Westcore Energy Ltd.

Westcore Energy Ltd.

October 29, 2012 19:01 ET

Westcore Announces Initial Resource Evaluation At Panther Coal Property

SASKATOON, SASKATCHEWAN--(Marketwire - Oct. 29, 2012) - WESTCORE ENERGY LTD. - (TSX VENTURE:WTR) ("Westcore" or the "Company") is pleased to announce an initial coal resource evaluation from the first two drill programs at the Panther Coal Property ("Panther") located near The Pas, Manitoba. Panther is jointly held by Westcore and 49 North Resources Inc. (TSX VENTURE:FNR), 60:40 respectively.

The Panther Coal Property resource evaluation (or the "Evaluation") was completed by Heartstone Consulting Ltd. and was prepared in accordance with Canadian Securities Administrators (CSA) National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The lead author of the Evaluation is Peter Graham, P.Geo., who is a "qualified person" within the meaning of NI 43-101 and is independent of the Company. Mrs. Ellen MacNeill, P. Geo., is a co-author of the Evaluation. The Evaluation has been filed on SEDAR and is also available for download on the Company's website.

The Evaluation contemplates coal resources at the Quasar deposit which has been the focus of exploration to date on the Panther property. The resources have been classified according to the "CIM Standards on Mineral Resources and Reserves: Definitions and Guidelines" (November 2010). Accordingly, the resources have been classified as "Measured", "Indicated" and "Inferred".

Highlights: Quasar Deposit

  • Measured Tonnes: 14,239,000

  • Indicated Tonnes: 4,255,000

  • Total Waste Quantities vs. Measured and Indicated Tonnes of Coal Strip Ratio of 1.5:1

  • Inferred Tonnes: 9,130,000

  • Total Waste Quantities vs. Inferred Strip Ratio of 1.6:1

  • Coal is ranked as subbituminous C

Paul Conroy, President and CEO of Westcore states "We are very pleased with the initial evaluation of coal resources from the Quasar deposit at Panther. Estimates of approximately half of the overall tonnage in the measured category and strip ratios of these proportions could bode very well for mining the Quasar deposit. Additionally, we are encouraged at the prospect of adding to the coal resources at Panther from the Quasar Satellite and Vesta targets in future drilling programs, as well as confirming resource categorizations on our other properties and deposits."

Peter Graham, Professional Geologist, is the independent Qualified Person pursuant to NI 43-101 who was responsible for the Evaluation and review of the technical contents of this news release.

Reader Advisory

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Contact Information

  • Westcore Energy Ltd.
    Paul Conroy
    President and Chief Executive Officer
    (306) 649-0600