WCB Resources Ltd.

WCB Resources Ltd.

May 08, 2014 11:39 ET

WCB Resources Ltd. Provides Operational Update

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 8, 2014) - WCB Resources Ltd ("WCB" or the "Company") (TSX VENTURE:WCB) is pleased to provide investors with an update following the closing of its private placement last month.

On April 4, 2014, the Company closed a non-brokered private placement of $6 million. All units were purchased by Sandfire Resources NL ("Sandfire"). Sandfire is a public mining company listed on the Australia Stock Exchange (ASX:SFR) with a market capitalization of approximately AUD900 million. Sandfire is currently in production at its DeGrussa copper gold project located in Western Australia and is exploring several copper-gold properties in Australia. WCB is excited to move its Misima Island Project further with Sandfire as a major and strategic investor.

WCB is capitalized and can now rapidly move forward with our drill program on the Misima Porphyry Prospect, Misima Island PNG. The company current has a 30% equity interest in the project with an option to acquire up to a 70% equity interest.

The Misima Porphyry Prospect has been defined by systematic exploration techniques which commenced in early 2012. Soil sampling defined a large 1100 meter by 800 meter high order soil Cu Au anomaly that is supported by highly significant channel sample results. Geological mapping defined a zone of upper level porphyry style alteration, multiphase veining and intense fracturing associated with this anomalism. An aeromagnetic survey outlined a large buried magnetic high interpreted as magnetite alteration which has previously not been drill tested to depths that modern successful explorationists target. Halo drill holes with broad Cu Au intersections over a 1,500 meter by 1,000 meter area further support and validate the prospectivity.

The Misima Island Project (EL1747) is located in the same terrain and geological region that includes the giant deposits of Grasberg, Ok Tedi, Wafi-Golpu, Lihir, Porgera and Panguna. Past production on Misima Island totals 4.0M ounces of gold and 20M ounces of silver. An inferred mineral resource of 1.57M ounces of gold and 8.5M ounces of silver was recently defined. The NI 43-101 Technical Report detailing the resource is available on SEDAR and the Company's website.

Planned drill testing by WCB will be targeted at the central interpreted higher grade components of this classic porphyry Cu Au Ag system with planned drill hole depths of over 1000 meters. The Company has distributed drill tenders to a number of prospective drilling companies and will provide updates as they become available.

The expenditures incurred during the upcoming drill program will contribute towards the ownership of the project.

Qualified Persons

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.

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 focussed on the exploration and development of the Tier 1 Misima Island Project in Papua New Guinea.

On behalf of the Board of Directors

Cameron Switzer, President and Chief Executive Officer

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.

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 a 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 company 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.

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