Cogitore Resources Inc.
TSX VENTURE : WOO

Cogitore Resources Inc.

November 23, 2009 08:30 ET

Cogitore Announces 3.6 Million Tonne Inferred Resource at Scott Lake

Deposit still open in several directions.

TORONTO, ONTARIO--(Marketwire - Nov. 23, 2009) - Cogitore Resources Inc. (the "Company")(TSX VENTURE:WOO) is pleased to report the results of the first mineral resource estimate for its 100% owned Scott Lake Project near Chibougamau, Quebec. The mineral resource estimate was prepared by Bernard Salmon, Ing., of Scott Wilson Roscoe Postle Associates Inc. ("Scott Wilson RPA"). A Technical Report in compliance with National Instrument NI-43-101 will be filed on SEDAR within 45 days of this release. The Scott Wilson RPA report includes results current to drill hole SC-45 (press released November 12, 2009).

The mineral resource estimate was done by block modeling techniques, using a minimum horizontal width of 2.0 metres and a Net Smelter Return cut-off of $80 per tonne. All technical parameters are fully disclosed in the Scott Wilson RPA report, which will also be posted on Cogitore's web site. Highlights of the initial Scott Wilson RPA estimate report include:

- inferred resources of 3.6 million tonnes grading 1.1% copper, 5.2% zinc, 0.3g/t gold and 36g/t silver (i);

- approximately 70% of the mineralization is stringer-type, and several large portions may be amenable to less expensive bulk mining underground methods;

- both massive and stringer-type polymetallic sulphide mineralization remain open at depth and other directions;

- two key Cogitore intercepts, drill holes SC-30 and SL-91-105, are excluded because the intersections are deemed too isolated to establish shape and size. The Selco-Scott deposit was not included as most of the drill core from Selco's 1976 drilling is no longer available for independent verification.

(i) Assumptions made by Scott Wilson RPA for the determination of the $80 NSR cut-off include a US$0.85 Canadian dollar and the following metal prices: copper - US$2.50/lb, zinc - US$1.00/lb, gold - US $950/oz, and silver - US $15/oz.

Dr. Gerald Riverin, Company President and CEO, commented: "This mineral resource estimate is a key milestone for the Company, but it is important to note that it is a first step in a longer process. Off-hole geophysical anomalies indicate mineralization is open to the east, west and at depth. Bore-hole and airborne MegaTEM anomalies also suggest potential for parallel zones of mineralization to the north and south. It has been very useful to have Scott Wilson RPA's professionals rigorously test Cogitore's new (2009) geologic model, as the new model (click here to see appended 3-D rendering) has stood up well to new methodologies. In turn, the new configuration is enabling the Company to re-interpret down-the-hole geophysical survey results from over 150 historic holes. Anomalies which once seemed isolated may hold new significance."

"As well, healthy intercepts such as those in holes SC-30 (2.0% copper, 1.0% zinc, 0.2 g/t gold and 52.5 g/t silver over 25.1 metres) and SL 93-105 had to be excluded from this first inferred resource estimate. Cogitore will infill drill the few required intervening intercepts in 2010, which will enable these and other holes to enhance both tonnage and grade. The report will be updated in mid-2010 or as events require."

Work is carried out by the personnel of Cogitore Resources Inc., under the supervision of Gerald Riverin, PhD, P.Geo, who prepared this release. He is a qualified person (as defined by National Instrument 43-101) and has more than 31 years of experience in mineral exploration.

Cogitore explores for VMS-type deposits in areas where mineralization has been found and mined before. Exploring in such areas is preferred because of existing infrastructure, knowledgeable local workforces and broad public support for mining. Collectively, these are major competitive advantages for logistics and economics.

Forward Looking Statements

Certain statements contained in this news release may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to our future outlook and anticipated events or results and may include statements regarding the expected infilling of intervening intercepts and the timing of the updated report. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue", "does not expect", "budget", "scheduled", "forecast" or other similar expressions concerning matters that are not historical facts. These statements are based on certain factors and assumptions regarding expected developments. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect.

Forward looking-information involves known and unknown risks, uncertainties and other important factors that could cause actual results, performance or achievements of the Company to differ materially from the future results, performance or achievements expressed or implied by such forward looking information. Such risks, uncertainties and other important factors include, without limitation: general economic conditions; access to skilled consultants; the possibility that future exploration results will not be consistent with the Company's expectations; uncertainties involved in interpreting drilling results; unanticipated costs and expenses; timing and availability of external financing on acceptable terms; dependence on key personnel; future prices of precious and base metals; failure of equipment or processes to operate as anticipated; and risks inherent in mining exploration and development including, but not limited to, unusual or unexpected geological formations. Such factors are also described or referred to under the headings "Property and Financial Risk Factors Affecting Financial Instruments" and "Other Risk and Uncertainties" of the Company's Management's Discussion and Analysis for the quarter ending September 30, 2009, all of which are incorporated by reference herein and are available at SEDAR at www.sedar.com. We caution that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on Cogitore's forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail.

You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events except where required by applicable laws.

Neither 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.

Contact Information

  • Cogitore Resources Inc.
    Gerald Riverin
    President & CEO
    819-764-6666
    or
    Cogitore Resources Inc.
    Louis Morin
    Director Investor Relations
    514-591-3988
    www.cogitore.com