Tigris to clarify Technical Disclosures related to Crownpoint and Hosta Butte Technical Reports
28 Dezembro 2011 - 12:30PM
PR Newswire (Canada)
As a result of a review by the British Columbia Securities
Commission, we are issuing the following news release to clarify
our disclosure TSX.V:TU VANCOUVER, Dec. 28, 2011 /CNW/ - Tigris
Uranium Corp. ("the Company") announces that, as a result of a
technical disclosure review by the British Columbia Securities
Commission (the "BCSC"), clarifications are required regarding
current uranium resource estimates in the Technical Reports on the
Company's Crownpoint Section 19/29 Property dated June 20, 2011 and
its Crownpoint Section 24 and Hosta Butte Properties dated May 26,
2010 (collectively, the "Reports"). As a result, the Company
provisionally retracts current resource estimates in the Reports
pending the preparation and filing of new, independent technical
reports, and provides information about the comparable historical
reserve estimates in a following Table. The current mineral
resource estimates for the Crownpoint Section 19, 24, and 29 and
Hosta Butte properties are not supported by compliant NI 43-101
technical reports, contrary to NI 43-101, and the current resources
should not be relied on until they have been independently verified
and supported by new or amended technical reports. Because of
limitations in the database available to the report author, the
Reports do not contain sufficient verifiable data and information
to support current resource estimates. The resource estimates
contained in the Reports were based upon data collected by Conoco
during the 1970s and which included in excess of 74,374 ½ ft
original gamma probe readings. This data was included
in a historical pre-feasibility study prepared by Conoco. The
BCSC has advised the Company that reliance on historic data,
information, and reports is contrary to the verification
requirements of NI 43-101, and is not in itself sufficient to
verify prior gamma values, disequilibrium factors, and other
information used by the Reports to estimate current resources. The
BCSC has not questioned the validity of the data collected by
Conoco. The BCSC has however, questioned the steps taken by
the Report's author to verify the above data. The Company is
working closely with the BCSC to correct the identified
deficiencies and to ensure that it becomes fully compliant as soon
as possible. The Company will be retaining a new QP to
prepare the new reports. Notwithstanding the provisional retraction
of the current resource estimates contained in the Reports, pending
the preparation and filing of new, independent technical reports
the Company reiterates the following historical reserve estimates
contained in the Reports, with a comparison to the retracted
current estimates: RetractedCurrent Estimates Conoco 1979 (HB 1980)
- Historical Million Grade ContainedU3O8 Million Grade
ContainedU3O8 Tons eU3O8% (Million Tons eU3O8% (Million Pounds)*
Pounds)* Crownpoint 2.8 0.1006 5.634 1.8 0.15 5.4 Section 19
Crownpoint 4.26 0.0943 8.038 2.87 0.183 10.517 Section 29
Crownpoint 2.85 0.1041 5.98 1.8 0.15 5.4 Section 24 Hosta 6.6
0.1123 14.822 2.816 0.18 10.15 Butte Total 16.51 0.1044 34.474
9.286 0.1677 31.44 Conoco reported the above as "mineral reserves"
which do not meet the Proven or Probable Reserve definition stated
in NI 43-101 but are likely comparable to the inferred or indicated
resource classifications. The historical estimates should not
be relied upon but are considered to be relevant. The "reserves"
were estimated by compiling the grade times thickness values in
drill holes for each mineralized horizon and then contouring the
values on a plan map. The mineralized zones were compiled on plan
maps and the bodies were interpreted to form linear zones
controlled by paleo river channels. The mineralized bodies were
extended between barren drill holes in order to expand the body to
the next mineralized drill hole. The volume of the interpreted body
was multiplied by the grade times thickness product to give the
pounds of contained eU(3)O(8). Mineralization cross-sections are
not included in the data base and detailed documentation of the
Conoco "reserve" is not contained in the database files.
Discussions of "reserve" estimation procedures with the Conoco
project geologist confirm an accepted and reliable estimation
procedure was followed. In order to upgrade the historical
estimates by Conoco as current mineral resources the Company needs
to carry out additional work which may include but not be limited
to verification drilling/logging, chemical assays, historical log
analysis, historical instrumentation information, and analysis and
review of property drill core archived at the USGS. The
Company anticipates completing the additional work and preparing
and filing new reports in the first quarter of next year. Readers
are cautioned that a qualified person has not done sufficient work
to classify the historical estimate as current mineral resources
and that the Company is not treating the historical estimates as
current mineral resources. The technical content of this news
release has been reviewed and approved by the Company's Chief
Geologist, Douglas Underhill, PhD, MSc, MBA , a Qualified Person as
defined by National Instrument 43-101. Appointment of Chief
Financial Officer The Company also announces that Mr. Michael
O'Brien has been appointed as the Company's Chief Financial
Officer. Mr. O'Brien brings more than 25 years of experience
of financial management and regulatory compliance experience to the
Company. Mr. O'Brien is the Chief Financial Officer of the Predator
Group, and in that capacity also serves as the Chief Financial
Officer of Golden Predator Corp., Silver Predator Corp. and Redtail
Metals Corp. Mr. O'Brien's previous experience includes serving as
Chief Financial Officer of Africo Resources Ltd. a TSX-Listed
mineral exploration and development company with operations in the
Democratic Republic of the Congo. Chief Financial Officer of Irvin
& Johnson Ltd., an international fishing and seafood processing
company, and as Manager of Finance of Soekor Exploration and
Production (Pty) Ltd. (now part of PetroSA). Mr. O'Brien
qualified as a Chartered accountant in South Africa in 1986, and
has been a member of the Canadian Institute of Chartered
Accountants since 1991. About Tigris Uranium Corp. Tigris Uranium
Corp. is committed to maximizing shareholder value and is well
positioned with a treasury in excess of $9 million and a low annual
expenditure rate. Tigris owns 115,000+ acres (46,400 ha) of private
mineral rights in New Mexico's Crownpoint Uranium District, a
portion of which is under NRC license, in a new progressive New
Mexico regulatory and political environment. Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. This
press release contains projections and forward-looking information
that involve various risks and uncertainties regarding future
events. Such forward-looking information can include without
limitation statements based on current expectations involving a
number of risks and uncertainties and are not guarantees of future
performance. There are numerous risks and uncertainties that could
cause actual results and Tigris Uranium Corp's plans and objectives
to differ materially from those expressed in the forward-looking
information. Actual results and future events could differ
materially from those anticipated in such information. These and
all subsequent written and oral forward-looking information are
based on estimates and opinions of management on the dates they are
made and are expressly qualified in their entirety by this notice.
Except as required by law, Tigris Uranium Corp. assumes no
obligation to update forward-looking information should
circumstances or management's estimates or opinions change. Tigris
Uranium Corp. CONTACT: Tigris Uranium Corp. William Sheriff,
ChairmanPhone: (604) 648-4653
info@tigrisuranium.comwww.tigrisuranium.com
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