VANCOUVER, July 10, 2015 /CNW/ - Tasman Metals Ltd.
("Tasman" or the "Company") (TSXV:TSM) (Frankfurt:T61) NYSE-MKT:
TAS). Mr. Mark Saxon,
President & CEO, announces that the Company has filed on SEDAR
an Amended and Restated NI 43–101 Pre-Feasibility Study for the
Norra Karr Rare Earth Element Deposit dated July 10, 2015 (the "Amended PFS") which
replaces and supercedes the Pre-Feasibility Study announced by the
Company on January 21, 2015 (the
"PFS"). As a result of a review by the British Columbia
Securities Commission, we are issuing this news release to clarify
our disclosure.
The Amended PFS removes all references made in the PFS to the
Norra Karr project having a unconstrained mine life in excess of 60
years and corresponding production of tonnage that exceeds the
resources contained in the PFS. We also hereby retract disclosure
of an "unconstrained mine life in excess of 60 years" reported as a
PFS highlight in our January 21, 2015
news release regarding the PFS.
We clarify that the only current mineral resource estimate
for the Norra Karr project is the indicated mineral resource
disclosed in the Amended PFS and summarized below. No other current
mineral resoures are estimated or are implied for the Norra Karr
project.
Indicated Mineral
Resource for Norra Karr Project
|
TREO % Cut-Off
Grade
|
Tonnes
(M)
|
TREO
(%)
|
% HREO in
TREO
|
Dy2O3
(%)
|
Y2O3
(%)
|
Eu2O3
(%)
|
La2O3
(%)
|
Nd2O3
(%)
|
Ce2O3
(%)
|
Gd2O3
(%)
|
Tb2O3
(%)
|
Pr2O3
(%)
|
Sm2O3
(%)
|
Lu2O3
(%)
|
0.2
|
36.82
|
0.55
|
53.2
|
0.0253
|
0.2005
|
0.0020
|
0.0519
|
0.0603
|
0.1156
|
0.0183
|
0.00371
|
0.01504
|
0.01647
|
0.00227
|
0.4
|
31.11
|
0.61
|
52.6
|
0.0273
|
0.2178
|
0.0022
|
0.0573
|
0.0668
|
0.1282
|
0.0200
|
0.00403
|
0.01668
|
0.01815
|
0.00238
|
0.6
|
17.12
|
0.68
|
52.2
|
0.0299
|
0.2429
|
0.0025
|
0.0621
|
0.0769
|
0.1441
|
0.0226
|
0.00447
|
0.01896
|
0.02083
|
0.00251
|
Notes:
- Mineral resources are not mineral reserves and do not have
demonstrated economic viability.
- Mineral resources are reported inclusive of any mineral
reserves.
- The mineral resources reported have based on a 20yr pit.
- Mineral resources are reported for combined migmatitic
grennaite, pegmatitic grennaite, grennaite with catapleiite and
eudialyte lakarpite mineralization only
- The mineral resources reported represent estimated contained
metal in the ground and has not been adjusted for metallurgical
recovery.
- Total Rare Earth Oxides (TREO) includes: La2O3, Ce2O3, Pr2O3,
Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3,
Yb2O3, Lu2O3, Y2O3.
- Heavy Rare Earth Oxides (HREO) includes: Eu2O3, Gd2O3, Tb2O3,
Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3.
- Preferred base case mineral resources are reported at a TREO %
cut-off grade of 0.4% TREO.
- Metal prices used for 20yr pit comprise:
Cerium
Oxide
|
US$/g
|
0.005
|
Neodymium
Oxide
|
US$/g
|
0.105
|
Dysprosium
Oxide
|
US$/g
|
0.470
|
Praseodymium
Oxide
|
US$/g
|
0.075
|
Erbium
Oxide
|
US$/g
|
0.000
|
Samarium
Oxide
|
US$/g
|
0.007
|
Europium
Oxide
|
US$/g
|
0.700
|
Terbium
Oxide
|
US$/g
|
0.725
|
Gadolinium
Oxide
|
US$/g
|
0.020
|
Thulium
Oxide
|
US$/g
|
0.000
|
Holmium
Oxide
|
US$/g
|
0.000
|
Yttrium
Oxide
|
US$/g
|
0.015
|
Lanthanum
Oxide
|
US$/g
|
0.007
|
Ytterbium
Oxide
|
US$/g
|
0.000
|
- The potential development of mineral resources may be
materially affected by legal, political, environmental or other
risks.
We clarify that the only current mineral reserve estimate
for the Norra Karr project is the probable mineral
reserve estimate disclosed in the Amended PFS. In particular,
probable mineral reserves on the Norra Karr project total over 23.5
Mt of ore material at 0.59 % TREO. Mined waste totals 17.3 Mt for
total rock movement of 40.8 Mt and life of mine stripping ratio
(total waste:total ore) of 0.73. Mineral Reserve estimates have
been based on a targeted 20 year mine life. Mineral reserve
estimates have been based on migmatitic grennaite and pegmatitic
grennaite ore types only. No other current mineral reserves are
estimated or implied for the Norra Karr project.
The Amended PFS is available for review under the Company's
profile on SEDAR at www.sedar.com and on the Company's website at
www.tasmanmetals.com. The Amended PFS will also be available
on EDGAR at www.sec.gov shortly.
The qualified person for the Company's exploration projects,
Mark Saxon, President & CEO of
Tasman and a Fellow of the Australasian Institute of Mining and
Metallurgy and Member of the Australian Institute of Geoscientists,
has reviewed and verified the contents of this news release.
