VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: SWC.DB) and its 93%
owned subsidiary, Western Keltic Mines Inc. (TSX VENTURE: WKM),
today announced the start of a major drill program on Western
Keltic's Kutcho copper-zinc project in Northwest British Columbia.
The objectives for this drill program include (a) better definition
of the higher grade, shallower mineral resources to support a
feasibility study that will focus on higher grades in the early
years of a proposed open pit mining operation and (b) collection of
samples for feasibility level metallurgical test work of a
simplified, lower cost, conventional flotation recovery
circuit.
"Less than a month from assuming management and control of
Western Keltic, we have two drills on site and drilling has
commenced," said Stephen Quin, President & CEO of Sherwood
Copper and Western Keltic. "We aim to rapidly push the re-scoping
and redesign of the Kutcho Copper Project to demonstrate robust
project economics that could justify the development of a
profitable mine. In parallel with the current drill program we are
working with our consultants to scope out a smaller, higher grade
mining operation that can be developed faster and at a lower
capital cost than previously proposed, using an approach more akin
to our successful development of our high grade Minto copper-gold
mine in the Yukon."
Kutcho Copper Project
Western Keltic's Kutcho Copper Project hosts three known
polymetallic base metal volcanogenic massive sulphide ("VMS")
deposits. The combined National Instrument 43-101 compliant
(Measured & Indicated categories) mineral resource was reported
to total 17.69 million tonnes grading 1.71% copper, 2.36% zinc,
27.5g/t silver and 0.34g/t gold (see Western Keltic news release
dated June 25, 2007 for additional details and disclosure). The
bulk of this resource is contained in the partially outcropping
Main Deposit, which contains 15.65 million tonnes grading 1.65%
copper, 2.15% zinc, 26.1g/t silver and 0.32g/t gold in the Measured
& Indicated categories. The Main Deposit resource at Kutcho is
comparable to the Measured and Indicated resource at Sherwood's
Minto Mine, which totalled 16.56 million tonnes grading 1.54%
copper, 0.56g/t gold and 6.0g/t silver (see Sherwood news release
dated December 12, 2007 for additional details and disclosure),
based on drilling to the end of 2006.
Sherwood, through Western Keltic, is actively re-evaluating and
re-scoping the Kutcho Project with the objective of repeating
Sherwood's development and operating successes at the Minto Mine at
the newly acquired Kutcho Project. Sherwood is working to redesign
and optimize the previous owner's development plan into a more
robust combination of a high grade open pit mine with a
fit-for-purpose mill and infrastructure, while minimizing capital
and operating costs and the development timeline, resulting in a
more robust project able to take advantage of the current commodity
cycle.
Sherwood's consultants, SRK Consulting (Canada) Inc. are
preparing a Preliminary Economic Assessment (PEA) on the redesigned
and re-scoped Kutcho project, which should be complete by mid-2008.
As with Sherwood's prior rapid advancement of its Minto project to
production, Western Keltic's new management aims to run multiple
activities in parallel in order to reduce the total time to
commercial production. Hence the drill program to support
feasibility related activities has been commenced prior to the
completion of the PEA. Sherwood will continue to look for avenues
to accelerate the development of the Kutcho project into an
operating mine, to the benefit of all stakeholders.
2008 Drill Program
Over the next three months, Western Keltic plans to drill a
minimum of 12,000m of HQ and NQ core utilizing two drills. The
principal objectives of the drill program are to:
- Infill gaps in previous resource drilling programs;
- Better define and test higher grade trends for expansion
within the Main Deposit;
- Demonstrate grade continuity in order to support a better
resource classification;
- Provide material for extensive metallurgical testing that will
relate to a revamped mine plan;
- Provide geotechnical and hydrogeological information for open
pit design and for assessment of infrastructure locations;
- Provide information to support project permitting activities
and to develop a mine closure plan.
Western Keltic Board and Officer Changes
Following Sherwood's acquisition of 93% of Western Keltic, the
board of directors of Western Keltic was reconstituted to comprise
Stephen P. Quin, President & CEO of Sherwood Copper, D. Bruce
McLeod, Executive Chairman of Sherwood Copper and John Hick, an
independent director continuing from the prior board. As previously
announced in a March 10, 2008 press release, the new board either
terminated the employment or accepted the resignation of all
Western Keltic's officers and appointed Stephen P. Quin as
President, Richard Godfrey as Chief Financial Officer and Brenda
Nowak as Corporate Secretary.
About Sherwood Copper
Sherwood Copper's current focus is profitable production of base
and precious metals from high grade, open pit mines in Canada.
Sherwood's first operating mine, the high grade Minto copper-gold
mine in Yukon, Canada, was built on budget and ahead of schedule.
The Minto Mine is one of the highest-grade open pit copper-gold
mines in the world, and is forecast to be a low cost producer.
Aggressive exploration on the Minto property has yielded
significant success, providing Sherwood the opportunity to 'grow
from within' by expanding the resource and reserve base,
potentially leading to further production increases. To further
accelerate its production growth, Sherwood intends to pursue merger
& acquisition opportunities that fit its business model and, in
March 2008, Sherwood acquired more than 93% ownership in Western
Keltic Mines, owner of the high-grade Kutcho
copper-zinc-gold-silver deposit in northwestern British Columbia.
Sherwood aims to repeat its successful development of the Minto
Mine at the Kutcho project.
Additional Information
Additional information on Sherwood and its Minto Project can be
obtained on Sherwood's website at
http://www.sherwoodcopper.com.
On behalf of the board of directors
SHERWOOD COPPER CORPORATION
Stephen P. Quin, President & CEO
On behalf of the board of directors
WESTERN KELTIC MINES INC.
Stephen P. Quin, President
Forward-Looking Statements
This document may contain "forward-looking statements" within
the meaning of Canadian securities legislation and the United
States Private Securities Litigation Reform Act of 1995. These
forward-looking statements are made as of the date of this document
and the Company does not intend, and does not assume any
obligation, to update these forward-looking statements.
Forward-looking statements relate to future events or future
performance and reflect management's expectations or beliefs
regarding future events and include, but are not limited to,
statements with respect to the estimation of mineral reserves and
resources, the realization of mineral reserve estimates, the timing
and amount of estimated future production, costs of production,
capital expenditures, success of mining operations, environmental
risks, unanticipated reclamation expenses, title disputes or claims
and limitations on insurance coverage. In certain cases,
forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved" or the negative of these
terms or comparable terminology. By their very nature
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include, among others, risks related to actual results of
current exploration activities; changes in project parameters as
plans continue to be refined; future prices of resources; possible
variations in ore reserves, grade or recovery rates; accidents,
labour disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing or in the completion
of development or construction activities; as well as those factors
detailed form time to time in the Company's interim and annual
financial statements and management's discussion and analysis of
those statements, all of which are filed and available for review
on SEDAR at www.sedar.com. Although the Company has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such
statements.
Accordingly, readers should not place undue reliance on
forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press
release.
Contacts: Sherwood Copper Corporation Stephen P. Quin Investor
Contact (604) 687-7545 Sherwood Copper Corporation Brad Kopp
Investor Contact (604) 687-7545 (604) 689-5041 (FAX) Website:
www.sherwoodcopper.com Western Keltic Mines Inc. Brad Kopp Investor
Contact (604) 687-7545 (604) 689-5041 (FAX)
Sherwood Copper Com Npv (TSXV:SWC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Sherwood Copper Com Npv (TSXV:SWC)
Historical Stock Chart
From Jul 2023 to Jul 2024