Sherwood Copper Corporation (TSX VENTURE:SWC)(TSX VENTURE:SWC.DB) today
announced the results of National Instrument 43-101 compliant, mineral resource
estimates for its high grade Minto copper-gold mine in Yukon, Canada. New
mineral resource estimates were completed for the Area 118 and the Ridgetop
deposits, while those for the Main Minto and Area 2 deposits were updated to
incorporate the results of 101 new holes drilled across these four deposits in
2007. These estimates do not include results from any of the drilling conducted
in 2008, where more than 51 holes have been completed to date and results for 16
have been released; assays are pending for the balance. Mineral resources and
reserves were also updated to account for mining in 2006-07. Net of all
adjustments, contained copper in mineral resources increased by 50% and precious
metals by approximately 40% as a result of drilling in 2007. This follows on
from a 60% gain in contained copper in mineral resources based on drilling in
2006, for a 140% gain in copper resources in two years.
Minto Mine - Mineral Resources by Classification for All Deposits (at a 0.5%
copper cut-off)
---------------------------------------------------------------------------
Con- Con- Con-
tained tained tained
Class- Cu Gold Ag
ifica- Tonnes Copper Gold Silver (000's (000's (000's
tion (000's)(i) (%) (g/t) (g/t) lbs)(i) oz)(i) oz)(i)
---------------------------------------------------------------------------
Measured
(M) 11,460 1.78 0.66 6.85 448,770 240 2,520
---------------------------------------------------------------------------
Indicated
(I) 7,830 0.91 0.29 3.24 156,460 70 820
----- ---- ---- ---- ------- -- ---
---------------------------------------------------------------------------
Sub-total
(M+I)(ii) 19,280 1.42 0.51 5.38 604,700 320 3,340
---------------------------------------------------------------------------
Additional
Inferred 15,070 0.89 0.25 2.61 294,430 120 1,260
---------------------------------------------------------------------------
(i)Rounded to the nearest ten thousand
(ii)Totals may not add exactly due to rounding
This resource contains 604.7 million pounds of copper ("Cu"), 320,000oz of gold
("Au") and 3.3million oz of silver ("Ag") in the measured and indicated mineral
resource categories using a 0.5% copper cut-off, with an additional 294.4
million pounds of copper, 120,000oz of gold and 1.26 million oz of silver in the
inferred mineral resource at that same cut-off, representing an increase of 50%,
40% and 38% in total contained copper, gold and silver, respectively.
"Sherwood's exploration team delivered another stellar year at the Minto Mine,"
said Stephen Quin, Sherwood's President & CEO. "Contained copper in resources
increased 50% in one year and 140% in two years. While most of the gain in 2007
was in the inferred category, we are already infill drilling the two 2007
discoveries (at Area 118 and Ridgetop) to upgrade the confidence level in these
areas, as well as continuing to pursue opportunities for yet further increases
in resources at the Minto Mine," he said. "With these results in hand, not only
are we looking to continue to increase resources, but also to take advantage of
the potential to increase the throughput capacity of the Minto mill by grinding
coarser, which could provide opportunities to increase production levels well
beyond those currently planned. In addition, we also plan to evaluate the
resource potential at cut-offs below 0.5% copper, to determine the overall
potential of this mineralized system."
Minto Main Deposit
The measured and indicated mineral resource estimate for the Minto Main deposit
using a 0.5% copper cut-off is 7.97 million tonnes at a grade of 1.84% Cu,
0.66g/t Au and 7.6g/t Ag for a total contained metal of 323.3 million pounds of
copper, 170,000oz of gold and 1.96 million oz of silver. Approximately 1.24
million tonnes of mineral resources were removed from the Minto Main deposit by
open pit mining during pre-stripping and production mining from the Minto open
pit up to Dec. 31, 2007. Mineral resources are not mineral reserves and not all
of the mined resource was processed through the Minto mill; some material was
placed in stockpiles for later processing. Reserve reconciliation for the Minto
Mine is discussed in the section below entitled "Minto Mine Reserve
Reconciliation".
