NMC Resource Corporation

NMC Resource Corporation

April 26, 2010 09:00 ET

NMC Resource Corporation: Test Production Successfully Completed/Commercial Production Commencement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 26, 2010) - NMC Resource Corporation (TSX VENTURE:NRC) (the "Company") is pleased to announce that the Company has completed a production test at its recently constructed molybdenum mill (the "Moland Mine") at the Company's Moland molybdenum property (the "Property") in South Korea.

The production test was undertaken during the month of March 2010, during which time the Company milled an average of 800 tonnes per day grading 0.30% MoS2. The production test was successful as mill recovery averaged 88%, producing a marketable molybdenum concentrate.

The Company has commenced commercial production, and the Company intends to focus on spot trades for the short term while it negotiates an agreement with a suitable long-term buyer. The first 21,304 pounds of molybdenum from the Moland Mine were sold recently.

The Company is a natural resource company engaged in the business of exploration and development of high-grade molybdenum mineralization located within the Jecheon-si administration district, approximately 170 kilometres southeast of Seoul, South Korea. The Property is comprised of three claims, totaling 822 hectares in area. The Company holds a 100% interest in the claims comprising the Property. The Property contains a molybdenum bearing skarn zone hosted in Ordovician carbonate sediments. The skarn is over 800 metres long with molybdenite occuring in fracture zones within the skarn and in disseminated form.

A technical report on the Property dated October 8, 2009 (the "Technical Report") prepared by R.S. Middleton, P. Eng. in compliance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and filed on SEDAR on November 19, 2009, estimated an inferred resource of 1,726,299 tonnes with an average grade of 0.366 % MoS2 at a 0.1% MoS2 cutoff. This inferred resource only takes into account drilling and channel sampling from 2008 and is limited only to elevations above the 257 metres Seotong Adit. The Company believes that potential exists to expand this resource both under the current workings and in several new areas defined by the aeromagnetic map obtained from Korea Institute of Geoscience and Mineral Resources, KIGAM. The Company has commenced core drilling to define the down-dip extensions of the mineralization which is partially funded by Korea Resources Corporation, KORES. This drill program is being supervised by R. S. Middleton, P. Eng.

Bruce Durham, P. Geo., a director of the Company, is a 'qualified person' as that term is defined in NI 43-101. Bruce Durham has reviewed and approved the technical information set out in this news release.

On behalf of the board of NMC RESOURCE CORPORATION

Yoo Sup Han, Director and President

Forward-Looking Statements: This news release includes certain forward-looking information and forward-looking statements (collectively "Forward-Looking Statements") concerning the future performance of the Company's business, operations and financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Specifically, this news release includes Forward-Looking Statements regarding expected head grade and production volume at the Moland Mine, expected spot trades and expected potential to expand the resource. Forward-Looking Statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-Looking Statements are based on the current opinions and expectations of management. All Forward-Looking Statements are inherently uncertain and subject to a variety of risks and uncertainties, including the speculative nature of mineral exploration and development generally and specifically in respect of the interpretation of the geology, continuity, grade and size of mineral deposits, unanticipated operational or technical difficulties, fluctuating commodity prices, competitive risks and the availability of financing, changes in laws or regulations, changes in the financial markets and changes in general economic conditions, as described in more detail in our recent securities filings available at www.sedar.com. Such Forward-Looking Statements are based on a number of assumptions, including but not limited to the level and volatility of the price of molybdenum, the availability of financing, the accuracy of reserve and resource estimates and the assumptions on which those estimates are based and the ability to achieve and maintain certain operational efficiencies. Should one or more risks and uncertainties materialize or should any assumptions prove incorrect, then actual events or results may differ materially from those expressed or implied in the Forward Looking-Statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these Forward-Looking Statements, except as required by applicable law.


Contact Information

  • NMC Resource Corporation
    Tristin R. Lee
    (604) 643-1730
    (604) 643-1760 (FAX)
    NMC Resource Corporation
    Suite 1400-400 Burrard Street
    Vancouver, BC Canada V6C 3G2