Mano River Resources Inc.
TSX VENTURE : MNO
AIM : MANA

Mano River Resources Inc.

August 10, 2009 09:00 ET

Mano River Resources Inc.: Mining Licence Granted for New Liberty Gold Project in Liberia

LONDON, UNITED KINGDOM--(Marketwire - Aug. 10, 2009) - Mano River Resources Inc. ("Mano" or the "Company") (TSX VENTURE:MNO)(AIM:MANA) the TSX Venture Exchange ("TSX-V") and AIM listed exploration to production company focused on gold, iron ore and diamonds in West Africa is pleased to announce it has been granted by the Government of Liberia its Class 'A' Mining licence within the Bea Mineral Development Agreement ("MDA").

Highlights

  • Class 'A' 25 year Mining Licence granted on 29 July 2009
  • Bankable Feasibility Study for underground mine planned for completion by the end of 2010
  • Up to 10,000m drilling programme planned to assist feasibility study
  • Current resource of 1.4 Moz, (NI 43-101) 13.533Mt measured and indicated at 3.18 g/t gold with further potential

Luis da Silva, President & CEO of Mano commented:

"This represents another positive step forward towards commercial production from Liberia's first ever hard rock gold mine. The support from the Government of Liberia is evident to achieving the Company's goals and we are now in a position to undertake the confirmation drilling in advance of completing a bankable feasibility study in 2010 for an underground mine targeting 100,000oz pa. We are in the process of finalising a new geological model with a firm of independent consultants, incorporating the positive drilling results received in 2008 from below 200m, including 23m grading 4.95 g/t and 26m grading 5.04 g/t. In addition the Company will also be looking to further grow the resource base on the Bea MDA through advancing exploration of the satellite gold deposits at Weaju and the Silver Hills and Gondoja prospects, which lie in close proximity to the New Liberty Gold Project.."

Mineral Title

The Ministry of Lands, Mines and Energy of The Republic of Liberia has, after a detailed review, granted the Class 'A' Licence whereby, having satisfied all necessary exploration requirements under the Law, the Company is entitled to mine in the production area it has selected within the Bea MDA. This production area reduces the ground holding from 1,000km2 to 457 km2. The 25 year renewable mining licence became effective on 29 July 2009 and is held through the Company's 100% owned subsidiary incorporated in Liberia, the Bea Mountain Mining Corporation.

Confirmation Drilling

Following the review of the geological data by AMC Consultants (UK) Limited ("AMC") in the second half of 2008 whereby the recommendation was for an underground mining method at the New Liberty gold deposit. AMC was then mandated in July 2009 to incorporate the new drilling data from 2008's deeper drilling campaign. The 2008 drilling (holes K115-K130) produced some of the best intersections achieved to date at the New Liberty gold deposit, as illustrated in Table 1, below.

Table-1: Ranking of Top 20 Intersections at New Liberty gold deposit

Top 20 Intersections
Ranking
Hole ID
From
(m)
To
(m)
Length
(m)
Au
(Mean g/t)
1
K63
55
92
37
8.45
2
K10
32
82
50
4.30
3
K13
20
46
26
6.20
4
K2
24
40
16
8.81
5
K126
144
170
26
5.04
6
K96
43
62
19
6.76
7
K116
210
245
35
3.59
8
K70
48
100
52
2.23
9
K115
205
228
23
4.95
10
K3
36
62
26
4.10
11
K24
56
78
22
4.80
12
K47
54
86
32
3.29
13
K49
47
57
10
10.08
14
K52
47
61
14
6.97
15
K14
26
34
8
12.10
16
K95
10
24
14
6.92
17
K69
60
74
14
6.63
18
K98
41
79
38
2.40
19
K129
223
255
32
2.66
20
K20
56.09
77
20.91
3.90

The modelling by AMC will enable the Company to optimally target its next phase of confirmation drilling. This will consist initially of diamond drill holes totalling between 8,500m and 10,000m to depths of 300m below surface, to enable further modelling of the deposit. The Company will also consider drilling additional holes to -500m towards the end of the drilling campaign. The model will be 'live', whereby new drilling data will be actively inserted into the 'wireframe' to adapt the ongoing drilling as necessary. Completion of this drilling is expected by the end of 2009.

