Majestic Gold Greatly Increases Resources at Its Songjiagou Project
Vancouver, British Columbia, April 23, 2010 -- Majestic Gold Corp. (TSX.V: MJS) ("Majestic") is pleased to announce the results of an updated resource estimate on its Song Jiagou Project.
The revised resource is:
*Calculations conducted using 0.4g/t cut-off
**Gold grades were capped at 40 g/t
Gold resources were estimated using Gemcom 6.2 software and gold grades were interpolated into the block model by three methods: ordinary kriging, inverse distance squared (ID2) and nearest neighbour (NN). In all three methods, percent models (percent of a block within the geological solid) were used. ID2 and NN were used as checks on the credibility of ordinary kriging.
In 2006, Wardrop Engineering Inc. (Wardrop) prepared a National Instrument 43-101 (NI 43- 101) compliant, resource estimate of the Song Jiagou deposit. On the basis of additional data collected during 2006, Wardrop prepared an updated estimate in late 2007. The current report updates the 2007 Song Jiagou estimate and takes into account assay results from surface core drilling and trenching that were carried out since 2007, as well as depletion from surface mining since the time of the last estimate. Depletion attributable to underground mining during the same interval has been negligible.
Mr. Greg Mosher has made an inspection of the cores at site as part of the due diligence for the updated resource calculation and NI 43- 101 report.
The revised estimate represents in excess of 138% increase in the tonnage and a 112% increase in contained gold in the Indicated category and a 15% increase in tonnage in the Inferred category but a 228% increase in Contained ounces.
"We are extremely encouraged by the results of the revised estimate as it further supports the theories of our exploration teams over the past years. We have been extremely fortunate to have had a terrific team of geologists contribute their knowledge and expertise to this project. They have been responsible for advancing the project from an exploration project to its current status." stated Rod Husband, president of Majestic. "We look forward to complete the acquisition of the remaining interest in the project and execute our plans to expand on the current mining operations and confirm the economics of this project."
Majestic is aggressively pursuing a pre-feasibility study with Wardrop Engineering with the goal to expand the operation from the current 1,400 tonnes per day open pit and underground operation to at least a 5,000 tonnes per day open pit operation.
More detailed information concerning the revised resource can be found in the 2010 Technical Report on the Song Jiagou Property to be posted at www.sedar.com. A summary of significant information added to the database since the 2007 estimate can be found on the Company's website at www.majesticgold.net.
The geological and technical information contained in this news release has been reviewed and approved by Greg Mosher, P. Eng, of Wrdrop Engineering, and Mike Hibbitts, P.Geo., who are qualified persons under the definitions established by National Instrument 43-101.
On Behalf of the Board of Directors
MAJESTIC GOLD CORP.
Signed "Rod Husband"
Rod Husband, P.Geo
President
Sind das nicht die ewarteten News, welche zur Neubewertung führen sollten?
