Crazy Horse Resources Inc.
TSX VENTURE : CZH

Crazy Horse Resources Inc.

June 12, 2012 19:25 ET

Crazy Horse Resources Inc.: SEDAR Filing of the Prefeasibility Study on Taysan Copper-Gold Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 12, 2012) - Crazy Horse Resources Inc. (TSX VENTURE:CZH) -

Highlights

  • A National Instrument 43-101 compliant pre-feasibility study report on the Taysan Copper-Gold project has been completed and has been filed on SEDAR.
  • The report forecasts average annual payable production of 76 million pounds of copper (34,432 t Cu), 30 thousand ounces of gold, 93 thousand ounces of silver and 476 thousand tonnes of magnetite over the 24-year mine life.
  • The Taysan Copper-Gold project has an estimated net present value at a 10% discount rate of US$503 million and an internal rate of return of 49.2%, both calculated on after tax, post-financing cash flow including metal by-products.

Crazy Horse Resources Inc. (the "Company") announces that further to its news release of April 30, 2012, it has filed on SEDAR a National Instrument 43-101 compliant pre-feasibility study report on its 100%-held Taysan Copper-Gold Project, located on Luzon Island in the Philippines.

The report dated May 5, 2012 entitled "Taysan Copper-Gold Project - Prefeasibility Study for a 15 Million Tonne per Annum Mine" and authored by Barton Metals Pty Ltd., IMC Mining Group Pty Ltd., AMEC Australia Pty Ltd. and RDCL can be accessed under the Company's profile at www.sedar.com.

ON BEHALF OF THE BOARD OF CRAZY HORSE RESOURCES INC.

Mitch Alland, President and C.E.O.

This news 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 the Company. The PFS described in this news release is not a production forecast by the Company. There remains at present insufficient certainty in the PFS to reliably estimate future production and economics; further engineering and geology studies are required. The scope of the PFS is to deliver an economic assessment of the Project with plus or minus 20% accuracy in its estimates. A full feasibility study, which provides a higher level of accuracy in engineering and economic estimates, may be required for the sale or joint venture of the Project. There are risks related to the assumptions used in preparation of the PFS, including uncertainties associated with the Company's reserve estimates and resource deposit information; and uncertainties regarding mining in general including global supply and demand for base and precious metals; political and economic risk in the Philippines, metallurgical uncertainties; environmental laws, regulations and permits relating to mine reclamation and restoration, climate change, emissions to the air and water and human exposure to hazardous substances used, released or disposed of by the Company; uncertainties associated with unanticipated geological conditions related to mining; and uncertainties associated with the fiscal regime that will be applicable to future mining operations. 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. The Company 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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