Mountain Boy Receives Updated Technical Report-Reports Increase in Grade and Ounces at its Silver Coin Project, BC
13 April 2011 - 8:30PM
Marketwired Canada
Mountain Boy Minerals Ltd. (TSX VENTURE:MTB) (or the "Company") is pleased to
announce that it has filed an updated NI 43-101 technical report in regard to
the Company's Silver Coin project, located near the town of Stewart, British
Columbia (the "Report"). The Report was prepared by Minarco-Mine Consult
("Minarco") and is available on SEDAR (www.sedar.com). The Report includes an
updated resource estimate incorporating the assay results of eighteen holes that
the Company's joint venture partner drilled during the fall of 2010 which had
not previously been reported or included in resource estimates. This updated
resource estimate represents an overall increase in the average gold grade of
10.9% and an 11.1% increase in the number of resource ounces compared with those
previously reported. In comparison, gold resources have increased by category as
follows: from 191,300 measured ounces (oz), 644,300 indicated oz and 655,200
inferred oz, to 218,410 measured oz, 624,006 indicated oz and 813,273 inferred
oz. The updated resource estimate incorporates a total of 732 drill holes
(88,645 meters) plus 76 trenches (1,447 meters). The Silver Coin project
includes 26 contiguous claims with a net area of 1247 hectares and is a joint
venture with Jayden Resources Inc. (Jayden 70% with an option to earn an
additional 10%).
Resource Estimate
Using a base case cut-off grade of 0.3 grams gold per ton ("gpt") the Report
identifies the following gold, silver and zinc resource:
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SILVER COIN CLASSIFIED RESOURCES
April 2011
-------------------------------------------------------------------------
0.3 g/t Au Ag Zn
Au Cut-off Tonnes (g/t) (g/t) (%) Au (oz) Ag (oz) Zn (lbs)
-------------------------------------------------------------------------
Measured 4,372,225 1.55 6.53 0.26 218,410 918,417 25,531,741
-------------------------------------------------------------------------
Indicated 19,759,025 0.98 5.57 0.15 624,006 3,537,769 65,642,277
-------------------------------------------------------------------------
M & I 24,131,250 1.08 5.74 0.17 842,416 4,456,186 91,174,018
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Inferred 32,443,840 0.78 6.41 0.18 813,273 6,691,185 128,006,920
-------------------------------------------------------------------------
At the 0.3 gpt cut-off grade the estimated Measured and Indicated resource is
24.13 million tons grading 1.08 gpt gold for a total of 842,416 ounces of gold,
4.45 million ounces of silver and 91.17 million pounds of zinc. The estimated
Inferred resources comprise an additional 813,273 ounces of gold, 6.69 million
ounces of silver, and 128 million lbs of zinc.
The resource remains open along strike to the north and south. The two
southernmost holes from the 2010 drilling, both located within 150 metres (m) of
the currently modeled southern pit boundary, intersected excellent intervals of
gold mineralization including 55m grading 8.42 gpt gold in hole SC10-311 as
reported in the Company's news release of October 14, 2010. Readers are advised
to access the Report for detailed technical information.
Work Plan
The Company's joint venture partner plans to conduct a major in-fill drilling
program at Silver Coin during the 2011 exploration season with the primary goal
of upgrading the inferred resource to the indicated or measured categories. Such
activities will both support completion of a prefeasibility study and
potentially increase the size and grade of the resource. Based on, and subject
to the success of the proposed 2011 program, the Company's joint venture partner
is planning to produce a prefeasibility study by the first quarter of 2012. The
Company's joint venture partner is also planning on undertaking several of the
recommendations contained in the Report including geotechnical drilling,
continued baseline environmental studies, waste rock studies to determine if the
waste is potentially acid forming, complete the site-based studies to support a
prefeasibility study and metallurgical testing to include comminution tests,
locked cycle tests, optimization of the flow sheet, zinc recovery testing and
additional testing to optimize the cyanide recovery from concentrate. The
Company's joint venture partner also plans to initiate groundwater hydrology and
chemistry testing in existing and new wells on the property.
Ed Kruchkowski, P. Geo., a qualified person under National Instrument 43-101,
has prepared this release and is charge of the exploration program on behalf of
the companies.
About Mountain Boy Minerals
Mountain Boy Minerals Ltd. is a Canadian based mineral exploration company with
diverse property and resource holdings around the Stewart region in British
Columbia's golden triangle. It owns 30% of the Silver Coin project, a
gold-silver-base metals project that has a new 43-101 compliant resource
calculated. The Company is also exploring silver-base metals on its American
Creek and Bear Valley properties as well as copper-gold on their Stewart area
claims.
For further information, please contact Company investor relations at
604-681-0710, Ed Kruchkowski at 250-636-9232 or visit the website at
http://www.mountainboyminerals.ca (The Company website is being changed at
present and will be available shortly).
ON BEHALF OF THE BOARD
Ed Kruchkowski, Director
FORWARD LOOKING STATEMENTS: This document includes forward-looking statements as
well as historical information. Forward-looking statements include, but are not
limited to, the continued advancement of the company's general business
development, research development and the Company's development of mineral
exploration projects. When used in this document, the words "anticipate",
"believe", "estimate", "expect", "intent", "may", "project", "plan", "should"
and similar expressions may identify forward-looking statements. Mountain Boy
believes that their expectations reflected in these forward looking statements
are reasonable, such statements involve risks and uncertainties and no assurance
can be given that actual results will be consistent with these forward-looking
statements. Important factors that could cause actual results to differ from
these forward-looking statements include the potential that fluctuations in the
marketplace for the sale of minerals, the inability to implement corporate
strategies, the ability to obtain financing and other risks disclosed in our
filings made with Canadian Securities Regulators.
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