Minto Mine Main Deposit - Mineral Resources by Classification (at a 0.5% copper
cut-off)
----------------------------------------------------------------------------
Con- Con- Con-
Ton- tained tained tained
Class- nes Cu Gold Silver
ifica- (000's) Copper Gold Silver (000's (000's (000's
tion (i) (%) (g/t) (g/t) lbs)(i) oz)(i) oz)(i)
----------------------------------------------------------------------------
Measured
(M) 6,790 1.98 0.72 8.11 296,390 160 1,770
----------------------------------------------------------------------------
Indicated
(I) 1,190 1.03 0.30 4.95 27,020 10 190
----- ---- ---- ---- ------ -- ---
----------------------------------------------------------------------------
Sub-total
(M + I)
(ii) 7,970 1.84 0.66 7.65 323,300 170 1,960
----------------------------------------------------------------------------
Additional
Inferred 60 0.73 0.15 3.58 970 0 10
----------------------------------------------------------------------------
(i)Rounded to the nearest ten thousand
(ii)Totals may not add exactly due to rounding
The Mineral Resource estimate for the Minto Mine was originally completed by
Gary Giroux P.Eng of Giroux Consulting Ltd. in April 2006. Ali Shahkar P.Eng. of
Lions Gate Geological Consulting Ltd. (LGGC) updated the Mineral Resource
estimate for the Main Zone in February 2008 to include data from five new drill
holes and the open pit outline as of December 31, 2007. The estimate was
completed in Gemcom Software (Gems) using a three dimensional block model (5m by
5m by 3m (vertical) block size) and ordinary kriging method.
Area 2 Deposit
The measured and indicated mineral resource estimate for the Area 2 deposit
using a 0.5% copper cut-off is 11.3 million tonnes at a grade of 1.13% Cu and
0.40g/t Au for a contained metal total of 281.4 million pounds of copper,
150,000oz of gold and 1.4 million oz of silver. This represents a more than 33%
gain in contained copper and nearly a 25% gain in ounces of gold and a 31% gain
in ounces of silver in the measured and indicated categories over the previous
resource estimate for Area 2. An additional inferred mineral resource contains
3.5 million tonnes at a grade of 0.77% Cu, 0.25g/t Au and 2.54g/t Ag or 59.9
million pounds of copper, 30,000oz of gold and 290,000 oz of silver, inclusion
of which would significantly increase the net gains in contained copper, gold
and silver versus prior estimates. The largest gains were made in the southwest,
where Area 2 transitions into Area 118 in an approximately 100m wide corridor.
All of the mineral resources in this transition corridor were assigned to Area
2. In addition, some additional gains were made in the south to southeast side
of Area 2. Area 2 and Area 118 are essentially different segments of a much
larger deposit subsequently separated by a zone of late brittle faulting.
Area 2 Deposit - Mineral Resources by Classification (at a 0.5% copper cut-off)
----------------------------------------------------------------------------
Con- Con- Con-
Ton- tained tained tained
Class- nes Copper Gold Silver
ifica- (000's) Copper Gold Silver (000's (000's (000's
tion (i) (%) (g/t) (g/t) lbs)(i) oz)(i) oz)(i)
----------------------------------------------------------------------------
Measured
(M) 4,670 1.48 0.57 5.00 152,380 90 750
----------------------------------------------------------------------------
Indicated
(I) 6,640 0.88 0.29 2.93 129,440 60 630
----- ---- ---- ---- ------- -- ---
----------------------------------------------------------------------------
Sub-total
(M + I)
(ii) 11,310 1.13 0.40 3.79 281,390 150 1,380
----------------------------------------------------------------------------
Additional
Inferred 3,530 0.77 0.25 2.54 59,920 30 290
----------------------------------------------------------------------------
(i)Rounded to the nearest ten thousand
(ii)Totals may not add exactly due to rounding
Susan Lomas, P.Geo. of LGGC estimated the mineral resources for Area 2 in June,
2008. The estimate was completed in Gemcom Software (Gems) using a three
dimensional block model (15m by 15m by 3m (vertical) block size). The
mineralization was interpreted into 11 different domains and wireframes were
created and geostatistical analysis was completed on the assay and 3m composite
data for each of the metals.
