Mountain Boy Minerals Ltd.
TSX VENTURE : MTB

March 23, 2010 12:15 ET

Mountain Boy Minerals Ltd.: Revised Preliminary Economic Assessment for the Silver Coin Gold Project

STEWART, BRITISH COLUMBIA--(Marketwire - March 23, 2010) - Mountain Boy Minerals Ltd. (TSX VENTURE:MTB) announces that it has received a revised NI 43-101 Preliminary Economic Assessment Report to the December 30, 2009 release for its 30% owned Silver Coin gold project located near the town of Stewart, in northwestern British Columbia. Produced by the engineering firm Tetra Tech of Golden, Colorado, the Preliminary Economic Assessment (PEA) includes a resource calculation based on 714 drill holes totaling 85,844 meters. The Silver Coin project operated under a joint venture with Pinnacle Mines Ltd. and includes 26 contiguous claims with a net area of 1,255 hectares. Pinnacle currently owns 70% of the project and holds an option to earn a further 10% by incurring an additional $4,000,000.00 in exploration expenditures.

Resource Calculation

Tetra Tech reports the following revised gold resource which now includes an additional Cutoff Grade case at 0.30 Au (g/t):

TABLE 1-1: SILVER COIN TOTAL CLASSIFIED RESOURCES
MOUNTAIN BOY MINERALS LTD. – SILVER COIN GOLD PROJECT
December 2009
MEASURED RESOURCES
ROCK
TYPE
Cutoff Grade
Au (g/t)
TONNES Avg. Grade Contained Metal
('000)
    (000) Au
(g/t)
Ag
(g/t)
Zn
(%)
Au
(oz)
Ag
(oz)
Zn
(lb)
ALL 0.25 8,895 1.28 7.04 0.29 365 2,012 55,967
ALL 0.30 8,091 1.38 7.30 0.30 358 1,899 53,833
ALL 0.50 5,957 1.73 8.16 0.35 331 1,562 46,569
ALL 0.75 4,308 2.16 8.96 0.40 299 1,241 38,246
ALL 1.00 3,219 2.59 9.64 0.44 268 997 31,140
ALL 1.25 2,505 3.01 10.27 0.47 243 827 26,017
ALL 1.50 2,052 3.38 10.93 0.50 223 721 22,723
 
INDICATED RESOURCES
ROCK
TYPE
Cutoff Grade
Au (g/t)
TONNES Avg. Grade Contained Metal
('000)
    (000) Au
(g/t)
Ag
(g/t)
Zn
(%)
Au
(oz)
Ag
(oz)
Zn
(lb)
ALL 0.25 18,385 1.02 5.99 0.20 602 3,544 82,522
ALL 0.30 16,617 1.10 6.21 0.21 586 3,318 78,580
ALL 0.50 11,811 1.38 6.92 0.25 526 2,627 65,174
ALL 0.75 8,009 1.75 7.54 0.28 451 1,942 49,527
ALL 1.00 5,608 2.13 8.13 0.30 384 1,465 37,511
ALL 1.25 4,073 2.51 8.56 0.32 329 1,121 28,949
ALL 1.50 3,048 2.90 9.17 0.35 284 898 23,297
 
MEASURED + INDICATED RESOURCES
ROCK
TYPE
Cutoff Grade
Au (g/t)
TONNES Avg. Grade Contained Metal
('000)
    (000) Au
(g/t)
Ag
(g/t)
Zn
(%)
Au
(oz)
Ag
(oz)
Zn
(lb)
ALL 0.25 27,279 1.10 6.33 0.23 967 5,556 138,441
ALL 0.30 24,708 1.19 6.57 0.24 944 5,217 132,420
ALL 0.50 17,767 1.50 7.33 0.29 857 4,189 111,750
ALL 0.75 12,317 1.89 8.04 0.32 749 3,184 87,762
ALL 1.00 8,827 2.30 8.68 0.35 652 2,462 68,635
ALL 1.25 6,578 2.70 9.21 0.38 572 1,949 54,962
ALL 1.50 5,101 3.09 9.88 0.41 507 1,620 46,029
 
INFERRED RESOURCES
ROCK
TYPE
Cutoff Grade
Au (g/t)
TONNES Avg. Grade Contained Metal
('000)
    (000) Au
(g/t)
Ag
(g/t)
Zn
(%)
Au
(oz)
Ag
(oz)
Zn
(lb)
ALL 0.25 49,189 0.76 6.60 0.22 1,209 10,433 243,019
ALL 0.30 41,302 0.86 7.12 0.25 1,140 9,460 229,184
ALL 0.50 24,861 1.17 8.50 0.28 937 6,792 154,999
ALL 0.75 15,343 1.52 8.43 0.30 750 4,158 99,920
ALL 1.00 10,380 1.84 9.47 0.33 612 3,160 76,363
ALL 1.25 6,787 2.22 10.89 0.38 484 2,375 57,217
ALL 1.50 5,031 2.51 12.04 0.41 407 1,948 45,508

In conjunction with the resource calculations at varying cutoff grades, costs to develop the Silver Coin project were also estimated. The estimates include costs of construction, mining and milling as reported in the Company's January 15, 2010 news release. Tetra Tech used these costs as inputs to running a Whittle pit to estimate the pit shape and calculate the tonnages of potentially economically processable material plus the waste material. The result of the Whittle pit run suggested that based on the input cost parameters, the internal pit cutoff grade for processable material would be approximately 0.30 Au (g/t) and based on this estimate, included the new cutoff case of 0.30 Au (g/t) as reported above.

The revised Tetra Tech report includes changes to terminology including removal of all references to the word "ore" and the words "potentially mineable resource" and has replaced them with phrases such as "in-pit" resource. These changes have been made to clarify that this Preliminary Economic Assessment is meant only to represent information about a resource and is not meant to represent that this resource is necessarily economic.

Mountain Boy Minerals Ltd. is a Canadian based mineral exploration company with diverse property and resource holdings around the Stewart region in British Columbia's golden triangle. It owns 30% of the Silver Coin project, a gold-silver-base metals project with a 43-101 defined 944,000 ounces gold in the measured and indicated category and 1,400,000 ounces in the inferred category. The Company is also exploring silver-base metals on their American Creek and Bear Valley properties as well as copper-gold in their Stewart area claims.

Ed. Kruchkowski, P. Geo., a qualified person under National Instrument 43-101, has reviewed this press release on behalf of the company. This press release was prepared and reviewed by Robert Perry, P.Geo, who is recognized as a Qualified Person under the guidelines of National Instrument 43-101. John W. Rozelle, P.Geo, is the qualified person under Tetra Tech who was responsible for the report and the estimates therein.

ON BEHALF OF THE BOARD

Ed Kruchkowski, Director

Neither the 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

  • Mountain Boy Minerals Ltd.
    Investor Relations
    604-681-0710
    or
    Mountain Boy Minerals Ltd.
    Ed Kruchkowski
    Director
    250-636-9232
    250-636-9233 (FAX)
    www.mountainboyminerals.ca