Canamex Resources Corp .: Pillar Leaching Final Results Show Gold Recovery Rate for Historic Resources at Bruner Gold Project in Nye County, Nevada Exceeds 85%
(September 10, 2012) Canamex Resources Corp. (TSX-V: CSQ) (OTCQX: CNMXF) (FSE: CX6) is pleased to announce the final results of the column leach tests. The sample material tested consisted of -3 "and -3/4" fragments extracted underground from the historic resource area of the Bruner Gold Project in Nye County, Nevada. After 83 days of leaching, the gold recovery of the sample material was over 85%. “With these positive results from the metallurgical survey, we are able to develop the historic resource zone to the point where a resource estimate and final NI 43-101 standard profitability analysis is possible,” said Chairman & CEO Greg Hahn. According to a press release from Miramar Mining Corp., the historical resources contain from 1992 a total of 383.000 ounces of gold (15.000.000 tonnes grading 0,025 ounces / tonne). No qualified person has performed sufficient work to warrant mapping the historical estimate to current mineral resources or mineral reserves. Canamex Resources does not equate the historical estimate with an estimate of the current mineral resource or mineral reserve.
The historical resource area is located about one mile west of the redevelopment at Penelas East (see also 18 July 2012 press release). Drilling was carried out here in the late 1970 years and even into the early 1990 years by the former explorers (eg Kennecott, Newmont, Viceroy and Miramar). There are very few holes between the historic resource zone and the redevelopment at Penelas East. The aim of the metallurgical tests was to determine whether the gold recovery rate and the consumption of reagents would be sufficient to carry out further drilling and to extend the historical resources and their open spurs.
According to the final calculation, the head grade of the samples was 0,0311 ounces gold / ton (1,067 g / t), the gold content of the processing residues was 0,0034 ounces / ton (0,1166 g / t). The identified head grade is approximately equal to the targeted grade and the estimated average grade of historical resources; for this reason, the sample is also considered representative of the deposit. The total cyanide consumption was 1,24 pounds / ton, the addition of lime amounted to 3 pounds / ton. Both values are low and it is therefore to be expected from a low consumption of reagents and low costs for their use in heap leaching.
The company has conducted an in-house review to see how these outcomes affect the ability to expand the historic resource area towards development. Comparing the present gold yield with that given in a 2012 feasibility study for a nearby gold project of similar size and grade where similar physical properties and reagent consumption are similar, it follows that an extension of the historical resource area with the A valuation according to the NI43-101 standard makes sense and will lead to a huge increase in shareholder value.
"The leaching process of the material contained in the columns has not been completed after 83 days, and we believe that by increasing the leaching time of the material in the leach, we can achieve a higher yield. The most important aspect that emerges from the results of the column leach tests is that the recovery rate for both 3 Inches and 3 / 4 Inches is greater than 40% for 80 days, "Hahn added. A sieve analysis of the processing residues has shown that most of the small amount of gold remaining in the residue is attributable to the coarse fraction. This suggests that either a longer residence time or an additional stage of comminution could release the remainder of the contained gold.
All metallurgical testing and analysis was performed by Kappes, Cassidy & Associates of Sparks, Nevada, under the direction and supervision of Eugenio Iasillo, PE, a metallurgical advisor to the company.
Greg Hahn is a Certified Professional Geologist (# 7122) and, as a Qualified Person, has prepared and reviewed this news release in accordance with the NI 43 101 Reporting Guidelines.
FOR THE BOARD
SIGNATURE: Gregory A. Hahn
Contact:
Gregory A. Hahn, Chairman & CEO
Contact: Robert Kramer (604) 336-8621
Renmark Financial Communications Inc.
Erica Lomonaco: [email protected]
Barbara Komorowski: [email protected]
Phone: (514) 939-3989 or (416) 644-2020 www.renmarkfinancial.com
Forward-looking statements:
This release contains forward-looking statements about future events and the future business of Canamex. These statements are based on current expectations, estimates, projections and forecasts relating to the business in which Canamex operates and the assumptions and assumptions of Canamex's management. Terms such as "expected", "goals", "intended", "plans", "believes", "endeavors", "estimates", "continues", "may", modifications of such terms and similar expressions are intended to indicate forward-looking statements , In addition, any statements that relate to forecasts of Canamex future financial results, Canamex's anticipated growth and business potential, and descriptions of future events or circumstances are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions, involve risks and uncertainties, and are based on assumptions that are difficult to predict. This includes statements that are mentioned elsewhere in this release or included in the documents that Canamex publishes on www.sedar.com. For this reason, actual results may differ materially and in a negative way from those expressed in the forward-looking statements. Canamex is under no circumstances obligated to correct or update any forward-looking statements.
The TSX Venture Exchange and its regulators (referred to in the Articles of Association of the TSX Venture Exchange as Regulation Services Providers) accept no responsibility for the adequacy or accuracy of this announcement.
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