The grades for copper and gold were interpolated into the block model using
ordinary kriging, inverse distance squared and nearest neighbour method and the
silver grades were interpolated using inverse distance squared and nearest
neighbour method. The copper and gold tonnage and grade values were tabulated
using the ordinary kriging interpolation results for the measured and indicated
mineral resources and the inverse distance squared results were reported for the
inferred mineral resources. Silver tonnage and grades were reported using the
inverse distance method results.
Sherwood currently has two drills turning at Area 2 and Area 118, infill and
step-out drilling in order to upgrade more of this inferred resource into the
measured and indicated categories.
Area 118
Discovered in 2007, there was only one year's drilling at a relatively wide
space available at Area 118 for resource estimation, thereby only an inferred
mineral resource could be calculated. The inferred mineral resource estimate for
the Area 118 deposit, using a 0.5% copper cut-off, is 6.59 million tonnes at a
grade of 0.97% Cu, 0.27g/t Au and 3.07 g/t Ag for a contained metal total of
141.4 million pounds of copper and 60,000oz of gold and 650,000oz of silver.
Area 118 is adjacent to, and contiguous with, the Area 2 deposit.
Area 118 Deposit - Mineral Resources by Classification (at a 0.5% copper cut-off)
----------------------------------------------------------------------------
Con- Con- Con-
Ton- tained tained tained
Class- nes Cu Gold Silver
ifica- (000's) Copper Gold Silver (000's (000's (000's
tion (i) (%) (g/t) (g/t) lbs)(i) oz)(i) oz)(i)
----------------------------------------------------------------------------
Measured
(M) - - - - - -
----------------------------------------------------------------------------
Indicated
(I) - - - - - -
----------------------------------------------------------------------------
Sub-total
(M + I) - - - - - -
----------------------------------------------------------------------------
Inferred 6,590 0.97 0.27 3.07 141,390 60 650
----------------------------------------------------------------------------
(i)Rounded to the nearest ten thousand
As tabulated at the end of this release, using a 1.0% copper cut-off grade, the
Area 118 inferred mineral resource totals 2 million tonnes grading 1.6% copper,
0.5g/t gold and 5g/t silver.
Susan Lomas, P.Geo. of LGGC estimated the mineral resources for Area 118 in
June, 2008. The estimate was completed in Gemcom Software (Gems) using a 3
dimensional block model (15m by 15m by 3m (vertical) block size). The
mineralization was interpreted into 11 different domains and wireframes were
created and geostatistical analysis was completed on the assay and 3m composite
data for each of the metals.
The grades for copper and gold were interpolated into the block model using
ordinary kriging, inverse distance squared and nearest neighbour method and the
silver grades were interpolated using inverse distance squared and nearest
neighbour method. The copper, gold and silver tonnage and grade values were
tabulated using the inverse distance squared method results. The mineral
resources in Area 118 were classified as inferred mineral resources due to the
wide spaced drilling results currently supporting the estimate.
As mentioned earlier drills are currently turning at Area 118 and Area 2,
conducting both infill and step out drilling. Sherwood aims to upgrade the
confidence in these mineral resources before the end of 2008.
Ridgetop
As with Area 118, Ridgetop has only benefited from one year's relatively wide
spaced drilling, resulting in an inferred mineral resource being estimated. The
inferred mineral resource estimate for the Ridgetop deposit, using a 0.5% copper
cut-off, is 4.89 million tonnes at a grade of 0.85% Cu, 0.23g/t Au and 2.0g/t Ag
for a contained metal total of 92.1 million pounds of copper, 40,000oz of gold
and 320,000oz of silver. Ridgetop is a very shallow resource, locally coming to
surface beneath a few metres of overburden.
