Dalradian Resources Inc.
TSX : DNA
AIM : DALR

Dalradian Resources Inc.

April 06, 2016 02:00 ET

Dalradian Details Test Stoping Program

TORONTO, ONTARIO--(Marketwired - April 6, 2016) - Dalradian Resources Inc. (TSX:DNA)(AIM:DALR) ("Dalradian" or the "Company") announces the details of its recently commenced test stoping program in support of its ongoing Feasibility Study (FS) on the Curraghinalt gold deposit in Northern Ireland.

Patrick F.N. Anderson, Dalradian's Chairman and CEO, commented:

"Test stoping is one of the key factors in producing a high quality feasibility study for Curraghinalt and being confident that our mine plan will be realistic and achievable. The stoping program compliments other completed and ongoing works in support of our feasibility such as infill drilling and grade reconciliation studies comparing face sampling with the block model."

The program will commence on the V-75 vein, which is approximately 90 metres below the surface and 1,000 metres horizontally into the hillside at the deepest point of our development and therefore believed to be most representative for mining purposes of the bulk of the resource at Curraghinalt. The program will consist of a minimum of two test stopes averaging 1,000 tonnes each and may include up to four stopes. The test stoping program has been modified to include a ramp down of approximately 190 metres in length and 18 metres in depth to more accurately replicate planned mining techniques for a full-scale mine (refer to figures at www.dalradian.com/news-and-events/news-releases/news-releases-details/April-6-2016-News-Release-Figures for more details). The additional development has the advantage of including backfilling and provides the option to add up to two more stopes. The development completed to date has demonstrated sound rock mechanics and is yielding important data on the grade and metallurgical characteristics of the veins. Total development for Dalradian's underground program is now expected to total 950-1000 metres, up from approximately 885 metres.

Preparatory development for the test stoping commenced in March and the stoping program should be completed during the second half of 2016. Definition drilling for the planned stopes is underway and is expected to be finished by the end of April. The expansion of the test stoping program is expected to have a negligible effect on the budget for the overall underground program as well as the anticipated timing for release of the FS, which remains in the second half of 2016.

About Dalradian Resources Inc.

Dalradian Resources Inc. is a gold exploration and development company that is focused on advancing its high-grade Curraghinalt Gold Project located in Northern Ireland, United Kingdom. The Company is in the midst of a work program in support of a planning (permitting) application for construction of an operating mine at Curraghinalt. Components of the program include a feasibility study, an environmental and social impact assessment, infill drilling and underground exploration (at least 950 metres of development with associated test stoping).

FORWARD-LOOKING STATEMENTS

This news release contains "forward looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its subsidiaries and its mineral project, the future price of metals, test work and confirming results from work performed to date, the estimation of mineral resources, the realization of mineral resource estimates, the timing and amount of estimated future production, costs of production, capital, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of future exploration, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage, the timing and possible outcome of pending regulatory matters and the realization of the expected economics of the Curraghinalt gold deposit. Often, but not always, forward looking statements can be identified by the use of words and phrases such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward looking statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions such as the continued political stability in Northern Ireland, that permits required for Dalradian's operations will be obtained on a timely basis in order to permit Dalradian to proceed on schedule with its planned exploration and development programs, that skilled personnel and contractors will be available as Dalradian's operations continue to grow, that the price of gold will be at levels that render Dalradian's mineral project economic, that the Company will be able to continue raising the necessary capital to finance its operations and realize on mineral resource estimates and current mine plans, that the assumptions contained in the Company's Preliminary Economic Assessment are accurate and complete, that results from the infill drilling program continue to be positive, that the mineral resource update is positive, that the results of the Environmental and Social Impact Assessment and the Feasibility Study will be positive and that a permitting application for mine construction will be approved.

Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Dalradian to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current and future exploration activities; the actual results of reclamation activities; conclusions of economic evaluations; meeting various expected cost estimates; changes in project parameters and/or economic assessments as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; the risk that actual costs may exceed estimated costs; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Risk Factors" in the Company's annual information form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.

Contact Information

  • Dalradian Resources Inc.
    Marla Gale
    Vice President Communications
    +1 416 583 5622
    investor@dalradian.com
    www.dalradian.com

    Grant Thornton UK LLP
    (Nominated Adviser)
    Philip Secrett / Richard Tonthat / Harrison Clarke
    +44 (0)20 7383 5100

    Canaccord Genuity Limited
    (Broker)
    Henry Fitzgerald-O'Connor / Martin Davison
    +44 20 7523 8000