Chariot Resources Limited

April 18, 2007 08:30 ET

Chariot Resources Announces Additional Positive Results From Metallurgical Testing Program and Projections for Vat Leach Operating Conditions

TORONTO, ONTARIO--(CCNMatthews - April 18, 2007) - Chariot Resources Limited ("Chariot") (TSX:CHD) is pleased to provide an update on its metallurgical testing program and to provide initial projections of operating conditions for vat leaching.. Other metallurgical information was released on January 10, 2006 and September 15, 2006; and on February 5, 2007 and March 7, 2007.

A follow-up round of thirteen vat leach tests has been completed at C.H. Plenge Laboratories in Peru. Eleven vat leach tests were carried out on one sample from Mina Justa and two vat leach test were carried out on one sample from Magnetite Manto.

The sample from Mina Justa is a composite sample made-up from a broad variety of copper oxide mineralized sections of drill core. Tests were performed using short vats (approximately 1 m high) and tall vats (approximately 5 m high). The tests on the sample from Mina Justa were done under varying conditions. Crush sizes varied between 1/4" and 3/8"; acid cure strength varied between 10 kg/t and 40 kg/t; and leach solution strength varied between 9 g/l acid and 20 g/l acid. The leach time for all tests was held constant at seven days. Highlights of the tests from Mina Justa are:

Mina Justa
Number of Tests 11
Average Head Grade 0.68% Cu
Pre-optimized Short Vat Results:
- Recovery 86%
- Acid Consumption 42 kg/t
Pre-optimized Tall Vat Results:
- Recovery 79%
- Acid Consumption 30 kg/t

The sample from Magnetite Manto comes from one oxide mineralized section of drill core and was tested in a short vat. Leach time was seven days. Highlights of the tests from Magnetite Manto are:

Magnetite Manto
Head Grade 1.44% Cu
Pre-Optimized Recovery 82%
Pre-Optimized Acid Consumption 43 kg/t

Results from the current tests and previous vat leach test data have been used to project a range of operating conditions for a vat leaching operation. These are:

Projected Operating Conditions:
- Recovery 80 to 85%
- Acid Consumption 30 to 40 kg/t

Chariot expects that, after the conclusion of additional tests to determine optimum leach conditions, final vat leach performance will fall within the range estimated above.

On February 5, 2007 Chariot announced that a review has been initiated of the capital and operating costs of vat leaching and thin layer heap leaching. A study of each of these leaching processes has recently been completed by the INDEC/Cade engineering group out of Santiago, Chile and has been turned over to GRD Minproc Limited for a final assessment and recommendation as to which leaching process to incorporate into the feasibility study of Mina Justa. GRD Minproc Limited is the leader of the feasibility study consortium.

The information contained in this news release was reviewed and validated by Adam Johnston the designated Qualified Persons as defined in National Instrument 43-101.

Mr. Ulli Rath, President and CEO, said, "The results released today indicate that we are well on the way to a satisfactory resolution of the issues related to acid consumption which we first identified in our release of February 5, 2007." Mr. Rath went on to say, "The results from Magnetite Manto are generally in line with results from similar high-grade material released on March 7; and the results from the lower grade Mina Justa area come from a broadly representative composite sample that also involved testing in tall vats. We now have completed sufficient tests to come-up with initial projections of operating performance should we elect to go with vat leaching".

"The next important milestone for us will be the results of the analysis and recommendation by GRD Minproc on what is the most appropriate leaching process for the Mina Justa oxide mineralization. We expect to publish this recommendation and the associated comparative analysis in the next few weeks," concluded Mr. Rath.

Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian Securities Regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.

Chariot Resources Limited (TSX:CHD) is developing its 70% owned Marcona Copper Property in Peru. With exceptional infrastructure, a significant resource and strong financial and commercial partners, the Mina Justa project is scheduled to be a mid-tier copper producer by 2009.

Additional details about Chariot can be viewed at the Company's website,


Ulrich (Ulli) Rath, President & CEO

Contact Information

  • Chariot Resources Limited
    Toronto, Canada Office
    Ulli Rath, President & CEO
    (416) 363-4554 or Cell phone: (416) 270-4481
    Chariot Resources Limited
    Forbes West
    Investor Relations Advisor
    (416) 203-2200 or Toll Free (NA) 1-888-655-5532