Ridgetop Deposit - Mineral Resources by Classification (at a 0.5% copper cut-off)
----------------------------------------------------------------------------
Con- Con- Con-
Ton- tained tained tained
Class- nes Cu Gold Silver
ifica- (000's) Copper Gold Silver (000's (000's (000's
tion (i) (%) (g/t) (g/t) lbs)(i) oz)(i) oz)(i)
----------------------------------------------------------------------------
Measured
(M) - - - - - -
----------------------------------------------------------------------------
Indicated
(I) - - - - - -
----------------------------------------------------------------------------
Sub-total
(M + I) - - - - - -
----------------------------------------------------------------------------
Inferred 4,890 0.85 0.23 2.01 92,140 40 320
----------------------------------------------------------------------------
(i)Rounded to the nearest ten thousand
As tabulated at the end of this release, using a 1.0% copper cut-off grade, the
Ridgetop inferred mineral resource totals 1.2 million tonnes grading 1.3%
copper, 0.45g/t gold and 3g/t silver.
Susan Lomas, P.Geo. of LGGC estimated the mineral resources at Ridgetop in
April, 2008. The estimate was completed in Gemcom Software (Gems) using a 3
dimensional block model (25m by 25m by 9m (vertical) block size). The
mineralization was interpreted into 5 different domains and wireframes were
created and geostatistical analysis was completed on the assay and 3m composite
data for each of the metals.
The grades for copper, gold and silver were interpolated into the block model
using inverse distance squared and nearest neighbour method. The copper, gold
and silver tonnage and grade values were tabulated using the inverse distance
squared method results. The mineral resources at Ridgetop were classified as
inferred mineral resources due to the wide spaced drilling results currently
supporting the estimate.
Infill drilling to increase the confidence in these mineral resources, plus
further step out drilling to the east, will start at Ridgetop as soon as a drill
becomes available from Area 118 / Area 2 and before the end of 2008.
Maps
The attached location map (To view the Priority Exploration Corridor map, please
visit the following link: http://media3.marketwire.com/docs/SWCPEC061708.jpg)
illustrates the locations of these high grade copper-gold deposits and their
relative position to the mill infrastructure at the Minto Mine. A drill program
is currently underway infilling these resources areas and conducting further
exploration including stepping out from know deposits and testing new targets.
A drill hole location map along with an overview of Sherwood's priority
exploration targets can be viewed at (To view the Drill Hole Location MAP,
please visit the following link:
http://media3.marketwire.com/docs/SWC061708DHLM.jpg). Assay results for the
first holes of the 2008 Phase II drill program are expected to be released soon.
Minto Mine Mineral Reserves
Mineral reserves at the Minto Mine as a whole can be summarized as follows,
representing the previously announced reserve for the Minto Main deposit and the
Area 2 deposit, less mining that has taken place in 2006 and 2007.
Minto Mine - Mineral Reserves by Classification for All Deposits (at a 0.62%
copper cut-off)
----------------------------------------------------------------------------
Con- Con- Con-
Ton- tained tained tained
Class- nes Cu Gold Silver
ifica- (000's) Copper Gold Silver (000's (000's (000's
tion (i) (%) (g/t) (g/t) lbs)(i) oz)(i) oz)(i)
----------------------------------------------------------------------------
Proven 8,219 2.01 0.77 7.98 364,400 203.6 2,110
----------------------------------------------------------------------------
Probable 910 1.24 0.46 5.40 24,800 13.3 159
----------------------------------------------------------------------------
Total (P&P)
(ii) 9,129 1.93 0.74 7.73 389,200 216.9 2,267
----------------------------------------------------------------------------
(i)Rounded to the nearest thousand
(ii)Totals may not add exactly due to rounding
Mineral reserves for the Minto Main deposit alone, including drilling to the end
of 2007, can be summarized as follows;
Minto Main Deposit - Mineral Reserve by Classification (at a 0.62% copper cut-off)
----------------------------------------------------------------------------
Con- Con- Con-
Ton- tained tained tained
Class- nes Cu Gold Silver
ifica- (000's) Copper Gold Silver (000's (000's (000's
tion (i) (%) (g/t) (g/t) lbs)(i) oz)(i) oz)(i)
----------------------------------------------------------------------------
Proven 5,416 2.22 0.83 9.16 265,500 145.0 1,595
----------------------------------------------------------------------------
Probable 359 1.27 0.48 6.82 10,000 5.5 79
----------------------------------------------------------------------------
Total (P&P)
(ii) 5,774 2.16 0.81 9.01 275,500 150.5 1,673
----------------------------------------------------------------------------
(i)Rounded to the nearest thousand
(ii) Totals may not add exactly due to rounding
See below for a discussion on reserve reconciliation.
