Blue Pearl Mining Ltd.

Blue Pearl Mining Ltd.

June 21, 2005 10:30 ET

Blue Pearl Retains Hatch For Feasibility Study on Molybdenum Project

TORONTO, ONTARIO--(CCNMatthews - June 21, 2005) - Blue Pearl Mining (TSX VENTURE:BLE)is pleased to announce that it has retained Hatch Ltd., a leading Canadian-based global engineering firm, to complete a feasibility study on its Davidson molybdenum deposit near Smithers, B.C.

Hatch will prepare the feasibility study incorporating a resource estimate being prepared by Snowden of Vancouver, B.C., environmental studies being conducted by Rescan Environmental Services Ltd. of Vancouver, B.C., and a mine plan being prepared by McIntosh Engineering Inc. of Tempe, Arizona.

Hatch will also advise on ore transport options, review wastewater disposal alternatives, design and cost surface facilities, and complete a metallurgical review with recommendations for confirmatory metallurgical work.

Blue Pearl was formed in early 2005 to develop the Davidson molybdenum deposit (formerly known as the Yorke-Hardy deposit). Based on a technical report compliant with National Instrument 43-101 and filed on SEDAR, and using a cut-off grade of 0.2% MoS2, the Davidson property is estimated to contain a measured and indicated mineral resource of 83.0 million tons grading 0.295% MoS2 representing 293.5 million pounds of molybdenum (please refer to the Company's Material Change Report dated Jan. 26, 2005, and Technical Report dated February 16, 2005 and filed on SEDAR on March 7, 2005). The current quoted producer price for molybdenum is approximately US$39 per pound. Gary Giroux, P. Eng., is the independent qualified person in accordance with National Instrument 43-101 and has read and approved this news release.

Blue Pearl currently has 23,320,000 shares issued and outstanding. On July 23, 2005, a further 16,960,382 shares will be issued pursuant to a financing that closed March 23, 2005, which raised total gross proceeds for the Company of $10 million.

Shares outstanding: 23,320,000

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Blue Pearl Mining Ltd.
    Ian McDonald
    Chairman & CEO
    (416) 860-1438, toll free: 1-800-827-0992
    Blue Pearl Mining Ltd.
    Jim Borland
    Investor Relations Director
    (416) 860-1438, toll free: 1-800-827-0992
    Renmark Financial Communications Inc.
    Christina Lalli
    (514) 939-3989