Mukuba Resources Limited
TSX VENTURE : MKU

Mukuba Resources Limited

November 23, 2010 13:00 ET

Mukuba Intersects Further Copper Mineralization and Completes 2010 Drill Program on the Northcore Project

TORONTO, ONTARIO--(Marketwire - Nov. 23, 2010) - Mukuba Resources Limited (TSX VENTURE:MKU) ("Mukuba" or the "Company") is pleased to announce further assay results from recently completed diamond drilling on Targets 17 and 18 within the Northcore Project, located southwest of Ndola, Zambia. These results confirm the presence of copper mineralization and reflect a continued improvement in copper grades and intercept widths. Mukuba focussed its 2010 exploration program on various high priority targets within the larger exploration license areas on the Northcore Project including a total of 7,602 metres (31 holes) of diamond drilling. Encouraging intersections from numerous boreholes indicate variable copper mineralization from lithologies higher in the sequence.

Core assay highlights include:
NC028: 0.56 m @ 0.72% Cu
NC042: 18.25 m @ 0.25% Cu
NC042: 5.51 m @ 0.44% Cu
NC042: 0.43 m @ 1.96% Cu

Trevor Richardson, President and CEO of Mukuba Resources commented, "With just about every drill hole intersecting copper mineralization, we are very encouraged by the results from the 2010 drilling program. As the drilling program progressed on Targets 17 and 18, the results continually improved suggesting we are getting closer to the source of copper mineralization. The last few holes, which contain significant sulphide mineralization, were completed just before the start of the rainy season which marks the end of the exploration season. Over the next couple of months our team will be interpreting the data in order to plan the 2011 drilling program and prioritize additional targets that have been delineated by the soil sampling program".

Regional soil sampling across various new target areas within the larger license areas has been completed and the anomalous areas are being followed up with detailed soil grids prior to the onset of the seasonal rains to better delineate the newly identified soil targets. It is anticipated that numerous drill targets will be identified and selected based on the level of coincidence between the results of the new soil geochemical survey and recently acquired airborne geophysical data to be tested in 2011.

Assay results by Target area include:

Target 17
Borehole   From (m)   To (m)   Width (m)   Cu (%)
NC028   47.12   47.80   0.48   0.10
    119.36   123.65   3.89   0.31
Incl.   122.11   122.73   0.56   0.72
NC030   177.00   177.86   0.61   0.16
NC032   78.00   78.52   0.40   0.19
    80.00   81.00   0.50   0.24
NC034   68.00   69.00   0.91   0.11
    71.00   72.00   0.91   0.10
NC035   182.00   183.00   0.87   0.21
    225.06   226.00   0.85   0.26
NC037   0.60   8.60   6.93   0.21
    27.30   32.00   3.60   0.17
    149.00   150.00   0.82   0.15
    194.00   195.00   0.77   0.16
    209.00   211.05   1.68   0.16
    213.00   214.60   1.13   0.16
    217.00   218.00   0.82   0.11
    228.50   231.00   2.05   0.17
Incl.   229.00   229.50   0.41   0.31
NC038   NSR            
NC040   64.00   65.00   0.91   0.14
NC042   38.40   58.40   18.25   0.25
Incl.   45.92   46.50   0.53   0.99
    62.00   68.73   5.51   0.44
Incl.   65.55   66.07   0.43   1.96
    81.91   84.43   2.06   0.17
    255.18   256.42   1.22   0.10
    263.80   264.55   0.68   0.11
    267.00   270.80   3.44   0.18
NC043   50.22   50.72   0.49   0.25
    75.40   76.59   0.97   0.58
Incl.   76.00   76.59   0.48   0.99
    77.70   81.50   3.11   0.25
Incl.   81.00   81.50   0.41   0.46
NC043-D1   50.24   50.90   0.64   0.12
    74.70   76.21   1.16   0.21
Incl.   75.70   76.21   0.39   0.42
    78.20   82.02   2.93   0.32
Incl.   81.20   82.02   0.63   0.48
    190.00   190.53   0.48   0.15
    280.50   282.32   1.76   0.14
NC044   31.00   33.00   1.53   0.40
    38.30   38.80   0.38   0.14
    120.10   126.00   5.11   0.24
Incl.   120.10   121.00   0.78   0.60
* Intervals are corrected for true width; NSR – No Significant Results
 
Target 18
 
Borehole   From (m)   To (m)   Width (m)   Cu (%)
                 
NC027   Not sampled            
NC031   80.92   81.77   0.77   0.18
    110.00   110.80   0.73   0.10
NC033   NSR            
* Intervals are corrected for true width; NSR – No Significant Results

All sample results have been received from the laboratory. Analysis of the samples were carried out by SGS Inspection Service, Kalulushi, Zambia using a mixed, four acid digest with an AAS finish on the bulked up solution. The laboratory is awaiting final accreditation following an inspection in February 2011.

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 approves the preparation of the technical information contained in this press release.

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. The Northcore Project encompasses approximately 2,274 square km of geologically prospective ground in the Domes Region of the Zambian Copperbelt. The Northcore Project holds an exploration license for both copper and cobalt. 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. The Company's 2009 exploration program included drilling several of these anomalies and confirmed the presence of copper mineralization.

Mukuba also has an Option Agreement between Lukusashi and Lunga Resources Limited ("Lunga"), a wholly owned subsidiary of Mukuba Resources Limited. Under the Option Agreement, Lunga has the exclusive option to purchase an 85% interest in the Nyimba Project license rights, which must be exercised by Lunga before July 29, 2012. Lunga may exercise its option at any time before this date by making a onetime payment to Lukusashi of US$1,000,000. In addition, Lunga will pay Lukusashi a monthly retainer of US$10,000 for each month that the option remains in force. In January 2007, Lukusashi Mining Limited ("Lukusashi"), a privately owned Zambian company, was granted the large scale prospecting license for the Nyimba Project area, which has now been updated to comply with the new Zambian Mines and Minerals Development Act, 2008. 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.

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 results, planned drilling and 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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