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Global Hunter Corp (C-BOB) - News Release
Global Hunter releases Las Posadas copper estimates
2006-06-09 14:30 ET - News Release
Shares issued 41,609,424
BOB Close 2006-06-08 C$ 0.67
Mr. Rod Husband reports
GLOBAL HUNTER CORP.: RESOURCE ESTIMATE ON LAS POSADAS PROSPECT
Global Hunter Corp. has released the results of a recently completed mineral resource estimate on its Las Posadas prospect. The estimate was prepared by Micon International Ltd. using a Whittle optimized pit shell at various copper prices. Results are as follows.
Mineral resources: $1.61 (U.S.) per pound of copper, at a cut-off of 0.16 per cent acid-soluble copper:
indicated 8.49 million tonnes grading 0.614 per cent acid-soluble copper (0.73 per cent total copper) containing 114.9 million pounds of soluble copper; and
inferred 4.6 million tonnes grading 0.489 per cent acid-soluble copper (0.561 per cent total copper) containing 49.4 million pounds of soluble copper.
In addition to the base case mineral resource the company requested Micon conduct further studies to determine sensitivity to $2 (U.S.), $2.50 (U.S.) and $3 (U.S.) copper prices. These results are summarized below.
Sensitivity analysis: $2 (U.S.) per pound copper at a cut-off of 0.13 per cent acid-soluble copper:
indicated 11.98 million tonnes grading 0.512 per cent acid-soluble copper (0.629 per cent total copper) containing 135.2 million pounds of soluble copper; and
inferred 6.85 million tonnes grading 0.417 per cent acid-soluble copper (0.494 per cent total copper) containing 62.8 million pounds of soluble copper.
Sensitivity analysis: $2.50 (U.S.) per pound copper at a cut-off of 0.1 per cent acid-soluble copper:
indicated 14.25 million tonnes grading 0.455 per cent acid-soluble copper (0.576 per cent total copper) containing 143 million pounds of soluble copper; and
inferred 9.29 million tonnes grading 0.366 per cent acid-soluble copper (0.44 per cent total copper) containing 74.2 million pounds of soluble copper.
Sensitivity analysis: $3 (U.S.) per pound copper at a cut-off of 0.085 per cent acid-soluble copper:
indicated 15.49 million tonnes grading 0.429 per cent acid-soluble copper (0.552 per cent total copper) containing 146.5 million pounds of soluble copper; and
inferred 10.47 million tonnes grading 0.342 per cent acid-soluble copper (0.423 per cent total copper) containing 79 million pounds of soluble copper.
Note: Global Hunter and Micon make no predictions as to the future price of copper.
The Whittle optimizing software develops a series of increasing size pit shells over a range of copper prices and determines the maximum net present value using mining, processing, and general and administrative costs. The optimum pit shell is evaluated for the tonnage and grade of material that lies above the cash-cost cut-off grade.
"The Whittle system is an engineering-based system that provides a realistic calculation of the recoverable resource based on economic criteria such as the price of copper, mining, processing and general and administrative costs," said Mickey Fulp, Global Hunter\'s chief geologist.
"Given these parameters we are excited by this resource estimate and the economic viability at Las Posadas. Our 2006 exploration program will provide the information necessary to complete a prefeasibility study. Our mission at La Corona de Cobre is to establish a bulk-minable, heap leach, SX-EW copper oxide mine/mill complex 100 per cent owned by Global Hunter."
The phase II program at Las Posadas will include infill and step-out drilling to upgrade and increase the resource, bulk acid leach metallurgical testing, engineering, environmental baseline, permitting and infrastructure relocation studies.
Las Posadas is one of 15 mineralized shear zones identified on La Corona de Cobre property, 70 kilometres north of La Serena, Chile. Mapping and sampling of additional copper oxide-bearing shear zones continue at the property. Two highly prospective prospects, El Vino Fino and La Copa, will be drill tested in the next phase. In addition, detailed mapping is in progress at El Manto, La Poderosa and La Abesinia. Large-scale iron-oxide-copper-gold alteration targets exist at El Tazon and Cerro Borracho and evaluation will be initiated in phase II.
The exploration model being followed at Las Posadas is that of Phelps Dodge\'s Candelaria (470 million tonnes of 0.95 per cent copper) and Anglo American\'s Manto Verde mine (120 million tonnes at 0.72 per cent copper). These mines, also located within Chile\'s Atacama fault system (300 kilometres and 400 kilometres north of La Corona de Cobre, respectively), have a reported ratio of sulphide to oxide ore of between three and four to one. Previous drilling at Las Posadas has identified sulphide mineralization below the oxide zone and provides a continuing target for future exploration.
The 2006 resource estimate at Los Posadas prospect was based on Global Hunter\'s phase I program of 14 reverse-circulation drill holes totalling 2,838 metres and five diamond-drill holes totalling 1,046 metres and 39 drill holes by previous operators totalling 6,829 metres. The resource was estimated using a two-year trailing average price for copper ($1.61 (U.S.) per pound), recent operating costs and metallurgical performance for an open pit mine with SX-EW copper recovery and a Whittle optimized pit shell.
The company\'s independent consultant, B. Terrence Hennessey, PGeo, vice-president of Micon, is preparing a comprehensive NI 43-101 technical report detailing the mineral resource pursuant to the CIM "standards on mineral resource and reserves" and which will be filed on SEDAR within 45 days.
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