TORONTO, ONTARIO--(Marketwired - Aug. 19, 2014) -
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Northern Ireland's Enterprise, Trade and Investment Minister Arlene Foster has announced that Invest Northern Ireland has offered over £326,000 (approx. CDN$590,000) of support for jobs and associated training to support pre-commercialisation work at Dalradian Resources Inc's (TSX:DNA) (TSX:DNA.WT) (OTCQX:DRLDF) Curraghinalt gold deposit. Invest NI's support is part funded by the European Regional Development Fund.
Arlene Foster said: "The decision by Dalradian Resources to expand its Tyrone operations is good news for the local economy. The company had the option of locating these jobs in Toronto but was swayed by Northern Ireland's cost-effective business environment and the support offered by Invest NI.
"I first met with Dalradian Resources last year on a visit to Canada and I very much welcome that those initial talks, combined with the company's attendance at the Northern Ireland Investment Conference last October, have led to this investment. The company is looking to develop the first underground gold mine in Northern Ireland and this offers a unique opportunity to introduce specialist skills and sophisticated international resource investment into our important professional services sector."
Patrick F.N. Anderson, Dalradian's CEO, commented: "Our Board, which has developed mining projects all over the globe, is focused on the Curraghinalt deposit in Northern Ireland because it has the right combination of geology, infrastructure, workforce and a business-friendly government. To date, the gold deposit has responded exactly as we'd hoped; as we've invested, it has grown and the preliminary economic assessment is very positive. This next phase of underground exploration, which will be managed and operated out of our Tyrone facilities, will take us through the more advanced economic assessment required to reach a mine construction decision.
"We appreciate the support we've received from all levels of government as well as the local community. In return, we're committed to helping to create a new industry in Northern Ireland, to hire locally and build up specialized mining skills through training over the next several years. Ultimately, we believe Northern Ireland can support a vibrant mining sector with well-remunerated jobs."
About Dalradian Resources Inc.:
Dalradian Resources Inc. is a TSX-listed gold development and exploration company focused on advancing its high-grade Curraghinalt gold deposit in Northern Ireland.
Dalradian's flagship deposit, Curraghinalt hosts an NI 43-101 compliant measured mineral resource of 0.02 MT grading 20.15 g/t gold for 15,100 contained ounces, indicated mineral resource of 2.98 MT grading 10.34 g/t gold for 989,000 contained ounces and inferred mineral resource of 8.01 MT grading 9.67 g/t for 2,487,700 contained ounces. Mineral resources which are not mineral reserves do not have demonstrated economic viability. Dalradian's NI 43-101 report, "Curraghinalt Gold Deposit, Northern Ireland, Mineral Resource Estimate Update, NI 43-101 Technical Report" is dated May 30, 2014, and was prepared by Tim Maunula, P.Geo., President & Principal Geologist, T. Maunula & Associates Consulting Inc., and is available on SEDAR at www.sedar.com.
Dalradian's 2012 Preliminary Economic Assessment (the "PEA") reported positive results for a proposed underground mine at Curraghinalt. Using 2012 3-year and 5-year trailing average gold prices of $1,378 and $1,166 per ounce, the PEA showed an after-tax IRR of 41.9% and 33.4% and NPV of US$467 and US$331 million respectively, based on an 8% discount rate. While the PEA is based on the November 2011 mineral resource estimate, its conclusions are not invalidated by the May 2014 mineral resource update. Dalradian's NI 43-101 report, "A Preliminary Economic Assessment of the Curraghinalt Gold Deposit, Tyrone Project, Northern Ireland" is dated September 6, 2012, and was prepared by Mr. B. Terrence Hennessey, P.Geo., Mr. Barnard Foo, P.Eng., Mr. Bogdan Damjanovic, P.Eng., Mr. Andre Villeneuve, P.Eng., and Mr. Christopher Jacobs, CEng MIMMM of Micon International Limited, and is available on SEDAR at www.sedar.com.
Dalradian's Common Shares and currently outstanding warrants are listed on the Toronto Stock Exchange under the symbol "DNA", "DNA.WT" and "DNA.WT.A" respectively. For further information, please see www.dalradian.com.
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, test work and confirming results from work performed to date, estimation of mineral resources 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 state 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 continued political stability in Northern Ireland, that permits required for the Company's operations will be obtained in a timely basis in order to permit the Company to proceed on schedule with its planned development and exploration programs, that skilled personnel and contractors will be available as the Company's operations continue to grow, that the price of gold will be at levels that render the Company'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 that the assumptions contained in the PEA are accurate and complete.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company 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 exploration activities; actual results of reclamation activities; conclusions of economic evaluations; meeting various expected cost estimates; changes in project parameters as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; 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.
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