Kria Resources

Kria Resources

March 08, 2010 07:30 ET

Kria Resources Submits Environmental Impact Assessment Registration Document for its Halfmile Lake Project

TORONTO, ONTARIO--(Marketwire - March 8, 2010) - Kria Resources (TSX VENTURE:KIA) ("Kria" or the "Company") today announces that it has filed an Environmental Impact Assessment (EIA) Registration Document with the Government of New Brunswick for its Halfmile Lake property located near Bathurst, New Brunswick.

The EIA Registration Document is necessary in order to obtain the governmental permits required to proceed with development of the Halfmile Lake Project. Please see the press release dated January 18, 2010 for further details regarding the EIA process and Kria's plans for the Halfmile Lake property. 

As part of the EIA process, Kria hosted open houses in Bathurst and Miramichi, New Brunswick on February 16 and 17, 2010, respectively. Members of the public and interested parties were invited to an information session to learn more about the proposed Halfmile Lake project and provide the Company with their feedback. The response in both locations was positive overall, with an especially large turn-out in Bathurst.

Furthermore, on February 17, 2010, Xstrata Zinc Canada announced that "employees at the Brunswick Mine, members of United Steelworkers local 5385, have voted in favour of an extension of the current Collective Bargaining Agreement which will expire in February 2011. The Agreement provides for a three-year extension that will surpass the expected closure of the mine."

Kria announced in November 2009 that it was in discussions with Xstrata Zinc to potentially utilize Xstrata's Brunswick 12 mill to toll process ore from Kria's Halfmile Lake property once it is advanced to production. Kria intends, upon receipt of governmental permits, to begin development activities at the Halfmile Lake site in order to begin supplying ore to Xstrata's Brunswick 12 processing facility by early 2011, assuming an agreement with Xstrata is successfully negotiated. 

About Kria Resources

Kria Resources is a base metal exploration and development company focused on high-quality, advanced-stage base metal assets. Kria's primary asset is the Halfmile Lake and Stratmat properties near Bathurst, New Brunswick. The Halfmile Lake property has a NI 43-101 compliant Indicated mineral resource estimate of 6.26 million tonnes grading 8.13% zinc, 2.58% lead, 0.22% copper and 30.78 g/t silver using a 5.0% capped zinc equivalent cut-off grade and an Inferred resource estimate of 6.08 million tonnes grading 6.69% zinc, 1.83% lead, 0.14% copper and 20.51 g/t silver using a 5.0% capped zinc equivalent cut-off grade. A recently completed Preliminary Economic Assessment of the Halfmile Lake project (the "PEA") estimates a pre-tax NPV of C$587 million and IRR of over 16%. The PEA is preliminary in nature; it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the PEA will be realized. The Stratmat property has an Inferred Mineral Resource estimate of 5.52 million tonnes grading 6.11% zinc, 2.59% lead, 0.40% copper and 54.21 g/t silver using a 5.0% zinc equivalent cut-off grade.

Kria also has the Ruttan copper-zinc sulphide project near Leaf Rapids, Manitoba that has an NI 43-101 compliant mineral inferred resource estimate of 19.75 million tonnes grading 1.17% copper and 1.47% zinc using a 1.0% capped copper equivalent cut-off grade. Please refer to the Company's technical reports filed on SEDAR for details regarding the NI 43-101 compliant resource estimates on Halfmile, Stratmat and Ruttan.

Please visit our website at for additional information.

Quality Control

The scientific and technical contents of this press release have been supervised, reviewed and approved by Steve Davies, P. Eng., Vice President Operations of Kria and Dayle Rusk, P. Geo., Vice President Exploration of Kria, both of whom are Qualified Persons as defined under NI 43-101 guidelines.

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to exploration prospects, the timing with respect to the completion of the EIA, the results of the EIA, the development and production at the Halfmile Lake property, and timing with respect to a potential agreement with Xstrata. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or 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". Estimates regarding the projected economics of the projects are based on research, experience and analysis of the management of the Company and external advisors, which estimated are set out in detail in the PEA of the Halfmile Lake project that is available under the Company's profile on SEDAR. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral prices; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information 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 information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.


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