Colorado Files NI 43-101 Technical Report for the North ROK Project on SEDAR
March 12 2014 - 8:30AM
Marketwired Canada
COLORADO RESOURCES LTD. (TSX VENTURE:CXO) ("Colorado" or the "Company")
announces that it has filed on www.SEDAR.com and the Company's website
www.coloradoresources.com, an independent NI-43-101 Technical Report titled "NI
43-101 Technical Report on the North ROK Copper-Gold Project, Liard Mining
Division, British Columbia, Canada" dated March 12, 2014 (the "Report"),
including the initial inferred resource estimate(i) for the North ROK project,
as described in the Company's news release dated January 27, 2014.
The Report with an effective date of January 27, 2014, was prepared in
accordance with NI-43-101 guidelines and CIM Standards, by independent qualified
persons. The Report was authored by Mr. Mark Rebagliati BSc., P.Eng. of
Rebagliati Consultants Ltd. while the resource estimate was completed by Mr.
Gary Giroux, P.Eng. of Giroux Consultants Ltd. Using a 0.20 % Copper Equivalent
(ii) cut-off the inferred resource totals, 142.3 million tonnes averaging 0.22 %
copper and 0.26 g/t gold which contain 690.30 million pounds of copper and 1.19
million ounces of gold as follows:
----------------------------------------------------------------------------
Inferred Resource(i)
----------------------------------------------------------------------------
Tonnes greater
Cut-off than Cut-off Grade greater than Cut-
CuEq % (tonnes) off Contained Metal
Cu Au Cu Eq
(%) (g/t) (%) Cu (lbs) Au (ozs)
----------------------------------------------------------------------------
0.15 205,060,000 0.18 0.21 0.31 813,883,140 1,384,494
----------------------------------------------------------------------------
0.20 142,300,000 0.22 0.26 0.37 690,297,300 1,189,512
----------------------------------------------------------------------------
0.25 96,600,000 0.26 0.31 0.44 553,807,800 962,786
----------------------------------------------------------------------------
0.30 68,620,000 0.29 0.37 0.51 438,790,590 816,288
----------------------------------------------------------------------------
0.35 51,240,000 0.33 0.41 0.57 372,847,860 675,435
----------------------------------------------------------------------------
0.40 39,870,000 0.36 0.46 0.63 316,488,060 589,651
----------------------------------------------------------------------------
(i)Mineral Resources are not Mineral Reserves and do not have demonstrated
economic viability. There is no certainty that all or any part of the Mineral
Resources estimated will be converted into Mineral Reserves estimate.
(ii)No metallurgical work has been undertaken to establish metal recoveries. For
the purpose of developing a copper equivalent 100% recovery of both metals is
assumed. The reader is cautioned that 100% recovery is never achieved. The metal
prices used in the copper equivalent calculation are from a 100 day moving
average as of January 27, 2014 and are listed below.
Factor
Au - US$1318.00 per ounce 42.37 $/gm
Cu - US$3.25 per pound 71.65 $/%
The equation to establish Cu Equivalent is then:
CuEq = (Cu% x 71.65) + (Au g/t x 42.37)
----------------------------------------
(71.65)
In addition the Report notes the following:
-- North ROK is a significant new British Columbian alkalic copper gold
porphyry system which was advanced to an inferred resource category in 9
months since its discovery;
-- to date only 25 % of the high priority IP chargeability highs have been
tested by drilling; and
-- a 15,000 m diamond drill proposal is recommended.
Company President and CEO Adam Travis commented: "The completion of this 43-101
Report is an important milestone in Colorado's relatively short 3 year history
as we add an inferred resource of over a million ounces of gold and nearly 700
million pounds of copper to our asset base. Colorado remains committed to
further develop and expand North ROK's mineral resources and continue to advance
shareholder value through continued discoveries."
