CBR Gold Corp.
TSX VENTURE : CBG
FRANKFURT : C3M

CBR Gold Corp.

July 09, 2009 09:00 ET

CBR Gold Corp.: Niblack Resource Upgrade

Resource Increases with new Metallurgical Results

EDMONTON, ALBERTA--(Marketwire - July 9, 2009) - CBR Gold Corp. (TSX VENTURE:CBG)(FRANKFURT:C3M) ("CBG") is pleased to announce an updated mineral resource estimate for its 100% owned Niblack Cu-Au-Ag-Zn project located southwest of Ketchikan on Prince of Wales Island in southeast Alaska. The resource upgrade utilizes new metallurgical recoveries in the Net Smelter Return (NSR) calculation, which results in an increase of 316,000 tonnes of Indicated mineral resource and 210,000 tonnes of Inferred mineral resource at a US$50 NSR block cut-off.

The updated mineral resource estimate utilizes the latest Niblack resource model (see CBG press release dated March 26, 2009). It also incorporates new metallurgical data (see CBG press release dated June 10, 2009) in the calculation of the NSR block cut-off values, which results in a significant resource increase due to improved metal recoveries.

The Niblack estimate now comprises an Indicated Resource of 2,588,000 tonnes grading 2.33 g/t Au, 33.18 g/t silver, 1.18% copper and 2.19% zinc and an Inferred Resource of 1,712,000 tonnes grading 2.08 g/t gold, 32.56 g/t silver, 1.55% copper, and 3.17% zinc based on a US$50 NSR block cut-off.

Highlights:

- The Niblack resource estimate has increased by 14% or 526,000 tonnes, with the addition of 316,000 tonnes of Indicated and 210,000 tonnes of Inferred mineral resource at a US$50 NSR block cut-off.

- Indicated mineral resources continue to represent 60% of the estimate.

- The updated mineral resource estimate presents similar increased tonnages at higher cut-off grades. At a US$75 NSR block cut-off, the overall tonnage of the Niblack resource increases by 17%.

The updated Niblack mineral resource estimate was prepared by Abolfazl Ghayemghamian, P. Geo., of SRK Consulting (Canada) Inc., in accordance with Canadian regulatory requirements set out in NI 43-101 and CIM resource definitions. Mr. Ghayemghamian has reviewed and approved the contents of this release.

Niblack Deposit

The polymetallic volcanic-hosted massive sulphide (VHMS) mineralization at Niblack is hosted by a thick sequence of rhyolite that currently hosts six main massive sulphide occurrences - the historic Niblack Mine, Dama Zone, Lindsy Zone, Trio Zone, Mammoth Zone and Lookout Zone. Mineralization is controlled by fold repetition of the rhyolite sequence. The Lookout and Trio zones are located on the overturned limb of a property-scale synclinal fold.



Table 1. Updated Niblack Resource Estimate as of July 2009
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Cut-Off
Value
US$/
tonne Resource Geological Domain Tonnes Grades
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NSR$US Category X1000 Au (g/t) Ag (g/t) Cu (%) Zn (%)
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Oxide 156 4.26 61.30 0.22 0.23
--------------------------------------------------------
Indicated Sulphide Lookout 2,432 2.20 31.37 1.24 2.31
--------------------------------------------------------
TOTAL 2,588 2.33 33.18 1.18 2.19
50 -------------------------------------------------------------------
Sulphide Trio 536 1.95 29.85 1.67 3.32
--------------------------------------------------------
Inferred Lookout 1,176 2.13 33.80 1.49 3.11
--------------------------------------------------------
TOTAL 1,712 2.08 32.56 1.55 3.17
---------------------------------------------------------------------------
Oxide 76 5.78 77.76 0.22 0.18
--------------------------------------------------------
Indicated Sulphide Lookout 1,792 2.46 35.97 1.45 2.71
--------------------------------------------------------
TOTAL 1,868 2.60 37.67 1.40 2.61
75 -------------------------------------------------------------------
Sulphide Trio 397 2.38 36.13 2.04 3.65
--------------------------------------------------------
Inferred Lookout 825 2.60 40.62 1.79 3.92
--------------------------------------------------------
TOTAL 1,222 2.53 39.17 1.87 3.83
---------------------------------------------------------------------------
Oxide 40 6.89 87.65 0.22 0.17
--------------------------------------------------------
Indicated Sulphide Lookout 1,255 2.69 40.26 1.68 3.11
--------------------------------------------------------
TOTAL 1,295 2.82 41.74 1.64 3.01
100 -------------------------------------------------------------------
Sulphide Trio 321 2.65 38.79 2.28 3.95
--------------------------------------------------------
Inferred Lookout 624 3.03 46.54 1.99 4.56
--------------------------------------------------------
TOTAL 944 2.90 43.91 2.09 4.36
---------------------------------------------------------------------------

