Tintina Mines Limited

November 03, 2005 16:54 ET

Tintina Comments On Historic Estimates And Announces Plan To Upgrade Data To 43-101 Standards

TORONTO, ONTARIO--(CCNMatthews - Nov. 3, 2005) - On October 5, 2005, Tintina (TSX VENTURE:TTS) filed its application with the Yukon government to carry out an underground exploration program at its Red Mountain molybdenum deposit, Yukon. In its filing, Tintina referenced historic resources and its plans to evaluate and restate these resources which were previously disclosed in public filings made by the Company in the 1980's. While these historical results were made public many years ago, given the Company's current development plans, the Company wishes to comment on the history of the project, summarize the historical results referenced in the application, and provide a cautionary statement concerning the reporting of historical resources in accordance with the standards prescribed under National Instrument 43-101.

In 1977, Amoco Canada Petroleum Company Ltd. ("Amoco") optioned the Red Mountain project from Tintina and during the subsequent 7 years completed detailed geological mapping, surface and rock geochemical surveys, geophysical surveys, orthophotography, land surveys, 21,391m (55,705 feet) of NQ & HQ-core diamond drilling in 32 holes, petrographic work and metallurgical studies. Amoco retains no interest in the Red Mountain project.

In November 1981, Tintina retained geological consultants Mr. Herbert H. Cox, P.Eng. and Mr. David W. Asbury, P.Eng to complete a resource estimation based on the results of the Amoco diamond drilling. Messrs. Cox and Asbury reported a drill indicated reserve ("resource") of approximately 187,270,000 tonnes averaging 0.167 MoS2 (0.1% Mo) at a 0.1% MoS2 (0.06% Mo) cut-off grade. Their work also identified a higher-grade core of approximately 46,000,000 tonnes averaging 0.255% MoS2 (0.153% Mo) at a 0.20% MoS2 (0.12% Mo) cut-off grade. This higher grade core is the target of the proposed underground exploration program.

This resource and terminology is not compliant with National Instrument 43-101. However, Tintina believes that this resource is reliable as it was estimated, at that time, by two registered professional engineers specializing in resource estimation. Tintina intends to bring this historical resource up to National Instrument 43-101 standards, and until such work is completed, this resource should not be relied upon.

The Red Mountain property is located approximately 80km northeast of Whitehorse and is wholly-owned by Tintina.

Mr. David G. Wahl, P. Eng., P. Geo, is a Director and qualified person for the project under the requirements of National Instrument 43-101.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Tintina Mines Limited
    Mr. W. Ross Abbott
    (416) 386-0342