Qualified Persons and Technical Report
All scientific and technical information included in this news release has been
review and approved by Gary Giroux, P.Eng. and Mark Rebagliati, BSc., P.Eng.
each of whom is considered a Qualified Person as defined in NI 43-101 and are
independent of the Company.
Cautionary Notes
Mineral resources that are not mineral reserves do not have demonstrated
economic viability. Mineral resource estimates do not account for mineability,
selectivity, mining loss and dilution. These mineral resource estimates include
inferred mineral resources that are normally considered too speculative
geologically to have economic considerations applied to them that would enable
them to be categorized as mineral reserves. There is also no certainty that
these inferred mineral resources will be converted to measured and indicated
categories through further drilling, or into mineral reserves, once economic
considerations are applied. The mineral resource estimate referenced in this
press release uses the term "Inferred Mineral Resources". While this terms is
defined in and required by Canadian regulations (under NI 43-101), this term is
not recognized by the U.S. Securities and Exchange Commission ("SEC"). "Inferred
Mineral Resources" have a great amount of uncertainty as to their existence, and
great uncertainty as to their economic and legal feasibility. The SEC normally
only permits issuers to report mineralization that does not constitute SEC
Industry Guide 7 compliant "reserves" as in-place tonnage and grade without
reference to unit measures. U.S. investors are cautioned not to assume that any
part or all of mineral deposits in these categories will ever be converted into
reserves. Colorado is not an SEC registered company.
About Colorado
Colorado Resources Ltd. is currently engaged in the business of mineral
exploration for the purpose of acquiring and advancing mineral properties
located in British Columbia and is also aggressively seeking opportunities in
the U.S. southwest and Latin America.
Colorado's current exploration focus is advancing its 100% owned North ROK
property, located 15 km's northwest of the Red Chris mine development, and the
recently acquired KSP property located 15 km's along strike to the southeast of
the past producing Snip Mine, both located in northern British Columbia.
ON BEHALF OF THE BOARD OF DIRECTORS OF COLORADO RESOURCES LTD.
Adam Travis, President and Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, specifically the resource
estimate and any future exploration work at the North ROK project, constitute
"forward-looking information" as such term is used in applicable Canadian
securities laws. Forward-looking information is based on plans, expectations and
estimates of management at the date the information is provided and is subject
to certain factors and assumptions, including: that the Company's financial
condition and development plans do not change as a result of unforeseen events,
that the Company obtains required regulatory approvals, that the mineralization
at North ROK conforms with the geological model as described in the Report, that
the Company continues to maintain a good relationship with the local North ROK
project communities, and that future metal prices reflect or exceed those used
in the resource estimate as a result of future demand for metals.
Forward-looking information is subject to a variety of risks and uncertainties
and other factors that could cause plans, estimates and actual results to vary
materially from those projected in such forward-looking information. Factors
that could cause the forward-looking information in this news release to change
or to be inaccurate include, but are not limited to, the risk that any of the
assumptions referred to prove not to be valid or reliable, which could result in
delays, or cessation in planned work, that the Company's financial condition and
development plans change, delays in regulatory approval, risks associated with
the interpretation of data, the geology, grade and continuity of mineral
deposits, the possibility that results will not be consistent with the Company's
expectations, as well as the other risks and uncertainties applicable to mineral
exploration and development activities and to the Company as set forth in the
Company's Management's Discussion and Analysis reports filed under the Company's
profile at www.sedar.com. There can be no assurance that any forward-looking
information will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Accordingly, the
reader should not place any undue reliance on forward-looking information or
statements. The Company undertakes no obligation to update forward-looking
information or statements, other than as required by applicable law.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Colorado Resources Ltd.
Adam Travis
President and Chief Executive Officer
(250) 768-1511
(250) 768-0849 (FAX)
Colorado Resources Ltd.
Terese Gieselman
Chief Financial Officer
(250) 768-1511
(250) 768-0849 (FAX)
TF (855) 768-1511
www.coloradoresources.com
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