Tintina Files Technical Report for Black Butte Copper Project, Montana, USA
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/13/12 -- Tintina Resources Inc. ('Tintina' and/or the 'Company') (TSX VENTURE: TAU)(OTCQX: TINTF) announced that today it has filed a National Instrument 43-101 compliant technical report (the 'Technical Report') for its Black Butte Copper-Cobalt-Silver-Gold property (formerly called 'Sheep Creek') located in central Montana. The report, entitled 'Black Butte Copper Project, Meagher County, MT, November 2011 Mineral Resource Update', and dated January 13, 2012, is available on the Company's SEDAR profile at www.sedar.com.
The Technical Report, completed on behalf of the Company by independent Qualified Persons Mike Lechner (Resource Modeling Inc.) and Art Winckers (Art Winckers and Associates), discloses a new resource estimate on the Johnny Lee Deposit on the Black Butte property of Indicated Resources of 8.48 million tonnes and Inferred Resources of 1.26 million tonnes using a 1.60% copper cutoff grade, as highlighted in the tables below. The Indicated and Inferred Resource tables also summarize a range of Indicated & Inferred Resources, at various cut-off grades, for the Johnny Lee Deposit (formerly called the 'Upper Copper Zone at Strawberry Butte'):
Table 1 - Johnny Lee Deposit Undiluted Indicated Mineral Resources
---------------------------------------------------------------------------
Cu Estimated Metal Grades Contained Metal
Cutoff Tonnes -----------------------------------------------------------
(%) (000) Cu (%) Co (%) Ag (g/t) Cu Lbs (M) Co Lbs (M) Ag Ozs (000)
---------------------------------------------------------------------------
0.00 16,145 2.06 0.10 16.0 733 36 8,305
---------------------------------------------------------------------------
0.40 15,956 2.08 0.10 16.1 731 35 8,259
---------------------------------------------------------------------------
0.80 14,394 2.23 0.11 16.5 707 35 7,636
---------------------------------------------------------------------------
1.20 11,284 2.57 0.11 16.6 639 27 6,022
---------------------------------------------------------------------------
1.60 8,483 2.96 0.12 16.9 553 22 4,609
---------------------------------------------------------------------------
2.00 6,137 3.41 0.14 16.9 461 19 3,335
---------------------------------------------------------------------------
2.40 4,782 3.76 0.14 16.9 396 15 2,598
---------------------------------------------------------------------------
2.80 3,735 4.09 0.15 16.4 337 12 1,969
---------------------------------------------------------------------------
Table 2 - Johnny Lee Deposit Undiluted Inferred Mineral Resources
---------------------------------------------------------------------------
Cu Estimated Metal Grades Contained Metal
Cutoff Tonnes -----------------------------------------------------------
(%) (000) Cu (%) Co (%) Ag (g/t) Cu Lbs (M) Co Lbs (M) Ag Ozs (000)
---------------------------------------------------------------------------
0.00 2,489 1.89 0.09 16.4 104 5 1,312
---------------------------------------------------------------------------
0.40 2,484 1.89 0.09 16.4 103 5 1,310
---------------------------------------------------------------------------
0.80 2,301 1.99 0.09 16.5 101 5 1,221
---------------------------------------------------------------------------
1.20 1,806 2.26 0.10 16.3 90 4 946
---------------------------------------------------------------------------
1.60 1,257 2.64 0.10 16.4 73 3 663
---------------------------------------------------------------------------
2.00 886 2.99 0.11 16.2 58 2 461
---------------------------------------------------------------------------
2.40 620 3.33 0.12 16.1 46 2 321
---------------------------------------------------------------------------
2.80 423 3.67 0.13 16.0 34 1 218
---------------------------------------------------------------------------
(i) It cannot be assumed that all or any part of an Inferred Resource will
be upgraded to an Indicated Resource, or that an Indicated Mineral Resource
will be upgraded to a Measured Resource, as a result of continued
exploration. Mineral Resources are not Mineral Reserves because there are
insufficient studies to demonstrate economic viability. Mineral Resources
are global undiluted in situ totals. Mineral Resource numbers have been
rounded and may not add up in the above table.
The copper cutoff grade of 1.60% was established for the Inferred and the Indicated resource estimate by using a copper price of US$2.75 per pound, a copper recovery of 81%, mining costs of US$59.00/tonne, processing costs of US$16.00/tonne, and G&A costs of US$5.00/tonne. Readers are encouraged to read the Technical Report in its entirety. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. Inferred Mineral Resources have a high degree of uncertainty as to their existence, and a great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Resource will ever be upgraded to a higher category.
