to
raise the necessary funds to retain its full or partial ownership
position, the property, in a very short period of time could
potentially deliver significant revenues through production for
VIPR and its partners."
Safe Harbor
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
(The "Act"). In particular, when used in the preceding discussion,
the words "pleased," "plan," "confident that," "believe," "expect,"
or "intend to," and similar conditional expressions are intended to
identify forward looking statements within the meaning of the Act
and are subject to the safe harbor created by the Act. Such
statements are subject to certain risks and uncertainties and
actual results could differ materially from those expressed in any
of the forward-looking statements. Such risks and uncertainties
include, but are not limited to, general economic conditions,
inherent mining risks, market conditions, competitive factors, the
ability to successfully complete additional financings and other
risks described in the Company's filings and website, which all
investors are advised to view at
viprindustries.com/motion.asp?menuid=6266&lgid=1&siteid=100382.
Contacts: VIPR Industries Inc. Investor Relations (702) 940-0440
Email: info@viprindustries.com Website: www.viprindustries.com