Mineral reserves for the Area 2 deposit alone can be summarized as follows;
Area 2 Deposit - Mineral Reserves by Classification (at a 0.62% copper cut-off)
----------------------------------------------------------------------------
Con- Con- Con-
Ton- tained tained tained
Class- nes Copper Gold Silver
ifica- (000's) Copper Gold Silver (000's (000's (000's
tion (i) (%) (g/t) (g/t) lbs)(i) oz)(i) oz)(i)
----------------------------------------------------------------------------
Proven 2,803 1.60 0.65 5.71 98,900 58.6 515
----------------------------------------------------------------------------
Probable 552 1.22 0.44 4.48 14,800 7.8 80
----------------------------------------------------------------------------
Total (P&P)
(ii) 3,355 1.54 0.62 5.51 113,700 66.4 594
----------------------------------------------------------------------------
(i)Rounded to the nearest thousand
(ii)Totals may not add exactly due to rounding
There has been no adjustment to the Area 2 reserve from that announced on
December 12, 2007, which was based on drilling to the end of 2007. See that news
release for additional details on the basis for the reserve estimates and
disclosure in respect of the Qualified Persons responsible for those estimates.
Minto Mine Reserve Reconciliation
To date, the block model to mine blast hole reconciliation has been positive
with respect to the total copper metal mined. While the grade of the ore mined
has been approximately similar to that projected in the block mode, on a
bench-by-bench basis the total tonnes mined exceeded that predicted in the block
model by approximately 20% in the second half of 2007.
To the end of 2007, 746,327 tonnes of ore grading 1.7% copper were mined from
the Main Pit. In total, 238,446 tonnes of ore grading 2.16% copper were milled
during 2007, leaving approximately 510,000 tonnes of ore grading 1.48% copper in
surveyed stockpiles at December 31, 2007.
Despite mining of 746,327 tonnes of ore from the Minto Main deposit pit at a
grade of 1.7% copper in 2006-07, the mineral reserve was reduced only by a net
325,000 tonnes at 0.89% copper. This smaller than projected net adjustment
represents a significant gain in the reserve model from the last stated reserve
estimate. This gain (as compared to that announced on December 12, 2007) is the
result of a combination of factors including, but not limited to, additional
diamond drilling within the pit limits since the last reserve estimate that
increased the resource within the pit, possible gains in ore tonnages along the
upper contact of the Minto Main deposit, and an optimised ultimate pit shell
which brought some additional material into reserves.
Resource and Reserve Estimation Methodology
All mineral resources reported herein were estimated by Lions Gate Geological
Consulting Inc. (LGGC). Susan Lomas, P. Geol. of LGGC is the Qualified Person
under National Instrument 43-101 responsible for the mineral resource estimates.
Mineral reserves were calculated by Minto Explorations Ltd geology and
engineering staff under the supervision of Dan Russell, P. Eng. who is the
Qualified Person under National Instrument 43-101 responsible for the mineral
reserve estimate.
Minto Main deposit reserve estimate was compiled using the updated mineral
resource model provided by LGGC, hereby referred to as the "Model". The Model
was imported into Mintec's MineSight(R) software for the reserve calculation.
