New Oroperu Resources Inc.
TSX VENTURE : ORO

October 16, 2012 08:30 ET

Tres Cruces Mineral Resource Estimate Updated: 2.6 Million Oz. of Gold, Measured and Indicated

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 16, 2012) - New Oroperu Resources Inc. (the "Company" or "Oroperu") (TSX VENTURE:ORO) is pleased to announce the completion of a National Instrument 43-101 ("NI 43-101" or the "Instrument") compliant technical report on its Tres Cruces Project ("Tres Cruces") located in North Central Peru. The report, prepared by Peter A. Lacroix, P.Eng. of Lacroix & Associates ("L&A"), a Qualified Person as defined by the Instrument, updates mineral resource estimates for Tres Cruces based on all available information to date and has been filed for public viewing on SEDAR.com.

The Tres Cruces mineral resource is estimated to contain 2.6 million ounces of gold at a 0.6 g/t Au cut-off in the measured and indicated category.

The Tres Cruces is a 100% Company owned project subject to 1 1/2% NSR royalty and subject to an option agreement with Minera Barrick Misquichilca S.A. ("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 30% interest. The Company's share of production costs are financed by Barrick. Additionally the Company retains a 2% NSR royalty of which US$1,000,000.00 is to be paid in advance at the time of a production decision. To maintain the option Barrick must pay US$250,000.00 to the Company on May 31st each year until a production decision is made.

The estimates for Tres Cruces are based on a three-dimensional (3D) block model with grade interpolation domains created using lithology and alteration models. Grades were estimated using ordinary kriging, with individual zones interpolated separately utilizing unique search orientations for each zone. The search orientations were largely based on the orientation of the lithology. A grade envelope created by indicator kriging at a 0.2 g/t Au cut-off was used to constrain the estimate. Only those estimates above 0.6 g/t Au are reported in Table 1. Note that while tabulations have also been provided at increasing g/t Au cut-offs in Table 2, it is L&A's opinion that a 0.6 g/t Au cut-off would be appropriate for the reporting of the estimates.

For silver (Ag), estimates were not produced although, given current Ag prices, future models should. There is not a very good correlation between Ag and Au but the average ratio of Ag to Au is approximately 3:1 based on over 43,200 intervals assayed for both metals. For Au values above 0.6 g/t Au, the ratio is approximately 2:1.

In order to satisfy the requirements of NI 43-101 that a resource has reasonable prospects of economic extraction, L&A also evaluated the resource using pit optimization software. At the 0.6 g/t Au cut-off grade, the difference between the measured plus indicated mineral resource Au metal content in the optimized pit shell and that contained within the full resource is less than 4%. On the basis of these findings, it is L&A's opinion that there is little merit in restricting the reported mineral resources to those contained only within the pit shell at this time although this issue will have to be revisited once more definitive cost and performance parameters have been developed. Accordingly, the mineral resource inventory has been reported in its entirety.

The estimate is based on the assay results from 359 drill holes, 239 of which pierce the 0.2 g/t Au envelope. For a block classified as "indicated" the average distance to the 4 closest holes is 45m. For "inferred", the average distance to the closest 2 or more holes used to estimate the grades is 69 m. Those mineral resources classified as measured and indicated are located within the core of the drilling, while the inferred mineral resources are located along the periphery and at depth where spacing is insufficient to include in higher-confidence categories. Additional drilling may add to these resources and change categories as mineralization is open for further exploration, particularly at depth.

TABLE 1 MINERAL RESOURCE ESTIMATES, 0.6 G/T AU CUT-OFF
New Oroperu Resources Inc. - Tres Cruces Project
Kt g/t Au Koz Au
Measured 4,961 1.52 242
Indicated 61,068 1.20 2,365
Total Measured + Indicated 66,029 1.23 2,608
Inferred 19,552 0.97 611

Notes:

  1. CIM definitions were followed for Mineral Resources.
  2. Mineral Resources are reported at a cut-off grade of 0.6 g/t Au.
  3. Mineral Resources are estimated using an average gold price of US$1,500 per ounce and metallurgical recovery of 82% of the contained gold.
  4. Excludes Barrick claims.
  5. Totals may not agree due to rounding.
TABLE 2 MINERAL RESOURCE ESTIMATES, AU CUT-OFF TABLE
New Oroperu Resources Inc. - Tres Cruces Project
Measured plus Indicated
Cut-off g/t Au Kt g/t Au Koz Au
0.2 135,131 0.81 3,522
0.3 122,781 0.87 3,422
0.4 103,554 0.96 3,204
0.5 83,347 1.09 2,913
0.6 66,029 1.23 2,608
0.7 53,508 1.36 2,347
0.8 44,502 1.49 2,131
0.9 37,368 1.61 1,936
1.0 31,766 1.73 1,766
Inferred
Cut-off g/t Au Kt g/t Au Koz Au
0.2 60,119 0.57 1,103
0.3 47,644 0.66 1,006
0.4 37,350 0.74 890
0.5 26,989 0.85 741
0.6 19,552 0.97 611
0.7 14,345 1.09 502
0.8 10,529 1.21 411
0.9 8,119 1.32 345
1.0 6,255 1.43 289

Notes:

  1. CIM definitions were followed for Mineral Resources.
  2. Mineral Resources are reported at a cut-off grade of 0.6 g/t Au.
  3. Mineral Resources are estimated using an average gold price of US$1,500 per ounce and metallurgical recovery of 82% of the contained gold.
  4. Excludes Barrick claims.
  5. Totals may not agree due to rounding.

K. Wayne Livingstone, New Oroperu's President, states, "Barrick's drilling has added mineral resources to our prior announced historical estimate. We are pleased to have this updated resource estimate of the Tres Cruces deposit. The Tres Cruces is located about 15 km. south of Barrick's operating Lagunas Norte mine. This close proximity and related nearby infrastructure should enhance the development of the project."

Peter A. Lacroix, P. Eng., author of the NI 43-101 Tres Cruces report, has reviewed this News Release.

ON BEHALF OF THE BOARD OF DIRECTORS

K. Wayne Livingstone, President

Forward-looking statements: This news release includes certain "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively "forward-looking statements")." Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, 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. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Company's expectations include actual exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements.

Note: 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

  • New Oroperu Resources Inc.
    Mr. Wayne Livingstone
    604-638-1408