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Share Name | Share Symbol | Market | Type |
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Western Prospector Grp. Com Npv | TSXV:WNP | TSX Venture | Common Stock |
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Western Prospector Group Ltd. (TSX VENTURE:WNP) ("Western") today announced high grade sampling assay results from the 200-metre level of the underground workings for its Gurvanbulag project. None of these samples represent the full thickness of the mineralized horizon, as only its basal contact is exposed. "We continue to be very encouraged by the high grade sampling results at our Gurvanbulag project," said Eric Bohren, President and Chief Executive Officer of Western. "Collected channel samples from the 200-metre level included grades as high as 0.66% U3O8 over 2 metres." The sampling was completed after the data set was finalized for the reserves indicated in the Definitive Feasibility Study ("DFS") results that Western reported on January 9, 2009, and will be incorporated into Western's next resource estimate. In September 2008, after completion of the main sampling, bulk sampling, mapping and radiometric drill hole logging program of the 260-metre level at Gurvanbulag, Western directed work at gaining access to the 200-metre level, 60 metres above. The Main Shaft, which had been rehabilitated for the dewatering program, does not include access to the 200-metre level. All the raises in the mineralized rock up to that level were badly collapsed and impossible to rehabilitate with the available equipment. A ladderway was fabricated and installed in the smaller North Shaft, thereby providing limited working capability on the 200-metre level. Western discovered that the 200-metre level footwall drift (main tunnel) had been driven too close to the mineralized horizon right underneath, and collapses had occurred in both directions not far from the shaft access point. The collapse had also occurred a short distance down an inclined raise ascending from the 260-metre level. Vertical channel samples were collected where safe access was possible. At five sample locations, the top samples encountered the bottom of the mineralized horizon and three more samples encountered narrow fracture-filled mineralized root zones extending below the horizon as shown in the table (results above cut-off grade of 0.08% U3O8 reported). A total of 149 samples were taken in 37 vertical channels with most samples 50 cms in length with 3 to 5 samples taken per channel. --------------------------------------------------------------- Sample # Sample Grade Mineralization length %U3O8 (metres) --------------------------------------------------------------- A16588, 2.0 0.66 Bottom of mineralization A16589, A16591, A16592 --------------------------------------------------------------- A16605 0.5 0.19 Bottom of mineralization --------------------------------------------------------------- A16612 0.5 0.13 Bottom of mineralization --------------------------------------------------------------- A16618, 1.0 0.27 Bottom of mineralization A16619 --------------------------------------------------------------- A16725 0.5 0.28 Bottom of mineralization --------------------------------------------------------------- A16674, 1.0 0.66 Fracture zone below bottom A16676 contact of mineralization --------------------------------------------------------------- A16668 0.5 1.08 Fracture zone below bottom contact of mineralization --------------------------------------------------------------- A16656 0.5 0.25 Fracture zone below bottom contact of mineralization --------------------------------------------------------------- "Once we re-open the Gurvanbulag underground workings, we will make further rehabilitation and sampling of the 200-metre level a priority to allow incorporation of more detailed sampling into the next resources estimate," said Gerald Harper, Senior Vice President of Western. Following the completion of the DFS and filing of the Environmental Impact Assessment with the Mongolian Government, further mine development is contingent on additional approvals by the Mongolian Government. Qualified Persons: Gerald Harper, Ph.D, P.Geo., Senior Vice-President of Western, is the qualified person (as defined under NI 43-101) on the project and has reviewed the technical information presented in this release. Note Regarding Forward-Looking Statements This press release and other written or oral communication from the Company may include certain statements that may be considered "forward-looking statements" within the meaning of that phrase under Canadian securities laws. Statements other than historical facts that address possible future events, plans or developments are forward-looking statements. Such statements may be identified by the use of words such as "will", ""may", "expects", "estimate", "intend" or the use of the future or conditional tense. Certain material factors or assumptions were applied in drawing our conclusions and making those forward-looking statements. Forward-looking statements reflect management's current views with respect to possible future events and conditions and, by their nature, are based on management's beliefs and assumptions and subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in our forward-looking statements. Readers are cautioned that risks may change or new risks may emerge. Additional information regarding the material factors and assumptions that were applied in making these forward looking statements as well as the various risks and uncertainties we face are described in greater detail in the "Risk Factors" section of our annual and interim Management's Discussion and Analysis of our financial results and other continuous disclosure documents and financial statements we file with the Canadian securities regulatory authorities which are available at www.sedar.com and available on the Company's website at www.westernprospector.com. The Company undertakes no obligation to update this forward-looking information except as required by applicable law.
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