MANILA, PHILIPPINES--(Marketwire - May 18, 2011) -Crazy Horse Resources Inc. (TSX VENTURE:CZH) (the "Company") is pleased to announce that it has received a formal resolution of support to develop its Taysan Copper Gold project from the Provincial Board of Batangas, Republic of the Philippines and a formal resolution of appreciation from the Taysan Municipal Counsel.
Provincial Resolution 253 was passed supporting the Company and the Company's wholly owned Philippines development company as "a responsible mining company and an active player in the Private-Government-Partnership (a key initiative by President Aquino to spur development growth) in bringing about continued development and industrialization to the Province of Batangas". Resolution 253 manifests government support of the Company's approach and mining methods to be used in the development of Taysan Copper Gold project. The Resolution recognizes that to achieve sustainable development, "it is imperative that the Province of Batangas and the Municipalities of Taysan and Lobo welcome and encourage the presence of foreign and local investors in the Province in the mineral industry such as Crazy Horse Resources Inc.".
Municipal Resolution 2011-006 was passed by the Taysan Municipal Counsel Board, expressing gratitude to the Company and its officers for the invaluable support they have extended to the Taysan municipality.
President Johan Raadsma states, "We couldn't be more pleased to receive these honourable endorsement from the Local Government. These milestones brings Taysan one significant step closer to mine establishment. Local Government endorsement is a fundamental requirement forming part of the overall approval to construct and operate the Taysan Project with the community as our partner".
A key driver of the Resolution is the Company's excellent track record and on-going commitment to social responsibility, in conjunction with the projected economic benefits the Taysan project will provide to the Taysan community, Calabarzon Region and Philippines as a whole.
The Company has commissioned an independent economic impact assessment of the Taysan project that is expected to be completed and published in the next 7 to 10 days.
Taysan Project
A National Instrument 43-101 compliant technical report by of Mining Associates dated effective March 11, 2011 and entitled "Mineral Resource Estimate and Preliminary Economic Assessment Taysan Project" can be viewed under the Company's profile on SEDAR (www.sedar.com).
The Project contains a drill defined copper-gold porphyry deposit, and is comprised of two mining exploration permits and three mining exploration permit applications (permits: EP-IVA-005 and EP-IVA-016, and permit applications: EPA-IVA-108, EPA-IVA-111 and EPA-IVA-081) over five contiguous claim blocks covering a combined total area of 11,254 hectares. The Project hosts a large and only partly explored copper-gold porphyry deposit similar to other copper-gold porphyry deposits previously mined in the Philippines. The Project is located in southern Luzon, Philippines in a well-developed mining province and readily accessible by road located 20km east of the provincial capital and deep-water commercial port of Batangas City. The Company is currently conducting a feasibility study under the management of AMEC Minproc Limited, which remains on track and on schedule after successfully completing the scoping study ahead of schedule.
ON BEHALF OF THE BOARD
Johan Raadsma, President, CEO and Secretary
This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Crazy Horse Resources Inc. Statements regarding mineral exploration operations and objectives are subject to risk, including, but are not limited to, exploration and geologic risk, inflation and costs of goods and services, property title issues and regulatory approvals. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Crazy Horse Resources Inc. does not assume the obligation to update any forward-looking statement, except as required by applicable law.
Neither the 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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