Peregrine Metals Files NI 43-101 Technical Report for Altar Copper-Gold Porphyry in Argentina
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/29/10 -- Peregrine Metals Ltd. (TSX: PGM) ('Peregrine Metals' or 'the Company') is pleased to announce the SEDAR filing of the Technical Report- Altar Project, San Juan Province, Argentina ('the Technical Report'), dated October 4, 2010. The information in the Technical Report was previously disclosed in the Company's news release dated October 4, 2010.
The revised resource estimates detailed in the Technical Report on the Altar copper-gold project ('Altar' or 'the Project'), are summarized in the following table.
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Contained Metal
Copper Cu -----------------------
Cut-off Quantity Equivalent Copper Gold
Grade Tonnes Grade (Billion (Million
Resource (% CuEq)(i) (Million) (% CuEq)(i) lbs) oz)
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Measured 0.3 491 0.45 4.69 0.96
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Indicated 0.3 311 0.41 2.72 0.57
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Measured Indicated 0.3 802 0.44 7.41 1.53
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Inferred 0.3 465 0.44 4.32 0.88
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Note. Mineral Resources that are not mineral reserves do not yet have
demonstrated economic viability. More information on the resource estimation
is available on page seven of the October 4, 2010 Technical Report.
(i) The copper equivalent ('CuEq') calculation is based on a copper price
of USD $2.80/lb and gold price of USD $850/oz. It also includes a factor to
compensate for an assumed gold recovery of 65% and a 90% recovery for
copper.
The 2010 Technical Report can be viewed on www.sedar.com or on the Company's website at the following link: http://www.pmet.com/i/pdf/AltarTechReport2010.pdf.
Altar is a large Andean-style porphyry copper-gold deposit. The alteration zone encompasses an area measuring over three by two kilometres with a strong, coincident induced polarization (IP) geophysical anomaly of approximately the same size. A total of 140 core holes has been drilled at the Project for 55,641 metres, and the deposit remains open in two directions and at depth. The Company is currently undertaking a preliminary economic assessment on a combined leach and concentrator mining operation, expected to be finalized by the third quarter of 2011.
Peregrine Metals holds a 100% interest in the Altar project subject to a 1% NSR royalty granted to Rio Tinto and another 1% NSR royalty granted to the underlying concession owners that may be purchased by Peregrine Metals from the underlying owners at any time for US $1 million.
Jeff Toohey, M.Sc., P.Eng., Vice President Exploration for the Company, is a Qualified Person as defined by NI 43-101 and is responsible for the design and implementation of the exploration work being carried out by the Company at the Altar project.
Cautionary Note Regarding Forward-Looking Statements: This news release contains 'forward-looking statements' within the meaning of applicable Canadian securities legislation. Such forward-looking statements concern the Company's anticipated results and developments in the Company's operations in future periods, planned exploration and development of its properties, planned expenditures and plans related to its business, mineral resource estimates and other matters that may occur in the future. These statements relate to analyses and other information that are based on expectations of future performance and planned work programmes. The Company has made a number of assumptions with respect to, among other things, the price of copper and other metals, economic and political conditions, and continuity of operations. Although the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements will prove to be accurate. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, risks related to the following: fluctuations in mineral prices; the Company's dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the re-allocation of the proposed uses of the net proceeds of the offering and the private placement; the Company's lack of operating revenues; uncertainty in the Company's ability to obtain necessary financing to fund the development of its mineral properties or the completion of further exploration programmes; the Company's principal property being located in Argentina, including political, economic, and regulatory instability; governmental regulations and obtaining necessary licenses and permits; the Company's mineral properties being subject to prior unregistered agreements, transfers, or claims and other defects in title; fluctuations in the currency markets (particularly the Argentina peso, Canadian dollar and United States dollar); the business being subject to environmental laws and regulations which may increase costs of doing business and restrict the Company's operations; and the Company's dependence on key personnel. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements. The Company's forward-looking statements are based on beliefs, expectations and opinions of management on the date the statements are made. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.
Contacts:
Peregrine Metals Ltd.
Mr. Eric Friedland
President
(604) 669-8800
Peregrine Metals Ltd.
Mr. Michael Westerlund
VP Investor Relations and Corporate Communications
(604) 669-8800
(604) 408-8881 (FAX)
info@pmet.com
www.pmet.com