The mineral resource estimate was verified using MineSight(R) to ensure the
import was successful. The mineral reserve calculation was bounded by the 2007
year-end survey surface (122007 YE Pit Surface.msr) and the most current
ultimate pit design surface (ph5 nov1.msr). Furthermore, a cut-off grade of
0.62% Copper was used and no dilution or recovery factors were employed. The
absence of these factors is justified on account of historical performance
showing good mining reconciliation against the past model. The mineral reserve
summary is based on measured and indicated mineral resource classifications in
the model only, totalled within ore zones 2, 4, 5, and 8 in the Minto Main
deposit (as established by in the December 2007 Pre-feasibility Study), and
bounded by the aforementioned surfaces and assumptions. Mineral resource
categories and definition of ore zones in the Model were established by the
relevant QP's for each resource model, as defined herein.
Details of the historical Area 2 mineral resource and reserve estimate are
provided in the Technical Report for the Minto Pre-feasibility study, available
on Sedar, the results of which were announced on December 12, 2007. The current
Area 2 mineral reserves are based on this historic mineral resource and have not
been updated to reflect the increased Area 2 mineral resource discussed in this
release nor the results of drilling in 2008.
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.
About Sherwood Copper
Sherwood's objective is the 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
mineral resource and mineral 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 May 2008, Sherwood acquired 100% ownership in Western Keltic Mines Ltd.,
owner of the high-grade Kutcho copper-zinc-gold-silver deposit in northwestern
British Columbia. Sherwood expects to lever off its successful development of
the Minto Mine and rapidly advance the Kutcho Project to a production decision.
Quality Assurance
The technical information in this news release has been prepared in accordance
with Canadian regulatory requirements set out in National Instrument 43-101 and
reviewed by Stephen P. Quin, P. Geo., President & CEO for Sherwood Copper
Corporation, who has reviewed the content of this press release. The exploration
activities at the Minto project site are carried out under the supervision of
Brad Mercer, P. Geol., V.P. Exploration with Sherwood. The mineral resources
discussed in this new release were estimated by Lions Gate Geological Consulting
Inc. (LGGC). Susan Lomas, P. Geol. of LGGC is the Qualified Person under
National Instrument 43-101 responsible for the estimates and has reviewed the
information in this release in respect of mineral resource estimates.
The basis of and responsibility for the mineral reserve estimates for the Minto
Main and Area 2 deposits as at the end of 2006 were detailed in the Technical
Report for the Minto Pre-feasibility study, the results of which were announced
on December 12, 2007. The update to the mineral reserve estimate for the Minto
Main deposit and the reserve reconciliation were under the supervision of Dan
Russell, P.Eng., Manager of Mining at the Minto Mine. Dan Russell is the
Qualified Person under National Instrument 43-101 responsible for these
estimates.
The analytical method for copper and silver performed by SGS Laboratories under
a contract arrangement at the Minto Mine Site, Yukon includes digestion in aqua
regia followed by absorption spectroscopy. Gold is measured using fire assay
with atomic absorption spectroscopy; analysis is performed by SGS Laboratories
at Red Lake, Ontario. When visible gold is noted in drill core samples or
regular analytical values exceed 5 grams per tonne, the pulp and screen metallic
assay method is used to determine total gold content and gold content of
different size fractions. This is considered industry best practice when dealing
with coarse gold mineralization where a nugget effect is suspected. The result
of the pulp and screen metallic assay is accepted as the most representative
value and used in the assay database for resource calculations. Blank and
standard samples are added to all sample shipments prior to submittal to the lab
for quality assurance and quality control. If more than two check samples assay
outside of expected ranges, the work order is re-assayed. After the completion
of planned drill programs, random check assays will be carried out by ALS Chemex
of North Vancouver, BC.
Additional Information
Additional information on Sherwood and its Minto & Kutcho projects 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
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 from 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.
