Minemakers Limited

Minemakers Limited

April 15, 2013 22:30 ET

Minemakers Limited: Updated Mineral Resource Statement in Connection With its Wonarah Project

TORONTO, ONTARIO--(Marketwired - April 15, 2013) - Minemakers Limited ("Minemakers" or the "Company") (TSX:MAK)(ASX:MAK) is pleased to announce the filing of an updated mineral resource statement in connection with its Wonarah Project in the Northern Territory, Australia.

The report from MPR Geological Consultants Pty Ltd. discloses resources in relation to sensitivities for cut off grades applied as follows:

Cut off P2O5% Measured Indicated Measured
and Indicated
Mt P2O5% Mt P2O5% Mt P2O5% Mt P2O5%
5 82.2 20.2 391 13.2 473 14.4 933 13
10 78.3 20.8 222 17.5 300 18.3 542 18
15 64.9 22.4 133 21.1 198 21.5 352 21
20 35.5 25.8 75 24.0 111 24.5 171 24

Minemakers' evaluations of the Wonarah project to date have concentrated on a potential operation targeting high grade Direct Ship Ore (DSO). Assessment of the lower grade mineralisation is at an early stage of evaluation. Minemakers has not established the economic viability of the Mineral Resources. Mineral Resources that are not Mineral Reserves do not have demonstrated economic validity. The extents to which mining, metallurgical, marketing, infrastructure, permitting, marketing and other financial factors may affect the Mineral Resource Estimates are not well defined.

Minemakers proposed future resource development programs for Wonarah focus on improving confidence in estimated resources with the target of increasing the proportion of estimates classified as Measured.

Minemakers proposed future work program, recommended by the technical report, includes 31,200 metres of infill RC and diamond drilling targeting resources currently classified as Inferred and Indicated followed by data interpretation and resource estimation. The goal of these proposed programs is the upgrading of confidence in estimates for selected areas to the Measured category. Estimated cost of the combined work programs is approximately $AUD 3.5 million.

Although it is uncertain that further drilling will be successful, the technical report author believes that the work programs provided by Minemakers are appropriate for improving confidence in estimated resources.

Competent Persons' Statement

The qualified person in relation to this press release is Russell Fulton, who is the Geological Manager of the Company and a Member of the Australian Institute of Mining and Metallurgy, and who has reviewed and approved the information in this press release. Mr Fulton has sufficient experience deemed relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' and a 'Qualified Person' as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr Fulton consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

With respect to the JORC, Clause 18, and in respect of some targets the potential quantity and grade of them are conceptual in nature, and there may have been insufficient exploration to date to define a Mineral Resource and is uncertainty if further exploration would result in the determination of a Mineral Resource.

For further information on Wonarah, please refer to Minemakers' NI43-101 compliant technical report entitled "Technical Report Mineral Resource Estimation for Wonarah Phosphate Project, Northern Territory, Australia", dated 15 March 2013 and available on SEDAR at www.sedar.com. An updated Mineral Resource estimate is being prepared for SEDAR.

Cautionary Statement Regarding Forward-Looking Information

All statements, trend analysis and other information contained in this report relative to markets for Minemakers' trends in resources, recoveries, production and anticipated expense levels, as well as other statements about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Minemakers does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.

ABN 48 116 296 541

Contact Information

  • Minemakers Limited
    Mr Cliff Lawrenson
    Managing Director and CEO
    +61 8 9264 7000
    +61 8 9264 7099 (FAX)