Atna Increases Reward Gold Resource
GOLDEN, Colo., Feb. 27, 2012 /PRNewswire/ -- Atna Resources Ltd. ('Atna' or the 'Company')
is pleased to report the results of a newly completed resource estimate for the Reward Gold Project, Nye County, Nevada. Development drilling during 2011 successfully converted zones of Inferred Resources into Measured and Indicated Resources and increased the overall mineral resource for the project. A 29 percent increase in the Measured and Indicated Resource was realized from the work. This should increase the project's proven and probable reserves as the pits are redesigned. Design engineering has commenced using the new resource model and current cost estimates will be used to estimate a revised proven and probable gold reserve.(Photo: http://photos.prnewswire.com/prnh/20120227/LA59791 )
'Our 2011 drilling program at Reward, with only 15 holes drilled, demonstrated that further resource expansion potential exists. Mineralization remains open for expansion both down dip along mineralized beds to the east and along strike to the south. We intend to follow this successful program with a larger drilling program in 2012 to test the full extent of mineralization at Reward', stated James Hesketh, President and CEO.
Cut-off 2011 2008
------- ---- ----
0.006 Short Tons Grade Contained Short Tons Grade Contained Change
oz/ton Au oz/ton ounces oz/ton ounces Percent
Au Au
--- --- ---
Measured 4,692,000 0.023 106,400 2,086,000 0.024 49,100 116.7%
-------- --------- ----- ------- --------- ----- ------ -----
Indicated 13,363,000 0.019 256,200 11,803,000 0.020 232,500 10.2%
--------- ---------- ----- ------- ---------- ----- ------- ----
M & I 18,055,000 0.020 362,600 13,889,000 0.020 281,600 28.8%
----- ---------- ----- ------- ---------- ----- ------- ----
Inferred 4,757,000 0.014 65,600 5,267,000 0.013 69,900 -6.2%
-------- --------- ----- ------ --------- ----- ------ ----
Cut-off 2011 2010
------- ---- ----
0.21 g/t Au Metric Grade Contained Metric Grade Contained Change
Tonnes g/t Au ounces Tonnes g/t Au ounces Percent
--- ------ ------ ------ ------ ------ ------ -------
Measured 4,256,500 0.78 106,400 1,892,000 0.81 49,100 116.7%
-------- --------- ---- ------- --------- ---- ------ -----
Indicated 12,123,000 0.66 256,200 10,708,000 0.68 232,500 10.2%
--------- ---------- ---- ------- ---------- ---- ------- ----
M & I 16,379,000 0.69 362,600 12,600,000 0.70 281,600 28.8%
----- ---------- ---- ------- ---------- ---- ------- ----
Inferred 4,315,500 0.47 65,600 4,778,000 0.46 69,900 -6.2%
-------- --------- ---- ------ --------- ---- ------ ----
Note: The numbers in the resource tables above may not precisely add up due to rounding.
Additional cut-off grade summaries are appended to this press release.
The updated resource estimate was completed by Mr. Robert L. Sandefur, P.E. of Chlumsky, Armbrust and Meyer LLC, Lakewood, Colorado and independent consulting engineer. Mr. Sandefur's work incorporates the 2011 drilling data as well as all other project information utilized in previous resource estimates completed by Mr. Sandefur in 2006-2008 (NI 43-101 Technical Report, dated March 21, 2008 and filed on SEDAR). Mr. Sandefur is an independent consulting engineer and Qualified Person, as defined in NI 43-101 who has reviewed this press release for its accuracy. Additionally, this press release was prepared under the supervision and review of William Stanley, V.P. Exploration of Atna, a Registered Member of the Society for Mining, Metallurgy, and Exploration (No. 3069054), a Licensed Geologist and Qualified Person, as defined in NI 43-101, and has verified the authenticity and validity of the technical information contained within this news release. Data developed in this study will be utilized to establish the project's new pit design and reserve base which is anticipated to be completed prior to the end of the first quarter 2012.
For additional information on Atna Resources and the Briggs Mine, please visit our website at www.atna.com.
This press release contains certain
'forward-looking statements,' as defined
in the United States Private Securities
Litigation Reform Act of 1995, and within
the meaning of Canadian securities
legislation relating to potential resource
or reserve expansion at the Reward Gold
Project. Forward-looking statements are
statements that are not historical fact.
They are based on the beliefs, estimates
and opinions of the Company's management
on the date the statements are made and
they involve a number of risks and
uncertainties. Consequently, there can be
no assurances that such statements will
prove to be accurate and actual results
and future events could differ materially
from those anticipated in such statements.