There are no material differences between the resource estimates disclosed in the Technical Report and by the Company in its November 30, 2011 news release.
Jerry Zieg, Vice President of Exploration for the Company is a Qualified Person for the purposes of National Instrument 43-101 and has reviewed and approved the information of a scientific or technical nature contained in this news release.
About Tintina Resources Inc.
Tintina Resources Inc. is a growth company focused on the exploration and development of base and precious metal properties around the world. The Company's experienced Board of Directors and Management Team are focused on advancing the Black Butte Cu-Co-Ag property in Montana towards a production decision. The Company is also exploring an impressive portfolio of gold and base metal projects in Alaska, including the Colorado Creek gold project located in southwest Alaska in the same region as the 40 million ounce Donlin Creek project.
About Black Butte Copper
The Black Butte Copper Project is located approximately 17 miles north of White Sulphur Springs and within two miles of U.S. Highway 89 along a well-maintained gravel road. The Black Butte Copper property consists of approximately 12,225 acres of fee simple lands and mining claims in central Montana. The property contains sediment-hosted zones of massive sulfide mineralization originally explored by Cominco American Inc. and BHP during the 1980's and early 1990's. Historical drilling encountered significant zones of strata-bound copper sulfide with associated cobalt and silver mineralization in multiple, bedded massive pyrite horizons in the lower part of the Precambrian Belt Supergroup. This same stratigraphic unit hosts the famous Sullivan zinc-lead-silver deposit in southeastern B.C. In a short period of time the Company has been able to establish Indicated and Inferred Resources on the Johnny Lee Deposit Upper Copper Zone and an Inferred Resource on the Johnny Lee Deposit Lower Copper Zone (please see the Company news release dated August 17, 2011 and November 30, 2011). The Company continues to evaluate several tabular mineralized zones along a trend at least three kilometers strike length. The Company has completed over 30,000 meters of drilling over the course of 2011.
The Company is preparing an advanced underground exploration proposal which includes an evaluation decline and ancillary facilities, all located on private land in Meagher County, Montana, for presentation to the State's appropriate authorities.
About Mining in Montana
Montana has been known as a mining state for a well over 100 years. Today, more than two dozen mining operations are active making mining a cornerstone contributor to the State's GDP. Tintina has met with State regulators and looks forward to presenting the Black Butte Copper project as an underground mine with a small footprint located on private land. The project continues to benefit from broad local community support.
ON BEHALF OF THE BOARD OF DIRECTORS
Raj I. Chowdhry, C.A., Executive Vice-Chairman
Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release, including statements regarding resource estimates, the Company's plans for and intentions and objectives with respect to exploration of the Company's Black Butte Copper property, and the filing of an advanced underground exploration proposal for the Black Butte Copper Project constitutes 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the key assumptions and parameters on which the resource estimates are based are reasonable, the Company is able to obtain any government or other regulatory approvals and any financing required to complete the Company's planned exploration and other activities, that the Company is able to procure equipment, personnel, supplies and any required financing in sufficient quantities, at reasonable cost and on a timely basis to enable the Company to meet its exploration objectives and the filing of an advanced underground exploration proposal for the Black Butte Copper Project as planned, that the Company's exploration activities on the Black Butte Copper property will not be affected by actions of environmental activists or other special interest groups, that actual results of exploration activities will be consistent with management's expectations.
However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors relating to Tintina's operations as a mineral exploration company and the Black Butte Copper property that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks include, among others, that data and assumptions underlying the resource estimates may prove to be inaccurate, incomplete or to have been incorrectly interpreted, the general risk of unexpected variations in mineral resources, and grade or recovery rates, actual results of the Company's exploration activities being different than those expected by management, uncertainties involved in the interpretation of drilling results and geological tests, delays in obtaining or inability to obtain required government or other regulatory approvals or financing, interference with Tintina Resource's exploration activities by environmental activists or other special interest groups, inability to procure equipment, personnel and supplies in sufficient quantities and on a timely basis, equipment breakdowns and bad weather. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. Tintina does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
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 or accuracy of this release.
Contacts:
Tintina Resources Inc.
Philippe Van Nieuwenhuyse
Investor Relations
Phone: 604-628-1162
604-628-1163 (FAX)
philvann@tintinaresources.com
www.tintinaresources.com
Tintina Resources Inc.
Karen Nestoruk
Executive Assistant
Phhone: 604-628-1162
604-628-1163 (FAX)
knestoruk@tintinaresources.com
www.tintinaresources.com