REC Minerals Corp.
TSX VENTURE : REC

REC Minerals Corp.

September 14, 2010 08:00 ET

REC Minerals Announces Results of Up to 2.4% Copper from Surface Sampling at Its Esten Project

TORONTO, ONTARIO--(Marketwire - Sept. 14, 2010) - REC Minerals Corp. ("REC" or the "Company") (TSX VENTURE:REC) is pleased to announce the return of results from its summer surface exploration program on its Esten Property located ten kilometers south of the town of Elliot Lake, in Ontario, Canada (the "Property" or "Esten"). The Company has an option to acquire up to a 100% interest in the Property.

Analytical results from rock sampling at Esten confirmed the presence of high grade copper (Cu) concentrations on surface outcrop. The surface exploration program at Esten required the sampling of the historical trenches and the completion of a reconnaissance geological survey of the Property including the ground investigation of high chargeability anomalies identified in the Gitennes Exploration Inc. IP survey completed in 2004.

Assays from the surface sampling of the historical trenches on the Property returned an average value of 1.52% Cu from a 0.5 metre chip sample obtained from each of the five historical trenches. The highest grade assay obtained was 2.4% Cu.

Based upon diamond drilling completed on the Property in 1956, a non-National Instrument NI 43-101 ("NI 43-101") compliant historic resource of 76,900 tons at 1.73% Cu is reported which remains open at depth and to the east. Based upon the field investigation and review of previous work, a new drilling program is recommended for the Property to test the known mineralization zone at depth towards the east where the Gitennes high chargeability is strongest and another equally strong chargeability anomaly located 200 metres to the south.

The historical copper resource estimate presented above with respect to Esten was prepared prior to the implementation of NI 43-101 by Federal Kirkland Mining Company, Limited, as reported in the Ontario Mineral Resources Circular, MRC 2, page 91 (1957), and subsequently reprinted in Energy, Mines and Resources, MR 223, Canadian Mineral Deposits Not Being Mined in 1989, # ONT 172, November, 1989. A qualified person has not done sufficient work to classify this historical resource estimate according to NI 43-101 standards or the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Mineral Reserves and REC is not treating the above historical resource estimate as current mineral resources as defined in NI 43-101. The historical resource estimate has been presented because REC considers it to be relevant and of historic significance. However, the historical resource estimate presented above should not be relied on.

"Based on the prior historical assessment of the Esten Property, supported by the recent encouraging results of our surface exploration program, we believe that completing a follow-up diamond drill program is the next step for value creation at Esten," said Kabir Ahmed, Chairman, President and CEO of REC.

In this exploration program, surface rock chip samples were sealed in secure packages and delivered by the Qualified Person of the Company to S.G.S. Laboratories in Toronto, Ontario, for FAI323 assay for gold (fire assay with atomic absorption finish) and multi-acid digestion plus 49 element analysis by ICP-AES/ICP-MS (ICM40C) and ore grade analysis for those samples with >10,000 ppm Cu. Selected samples will be forwarded to a second laboratory for check analysis. A duplicate unknown to the laboratory is submitted per batch of ten samples. Polymetallic standards and blanks, unknown to the laboratory, are included with each shipment of samples. S.G.S. Laboratories fulfilled standard QA/QC protocols. 

Trevor Boyd, Ph.D., P.Geo., a Qualified Person as defined by National Instrument NI 43-101 ("NI 43-101") and Vice-President of Exploration for REC, directed the Esten exploration program and supervised the preparation of the technical information contained in this press release in compliance with NI 43-101. Dr. Boyd is also the President and a director and the controlling shareholder of Millennium Minerals Limited which has granted to REC an option to earn a 100% legal and beneficial interest in the North Nonacho Property located in the Northwest Territories.

ABOUT REC

REC is a junior mineral exploration company with an experienced management team engaged in the acquisition, exploration and development of properties for the mining of precious and base metals and uranium. The principal property of REC is the Yukon Olympic Property, comprised of 272 quartz mining claims in the Dawson Mining Division, Yukon Territory, Canada, which is prospective for iron oxide, copper and gold mineralization and in which REC holds an option to acquire up to a 65% interest. The Corporation also holds an option to acquire a 100% interest in the North Nonacho Property comprised of two mining claims covering 60 units in the vicinity of Nonacho Lake, Northwest Territories, Canada, an option to acquire a 100% interest in the MC Dalhousie Property comprised of two mineral claims located in northwestern British Columbia, Canada, and an option to acquire a 100% interest in the Esten Property comprised of 26-claim unit block located 10 km south of Elliott Lake, Ontario, Canada. The common shares of REC trade on the TSX Venture Exchange under the stock symbol "REC". The Company has 16,575,000 common shares issued and outstanding.

FORWARD-LOOKING STATEMENTS

Certain statements in this press release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of REC or the industry in which it operates to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, the words "estimate", "believe", "anticipate", "intend", "expect", "plan", "may", "should", "will", the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current expectations of the management of REC with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those expressed or implied by those forward-looking statements. These risks and uncertainties are detailed from time to time, including, without limitation, under the heading "Risk Factors", in continuous disclosure documents filed by REC with the Alberta, British Columbia and Ontario Securities Commissions which are available at www.sedar.com and to which readers of this press release are referred for additional information concerning REC, its prospects and the risks and uncertainties relating to REC and its prospects. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of REC to be materially different from those contained in forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, REC cannot assure investors that actual results will be consistent with these forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

The forward-looking information contained in this press release is current only as of the date hereof. REC does not undertake or assume any obligation, except as required by law, to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

No securities commission or regulatory authority has approved or disapproved the contents of this press release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • REC Minerals Corp.
    Kabir Ahmed
    Chairman, President and Chief Executive Officer and Director
    (416) 365-6580
    (416) 946-1951 (FAX)