(i) NSR (US$) equals (US$39.16 x Cu% +US $10.62 x Zn% + $14.18 x Au g/t +
US$0.19 x Ag g/t). NSR formula is based on assumed values for offsite
costs, metal recovery and metal prices. Offsite costs include
transportation of concentrate, smelter treatment charges and refining
charges. Metal prices for gold (Au), silver (Ag), copper (Cu), and zinc
(Zn) are US$700/oz, US$12/oz, US$2.25/lb and US$0.85/lb respectively.
Metallurgical recoveries to copper concentrate are 95% Cu, 53% Au and
56% Ag with payable metal factors (Cu concentrate) of 97% for Cu, 89.5%
for Ag and 97% for Au. Metallurgical recoveries to zinc concentrate are
0% Cu, 93% Zn, 16% Au and 24% Ag with payable metal factors (Zn
concentrate) of 85% for Zinc, 20% for Ag and 80% for Au.


The updated 2009 Niblack resource estimate is based on the resource model announced March 26, 2009, which incorporates 139,500 feet (42,520 metres) of drilling in 174 diamond drill holes, including 19 underground holes completed on the Lookout zone subsequent to the September 2008 resource estimate (see technical report filed on SEDAR October 27, 2008). The resource model is based on a geology model constructed by CBG from interpretation of lithology, structure and grade boundaries. To account for folding of the deposit, the geological model was divided into multiple domains, each with unique search parameters. All missing assays were assigned zero grades. The assays were capped and composited to 5 foot lengths. Metal grades were estimated in Datamine software using ordinary kriging into a 3D block model with primary dimensions of 15 x 6 x 6 feet (4.6 x 1.8 x 1.8 metres). Resources are reported at a US$50 NSR block cut-off.



Table 2. Total CBG Mineral Resource Inventory(i)
--------------------------------------------------------------------------
Project Au Au Ag Ag
and Category Tonnes (g/t) (oz) (g/t) (oz)
--------------------------------------------------------------------------

Indicated

Three Bluffs(ii) 2,700,000 5.85 508,000 - -
Niblack(iii) 2,588,000 2.33 194,000 33.18 2,761,000

--------------------------------------------------------------------------
Total Indicated 702,000 2,761,000
--------------------------------------------------------------------------

Inferred

Three Bluffs(ii) 1,270,000 5.98 244,000 - -
Niblack(iii) 1,712,000 2.08 114,000 32.56 1,750,000

--------------------------------------------------------------------------
Total Inferred 358,000 1,750,000
--------------------------------------------------------------------------

--------------------------------------------------------------------------
Project Cu Cu Zn Zn
and Category Tonnes (%) (lbs) (%) (lbs)
--------------------------------------------------------------------------

Indicated

Three Bluffs(ii) 2,700,000 - - - -
Niblack(iii) 2,588,000 1.18 67,307,000 2.19 124,820,000

--------------------------------------------------------------------------
Total Indicated 67,307,000 124,820,000
--------------------------------------------------------------------------

Inferred

Three Bluffs(ii) 1,270,000 - - - -
Niblack(iii) 1,712,000 1.55 58,485,000 3.17 119,611,000

--------------------------------------------------------------------------
Total Inferred 58,485,000 119,611,000
--------------------------------------------------------------------------

(i)tonnes, ounces and pounds rounded to nearest thousand
(ii)using a 2 g/t Au block cut-off grade
(iii)using a US$50/tonne cut-off value


For further information on the Three Bluffs resource see CBG press release dated March 2, 2009, and Technical Report filed on SEDAR April 28, 2008. For further information on the Niblack resource see Technical Report filed on SEDAR October 27, 2008, and CBG press release dated March 26, 2009.

CBR Gold Corp. maintains an extensive quality control program in the preparation, shipping and checking of all samples from the property. The program is supervised by Peter Kleespies, M.Sc., P. Geol. who is a Qualified Person as defined by NI 43-101. A detailed description of CBR Gold Corp.'s QA/QC program is provided on the Company's website at www.cbrgoldcorp.com.

On behalf of the Board

CBR Gold Corp.

John Williamson, P.Geol., President, CEO & Director

CBR Gold Corp. is a member of the Discovery Group of companies. For more information on the group please visit www.discoveryexp.com.

Certain disclosures in this release, including management's assessment of CBR Gold Corp.'s plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to CBR Gold Corp.'s operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. CBR Gold Corp. expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

"Neither 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."

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