Thundermin Resources Inc.

Thundermin Resources Inc.

August 09, 2011 12:00 ET

Thundermin and Cornerstone File NI 43-101 Technical Report on Sedar in Support of an Updated Little Deer Mineral Resource Estimate

TORONTO, ONTARIO--(Marketwire - Aug. 9, 2011) - Thundermin Resources Inc. ("Thundermin") (TSX:THR) and 50% joint venture partner Cornerstone Resources Inc. ("Cornerstone") (TSX VENTURE:CGP) announce that a National Instrument 43-101 ("NI 43-101") Technical Report, to support the updated mineral resource estimate for the Little Deer Copper Deposit ("Deposit") that was announced on June 22, 2011, has been filed on SEDAR and posted on each company's respective website.

The Technical Report and Mineral Resource Estimate entitled "Technical Report and Resource Estimate Update on the Little Deer Copper Deposit, Newfoundland, Canada, August 5, 2011" was prepared by Mr. Eugene Puritch, P. Eng., President, P&E Mining Consultants Inc. ("P&E") and Dr. Wayne Ewert, P. Geo., Vice President, P&E, independent Qualified Persons ("QP's") in accordance with NI 43-101.

As reported on June 22, 2011, P&E estimates that the Deposit contains a 66% increase in Indicated Resources of 1,911,000 tonnes at an average grade of 2.37% Cu (99.8 million lbs of copper) and a 61% increase in Inferred Resources of 3,748,000 tonnes at an average grade of 2.13% Cu (175.9 million lbs of copper) (see Table 1).

John B. Heslop, President and CEO of Thundermin said "We are extremely pleased that we were able to surpass our goal of outlining five million tonnes of potentially economic grade copper mineralization on the Little Deer property. We now await the completion of an internal scoping review for the project which P&E expects to have completed mid-August, 2011. This study will provide management with information on the economic viability of developing a new copper mine at Little Deer".

Table 1: Summary of Little Deer Mineral Resources (P&E, June 20, 2011)
Resource Classification/Zone Tonnes Cu% Cu lbs (M)
Indicated Mineral Resources
Little Deer Zone 1,911,000 2.37 99.8
Inferred Mineral Resources
Little Deer Zone 1,240,000 1.93 52.8
Footwall Zone 1,711,000 2.04 77.0
Footwall Zone Splay 797,000 2.64 46.2
Total Inferred Resources 3,748,000 2.13 175.9
  1. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio -political, marketing, or other relevant issues.
  2. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.
  3. The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
  4. Ordinary Kriging was used for Cu grade interpolation.
  5. Grade capping of 15% Cu utilized on composites.
  6. A variable bulk density based on numerous field measurements was used for tonnage calculations.
  7. A copper price of US$3.42/lb (May 31 2011 24 month trailing average) and an exchange rate of US$0.95=C$1.00 was utilized to derive the 1% Cu cut-off grade. Mining costs were C$40/t, process costs were C$15/t and G&A was C$5/t. Concentrate freight and smelter treatment charges were C$10/t mined. Concentrate mass pull was 7%, process recovery was 97%, smelter payable was 96% and Cu refining was US$0.07/lb.

The Little Deer Copper Deposit is located approximately 10 km north of Springdale in north-central Newfoundland. To date, the Deposit has been outlined to varying degrees of detail over a strike length of approximately 1,050 m and to a vertical depth of approximately 1,000 m. The Deposit remains open to the west and at depth and the potential for discovery of additional mineral resources is believed to be high.

About Thundermin

Thundermin is a Canadian-based mineral exploration company focused on the exploration for and the discovery of economically viable base metal and gold deposits in Canada. Thundermin has an interest in, or the right to earn an interest in 12 base metal and gold properties in Canada. Thundermin owns a 100% interest in the Lebel Township gold property, which is located on the Kirkland Lake Main Break in the prolific Kirkland Lake gold camp. Thundermin recently acquired the right to earn a 100% interest in eight exploration licenses covering a large portion of the Stirling volcanogenic massive zinc-lead- copper-silver-gold sulphide belt located on Cape Breton Island, Nova Scotia. Thundermin has royalty interests in 28 base metal and gold properties located in Manitoba, Saskatchewan, British Columbia and Quebec, the most significant being a 2.5% net smelter return royalty in the Pelletier Lake gold deposit which is under option to Alexis Minerals Corporation. Thundermin also has various shareholdings in thirteen other junior resource companies that are actively exploring for base metal, gold, chrome, vanadium-titanium and diamond deposits in Canada.

Forward-Looking Statements

This news release may contain "Forward-Looking Statements" that involve risks and uncertainties, such as statements of Thundermin's plans, objectives, strategies, intentions and expectations. The words "potential," "anticipate," "forecast," "believe," "estimate," "expect ," "may," "project," "plan," and similar expressions are intended to be among the statements that identify "Forward -Looking Statements". Although Thundermin believes that its expectations reflected in these "Forward-Looking Statements" are reasonable, such statements may involve unknown risks, uncertainties and other factors disclosed in our regulatory filings that can be viewed on the SEDAR website at For us, uncertainties arise from the behaviour of financial and metals markets and from numerous other matters of national, regional, and global scale, including those of an environmental, climatic, natural, political, economic, business, competitive, or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our "Forward- Looking Statements". Although Thundermin believes the facts and information contained in this news release to be as correct and current as possible, Thundermin does not warrant or make any representation as to the accuracy, validity or completeness of any facts or information contained herein and these statements should not be relied upon as representing its views subsequent to the date of this news release.

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