July 12, 2007 13:15 ET

Tyler Resources Announces Receipt of Key Development Permit and Filing of New Independent Resource Estimate Report

CALGARY, ALBERTA--(Marketwire - July 12, 2007) - Tyler Resources Inc. (TSX VENTURE:TYS) is very pleased to announce receipt of an initial CUS (Cambio de Uso De Suelo) permit from the Mexican Mining Authorities, in response to an application filed by the Company earlier this year. The CUS is a key permit required to carry out mining activities at any project in Mexico.

As the Company has begun development studies for the Main Zone Deposit, Tyler opted to apply for a CUS permit covering the impact of its current infrastructure development and exploration activities in order to establish a mining permitting framework for its Bahuerachi project. This framework creates a permitting precedent for Bahuerachi that can then be expanded in the event of a production decision for the project. The receipt of this key development level permit outlines both Tyler's stringent respect of Mexican exploration and mining laws, as well as the Mexican Mining Authorities' support for projects approaching development decisions, such as the Bahuerachi project. The current CUS permit covers 46.5 hectares of land affected by activities to date, and includes provision for reclamation of 122 hectares of land.

Independent Report In Support Of Resource Estimate Increase Filed On Sedar

The Company has now received and filed its second independent resource estimate report on Sedar, which has prepared by Associated Geosciences Ltd. (AGL), under the supervision of Keith McCandlish, P.Geol.

As noted in its initial disclosure of this second independent resource estimate calculation for the Bahuerachi Deposit on May 23rd (NR 07-13), the new resource estimate shows significant increases in contained metals in the Measured and Indicated categories at a 0.2% Copper Cutoff grade as follows: Copper more than tripled from the initial resource estimate from 1.44 billion pounds to 4.56 billion pounds (217% increase), molybdenum went from 26.67 million pounds to 96.19 million pounds (261% increase), silver went from 18.39 million ounces to 67.95 million ounces (270% increase), gold from 216,529 ounces to 550,626 (154% increase) and zinc from 248.92 million pounds to 6,308 million pounds (2,434% increase).

Subsequent to the initial release, AGL announced to Tyler that some modification would be made to the formula used for copper equivalent grade calculations, as announced on June 13th 2007 (NR-07-15). In consultation with the Company, AGL also adjusted its copper equivalent metal price assumptions to better reflect the ongoing scoping study work and the metal price assumptions used for the initial scoping work.

The impact of potential zinc recoveries will be addressed in the scoping work and AGL, in consultation with Tyler has also calculated a copper-zinc equivalent grade.

All tables and work leading to and in support of the second resource estimate numbers can be found on SEDAR. Of particular note is the update resource tonnage and grade table for the Bahuerachi Main Zone Deposit at a 0.2% copper grade cutoff which reports as follows:

CuEq CuZnEq
Resource Category Tonnes Cu Mo Au Ag Zn Grade Grade
Classification (%) (%) (g/t) (g/t) (%) (%)(1) (%)(1)
Measured 92,398,260 0.47 0.008 0.05 3.86 0.44 0.61 0.84
Indicated 432,111,525 0.38 0.008 0.03 4.07 0.57 0.52 0.82
Measured+Indicated 524,509,785 0.40 0.008 0.03 4.03 0.55 0.54 0.83
Inferred 80,174,744 0.38 0.007 0.02 3.11 0.45 0.49 0.74
(1) For the purpose of the final report as delivered by AGL, CuEq and CuZnEq
grades based on revised metal price assumptions as follow: Copper
US$1.50/lb, Molybdenum US$15.00/lb, Gold US$ 550/Oz, Silver US$ 10.00/Oz
and Zinc US$0.80/lb. Copper equivalents, metallurgical recoveries and
net smelter returns are assumed to be 100%.

About Tyler

Tyler Resources is a well-funded junior exploration company focused on base and precious metals exploration in Mexico. Tyler's primary project is the Bahuerachi property, which hosts a large mineralized porphyry-skarn copper (Au, Ag, Mo, Zn) complex. The Company is now in the advanced stage of an expanded 35,000 meter combined diamond and reverse circulation drilling program making it one of the most active Canadian junior exploration companies operating in Mexico.

The Qualified Person responsible for the design and implementation of the Field Program as well as the preparation of this news release was J. P. Jutras, P.Geol., and President of the Company. The portion of this release which contains data pertaining to the resource estimate was reviewed by Keith McCandlish, P.Geol, on behalf of Associated Geosciences Ltd. who is acting as the Independent Qualified Person and has prepared the Resource Estimate. The ongoing field exploration program is being carried out with the participation of Dr. Shane William Ebert, Ph.D, P.Geo, Vice President and Director, Grant Couture, M.Sc Geology, Paul Turnbull, B.Sc, P.Geol, Cornell McDowell, B.Sc Geology and Charla Boyer, B.Sc Geology, Consultants to the Company.

Jean Pierre Jutras, President/CEO/Director

Cautionary language: This news release uses the terms "inferred resources" and "indicated resources". The Company advises investors 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. Investors are cautioned not to assume that any part or all of the mineral resources 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 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. Under US rules, Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.

Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of Tyler's internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of Tyler. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Tyler's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Tyler's filings with the Canadian securities authorities. Accordingly, holders of Tyler shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Tyler disclaims any responsibility to update these forward-looking statements.

The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.

Contact Information

  • Tyler Resources Inc.
    Jean Pierre Jutras
    (403) 269-6753
    (403) 266-2606 (FAX)
    Website: www.tylerresources.com