WCB Resources Ltd.
TSX VENTURE : WCB

WCB Resources Ltd.

October 16, 2012 09:00 ET

WCB Resources Confirms Porphyry Style Mineralisation With High Order Rock Chip Grab(i) Results at Its Misima Island Project

- stockwork veining and skarn mineralisation have returned high order copper, gold and silver results - elevated results are typically associated with elevated levels of magnetite

- rock chip grab(i) results are coincident with the large aeromagnetic high and strong soil copper and gold anomalism

- aeromagnetic anomaly has previously not been adequately tested

- high order gold silver rock chip grab(i) results associated with pyritic veining

- project upgraded

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 16, 2012) - WCB Resources Ltd. ("WCB" or the "Company") (TSX VENTURE:WCB) announces that rock chip grab(i) sampling covering the Porphyry Target area have returned significant copper, gold and silver results. Porphyry style veining and alteration has been identified and sampled including multi directional stockwork and skarn. Most notably, high order results were returned from samples with associated magnetite alteration. WCB previously reported the delineation of a large magnetic high anomaly coincident with an equally significant copper and gold soil anomaly in the target area where these samples have been collected (see release dated September 23, 2012). In addition to these results associated with magnetite alteration, high grade gold and silver results have been returned from sericite pyrite veining.

Systematic exploration continues to upgrade the Misima Project with the recent delineation of porphyry style stockwork zones and skarn associated with magnetite alteration. These zones are exposed in tracks covering the main Porphyry Target area. Ongoing mapping will continue to delineate the distribution of this mineralisation.

Results from samples containing magnetite include:

  • Copper - values range from 0.16% to 10.05% typically associated with secondary copper oxides
  • Gold - values range from 0.19 g/t to 3.01 g/t
  • Silver - values range from 4.7 g/t to 277 g/t

In addition to the magnetite dominated alteration, grab samples containing well developed sericite pyrite veining has been identified. Results from this style of veining typically have a strong lead and zinc association and have returned:

  • Gold - values range from 1.17 g/t to 86.9 g/t
  • Silver - values range from 0.6 g/t to 131 g/t

Cameron Switzer, President and CEO said, "These are very welcome results. As we advance through each systematic phase of our exploration, the results continue to surpass our expectations. Our team has now identified classic porphyry Cu Au style mineralisation within the interpreted Porphyry Target area that contains the large 1100m by 900m magnetic anomaly. Importantly our results now highlight the strongly elevated precious metal credits associated with this mineralisation style. We will continue with the current work program of mapping and channel sampling to define our drill locations as well as continue to advance the other exciting target areas including Quartz Mountain, Boiou, and the most recently the newly identified Grants prospect areas."

Quality Assurance/Quality Control

Exploration at the Misima Project is supervised by Cameron Switzer, President and CEO, who is the Qualified Person under NI 43-101. All geochemical information for the Company's projects is obtained and reported under a quality assurance and quality control (QA/QC) program which includes the usage of Standard Operating Procedures and the insertion of Certified Geochemical Standards. Rock chip samples are collected under the supervision of company geologists in accordance with standard industry practice. Samples are dispatched via commercial transport to an accredited laboratory in Brisbane, Australia for analysis. Results are routinely examined by a suitably qualified geologist to ensure laboratory performance meets required standards.

Sample locations are recorded by GPS devices in GDA94 Z56.

Rock samples were assayed for 35 elements by ALS Minerals Brisbane using method ME-ICP41 or 33 elements using ME-ICP61, and for gold by method Au-AA25. ME-ICP41 is a partial digestion using aqua regia and ICP-AES and ME-ICP61 a "near total" digestion using 4 acid and ICP-AES. Au-AA25 is used to detect ore grade levels from 0.01 to 100 g/t gold on a nominal 30 gram sample using fire assay with AAS.

(i) Rock chip grab samples by nature are only indications of metal tenor and are unlikely to represent the average grade of a deposit.

Mr. Cameron Switzer, BSc (Hons), MAIG (3384), MAUSIMM (112798), President and Chief Executive Officer of WCB Resources, is a qualified person as defined by National Instrument 43-101. He is responsible for quality control of exploration undertaken by WCB. Mr. Switzer has reviewed and approved the technical information in this release.

Grant of Options

The Company also announces that it has granted 400,000 stock options to certain directors, officers and consultants of the Company. 200,000 of the options havec an exercise price of $0.60 while the remaining 200,000 have an exercise price of $0.45. All options are exercisable up to October 16, 2017.

About EL1747

From a geological and mineral deposits perspective, EL1747 is located in the same terrain and geological region that includes the deposits of Grasberg, Ok Tedi, Hidden Valley, Wafi-Golpu, Lihir, Simberi and Panguna as well as significant projects such as Tolukuma, Kainantu and Woodlark Island. Misima Island has previously demonstrated mineral deposit pedigree through the past production of 4.0M ounces of gold and 20M ounces of silver from various operations but most recently the Misima Mine owned by Placer Dome Asia Pacific. This mine ceased open pit production in 2001 and closed in 2004.

