New Oroperu Resources Inc.
TSX VENTURE : ORO

March 04, 2008 01:42 ET

New Oroperu Resources Inc.: Barrick Drills 24,462 m in 2007 At Tres Cruces

Drills Best Hole to Date: 228 m Grading 2.95 g/t Gold

SURREY, BRITISH COLUMBIA--(Marketwire - March 4, 2008) - New Oroperu Resources Inc. (TSX VENTURE:ORO) ("New Oroperu" or the "Company") is pleased to review the status of drilling on its Tres Cruces Project in North Central Peru by Minera Barrick Misquichilca S.A. ("Barrick").

In 2007, Barrick completed a 5,776 m diamond drill program on the Tres Cruces Project which was reported by the Company in its August 8, 2007 News Release. Following the diamond drilling Barrick initiated reverse circulation drilling for the purpose of in-fill drilling and testing the limits of the existing mineralization, as well as some condemnation drilling. In addition, a program of geotechnical drilling was completed comprising 3,925 m in 20 holes.

The Tres Cruces project is a 100% company owned project subject to a 1 1/2% NSR royalty and subject to an option agreement with Barrick. Under the terms of the agreement, in order to exercise the option Barrick must pay for all expenditures up to a production decision. The Company retains a 30% interest. The Company's share of production costs are financed by Barrick. Additionally the Company retains a 2% NSR royalty of which US$1,000,000 is to be paid in advance at the time of a production decision. To maintain the option Barrick must pay US$250,000 to the Company on May 31st each year (2007-Paid) until a production decision is made.

Prior to Barrick's option the Company had reported a measured and indicated resource of 34.5 million tones grading 1.59 g/t, about 1,700,000 oz gold. This historical resource estimate was made and reported to the Company by Battle Mountain Gold in 1999. To prepare an independent technical report the Company's qualified person reviewed the data and interviewed the Battle Mountain personnel responsible for the estimate and determined that it was according to industry standards at the time. The details are in the Company's NI 43-101 report "Summary Report of the Tres Cruces Property dated July 25, 2002" and filed on SEDAR, www.sedar.com on July 31, 2002. These resources are determined to be historical with respect to the implementation of NI 43-101 and as such are deemed not NI 43-101 compliant and not to be relied on. All holes drilled by Barrick subsequent to this report are not included in the resource estimate.

Table 1 below summarizes Barrick's drilling for the Tres Cruces Project in 2007. Table 2 summarizes the assays from the geotechnical holes drilled in 2007. The assay results of the latest reverse circulation drilling are almost complete and the better assay intervals received to date are reported in Table 3 below.



TABLE 1

----------------------------------------
TRES CRUCES PROJECT
2007 Total Drilling Summary
----------------------------------------
Meters Holes
----------------------------------------
Diamond Drilling 5,773 37
----------------------------------------
Reverse Circulation 9,401 43
----------------------------------------
Twin Holes 547 3
----------------------------------------
Piezometer Holes 2,540 13
----------------------------------------
Geotech Holes 1,385 7
----------------------------------------
Condemnation Holes (RC) 4,816 27
----------------------------------------


TABLE 2

----------------------------------------------------------
ASSAY RESULTS
GEOTECHNICAL HOLES
----------------------------------------------------------
From - To Interval Grade
Drill Hole ID (m) (m) (m) (g/t Gold)
----------------------------------------------------------
TCG-001 57.5 69.5 12.0 1.87
----------------------------------------------------------
TCG-002 57.5 84.5 27.0 1.55
----------------------------------------------------------
TCG-003 61.0 150.5 89.5 2.65
----------------------------------------------------------
TCG-007 133.5 139.5 6.0 5.41
----------------------------------------------------------
TCP-007 52.0 89.0 37.0 2.24
----------------------------------------------------------
incl. 52.0 75.0 23.0 3.00
----------------------------------------------------------
112.0 (ii)200.0 88.0 0.99
----------------------------------------------------------
TCP-009 155.0 184.0 29.0 4.25
----------------------------------------------------------

(ii) signifies mineralization open at end of hole.


