Mukuba Resources Limited

Mukuba Resources Limited

August 23, 2011 09:52 ET

Mukuba Begins Drilling Program on Congolese Copper Project

TORONTO, ONTARIO--(Marketwire - Aug. 23, 2011) - Mukuba Resources Limited (TSX VENTURE:MKU) ("Mukuba" or the "Company") is pleased to announce that it has commenced reverse circulation drilling on several targets within its BENZU JV. The project is located in the Katanga Copper Belt and is adjacent to the Tenke-Fungurume mine operated by Freeport McMoRan, Lundin and Gécamines.

The Katanga Copper Belt is estimated to contain nearly 10% of the world's copper and almost 50% of the world's cobalt resources. This belt contains over 90 known deposits that vary in size between approximately 90 Mt and 550 Mt and average around 3.6% Cu. Some of the resources are amongst the largest and highest grade in the world including the resources at Tenke-Fungurume reported to be approximately 550 Mt grading 3.5% Cu and 0.27% Co and resources at Kolwezi (KOV) containing approximately 760 Mt grading 4.4% Cu.

Approximately 4,000 metres of RAB and 11,000 metres of Reverse Circulation drilling are to be completed over the next few months.

Update Zambia Projects

The program of regional soil sampling on the Northcore and Nyimba projects in Zambia across various new target areas is progressing well and should be completed during August 2011. It is anticipated that additional drill targets will be identified and selected on the basis of coincident soil geochemical and airborne geophysical anomalies.

Trevor Richardson, Mukuba's President and CEO commented, "We are very pleased to get the drilling program underway on our BENZU JV in the DRC. The confirmed geophysical anomalies along the same trend as Tenke-Fungurume are going to be the focus of drilling over the next few months."

About the Company

Mukuba is a Canadian mining company focused on the exploration and development of the Northcore Project, which is located in the highly prospective Central African Copperbelt region of Central Zambia. Mukuba holds a 100% interest in the Northcore Project which is licensed for both copper and cobalt and encompasses approximately 2,274 square km of geologically prospective ground in the Domes Region of the Zambian Copperbelt. Geological mapping, soil sampling and investigation of the historical showings as well as ground-truthing of the geological surveying results have confirmed existing historical geological anomalies, and identified new anomalies. Encouraging intersections from numerous boreholes during the Company's 2010 exploration program confirmed the presence of copper mineralization.

Mukuba also has an exclusive Option Agreement between Lukusashi and Lunga Resources Limited ("Lunga"), a wholly owned subsidiary of Mukuba Resources Limited, to purchase an 85% interest in the Nyimba Project license rights (see Press Release dated September 16, 2010) located near the town of Nyimba approximately 300 km east of Lusaka, Zambia. The Nyimba Project is well advanced and substantial exploration work has been completed to date. The polymetallic deposits at Nyimba host zinc, with copper, lead, molybdenum, silver and gold and were systematically explored and partially drilled by Minex (Mindeco), a Zambian government department in the late 1970's and early 1980's and were later acquired by Rio Tinto-Zinc Corporation (RTZ-now Rio Tinto) in 1994. Mukuba continues to assess historic exploration records which indicate there are five defined areas of mineralization within the 500 square kilometre license area. The most prospective area appears to be Chipirinyuma, where soil sampling by Minex and Rio Tinto defined a surface anomaly measuring 3.5 km by 1.2 km and drilling by Mukuba confirmed base metal mineralization.

Qualified Person

Mr. Chris Meyer (Pr.Sci.Nat.) is a "Qualified Person" as defined by National Instrument 43-101 and oversees Mukuba's exploration programs. Mr. Meyer has supervised and approved the preparation of the technical information contained in this press release.

Forward-looking Information

Securities regulators encourage companies to disclose forward-looking information to help investors understand a company's future prospects. This press release contains statements about our future business and planned activities. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements usually include words such as may, intend, plan, expect, anticipate, believe or other similar words. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this press release. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations.

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