About Tasman Metals Ltd.
Tasman is a Canadian mineral exploration and development company
focused on critical metals including REE's and tungsten in
Scandinavia. Tasman is listed on the TSX Venture Exchange under the
symbol "TSM" and the NYSE-MKT under the symbol
"TAS". REE and tungsten demand is increasing, due to
the metals' unique properties that make them essential for high
technology and industry. Since over 80% of REE and tungsten
supply is sourced from China, the
European Commission (EC) promotes policy to develop domestic supply
of critical metals to ensure the security of industry. Tasman
receives research funding from the EC.
Tasman's exploration portfolio is uniquely placed, with the
capacity to deliver strategic metals from politically stable,
mining friendly jurisdictions with developed infrastructure and
skills. The Company's Norra Karr and Olserum projects in
Sweden are two of the most
significant known heavy REE resources in the world, enriched in
dysprosium, yttrium, terbium and neodymium. The Company is now
focused on the safe, sustainable and responsible development of its
Scandinavian mineral portfolio.
On behalf of the Board,
"Mark
Saxon"
Mark Saxon, President &
CEO
The TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture
Exchange), the NYSE - MKT nor the Frankfurt Stock Exchange accepts
responsibility for the adequacy or accuracy of this news
release.
Cautionary Note to U.S. Investors Concerning Mineral
Resources and Reserves. In this news release, the definition of
"mineral resources" is that used by the Canadian securities
administrators and conforms to the definition utilized by CIM in
the "CIM Standards on Mineral Resources and Reserves – Definitions
and Guidelines" adopted on August 20, 2000 and amended
December 11, 2005.
The standards employed in estimating the mineral resources
referenced in this news release differ significantly from the
requirements of the United States Securities and Exchange
Commission (the "SEC") and the resource information reported
may not be comparable to similar information reported by
United States companies. The
term "resources" does not equate to "reserves" and
normally may not be included in documents filed with the SEC.
"Resources" are sometimes referred to as
"mineralization" or "mineral deposits." While
the terms "mineral resource", "measured mineral
resource", "indicated mineral resource" and "inferred
mineral resource" are recognized and required by Canadian
regulations, they are not defined terms under standards in
the United States and normally are
not permitted to be used in reports and registration statements
filed with the SEC. The terms "mineral reserve," "proven
mineral reserve" and "probable mineral reserve" are
Canadian mining terms as defined in accordance with National
Instrument 43-101 – Standards of Disclosure for Mineral
Projects ("NI 43-101") and the CIM - CIM Definition
Standards on Mineral Resources and Mineral Reserves, adopted by the
CIM Council, as may be amended from time to time by the CIM. These
definitions differ from the definitions in the United States Securities and Exchange
Commission Industry Guide 7 ("SEC Industry Guide 7") under
the Securities Act of 1933. Under Canadian rules, estimates of
inferred mineral resources may not form the basis of feasibility or
prefeasibility studies, except in rare cases. Disclosure of
"contained ounces" in a resource is permitted disclosure under
Canadian regulations; however, the SEC normally only permits
issuers to report mineralization that does not constitute
"reserves" by SEC standards as in place tonnage and grade without
reference to unit measures.
The estimation of measured, indicated and inferred mineral
resources involves greater uncertainty as to their existence and
economic feasibility than the estimation of proven and probable
reserves. U.S. investors are cautioned (i) not to assume that
measured or indicated resources will be converted into reserves and
(ii) not to assume that estimates of inferred mineral resources
exist, are economically or legally minable, or will be upgraded
into measured or indicated mineral resources. It cannot be
assumed that the Company will identify any viable mineral resources
on its properties or that any mineral reserves, if any, can be
recovered profitably, if at all. As such, information contained in
this news release and the documents incorporated by reference
herein concerning descriptions of mineralization and resources
under Canadian standards may not be comparable to similar
information made public by United
States companies in SEC filings.
Cautionary Statements. Certain statements found in this
release may constitute forward-looking statements as defined in the
U.S. Private Securities Litigation Reform Act of 1995 or
forward-looking information within the meaning of applicable
Canadian securities laws (collectively, "forward-looking
statements"). Forward-looking statements reflect the speaker's
current views with respect to future events and financial
performance and include any statement that does not directly relate
to a current or historical fact. Such statements reflect the
current risks, uncertainties and assumptions related to certain
factors including, without limitations, competitive factors,
general economic conditions, customer relations, uncertainties
related to the availability and costs of financing, the
implementation of the Amended PFS, changes in corporate goals,
unexpected expenditures, unexpected geological conditions, success
of future development initiatives, imprecision in resource
estimates, ability to obtain necessary permits and approvals,
relationships with vendors and strategic partners, the interest
rate environment, governmental regulation and supervision,
seasonality, technological change, changes in industry practices,
changes in world metal markets, changes in equity markets,
environmental and safety risks, and one-time events. Should
any one or more of these risks or uncertainties materialize, or
should any underlying assumptions prove incorrect, actual results
may vary materially from those described herein. Forward-looking
statements cannot be guaranteed and actual results may vary
materially due to the uncertainties and risks, known and unknown,
associated with such statements. Shareholders and other readers
should not place undue reliance on forward-looking statements, as
such statements speak only as of the date of this release. Except
as may be required by applicable securities laws, Tasman disclaims
any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or
otherwise.
SOURCE Tasman Metals Ltd.