Takara Resources Inc.
TSX VENTURE : TKK

Takara Resources Inc.

June 18, 2010 09:00 ET

Takara Initiates Preliminary Assessment Report for the Tassawini Gold Deposit, Guyana

TORONTO, ONTARIO--(Marketwire - June 18, 2010) - 

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Takara Resources Inc. (TSX VENTURE:TKK) ("Takara") reports that it has engaged Scott Wilson Roscoe Postle Associates Inc. (Scott Wilson RPA) to undertake a Preliminary Assessment Report (PA) to assess the economics of the 100%-owned Tassawini Gold Project located in northwest Guyana. The current 43-101 resource report by SRK Consulting (Canada) Inc. ("SRK") (see www.sedar.com dated March 18, 2010) evidences that: (i) a significant amount of gold at Tassawini is contained in the mineralized zones (i.e., the mineralized zones are well constrained); (ii) that the geology is well understood; and (iii) no additional drilling is required to provide additional significant information in order to advance the project to Takara's next milestone. By completing the PA, Takara is looking to attain the confidence level necessary to extract the contained metals economically. The completion of the PA is scheduled for late September 2010.

"Taking full advantage of the significant amount of previous drilling and sampling work completed at Tassawini, the PA is a quick and inexpensive track to defining and confirming the mining potential of the Tassawini mineral resource" says President & CEO, Jennifer Boyle. "In conjunction with the PA, Takara is evaluating a parallel exploration program with the goal to expand the gold resource at Tassawini, consisting of deep drilling to delineate any down dip resources below the saprolite and a step-out drilling program in the two directions that remain open to mineralization at Tassawini. Additionally, there are another seven drill-ready gold-in soil anomalies with supporting structure and geophysics that are located within 5 kilometres of Tassawini that have never been drilled."

Integral to the PA is a National Instrument (NI) 43-101 compliant Mineral Resource Estimation for Tassawini by SRK, which was recently readdressed to Takara (see Takara news release dated March 18, 2010, and the report filed on SEDAR under Takara's profile at www.sedar.com). The Tassawini Gold Project has a 43-101 compliant mineral resource at the Tassawini and Sonne deposits containing an Indicated Resource of 10,766,000 tonnes @ 1.3 grams per tonne (g/t) Au for 437,000 ounces gold and an Inferred Resource of 1,926,999 tonnes @ 1.0 g/t Au for 62,000 ounces gold (using a 0.5 g/t Au cut-off). Interested persons should refer to the March 18 news release for the relevant description of parameters used in the estimation and important cautions applying to the results.

The following is a list of technical data expected to be reviewed or developed for the PA Report to a standard confidence level of +/-35%.

  • Mine and Processing Plan including description of mining methods, mine design and optimization, open-pit cut-off grades, power and access infrastructure, metallurgy and process flowsheet description including plant capacity and design capability, manpower, mine development/production schedules and productivities, and Life of Mine based on current estimated resource figures.
  • Project Economics and Financial Analysis including estimation of capital costs, operating costs, cash flow scenarios, and a variety of financial performance indicators.
  • Environmental Requirements and Socio-economic Factors
  • Project Opportunities including assessment of local exploration projects to delineate potential for additional exploitable mineral resources. 
  • Project Execution Plan
  • Geology and Mineral Resources: geological deposit model description, basic statistics of the assays and the composites, interpolation of grades or estimates by other methods, and description of other exploration properties, targets, prospects, deposits that are part of the ownership.

About the Tassawini Property

The property is situated in the Barima-Waini District of Northwestern Guyana, approximately 170 km northwest of the capital, Georgetown. The Tassawini Prospecting Licence (PL) includes the Tassawini and Sonne deposits.

Tassawini is regionally situated within the northern part of the Guyana Shield, an Archean-Proterozoic granite-greenstone terrain. Structurally-controlled epigenetic gold mineralization occurs as mesothermal and hypothermal lode gold deposits in bedrock and saprolite, characterized by silica-graphite-carbonate-pyrite-arsenopyrite-pyrrhotite mineral assemblages. Intense tropical weathering has formed a deep saprolite profile within the mineralized area up to 75 m vertical depth.

Since 2004, approximately $26.3 million in exploration expenditures have been incurred on the Tassawini Gold Project, an advanced stage gold exploration project that produced over 11,000 ounces between 1907 and 1914. Tassawini has a 120-person modern camp and is accessible by air and commercial barge throughout the year.

Brent C. Jellicoe, P.Geo., a Geological Consultant for Takara, is a Professional Geoscientist in the Province of Saskatchewan. He is Takara's Qualified Person for the Guyana gold projects and is responsible for the verification and quality assurance of analytical results, and technical content of Company disclosures.

About Takara

Takara Resources Inc. Is a Canadian based (TSX VENTURE:TKK) is a gold company focused on the systematic exploration and development of their Guyana gold assets held within a wholly-owned subsidiary, StrataGold Guyana Inc., including two advanced-stage gold projects within the Guyana Shield, namely: (i) the 100% owned Tassawini Gold Project; and (ii) a 31% interest in the BRL Venture operated by Newmont Overseas Exploration Limited, a subsidiary of Newmont Mining Corporation (NYSE:NEM) and holding a 69% interest in the project.

Statement Regarding Forward Looking Statements

This news release of Takara contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward looking statements, as such information constitutes a prediction of what might be found to be present when and if a project is actually developed. Forward-looking statements in this document include statements regarding: Takara's expectations regarding drilling and exploration activities on properties in which Takara has an interest; and Takara's statements regarding estimates of resources on properties in which Takara has an interest. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of their respective dates. Important factors that could cause actual results to differ materially from Takara's expectations include among others, risks related to fluctuations in mineral prices; uncertainties related to raising sufficient financing to fund planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of Takara's properties; uncertainties involved in the estimation of resources; the possibility that required permits may not be obtained on a timely manner or at all; the possibility that capital and operating costs may be higher than currently estimated and may preclude commercial development or render operations uneconomic; the possibility that the estimated recovery rates may not be achieved; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from Takara's operations; risks associated with title to mineral properties; and other risks discussed in Takara's MD&A. Except as expressly required by applicable securities laws, Takara undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. 

This news release uses the terms "Inferred Resource", "Indicated Resource" and "Mineral Resource". Takara advises readers that although these terms are recognized and required by Canadian securities regulations (under National Instrument 43-101 "Standards of Disclosure for Mineral Projects"), the US Securities and Exchange Commission does not recognize these terms. Readers are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In addition, "Inferred Resources" have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that any part of an Indicated or Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for a Preliminary Assessment as defined under National Instrument 43-101. Readers are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable. The Mineral Resources stated in this news release are not mineral reserves and, in the absence of a current feasibility study, do not demonstrate economic viability. The determination of mineral reserves can be affected by various factors including environmental, permitting, legal, title, taxation, socio-political, and marketing issues on the estimate. 

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 news release.

Contact Information

  • Takara Resources Inc.
    Jennifer L. Boyle, B.A., LL.B.
    President & CEO
    (647) 430-0966 (work) or (416) 904-2714 (cell)
    (647) 430-5676 (FAX)
    or
    Takara Resources Inc.
    Pamela Strand, P. Geol.
    Executive Vice President
    (780) 435-0045 (work) or (780) 903-0820 (cell)
    info@takararesources.com
    www.takararesources.com