TABLE 3

---------------------------------------------------------------------
ASSAY RESULTS
REVERSE CIRCULATION HOLES
---------------------------------------------------------------------
From - To Interval Grade
Drill Hole ID (m) (m) (m) (g/t Gold)
----------------------------------------------------------
RTC-218 4.0 40.0 36.0 2.54
----------------------------------------------------------
RTC-222 40.0 62.0 22.0 1.03
----------------------------------------------------------
90.0 102.0 12.0 1.18
----------------------------------------------------------
RTC-229 52.0 59.0 7.0 1.05
----------------------------------------------------------
78.0 91.0 12.0 1.61
----------------------------------------------------------
RTC-236 54.0 75.0 21.0 2.89
----------------------------------------------------------
RTC-239 48.0 77.0 29.0 2.61
----------------------------------------------------------
86.0 101.0 15.0 1.64
----------------------------------------------------------
118.0 127.0 9.0 1.39
----------------------------------------------------------
166.0 183.0 17.0 1.04
----------------------------------------------------------
RTC-240 72.0 83.0 11.0 2.91
----------------------------------------------------------
RTC-248 30.0 41.0 11.0 (i)2.65
----------------------------------------------------------
RTC-251 54.0 72.0 18.0 1.47
----------------------------------------------------------
RTC-254 64.0 95.0 31.0 1.58
----------------------------------------------------------
RTC-255 37.0 265.0 228.0 (ii)2.95 Grade
---------------------------------------------------------- Silver
incl. 37.0 62.0 25.0 3.37 (g/t)
---------------------------------------------------------------------
111.0 122.0 11.0 5.96 111.8
---------------------------------------------------------------------
197.0 210.0 13.0 16.17 67.7
---------------------------------------------------------------------
RTC-259 140.0 155.0 15.0 2.09
----------------------------------------------------------
RTC-269 33.0 76.0 43.0 1.66
---------------------------------------------------------------------

(i) an unusually high 1.0 m assay of 101.5 g/t gold was cut to 10.89
g/t gold for this average.

(ii) signifies mineralization open at end of hole.


Drill Hole RTC-255 is notable because of its continuous length of mineralization and better grade, 228.0 m grading 2.95 g/t gold. It also contains a 13.0 m section grading 16.17 g/t gold with 67.7 g/t silver. The presence of significant silver values is notable as the first occurrence of continuous silver mineralization.

Some of the deep holes completed by Barrick encountered gold and silver mineralization as deep as 350 m before technical difficulties caused termination of the hole. There is potential for deeper mineralization within the Tres Cruces low sulphidation system such as high grade feeder zones known to exist elsewhere in this type of deposit.

Barrick has also completed an IP survey and is planning, concurrent with further definition and condemnation drilling, to test any new geophysical targets. Work on baseline environmental studies is in progress. Additional samples have been submitted for metallurgical test work. A progress report on this work is expected. A new resource estimation by Barrick is currently in progress.

The Company is advised by Barrick that it is continuing to delineate the resource and explore the deeper targets as well as other studies necessary for the evaluation of the deposit. The Company will report on these results when received from Barrick.

K. Wayne Livingstone, New Oroperu's President, states, "The continued successful drilling by Barrick on the Company's 100% owned Tres Cruces Project is an important step in its development. We look forward to the completion of the next steps necessary for the advancement of our project. The close proximity of Barrick's Lagunas Norte operating mine with the Tres Cruces Project will permit certain economic synergies for its development."

Dr. Peter A. Christopher, P. Eng., a technical advisor to the Company is the qualified person responsible for reviewing this news release.

ON BEHALF OF THE BOARD OF DIRECTORS

K. Wayne Livingstone, President

Forward looking statements: The news release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization, exploration results and future plans and objectives of New Oroperu are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from New Oroperu's expectations include exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators.

The TSX Venture Exchange had not reviewed or accepted responsibility for the adequacy or accuracy of the contents of this release, which has been prepared by management.

Contact Information

  • New Oroperu Resources Inc.
    K. Wayne Livingstone
    President
    (604) 535-4451
    (604) 608-3878 (FAX)