Randsburg Reports Inferred Resource of 259 Million Lbs of Vanadium at Titan Deposit in Ontario
18 März 2010 - 3:00PM
Marketwired
Randsburg International Gold Corp. (TSX VENTURE: RGZ) announced
today (the "Company" or "Randsburg") has received an updated
Technical Report on its 20% owned Titan-Vanadium-Iron-Titanium
Property (the "Property") located at Flett and Angus Townships, 120
kilometres northeast of Sudbury, Ontario. The property is jointly
owned with Prophecy Resource Corp. (TSX VENTURE: PCY).
The Property is estimated to contain an inferred resource of
49.0 million tonnes at 0.24% vanadium (0.43% vanadium pentoxide),
14.82% titanium dioxide, and 48.09% iron oxide. The estimate uses a
40% Fe2O3 cutoff grade. The results of the independent resource
estimate are summarized in the following Table:
----------------------------------------------------------------------------
Mineral Resource Estimate for Titan (at a cut-off of 40% Fe2O3)
----------------------------------------------------------------------------
TiO2
Resource Tonnes V Grade(%) TiO2 Grade (%) V Contained Contained
Category (millions) Lbs(i) Tonnes(i)
Inferred -----------------------------------------------------------------
49.0 0.24 14.82 259,174,729 7,259,310
----------------------------------------------------------------------------
-- Metal recoveries were assumed to be 100% for both vanadium and titanium
oxide.
The updated report was authored by Neil Prenn, P.Eng. a
Qualified Person as that term is defined under NI 43-101, of Mine
Development Associates ("MDA") of Reno, Nevada, on February 26,
2010, was prepared in accordance with National Instrument 43-101
("NI 43-101") Standards of Disclosure for Mineral Projects and
provides an update as to ownership of a report completed by MDA for
Randsburg in 2006 and revised in February, 2007. The resource
estimate at Titan is based on 38 drill holes completed between 2004
and 2006, totaling 10,307 metres, that were drilled to depths
between 170 metres and 604 metres on a 50 metre grid. The estimate
used the following methodologies and key assumptions: Grades for
Fe2O3, TiO2, and V were interpolated by ordinary kriging into 5 x 5
x 10 metre blocks from 10 metre composites from mineralized zones.
These kriged block grades were compared to grades estimated by
inverse distance methods and were essentially the same globally. A
minimum of one composite and a maximum of nine composites were used
to interpolate grades. Since the economics and recoveries of the
different materials contained in the mineralized zone have not been
defined all of the material estimated within the high-grade
mineralization boundary (approximately a 40% Fe2O3 cutoff grade)
and within the variogram range of 108 metres from a composite has
been defined as an inferred resource. This report is available at
www.sedar.com.
The Titan-Vanadium-Iron-Titanium Property comprises 2,150
hectares and is located within 2.5 kilometres of a high-voltage
transmission line and within 8 kilometres of a railroad. It is
amenable to open pit mining and has an overburden cover between
zero and approximately 1.5 metres.
Mineral resources which are not mineral reserves have not
demonstrated economic viability. The estimate of mineral resources
may be materially affected by environmental, permitting, legal,
title, taxation, sociopolitical, marketing, or other relevant
issues.
Dr. Ken Germundson, PhD, P. Geo., is the Company's Qualified
Person under the meaning of National Instrument 43-101 for the
Titan Project. Dr. Germundson has reviewed this news release and
approved its contents.
Randsburg also announced today that it has closed a $205,000 3
year term loan with interest calculated at 10% per annum secured by
a collateral mortgage registered on its "Titan" project located in
Flett and Angus Townships, Ontario, together with 1,640,000
non-transferable share purchase warrants. Each warrant is
exercisable for 1 common share of Randsburg at a price of $0.10 for
2 years from closing. Randsburg may repay the Loan from the 6th
month to the 24th month, subject to a 3 month interest bonus.
During the final year of the Loan, Randsburg may prepay the Loan
without any interest bonus.
The agent for the Loan received $18,500 in fees and 82,000, 2
year term brokers' warrants, each for 1 share, exercisable at $
0.10. The Trustee for the Loan and the Mortgage is an affiliate of
the Agent.
Randsburg intends to use the proceeds of the Loan to maintain
and advance its mineral properties and the balance for general
working capital. It has reserved sufficient funds from the Loan to
pay interest during the first year of the Loan. Randsburg's Joint
Venture partner on the Titan Project, Prophecy Resource Corp., is
responsible for paying 80% of the interest on the loan.
All securities issued in respect of the Loan or warrants are
subject to a hold period of 4 months and 1 day from the date of
closing. The Loan is subject to regulatory approval.
On behalf of the Board of Directors of Randsburg International
Gold Corp.
Michael Opara, President and Chief Executive Officer
Copyright, 2010 Randsburg International Gold Corporation. This
news release can be reproduced and retransmitted in whole, with no
changes permitted of any kind, including headlines, or the addition
of any headlines or other material, and providing it is supplied
and made available without charge to the end reader.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Randsburg International Gold Corp.
info@randsburginternational.com www.randsburginternational.com
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