Qualified Person

Mano's Qualified Person responsible for preparing this release is its former Director and CEO, Dr Tom Elder, who holds a BSc and Doctorate in Geology from the University of Durham in the UK, is a Fellow and former Member of Council of the Institution of Mining and Metallurgy of the UK, and a Fellow of The Geological Society.

Quality Control and Sample Preparation

Mano has a rigorous Quality Control Program (QCP) inserting a minimum 5% of standards, blanks and duplicates into the sample stream. The Company employs independently owned and managed OMAC Laboratories for all its assay requirements, including the preparation of pulps to 90% -100 micron at their in-country preparation facilities in Liberia, followed by XRF at their main laboratory in Loughrea, Ireland.

OMAC is accredited to ISO 17025 by INAB (Irish National Accreditation Board) which is a member of ILAC (International Laboratory Accreditation Cooperation), and is a signatory to the ILAC Mutual Recognition Arrangement. OMAC operates an internal QA/QC check assay programme using in-house standards, reagent blanks and duplicates.

For further information on Mano River Resources and its exploration programme, you are invited to visit the Company's website at www.manoriver.com

NOTES TO EDITORS

Drilling programme of 2008

During the first half of 2008, the Company drilled deeper holes in order to ascertain with confidence the continuity of the ore body at depth. This drilling consisted of 15 additional holes (identified as K115-K130) totalling 4,485m in an effort to intersect the structure at approximately -200m and -550m, below surface. One hole, number 123, was abandoned. Three of the Top 10 intersections and four of the top 20 intersections resulted from this campaign.

Table-2: Full Results of the 2008 Deep Drilling Campaign – drill collars & mineralization intervals

Hole ID
Easting
Northing
Depth
 From
(m)
To
(m)
Length
(m)
Au
(Mean g/t)
K115
10775
9580
266
 205
228
23
4.95
K115
   Including
212
224
12
9.12
K116
10725
9600
256
 210
245
35
3.59
K116
   Including
218
235
17
7.03
K117
10825
9600
251
 201
211
10
0.30
K117
   Including
204
208
4
0.54
K118
10750
9360
605
 557
581
24
0.36
K118
   Including
565
568
3
1.62
K119
10875
9605
247
 169
173
4
0.49
K119
   and
227
231
4
0.28
K120
10796
9360
564
 506
525
19
1.18
K120
   Including
517
520
3
6.21
K121
10675
9603
258
 173
200
27
0.67
K121
   Including
184
194
10
1.45
K12210925
9605
241
 156
161
5
0.43
K124
11498
9551
250
 148
181
33
1.40
K124
   Including
172
180
8
4.85
K124
   and
191
200
9
1.45
K125
11558
9550
250
 139
145
6
0.24
    Including
155
158
3
0.83
K126
11618
9550
250
 144
170
26
5.04
    Including
158
170
12
10.39
    and
187
193
6
0.69
    and
201
207
6
1.33
    and
204
206
2
3.72
K127
11675
9550
250
 136
150
14
2.58
    Including
137
148
11
3.18
    and
173
202
29
0.41
    and
190
197
7
1.01
K128
12260
9390
256
 162
163
1
0.87
    Including
174
176
2
0.21
    and
179
180
1
0.49
K129
12122
9400
255
 162
164
2
0.25
    and
172
173
1
0.26
    and
197
203
6
1.44
    Including
223
255
32
2.66
    and
226
245
19
4.37
K130
11934
9450
255
 211
253
42
0.33
    Including
231
237
6
1.06
    and
250
253
3
0.99

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Mano River Resources Inc.
    Luis da Silva, CEO
    +44 (0) 20 7299 4212
    www.manoriver.com

    or

    Evolution Securities Limited
    Simon Edwards / Chris Sim / Neil Elliot
    +44 (0) 20 7071 4300

    or

    Pelham Public Relations
    Charles Vivian / James MacFarlane
    +44 (0) 20 7337 1500