TSX Venture Exchange Symbol: NWM
TORONTO, March 14, 2014 /CNW/ - NWM Mining Corporation
("NWM" or the "Company") (TSX-V: NWM) is pleased to
announce today that subsequent to its news release dated
November 7, 2013, it has filed
an updated National Instrument 43-101 Technical Report on SEDAR
(www.sedar.com) for its Lluvia de Oro Project in Sonora, Mexico.
Total reserves for the project, which
encompasses the Creston and Gold
Ridge mines and the Jojoba deposit, are now estimated at 577,000
ounces (40.8 million tonnes at a combined grade of 0.44 g/t gold).
The new reserve estimate represents a 50% increase from the
previous estimate completed in 2010. The report contains
revisions to the original resource and reserve estimates contained
in the previous press release. The changes are due to minor
errors in some of the original resource block classifications that
were discovered during the preparation of the final NI 43-101
compliant Technical Report. The total changes in measured and
indicated resources and proven and probable reserves amount to less
than 5% of the numbers quoted previously. Updated estimates
for the project are shown in summary Tables 1 and 2 below.
Table 1. Mineral
Reserve Estimates for the Lluvia de Oro Project |
Classification |
Tonnes (millions) |
Grade (g/t gold) |
Gold Ounces |
Proven |
|
|
|
|
Creston mine |
20.7 |
0.38 |
253,000 |
|
Gold Ridge mine |
1.8 |
0.34 |
21,000 |
|
Jojoba deposit |
6.4 |
0.71 |
146,000 |
|
|
|
|
Probable |
|
|
|
|
Creston mine |
7.7 |
0.37 |
91,000 |
|
Gold Ridge mine |
1.0 |
0.36 |
10,000 |
|
Jojoba deposit |
3.2 |
0.54 |
56,000 |
|
|
|
|
Project Totals (Proven +
Probable) |
40.8 |
0.44 |
577,000 |
|
|
|
|
Notes (for Table 1)
- CIM definitions were followed for Mineral Reserves.
- Mineral Reserves are estimated at a cut-off of 0.12 g/t gold
for Creston, 0.16 g/t gold for
Gold Ridge and 0.15 g/t gold for Jojoba.
- Mineral Reserves are estimated using a long-term gold price of
US$1300/oz and a $US/$CDN exchange of
1.00.
- Bulk density is 2.49t/m3 for Creston/Gold Ridge and 2.70t/m3 for
Jojoba.
- Numbers may not add up due to rounding.
- Mineral Reserves are contained in pit shells developed using
appropriate software and current mining costs from Lluvia de Oro
operations.
- Mineral Reserve tonnages include 2% mining losses.
Table 2. Mineral
Resource Estimates for the Lluvia de Oro Project |
Resource Category |
Tonnes (millions) |
Grade (g/t gold) |
Gold Ounces |
Measured |
|
|
|
|
Creston mine |
21.1 |
0.38 |
258,000 |
|
Gold Ridge mine |
1.9 |
0.34 |
21,000 |
|
Jojoba deposit |
6.5 |
0.71 |
149,000 |
|
|
|
|
Indicated |
|
|
|
|
Creston mine |
7.9 |
0.37 |
93,000 |
|
Gold Ridge mine |
1.0 |
0.36 |
11,000 |
|
Jojoba deposit |
3.3 |
0.54 |
57,000 |
|
|
|
|
Project Totals (Measured +
Indicated) |
41.7 |
0.44 |
589,000 |
Inferred |
|
|
|
|
Creston mine |
14.3 |
0.25 |
114,000 |
|
Gold Ridge mine |
0.8 |
0.28 |
7,000 |
|
Jojoba deposit |
0.7 |
0.44 |
10,000 |
|
|
|
|
|
Total Inferred Resources |
15.8 |
0.26 |
131,000 |
|
|
|
|
Notes (for Table 2)
- CIM definitions were followed for Mineral Resources.
- Mineral Resources are estimated at a cut-off of 0.12 g/t Au for
Creston, 0.16 g/t Au for Gold
Ridge and 0.15 g/t Au for Jojoba.
- Mineral Resources are estimated using a long-term gold price of
US$1300/oz and a $US/$CDN exchange of
1.00.
- Bulk density is 2.49t/m3 for Creston/Gold Ridge and 2.70t/m3 for
Jojoba.
- Mineral Resources are inclusive of Mineral Reserves.
- Numbers may not add up due to rounding.
- The effective date for the Resources estimate is July 31, 2013.
- Mineral Resources are contained in pits developed using
appropriate software.
Qualified Persons
The preparation of the new mineral resource and
mineral reserve estimates have been supervised by Messrs.
Neil Gow, P.Geo., and Darren Koningen, P.Eng. both Qualified Persons
under N 43-101. This press release has also been reviewed by
Mr. Darren Koningen, P. Eng., NWM
Mining's CEO and President.
About NWM Mining Corporation
NWM is in commercial gold production at its
wholly owned Lluvia gold project. The mine is an open pit heap
leach operation in Sonora State, Mexico. Management believes the property is
significantly under-explored and hosts potential to provide further
gold discoveries and resource and reserve upgrades. While
management has focused in the past on developing the mine and
supporting cash flows, the focus in 2014 will shift to increasing
mining rates and drilling to expand geological resources and
reserves.
Additional information about NWM can be found on
the NWM website at www.nwmcorp.ca or on SEDAR at www.sedar.com.
Neither the 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 of this release.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This news release includes "forward-looking
information", as such term is defined in applicable securities
laws. Forward-looking information includes, without limitation, the
success of exploration activities, price outlooks, production
expectations and other similar statements concerning anticipated
future events, conditions or results that are not historical facts.
These statements reflect management's current estimates, beliefs,
intentions and expectations; they are not guarantees of future
performance. The Company cautions that all forward looking
information is inherently uncertain and that actual performance may
be affected by a number of material factors, many of which are
beyond the Company's control. Accordingly, actual future events,
conditions and results may differ materially from the estimates,
beliefs, intentions and expectations expressed or implied in the
forward-looking information. All statements are made as of the date
of this news release and the Company is under no obligation to
update or alter any forward-looking information.
SOURCE NWM Mining Corporation