Crazy Horse Receives Government Endorsement to Develop Taysan
May 18 2011 - 10:36AM
Marketwired
Crazy Horse Resources Inc. (TSX VENTURE: CZH) (the "Company") is
pleased to announce that it has received a formal resolution of
support to develop its Taysan Copper Gold project from the
Provincial Board of Batangas, Republic of the Philippines and a
formal resolution of appreciation from the Taysan Municipal
Counsel.
Provincial Resolution 253 was passed supporting the Company and
the Company's wholly owned Philippines development company as "a
responsible mining company and an active player in the
Private-Government-Partnership (a key initiative by President
Aquino to spur development growth) in bringing about continued
development and industrialization to the Province of Batangas".
Resolution 253 manifests government support of the Company's
approach and mining methods to be used in the development of Taysan
Copper Gold project. The Resolution recognizes that to achieve
sustainable development, "it is imperative that the Province of
Batangas and the Municipalities of Taysan and Lobo welcome and
encourage the presence of foreign and local investors in the
Province in the mineral industry such as Crazy Horse Resources
Inc.".
Municipal Resolution 2011-006 was passed by the Taysan Municipal
Counsel Board, expressing gratitude to the Company and its officers
for the invaluable support they have extended to the Taysan
municipality.
President Johan Raadsma states, "We couldn't be more pleased to
receive these honourable endorsement from the Local Government.
These milestones brings Taysan one significant step closer to mine
establishment. Local Government endorsement is a fundamental
requirement forming part of the overall approval to construct and
operate the Taysan Project with the community as our partner".
A key driver of the Resolution is the Company's excellent track
record and on-going commitment to social responsibility, in
conjunction with the projected economic benefits the Taysan project
will provide to the Taysan community, Calabarzon Region and
Philippines as a whole.
The Company has commissioned an independent economic impact
assessment of the Taysan project that is expected to be completed
and published in the next 7 to 10 days.
Taysan Project
A National Instrument 43-101 compliant technical report by of
Mining Associates dated effective March 11, 2011 and entitled
"Mineral Resource Estimate and Preliminary Economic Assessment
Taysan Project" can be viewed under the Company's profile on SEDAR
(www.sedar.com).
The Project contains a drill defined copper-gold porphyry
deposit, and is comprised of two mining exploration permits and
three mining exploration permit applications (permits: EP-IVA-005
and EP-IVA-016, and permit applications: EPA-IVA-108, EPA-IVA-111
and EPA-IVA-081) over five contiguous claim blocks covering a
combined total area of 11,254 hectares. The Project hosts a large
and only partly explored copper-gold porphyry deposit similar to
other copper-gold porphyry deposits previously mined in the
Philippines. The Project is located in southern Luzon, Philippines
in a well-developed mining province and readily accessible by road
located 20km east of the provincial capital and deep-water
commercial port of Batangas City. The Company is currently
conducting a feasibility study under the management of AMEC Minproc
Limited, which remains on track and on schedule after successfully
completing the scoping study ahead of schedule.
ON BEHALF OF THE BOARD
Johan Raadsma, President, CEO and Secretary
This press release includes "forward-looking statements"
including forecasts, estimates, expectations and objectives for
future operations that are subject to a number of assumptions,
risks and uncertainties, many of which are beyond the control of
Crazy Horse Resources Inc. Statements regarding mineral exploration
operations and objectives are subject to risk, including, but are
not limited to, exploration and geologic risk, inflation and costs
of goods and services, property title issues and regulatory
approvals. Investors are cautioned that any such statements are not
guarantees of future performance and that actual results or
developments may differ materially from those projected in the
forward-looking statements. Such forward-looking information
represents management's best judgment based on information
currently available. No forward-looking statement can be guaranteed
and actual future results may vary materially. Crazy Horse
Resources Inc. does not assume the obligation to update any
forward-looking statement, except 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.
Contacts: KIN Communications Inc. Investor Relations
1-866-684-6730 Ir@kincommunications.com