Details of Minto Project Mineral Resource Estimates at 0.5% Cu cut-off
To accompany Sherwood Copper News Release Dated June 17, 2008
--------------------------------------------------------------------------
Con- Con- Con-
tained tained tained
Class- Copper Gold Silver
ifica- Cut-off Tonnes Copper Gold Silver (000's (000's (000's
tion (% Cu) (000's) (%) (g/t) (g/t) lbs)(i) oz)(i) oz)(i)
--------------------------------------------------------------------------
Measured Resources (M)
--------------------------------------------------------------------------
Minto
Mine 0.5% 6,790 1.98 0.72 8.11 296,390 160 1,770
--------------------------------------------------------------------------
Area 2 0.5% 4,670 1.48 0.57 5.00 152,380 90 750
--------------------------------------------------------------------------
Area 118 0.5% - - - - - - -
--------------------------------------------------------------------------
Ridgetop 0.5% - - - - - - -
--------------------------------------------------------------------------
Total
Measured
(ii) 0.5% 11,460 1.78 0.66 6.85 448,770 240 2,520
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Indicated Resources (I)
--------------------------------------------------------------------------
Minto
Mine 0.5% 1,190 1.03 0.30 4.95 27,020 10 190
--------------------------------------------------------------------------
Area 2 0.5% 6,640 0.88 0.29 2.93 129,440 60 630
--------------------------------------------------------------------------
Area 118 0.5% - - - - - - -
--------------------------------------------------------------------------
Ridgetop 0.5% - - - - - - -
--------------------------------------------------------------------------
Total
Indicated
(ii) 0.5% 7,830 0.91 0.29 3.24 156,410 70 820
---- ----- ---- ---- ---- ------- -- ---
--------------------------------------------------------------------------
Total
Measured
+ Indi-
cated(i) 0.5% 19,290 1.42 0.51 5.38 604,220 310 3,3408
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Additional Inferred Resources
--------------------------------------------------------------------------
Minto
Mine 0.5% 60 0.73 0.15 3.58 970 0 10
--------------------------------------------------------------------------
Area 2 0.5% 3,530 0.77 0.25 2.54 59,920 30 290
--------------------------------------------------------------------------
Area 118 0.5% 6,590 0.97 0.27 3.07 141,390 60 650
--------------------------------------------------------------------------
Ridgetop 0.5% 4,890 0.85 0.23 2.01 92,140 40 320
--------------------------------------------------------------------------
Total
Inferred
(ii) 0.5% 15,080 0.89 0.25 2.48 294,590 120 1,260
--------------------------------------------------------------------------
(i)Rounded to the nearest ten thousand
(ii)Totals may not add exactly due to rounding
Details of Minto Project Mineral Resource Estimates at 1.0% Cu cut-off
To accompany Sherwood Copper News Release Dated June 17, 2008
--------------------------------------------------------------------------
Con- Con- Con-
tained tained tained
Class- Copper Gold Silver
ifica- Cut-off Tonnes Copper Gold Silver (000's (000's (000's
tion (% Cu) (000's) (%) (g/t) (g/t) lbs)(i) oz)(i) oz)(i)
--------------------------------------------------------------------------
Measured Resources (M)
--------------------------------------------------------------------------
Minto
Mine 1.0% 4,890 2.46 0.90 10.10 264,880 140 1,590
--------------------------------------------------------------------------
Area 2 1.0% 3,080 1.90 0.78 6.58 129,010 80 650
--------------------------------------------------------------------------
Area 118 1.0% - - - - - - -
--------------------------------------------------------------------------
Ridgetop 1.0% - - - - - - -
--------------------------------------------------------------------------
Total
Measured
(ii) 1.0% 7,970 2.24 0.86 8.74 393,900 220 2,240
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Indicated Resources (I)
--------------------------------------------------------------------------
Minto
Mine 1.0% 500 1.47 0.44 7.62 16,180 10 110
--------------------------------------------------------------------------
Area 2 1.0% 1,500 1.67 0.61 5.63 55,230 30 270
