Fury Explorations Ltd.

Fury Explorations Ltd.

September 04, 2007 07:00 ET

Fury Completes Taylor Project Resource Calculation

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 4, 2007) - Fury Explorations Ltd. (the "Company") (TSX VENTURE:FUR) is pleased to announce the results of an updated Mineral Resource for the Company's Taylor Mine Project (the "Taylor Project") in White Pine County Nevada. When the option on the Taylor Project was purchased in 2006 the Company inherited an historic mineral resource as defined in a 1986 report. This historic resource had been developed from greater than 400 holes drilled by previous operators. In order to confirm the historic resource and to comply with current regulations the Company initiated an exploration drilling program in late 2006 (the "2006 Program") comprising a further 94 drill holes employing both core and reverse circulation drilling. Assays results from the 2006 Program confirmed the conclusions of the 1986 report.

Earlier in 2007 Independent Mining Consultants ("IMC") of Tucson Arizona was engaged to prepare an updated mineral resource for the Taylor Project using data from both the historic resource and the 2006 Program.

The results of the IMC resource update are presented below and are significant as they not only confirm historical resources, but increase the confidence level of the mineral resource by categorizing greater than 88% of the resource within the categories "Measured and Indicated". It should be further noted that IMC's work did not contemplate all of the high-grade silver mineralization contained within the near vertical fault structure situated directly adjacent to the open pit area.

The measured and indicated mineral resource is 14.9 million silver ounces contained in 6.43 million US short tons of ore grading at an average of 2.31 oz/ton based upon a 1.2 oz/ton cut-off. An additional inferred mineral resource has been defined to be 1.9 million ounces of silver contained in 757,000 tons grading 2.54 oz/t.

The full mineral resource data is summarized in the table below.

Taylor Project Mineral Resource - 1.2 oz/t cut-off
Ore Tons Silver Grade Contained Silver
Resource Class (thousand tons) (ounces/ton) (ounces)
Measured (M) Mineral
Resource 1,238 2.50 3,095,000
Indicated (Id) Mineral
Resource 5,195 2.27 11,793,000
Total M+Id 6,433 2.31 14,888,000
Inferred (If) Mineral
Resource 757 2.54 1,923,000

The mineral resource has been defined from floating cone geometry and comprises total material estimates (ore and waste) in the cone shell of 16.6 million tons for a waste to ore ratio of 1.3 to 1. It is based on open pit mining and milling of the silver ores within the existing process plant - one of the key features of the Taylor Project.

Since early 2007 the Company, with the assistance of Knight Piesold and Company of Denver Colorado (Knight Piesold) and IMC, has been actively performing redevelopment planning for the Taylor Project which seeks to maximize the use of the other existing infrastructure features of the project including the power supply, water supply, mine waste stockpiles and access roads.

Redevelopment planning for the Taylor Project is being lead by Knight Piesold and is currently directed toward obtaining the major permits from the US Forest Service and the Nevada Division of Environmental Protection, among others. IMC is assisting this effort through the performance of mine engineering.

Updated estimates of the project operating costs were developed earlier in 2007 by Knight Piesold and IMC and were combined with a silver price of US$ 13.50 per ounce to define the cut-off grade employed in the mineral resource. The operating cost estimate will be the subject of further evaluation and refinement during the current redevelopment planning and engineering and is subject to change.

President of the Company, Steve Vanry, commented that: "This updated mineral resource is significant as it is the first step in our overall plan for the redevelopment of the Taylor Project. Confirmation of the historic resource within contemporary regulations allows us to continue our development within our planned timetable which seeks to initiate operations in early 2009."

Mr. Ken Thorsen, B.Sc. P.Eng., Chairman and Director of Fury Explorations has reviewed the content of this press release, and is the Qualified Person for the Company, as defined by National Instrument 43-101.


On Behalf of the Board,

Steve Vanry, CFA - President

Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the corporations' periodic filings with Canadian Securities Regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. Statements in this press release other than purely historical information, including statements relating to the company's future plans and objectives or expected results, constitute forward-looking statements. Forward looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the company's business, including risks inherent in mineral exploration and development. The company does not assume the obligation to update any forward-looking statement.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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