EL1747 Misima consists of 53 sub blocks covering an area of 180km2. The exploration license was targeted due to the presence of a significant high order copper stream sediment anomaly in multiple drainages which has received limited detailed follow up activity. Furthermore, additional high order gold and zinc anomalies have been identified and require follow up detailed work.

WCB is expected to earn up to a 70% interest in EL1747 Misima by spending a total of AUD$9.0M within a 4 year timeframe.

Further details of this announcement and further technical information regarding Misima Island and EL1747, can be located at www.wcbresources.com/news-releases/.

About WCB Resources

WCB is an aggressive minerals exploration and development company that brings together a strong, interdisciplinary, and proven management team with the ability to take a project from discovery right through to operation.

WCB's strategy is to build shareholder value through acquisition, exploration and development of copper gold projects. This strategy is being developed by a synthesis of WCB's core skills in project evaluation, structured acquisition, exploration and project development and operations, areas where WCB directors and executives have significant experience.

We believe that our capabilities and experience, combined with an efficient corporate structure, provide tremendous potential upside for investors. WCB is engaged in an ongoing search and evaluation of additional copper gold projects in the Asia Pacific region.

On behalf of the Board of Directors

Cameron Switzer, President and Chief Executive Officer

Forward Looking Statements: This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, including, without limitation, statements potential mineralization, the estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals in respect of the transaction, unsuccessful 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, risks associated with operating in foreign jurisdictions, 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 companies with securities regulators. Mineral exploration and development of mines is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review their annual filings that are available at www.sedar.com. 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.

The Company relies on litigation protection for "forward looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company.

Table of Results
SAMPLE AMGE94 AMGN94 Au-
AA25
Ag-
ICP41
As-
ICP41
Cu-
ICP41
Mo-
ICP41
Pb-
ICP41
Zn-
ICP41
Cu-
OG46%
Ag-
OG46
779101 476837 8824103 0.01 0.1 4 5 0.5 9 29
779102 476831 8823962 0.02 0.1 1 75 0.5 1 129
779103 476905 8823890 0.005 0.1 1 22 0.5 3 113
779104 477049 8823985 0.005 0.1 1 92 0.5 6 93
779105 477056 8824037 0.01 0.1 7 4 0.5 2 72
779106 476818 8823887 0.01 0.1 1 2 0.5 14 35
779107 477540 8822739 0.005 1.7 45 166 3 60 69
779108 477540 8822739 0.02 5 14 1660 1 18 539
779110 477572 8822915 0.61 9.3 245 124 0.5 245 532
779111 477655 8822898 1.5 100 72 10000 13 45 46 10.05 217
779112 477690 8822880 0.12 2.7 184 1800 18 29 259
779113 479852 8819832 0.005 3 37 244 0.5 3 48
782701 479517 8821041 0.26 0.6 7 112 1 350 187
782702 479843 8821010 0.93 38.2 15 10000 9 21 214 9.07
782704 479542 8821781 86.9 79.6 191 4460 4 3530 1880
782705 479774 8821488 0.91 10.3 63 1600 1 3600 221
782706 478702 8822481 3.1 100 35 10000 0.5 51 275 3.68 160
782707 478441 8822429 0.21 4.7 74 217 2 44 700
782708 478759 8821938 0.39 5.1 30 9700 2 12 2790
782709 476561 8824249 4.22 100 94 2160 12 8300 2000 131
782710 478654 8822033 0.77 18.1 74 10000 0.5 13 165 2.65
779115 479151 8821649 0.02 0.3 26 1825 60 47 103
779116 479856 8821002 3.01 36.6 51 10000 24 6 119 7.75
779117 479829 8821091 0.09 1.3 80 1325 4 4 74
779118 479024 8822600 0.02 9.1 56 1030 26 8 11
779119 479337 8822770 0.005 0.6 2 783 10 1 3
779120 478731 8821961 0.01 2.3 5 3790 12 11 556
779121 478731 8821961 0.005 5.1 1 652 0.5 9 828
779122 478743 8821949 0.25 19.1 8 10000 15 6 487 2.03
779123 478758 8821948 0.01 13.1 2 1180 0.5 21 7050
779124 478765 8821938 0.03 4 46 10000 12 9 4000 1.51
779125 478769 8821932 0.19 70.3 277 7080 10 581 1230
779126 478780 8821924 0.05 7.9 8 1340 0.5 25 1200
779127 478757 8821934 0.05 5.1 10 380 1 326 785
779128 478765 8821929 0.01 2.9 4 205 1 731 689
779129 478802 8821922 0.07 2.8 10 1040 5 149 201
782711 479844 8821002 0.74 4 31 157 1 123 75
782712 480497 8820309 1.17 10.1 17 938 13 10000 432
782713 479950 8822576 0.28 30 494 4780 12 329 2210
782714 479404 8822085 0.005 1.1 2 288 0.5 148 249
782715 479216 8822027 0.04 4.8 33 596 1 119 344
782716 477578 8818938 0.22 8.7 16 148 24 10000 336
782717 477658 8818983 0.15 4.2 8 375 3 2270 3380
782718 477561 8818941 3.91 16.7 56 292 80 2390 1600
782719 477738 8819061 0.11 1.3 19 176 1 41 65
782721 477610 8818964 0.53 4.3 11 142 14 805 2450

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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