Blue Pearl Mining Ltd.
TSX : BLE
TSX : BLE.WT

Blue Pearl Mining Ltd.

October 28, 2005 09:23 ET

CORRECTION: Blue Pearl Set to Drill at Davidson Molybdenum Deposit

TORONTO, ONTARIO--(CCNMatthews - Oct. 28, 2005) - The following corrects and replaces the release sent at 08:30 am ET on Oct. 28, 2005. The ticker symbols for Blue Pearl should be (TSX:BLE) and (TSX:BLE.WT). The complete and corrected release follows.

Blue Pearl Mining Ltd. (TSX:BLE)(TSX:BLE.WT) is pleased to announce that it will begin a 5,000 metre underground drilling program in November at the Davidson molybdenum deposit near Smithers, B.C.

Blue Pearl is currently undertaking a feasibility study on the Davidson deposit. Based on work by past operators, and using a cut-off grade of 0.2% MoS2, the property is estimated to contain a measured and indicated mineral resource of 75 million tonnes grading 0.18% molybdenum, containing 293 million pounds of molybdenum (please refer to the Company's Material Change Report dated January 26, 2005, and Technical Report dated February 16, 2005, and filed on SEDAR on March 7, 2005).

There are three phases to the current drilling program. One will test a potentially high grade zone located 300 metres below the existing deposit at approximately the same elevation as a proposed second adit. Six new holes will test the lateral extensions of this zone, which was discovered in 1980 with two drill holes. Those holes were drilled 50 metres apart and intersected 48.4 metres grading 0.46% MoS2 (0.27% Mo) and 36.6 metres grading 0.37% MoS2 (0.22% Mo). No drilling has been undertaken on this zone since 1980. The location of this potential new orebody could impact the ultimate design of the underground workings.

A second phase of the drill program will consist of 18 short holes into the high grade core of the existing deposit. This drilling is designed to provide information for final mine planning, as well as fresh drill core for detailed metallurgical and environmental test work.

Phase three involves the drilling of a horizontal surface hole along the path of the proposed lower adit at the 700 metre elevation, approximately 350 metres below the existing workings. This is for environmental test work.

All drilling, with the exception of the phase three hole, will be from the current underground workings. The existing 2,000-metre adit and 600 metres of crosscuts will provide access. The adit, which was reopened in September, 2005, is in excellent condition after lying dormant for 25 years, indicating very stable ground conditions. A mining contractor is installing new ventilation ducts into the adit. Existing rails are also in excellent condition and are being used for underground access. New underground drill stations will be cut into the existing workings.

The drill contract has been awarded to Hy-Tech Drilling Ltd. of Smithers, B.C.

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 Mining is a Canadian-based mining development company whose sole focus is on developing the Davidson molybdenum deposit. For further information on Blue Pearl, please visit our web site at www.bluepearl.ca.

Contact Information

  • Blue Pearl Mining Ltd.
    Ian McDonald
    Chairman & CEO
    (416) 860-1438 or Toll Free: 1-800-827-0992
    or
    Blue Pearl Mining Ltd.
    Jim Borland
    Investor Relations Director
    (416) 860-1438 or Toll Free: 1-800-827-0992
    info@bluepearl.ca
    or
    Renmark Financial Communications Inc.
    Christina Lalli
    (514) 939-3989
    clalli@renmarkfinancial.com