Far West Mining Ltd. Provides Update on the Santo Domingo Project in Chile and Announces Planned Drill Program
VANCOUVER, BRITISH COLUMBIA–(EMWNews – Aug. 7, 2008) – Far West Mining Ltd. (“the Company”) (TSX:FWM) is pleased to provide an update on its Santo Domingo project, Region lll, Chile. The Company is planning to conduct an aggressive drill program to commence in early September with the aim to increase the resource with drilling to be carried out near planned pit outlines. Drilling will also be carried out in an attempt to expand the Iris Norte and Estrellita deposits. In addition to the drill program, the Company has selected and assembled a representative bulk sample for detailed metallurgical testing for iron recovery.
The Company plans to conduct a drilling program beginning in September to increase the resource base on the property. Drill programs to date have concentrated on copper and gold. However, it is evident that iron mineralization that is close to surface and/or in close proximity to planned pit outlines, may prove to be economically viable in conjunction with low grade, or even without associated copper-gold mineralization. The tonnage of viable iron mineralization could be significantly greater than that which was reported with the copper-gold mineralization in the recent Preliminary Economic Assessment (PEA).
The planned drill program is to include the following components:
1) Exploration of areas with iron mineralization in close proximity to the current pit outlines of the Santo Domingo and Iris deposits.
2) Continuation of drilling at the recently discovered Iris Norte zone where copper-gold-iron mineralization has been intersected in several widely spaced drill holes (see news release of April 28, 2008). The geometry and extent of the mineralized zone has not been sufficiently defined by the widely spaced drill holes and requires further investigation. Mineralization remains open towards the north. Iris Norte has the potential to add significant tonnage to the copper and iron resource.
3) Exploration of the eastern and western extensions of the Estrellita deposit where mineralization remains open. Estrellita has not been included in the recently published PEA because of a slightly different character of the mineralization (oxide and mixed oxide-sulphide zone). However, Estrellita contains a significant copper resource and provides potential upside for the Santo Domingo Project on its eventual inclusion into the development plans.
The PEA for the Santo Domingo Sur and Iris deposits (April 08) highlighted the economic importance of the iron component for the project, in particular the recovery of iron from hematite. The Company has assembled a representative bulk sample to conduct detailed metallurgical testing that will solidify the validity of the assumptions contained in the PEA. Met-Chem (Montreal, Quebec), a noted metallurgical firm specializing in iron recovery, has been contracted to design and supervise the metallurgical program that will investigate the optimal recovery process of iron in both magnetite and hematite form at Santo Domingo. Results of this study are expected in the fourth quarter.
Optimization studies on the impact of copper and iron prices on pit design are being conducted. The designs used in the PEA were based on very conservative price assumptions of $1.40/lb Cu and $26/tonne Fe concentrate. The Company believes that the use of higher prices is justified by the three year averages of both metals that are significantly higher than the assumptions used in the PEA.
The in-house qualified person responsible for the Project is Robert E. Hindson, P. Eng., Chief Executive Officer, President and a director of the Company who has reviewed and approved the contents of this news release.
Far West Mining Ltd. is an international mineral exploration company engaged in the evaluation, acquisition, exploration and development of mining properties. The Company has current operations in Chile, Argentina and Australia.
FAR WEST MINING LTD.
Robert E. Hindson, P.Eng., President and C.E.O.
For further information investors should review the Company’s filings that are available at www.sedar.com.
This news release contains certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical fact, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. 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 may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
The news release uses the term “indicated resource”. The Company advises investors that although this term is 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 this term. Investors are cautioned not to assume that any part of or all of the mineral deposits in these categories will ever be converted into reserves.
The TSX does not accept responsibility for the adequacy or accuracy of this news release.
Major Newsire & Press Release Distribution with Basic Starting at only $19 and Complete OTCBB / Financial Distribution only $89