--------------------------------------------------------------------------
Area 118 1.0% - - - - - - -
--------------------------------------------------------------------------
Ridgetop 1.0% - - - - - - -
--------------------------------------------------------------------------
Total
Indicated
(ii) 1.0% 2,000 1.62 0.57 6.00 71,400 40 390
---- ----- ---- ---- ---- ------- -- ---
--------------------------------------------------------------------------
Total
Measured
+ Indi-
cated(i) 1.0% 9,970 2.12 0.80 8.19 465,900 260 2,630
--------------------------------------------------------------------------
Additional Inferred Resources
--------------------------------------------------------------------------
Minto
Mine 1.0% 10.4 1.42 0.31 8.07 330 0 0
--------------------------------------------------------------------------
Area 2 1.0% 460 1.41 0.57 4.91 14,300 10 70
--------------------------------------------------------------------------
Area 118 1.0% 1,990 1.60 0.50 5.09 70,200 30 330
--------------------------------------------------------------------------
Ridgetop 1.0% 1,223 1.34 0.45 3.24 36,200 20 130
--------------------------------------------------------------------------
Total
Inferred
(ii) 1.0% 3,683 1.49 0.49 4.46 121,000 60 530
--------------------------------------------------------------------------
(i)Rounded to the nearest ten thousand
(ii)Totals may not add exactly due to rounding
Details of Minto Project Mineral Resource Estimates at 1.5% Cu cut-off
To accompany Sherwood Copper News Release Dated June 17, 2008
--------------------------------------------------------------------------
Con- Con- Con-
tained tained tained
Class- Copper Gold Silver
ifica- Cut-off Tonnes Copper Gold Silver (000's (000's (000's
tion (% Cu) (000's) (%) (g/t) (g/t) lbs)(i) oz)(i) oz)(i)
--------------------------------------------------------------------------
Measured Resources (M)
--------------------------------------------------------------------------
Minto
Mine 1.5% 3,700 2.85 1.04 11.84 232,600 120 1,410
--------------------------------------------------------------------------
Area 2 1.5% 2,090 2.19 0.95 7.63 100,900 60 510
--------------------------------------------------------------------------
Area 118 1.5% - - - - - - -
--------------------------------------------------------------------------
Ridgetop 1.5% - - - - - - -
--------------------------------------------------------------------------
Total
Measured
(ii) 1.5% 5,790 2.61 1.01 10.32 333,500 190 1,920
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Indicated Resources (I)
--------------------------------------------------------------------------
Minto
Mine 1.5% 170 1.96 0.58 9.33 7,350 0 50
--------------------------------------------------------------------------
Area 2 1.5% 690 2.23 0.78 7.33 33,920 20 160
--------------------------------------------------------------------------
Area 118 1.5% - - - - - - -
--------------------------------------------------------------------------
Ridgetop 1.5% - - - - - - -
--------------------------------------------------------------------------
Total
Indicated
(ii) 1.5% 860 2.18 0.74 7.73 41,270 20 210
---- ----- ---- ---- ---- ------- -- ---
--------------------------------------------------------------------------
Total
Measured
+ Indi-
cated(ii) 1.5% 6,650 2.56 0.98 9.98 374,740 210 2,130
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Additional Inferred Resources
--------------------------------------------------------------------------
Minto
Mine 1.5% 10 1.97 0.58 11.54 430 0 0
--------------------------------------------------------------------------
Area 2 1.5% 160 1.85 0.70 6.62 6,520 0 30
--------------------------------------------------------------------------
Area 118 1.5% 810 2.24 0.91 6.66 40,000 23.7 170
--------------------------------------------------------------------------
Ridgetop 1.5% 310 1.79 0.75 4.46 12,220 10 40
--------------------------------------------------------------------------
Total
Inferred
(ii) 1.5% 1,290 2.08 0.84 6.16 59,180 35.0 260
--------------------------------------------------------------------------
(i)Rounded to the nearest ten thousand
(ii)Totals may not add exactly due to rounding
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