Kria Resources

Kria Resources

February 23, 2009 08:00 ET

Kria Resources Announces Resource Estimate for Halfmile Lake Property

TORONTO, ONTARIO--(Marketwire - Feb. 23, 2009) - Kria Resources today announces an initial National Instrument (NI) 43-101 compliant mineral resource estimate for its Halfmile Lake Property located near Bathurst, New Brunswick. The results are as follows:

- the Indicated Mineral Resource is estimated to be 6.26 million tonnes grading 8.13% zinc, 2.58% lead, 0.22% copper and 30.78 g/t silver using a 5.0% capped zinc equivalent cut-off grade.

- the Inferred Mineral Resource is estimated to be 6.08 million tonnes grading 6.69% zinc, 1.83% lead, 0.14% copper and 20.51 g/t silver using a 5.0% capped zinc equivalent cut-off grade.

Table 1. Halfmile Lake Resource Estimates - 5% Zn EQ Cut-Off



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Indicated
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Zone Tonnes ZnEq % Zn % Pb % Cu Ag (g/t)
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Upper 1,192,700 7.96 6.72 2.31 0.43 16.95
Lower 4,472,200 9.65 8.68 2.81 0.12 37.94
North 597,200 7.56 6.78 1.40 0.49 4.84
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Total: 6,262,100 9.13 8.13 2.58 0.22 30.78
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Inferred
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Zone Tonnes ZnEq % Zn % Pb % Cu Ag (g/t)
Upper 156,100 8.08 7.20 2.64 0.17 6.19
Lower 1,071,000 9.01 8.06 2.76 0.08 38.55
Deep 4,825,700 6.86 6.37 1.60 0.15 17.04
North 25,400 7.46 6.19 1.55 0.73 6.19
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Total: 6,078,200 7.27 6.69 1.83 0.14 20.51
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Kria has begun work on a preliminary economic assessment for the Halfmile Lake Property to determine threshold economics and development scenarios.

Halfmile Lake Resource Estimates

The Halfmile Lake mineral resource estimate was completed by Wardrop Engineering Inc., a Tetra Tech Company (Wardrop) and consulting firm retained by Kria to complete the estimate in compliance with NI 43-101 standards. The resource estimate has been reviewed and confirmed by Tim Maunula, P.Geo., Manager of Mining Technical Services of Wardrop. Christopher Moreton, P.Geo, formerly of Wardrop, conducted a site visit to the Halfmile Lake Property from August 5-7, 2008. Both Mr. Maunula and Mr. Moreton are a Qualified Persons under NI 43-101.

The resource estimation procedures and classification used are summarized below and are described in detail in an NI 43-101 compliant technical report that is currently being prepared and will be posted on the Kria Resources website, www.kriaresources.com once completed. The mineral resource estimate is as of February 17, 2009.

Resource Estimate Procedures and Parameters

The resource estimates for Halfmile Lake includes four interpreted massive sulphide zones known as HML North, HML Upper, HML Lower and HML Deep Zones and is based on 432 holes totaling 193,964 meters. The dataset used by Wardrop for the estimates was supplied by Kria.

The geological wireframes were constructed using a combination of zinc equivalent (ZnEQ) and logged lithology. Metallurgical recoveries of 89.7% for zinc, 72.0% for lead, 60.0% for copper and 48.6% for silver were used in calculating ZnEq. The drill hole intercepts of the wireframes were then coded and the assay values within the wireframes were capped before compositing. A composite length of 1.5 metres (m) was used based on the average assay interval length.

Interpolation of grades is based on an Inverse Distance Squared (ID2) method and was verified using the Nearest Neighbour (NN) method. The resource was classified into Indicated or Inferred Resources based on the number of drill holes and distance. Blocks were classified as Indicated if one hole was located within 20 m or if two holes were located within 40 m of the block center. The remainder of the blocks within a 100m by 160m by 20m search ellipse was classified as Inferred.



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Parameters Definition
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ZnEQ Uses Zn, Pb, and Cu values
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Density (SG) Interpolated by ID2 where data available, otherwise
3.5 g/cm(3) used based on statistical average.
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Composite Assay
Length 1.5 metres
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Block Model Size 5 m x 5 m x 5 m
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Interpolation
Methods Inverse Distance Squared verified by Nearest Neighbor
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Pass 0
Search Ellipse 60 m x 25 m x 20 m Samples used: min. 4, max. 6
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Pass 1
Search Ellipse 80 m x 50 m x 20 m Samples used: min. 6, max. 15
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Pass 2
Search Ellipse 100 m x 160 m x 20 m Samples used: min. 3, max. 15
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Zn Cu Pb Ag
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Price(i) US$ 1.11 US$ 2.75 US$ 0.78 -
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Capping Level 27% 4% 9% 200 g/t
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No. of Values Capped 18 6 15 9
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(i)The metal prices are four-year moving averages (September 2004 to
September 2008) taken from a database maintained by Wardrop.


Quality Control

The technical contents of this press release have been supervised and reviewed by Steve Davies, P. Eng., Vice President Operations of Kria and Dayle Rusk, P. Geo., Vice President Exploration of Kria, both of whom are Qualified Persons as defined under NI 43-101.

About Kria Resources

Kria Resources is a private base metal exploration and development company focused on high quality base metal assets including lead, zinc, copper and nickel. Kria's primary assets include the Ruttan copper-zinc sulphide project near Leaf Rapids, Manitoba and the Halfmile Lake and Stratmat properties near Bathurst, New Brunswick. A NI 43-101 compliant mineral resource estimate for the Ruttan Mine Project estimates inferred resources of 19.75 million tonnes grading 1.17% copper and 1.47% zinc using a 1.0% capped copper equivalent cut-off grade. Kria's Halfmile Lake and Stratmat Properties are considered two of the largest and highest grade undeveloped stratabound massive sulphide deposits in New Brunswick. Please visit our website at www.kriaresources.com for additional information.

Cautionary Note Regarding Forward-Looking Information: This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the future operating performance of the Company and its projects, statements regarding exploration prospects, the identification of mineral resources, realization of mineral resources, environmental liabilities, exploration expenditures, timing of future exploration, requirements for additional capital, government regulation of mining operations, title disputes or claims. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or 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 information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral prices; environmental liabilities and costs of compliance with applicable legislation; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information 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 information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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