Meadow Bay Capital Files Technical Report on Atlanta Gold Mine
January 26 2011 - 6:34AM
Marketwired
Meadow Bay Capital Corporation ("Meadow Bay") (TSX VENTURE:
MAY)(FRANKFURT: 20M)(WKN: A1C3DN) has filed a Technical Report
("the Technical Report") on the Atlanta Gold Mine in Nevada on
SEDAR pursuant to National Instrument 43-101. On January 20, 2011
Meadow Bay announced it had entered into a letter of intent to
acquire Desert Hawk Resources whose principal asset is an option on
the Atlanta Mine. A complete copy of the Technical Report is
available on SEDAR under Meadow Bay or at the website
www.deserthawk.ca.
The Technical Report indicates the Atlanta Mine produced 1.5
million tons of ore containing 0.09 ounces gold/ton and 1.25 ounces
silver/ton and recovered 121,000 ounces of gold and 800,000 ounces
of silver during the period 1975 to 1985 based on historic
production records from the Bobcat Properties Inc.-Standard Slag
Production Joint Venture. The remaining indicated resource of
338,520 ounces gold (6.21 million tons grading 0.054 oz/ton Au) and
inferred resource of 125,960 ounces of gold (3.07 million tons
grading 0.041 oz/ton Au) and indicated resource of 3.1 ounces of
silver (6.21 million tons grading 0.506 oz/ton Ag) and an inferred
resource of 0.7 million ounces of silver (3.07 million tons grading
0.236 oz/ton Ag) has been estimated by previous workers which is
not compliant with standards as set out in National Instrument
43-101. This historical resource is based upon an internal study
completed by Kinross Gold U.S.A. Inc. during the period of
1997-1998. Kinross performed extensive field mapping and sampling
plus along with drilling of approximately 80 RC holes for a total
of 54,255 feet. This drilling combined with the prior drilling by
Gold Fields with 11 core holes (9,286 feet) and 71 reverse
circulation holes (46,735 feet) and the drill program by Standard
Slag provides the database for the internal resource estimate.
Block models were prepared and resources calculated based upon
various cut-off grades. The reported historical resources were
calculated at a cut-off grade of 0.02 oz/ton Au.
As a point of clarification it should be noted that the historic
cut-off grade reported in the Meadow Bay news releases dated
January 20th and 21 of 0.2 oz/ton Au was in fact 0.02 oz/ton
Au.
As the above is a pre-2001 historical resource estimate, readers
are cautioned that a Qualified Person has not done sufficient work
to classify the historical estimate as current mineral resources
and the issuer is not treating the historical estimate as current
mineral resources and the historical estimate should not be relied
upon.
The Atlanta Gold Mine work program includes geologic work to
prepare a NI 43-101 compliant resource along with metallurgical
testing and preliminary engineering studies.
Dana C. Durgin and Douglas Oliver authored the Technical Report.
Dana Durgin, a Qualified Person, has reviewed the contents of this
news release.
The press release makes reference to historical estimates. The
historical estimates are by definition herein not NI 43-101
compliant and are included herein in for historic context and
completeness. There can be no assurances that any of the historical
estimates will be able to be categorized as a NI 43-101 compliant
resource or reserve category or demonstrate any economic viability.
Investors are cautioned not to rely on the historical estimates
when making their investment decisions.
Neither 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 press release.
Contacts: Meadow Bay Capital Corporation Robert Dinning Chairman
and CEO 604-682-2928 604-685-6905 (FAX) Launch IR Matthew
Harrington 613-882-7467
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