Dalradian Announces Pre-Development Milestones
TORONTO, ONTARIO -- (Marketwire) -- 03/07/12 -- Dalradian Resources Inc. ('Dalradian' or the 'Company') (TSX: DNA) is pleased to provide an update on its development plan and key milestones for the next 12 months for its wholly owned Curraghinalt Project in County Tyrone, Northern Ireland.
-- Water discharge permit application submission - underground diamond
drilling - Q1 2012
-- Planning application submission - underground exploration development -
Q2 2012
-- Preliminary Economic Assessment (PEA) - end of Q2 2012
-- Completion of the environmental base line study - Q3 2012
John McCombe, Dalradian's Chief Operating Officer commented, 'Curraghinalt is a multi-million ounce deposit that is open in every direction. We are confident the PEA will demonstrate that this deposit can be economically developed and mined and will provide a source of employment for many years in the Northern Ireland economy.'
Dalradian has targeted the end of Q2 for the release of results from a Preliminary Economic Assessment to evaluate mining options, operating parameters and estimate operating and capital costs at Curraghinalt. The PEA will investigate several underground mining options including mechanized longhole mining. Processing will be based on both historical and recent test work and will examine both production of flotation concentrates and on site dore bar production. The Snowden Group initiated work on the mining portion of this study after the release of our updated National Instrument 43-101 ('NI 43-101') compliant mineral resource estimate dated November 30, 2011.
A Planning Application is being prepared for submission to the Department of Environment (DOE), Planning Department in Q2, 2012. The application is to reactivate the existing adit and commence underground exploration drifting. Once approval has been received from the DOE, Dalradian plans to mobilize a mining contractor to begin the first 1,000-metre phase of the underground development. The objective of this development work is to confirm the grades and tonnages by previous drilling, obtain material for further metallurgical testing and establish technical parameters for detailed mine design.
A water discharge permit application is being prepared for submission to the Northern Ireland Environmental Agency (NIEA) in Q1, 2012. Once this permit is in place, Dalradian plans to commence an underground drilling program in the existing adit. These 1,700 metres of infill diamond drilling will be used to potentially upgrade a portion of the existing inferred resource to a higher category.
SLR Consulting Ltd. commenced work on the Environmental Base Line Study at Curraghinalt in February 2011 and is on track to complete the work in Q3, 2012. The study's data will provide the basis for a Social and Environmental Impact Assessment (SEIA) of Curraghinalt. This SEIA will form the foundation of the planning application to construct and operate a mine at Curraghinalt.
The Curraghinalt deposit remains open along strike and to the north and south as well as at depth. Dalradian's drills continue to explore these limits and at the same time explore further along the Curraghinalt trend and on regional targets within our 84,000-hectare land holding.
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Qualified Person
John McCombe, P.Eng., Chief Operating Officer, Dalradian Resources Inc., is the Qualified Person within the meaning of NI 43-101, who supervised the preparation of the technical data in this news release.
About Dalradian Resources Inc.:
Dalradian is a Canadian-based exploration company engaged in the acquisition, exploration and development of mineral properties. The Company's wholly owned subsidiary, Dalradian Gold Limited, holds a 100% interest, subject to certain royalties, in mineral prospecting licences and mining lease option agreements in counties Tyrone and Londonderry, Northern Ireland. The Department of Enterprise, Trade and Investment ('DETI') and the Crown Estate Commissioners ('CEC') have together granted to Dalradian base and precious metal mineral exploration rights to four contiguous areas collectively known as the Tyrone Project.
Dalradian's flagship deposit, Curraghinalt hosts a NI 43-101 compliant measured mineral resource of 0.02 MT grading 21.51 g/t gold for 10,000 contained ounces, indicated mineral resource of 1.11 MT grading 12.84 g/t gold for 460,000 contained ounces and inferred mineral resource of 5.45 MT grading 12.74 g/t for 2,230,000 contained ounces. Dalradian's NI 43-101 report, 'An updated Mineral Resource Estimate for the Curraghinalt Gold Deposit, Tyrone Project, County Tyrone and County Londonderry, Northern Ireland' is dated January 10, 2012 and effective November 30, 2011, prepared by Messrs. Hennessey and Mukhopadhyay of Micon International Limited, and is available on SEDAR at www.sedar.com.
In addition to Dalradian's land position in Northern Ireland, the Company also holds minerals rights to approximately 1.7 million hectares located in Norway.
Dalradian's Common Shares are listed on the Toronto Stock Exchange under the symbol 'DNA'. For further information, please see www.dalradian.com.
FORWARD-LOOKING INFORMATION
This news release contains 'forward-looking information' which may include, but is not limited to, statements with respect to the estimation of mineral resources. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as 'plans,' 'expects,' 'is expected,' 'budget,' 'scheduled,' 'estimates,' 'forecasts,' 'intends,' 'anticipates,' or 'believes' or variations (including negative variations) of such words and phrases, or state that certain actions, events or results 'may,' 'could,' 'would,' 'might' or 'will' be taken, occur or be achieved.
Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current exploration and permitting activities; actual results of reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of metals; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled 'Risk Factors' in the Company's annual information form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Contacts:
Dalradian Resources Inc.
Shae-Lynn Mathers
Director, Investor Relations
+1.416.583.5622
investor@dalradian.com
www.dalradian.com