Typhoon Exploration Inc.
TSX VENTURE : TYP

Typhoon Exploration Inc.

May 02, 2013 10:56 ET

Typhoon Exploration Inc.: Aurizon Continues Its Work on Fayolle

LAVAL, CANADA--(Marketwired - May 2, 2013) - TYPHOON EXPLORATION INC. ("Typhoon") (TSX VENTURE:TYP) is pleased to announce that following the resources estimate and the PEA report, Aurizon Mines Ltd. is currently pursuing basic work on the Fayolle Property, comprised of 39 mining claims which are owned exclusively by Typhoon and cover 1,373 hectares straddling the major Porcupine-Destor Fault, one of the most productive gold structures of the Abitibi belt. It is to be noted that the mineralized zones of the Fayolle Deposit are distributed along a major shear corridor of approximately 2.5 km long by 1 km wide.

Aurizon is currently conducting the revision of drill cores (pre-Typhoon and recent 2010-2012) including lithogeochemical sampling of the main units, alterations and mineralized envelopes; a more detailed description of lithology at the end of drillholes and structures along drillholes as well as economic sampling at the end of drillholes.

UPDATED MINERAL RESOURCE ESTIMATE SUMMARY

The updated mineral resource estimate integrates the results of all the drill programs on the Fayolle Deposit since the mineral resource estimate prepared for Typhoon Exploration Inc. in 2007. (See press release dated January 19, 2007)

The updated mineral resources are estimated at 1,814,800 tonnes at 2.7 grams of gold per tonne, or 156,000 ounces of gold at a minimum cut-off grade of 0.8 grams of gold per tonne. All of the updated mineral resources are in the indicated mineral resource category. (See press release dated September 6, 2012)

Preliminary metallurgical testwork indicates a process recovery between 94% and 97% with straight cyanidation. On the environmental side, testing done on two composites samples suggests that acid generation is highly unlikely to occur from these samples considering the high carbonate/low sulphur content profile of both types of mineralized rocks.

The following table represents results at additional cut-off grades for comparison purposes (cut-off grades are based on the market conditions: gold price, exchange rates and mining costs).

Table 1: Fayolle Deposit 2012 Mineral Resource Estimate


Indicated Mineral Resources- as at September 2012 (1)
Grade Cut-off
(gold grams/tonne)
Tonnes Grade
(grams/tonne)
Gold
(ounces)
0.4 3,573,900 1.6 188,000
0.6 2,423,300 2.2 170,000
0.8 1,814,800 2.7 156,000
1.0 1,451,500 3.1 146,000
2.0 701,000 5.0 112,000
2.5 548,500 5.8 101,000
3.0 438,000 6.5 92,000
4.0 295,500 8.0 76,000
5.0 216,400 9.3 64,000

ABOUT TYPHOON EXPLORATION INC.

  • Typhoon Exploration Inc. has a cash position of $3,079,654, representing $0.13 per share.

  • Typhoon Exploration Inc. holds only 24,101,235 shares outstanding.

  • The Fayolle Property offers the company the potential to host important gold resources.

THE COMPANY OWNS THE FOLLOWING PROJECTS:

  • Fayolle Project, 100%-owned by Typhoon Exploration Inc. / Rouyn-Noranda region
    (See agreement with Aurizon Mines Ltd. in press release dated May 18, 2010)
  • Faille 1 Project, 100%-owned by Typhoon Exploration Inc. / Rouyn-Noranda region

  • Monexco Project, 100%-owned by Typhoon Exploration Inc. / Chibougamau region, in the heart of Plan Nord territory

  • Nordair Project, 100%-owned by Typhoon Exploration Inc. / James Bay region, in the heart of Plan Nord territory

  • Aiguebelle-Goldfields Project, 51%-owned by Typhoon and 49%-owned by Agnico-Eagle Mines Limited / Rouyn-Noranda region

  • Destorbelle Project, 50%-owned by Typhoon and 50%-owned by Diamond Frank Exploration Inc. / Rouyn-Noranda region

QUALIFIED PERSON

Mr. Daniel Gaudreault, ing. (OIQ No. 39834), of Géologica Groupe-Conseil, is the Qualified Person as defined by NI 43-101, to supervise the preparation of this press release.

The common shares of Typhoon Exploration Inc. are listed on the TSX Venture Exchange under the symbol "TYP".

Forward-Looking Statements

This news release contains statements that constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable securities legislation. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of Typhoon. Actual results or achievements may differ materially from those expressed in, or implied by, this forward-looking information. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that Typhoon will derive therefrom. Forward-looking information is based on the estimates and opinions of Typhoon at the time the information is released and Typhoon does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Neither 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 release.

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