The Company undertakes no obligation to
update these forward-looking statements
if management's beliefs, estimates or
opinions, or other factors, should change,
unless required by law. Factors that could
cause future results to differ materially
from those anticipated in these forward-
looking statements include: gold deposit
modeling, future operating costs at the
Reward Gold Project, the Company might
encounter problems such as the significant
depreciation of metals prices; accidents
and other risks associated with mining
exploration and development operations;
the risk that the Company will encounter
unanticipated geological factors; the
Company's need for and ability to obtain
additional financing; the possibility that
the Company may not be able to secure
permitting and other governmental
clearances necessary to carry out the
Company's exploration and development
programs; and the other risk factors
discussed in greater detail in the
Company's various filings on SEDAR
(www.sedar.com) with Canadian securities
regulators and its filings with the U.S.
Securities and Exchange Commission,
including the Company's 2010 Form 20-F
dated March 23, 2011.
Cautionary Note to U.S. Investors ---The
United States Securities and Exchange
Commission permits U.S. mining companies,
in their filings with the SEC, to disclose
only those mineral deposits that a company
can economically and legally extract or
produce. We use certain terms in this
report, such as 'measured,' 'indicated,'
'inferred,' and 'resources,' that the SEC
guidelines strictly prohibit U.S.
registered companies from including in
their filings with the SEC.
FOR FURTHER INFORMATION, CONTACT:
James Hesketh, President and CEO - (303) 278-8464
Valerie Kimball, Investor Relations - toll free (877) 692-8182
2012 Mineral Resources for the Reward Gold Project, Nye County, Nevada
Imperial
--------
cut-off Measured Indicated Measured & Indicated Inferred
oz/ton
Au
---
Tons oz/ton ounces Tons oz/ton ounces Tons oz/ton ounces Tons oz/ton ounces
Au Au Au Au
--- --- --- --- ---
0.000 5,524,000 0.0198 109,400 102,739,000 0.0036 375,000 108,263,000 0.0045 484,300 5,604,000 0.0099 55,400
----- --------- ------ ------- ----------- ------ ------- ----------- ------ ------- --------- ------ ------
0.006 4,692,000 0.0227 106,400 13,363,000 0.0192 256,200 18,055,000 0.0201 362,600 4,757,000 0.0138 65,600
----- --------- ------ ------- ---------- ------ ------- ---------- ------ ------- --------- ------ ------
0.008 4,281,000 0.0242 103,500 11,815,000 0.0208 245,400 16,096,000 0.0217 348,900 3,358,000 0.0167 56,000
----- --------- ------ ------- ---------- ------ ------- ---------- ------ ------- --------- ------ ------
0.010 3,851,000 0.0259 99,600 10,381,000 0.0224 232,600 14,232,000 0.0233 332,100 2,560,000 0.0191 48,800
----- --------- ------ ------ ---------- ------ ------- ---------- ------ ------- --------- ------ ------
Metric
------
cut-off Measured Indicated Measured & Indicated Inferred
g/t Au
------ ---
Tonnes g/t Au ounces Tonnes g/t Au ounces Tonnes g/t Au ounces Tonnes g/t Au ounces
------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
0.00 5,011,289 0.68 109,300 93,203,253 0.13 375,000 98,214,542 0.15 484,300 5,083,863 0.34 55,400
---- --------- ---- ------- ---------- ---- ------- ---------- ---- ------- --------- ---- ------
0.21 4,256,511 0.78 106,400 12,122,710 0.66 256,200 16,379,220 0.69 362,600 4,315,478 0.47 65,600
---- --------- ---- ------- ---------- ---- ------- ---------- ---- ------- --------- ---- ------
0.27 3,883,658 0.83 103,500 10,718,388 0.71 245,400 14,602,046 0.74 348,900 3,046,326 0.57 56,000
---- --------- ---- ------- ---------- ---- ------- ---------- ---- ------- --------- ---- ------
0.34 3,493,568 0.89 99,600 9,417,485 0.77 232,500 12,911,053 0.80 332,100 2,322,393 0.65 48,800
---- --------- ---- ------ --------- ---- ------- ---------- ---- ------- --------- ---- ------
Note: The numbers in the resource tables above may not precisely add up due to rounding. Atna utilizes the 0.006 oz/ton Au cut-off (0.21 g/t Au) as the base case cut-off grade based upon Atna's Briggs Mine operating costs.
Atna Resources Ltd
Web site: http://http://www.atna.com/