WCB Resources Ltd. Provides Operational Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 8, 2014) - WCB
Resources Ltd ("WCB" or the "Company") (TSX-VENTURE:WCB) is pleased
to provide investors with an update following the closing of its
private placement last month.
On April 4, 2014, the Company closed a non-brokered private
placement of $6 million. All units were purchased by Sandfire
Resources NL ("Sandfire"). Sandfire is a public mining company
listed on the Australia Stock Exchange (ASX:SFR) with a market
capitalization of approximately AUD900 million. Sandfire is
currently in production at its DeGrussa copper gold project located
in Western Australia and is exploring several copper-gold
properties in Australia. WCB is excited to move its Misima Island
Project further with Sandfire as a major and strategic
investor.
WCB is capitalized and can now rapidly move forward with our
drill program on the Misima Porphyry Prospect, Misima Island PNG.
The company current has a 30% equity interest in the project with
an option to acquire up to a 70% equity interest.
The Misima Porphyry Prospect has been defined by systematic
exploration techniques which commenced in early 2012. Soil sampling
defined a large 1100 meter by 800 meter high order soil Cu Au
anomaly that is supported by highly significant channel sample
results. Geological mapping defined a zone of upper level porphyry
style alteration, multiphase veining and intense fracturing
associated with this anomalism. An aeromagnetic survey outlined a
large buried magnetic high interpreted as magnetite alteration
which has previously not been drill tested to depths that modern
successful explorationists target. Halo drill holes with broad Cu
Au intersections over a 1,500 meter by 1,000 meter area further
support and validate the prospectivity.
The Misima Island Project (EL1747) is located in the same
terrain and geological region that includes the giant deposits of
Grasberg, Ok Tedi, Wafi-Golpu, Lihir, Porgera and Panguna. Past
production on Misima Island totals 4.0M ounces of gold and 20M
ounces of silver. An inferred mineral resource of 1.57M ounces of
gold and 8.5M ounces of silver was recently defined. The NI 43-101
Technical Report detailing the resource is available on SEDAR and
the Company's website.
Planned drill testing by WCB will be targeted at the central
interpreted higher grade components of this classic porphyry Cu Au
Ag system with planned drill hole depths of over 1000 meters. The
Company has distributed drill tenders to a number of prospective
drilling companies and will provide updates as they become
available.
The expenditures incurred during the upcoming drill program will
contribute towards the ownership of the project.
Qualified
Persons
Mr. Cameron Switzer, BSc (Hons), MAIG (3384), MAUSIMM (112798),
President and Chief Executive Officer of WCB Resources, is a
qualified person as defined by National Instrument 43-101. He is
responsible for quality control of exploration undertaken by WCB.
Mr. Switzer has reviewed and approved the technical information in
this release.
About WCB
Resources
WCB is an aggressive minerals exploration and development
company that brings together a strong, interdisciplinary, and
proven management team with the ability to take a project from
discovery right through to operation.
WCB's strategy is to build shareholder value through
acquisition, exploration and development of copper gold projects.
This strategy is being developed by a synthesis of WCB's core
skills in project evaluation, structured acquisition, exploration
and project development and operations, areas where WCB directors
and executives have significant experience.
We believe that our capabilities and experience, combined with
an efficient corporate structure, provide tremendous potential
upside for investors. WCB is focussed on the exploration and
development of the Tier 1 Misima Island Project in Papua New
Guinea.
On behalf of the Board of Directors
Cameron Switzer, President and Chief Executive Officer
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.
Forward Looking Statements: This news release includes
certain statements that may be deemed "forward-looking statements".
All statements in this release, other than statements of historical
facts, including, without limitation, statements potential
mineralization, the estimation of mineral resources, the
realization of mineral resource estimates, interpretation of prior
exploration and potential exploration results, the timing and
success of exploration activities generally, the timing and results
of future resource estimates, permitting time lines, metal prices
and currency exchange rates, availability of capital, government
regulation of exploration operations, environmental risks,
reclamation, title, and future plans and objectives of the company
are forward-looking statements that involve various risks and
uncertainties. Although the Company believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements.
Forward-looking statements are based on a number of material
factors and assumptions. Factors that could cause actual results to
differ materially from those in forward-looking statements include
failure to obtain necessary approvals in respect of a transaction,
unsuccessful exploration results, changes in project parameters as
plans continue to be refined, results of future resource estimates,
future metal prices, availability of capital and financing on
acceptable terms, general economic, market or business conditions,
risks associated with operating in foreign jurisdictions, uninsured
risks, regulatory changes, defects in title, availability of
personnel, materials and equipment on a timely basis, accidents or
equipment breakdowns, delays in receiving government approvals,
unanticipated environmental impacts on operations and costs to
remedy same, and other exploration or other risks detailed herein
and from time to time in the filings made by the company with
securities regulators. Mineral exploration and development of mines
is an inherently risky business. Accordingly the actual events may
differ materially from those projected in the forward-looking
statements. For more information on the Company, investors should
review their annual filings that are available at www.sedar.com.
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.
The Company relies on litigation protection for "forward
looking" statements. Actual results could differ materially from
those described in the news release as a result of numerous
factors, some of which are outside the control of the
Company.
WCB Resources Ltd.Cameron Switzercswitzer@wcbresources.comWCB
Resources Ltd.Shaun Maskerinesmaskerine@wcbresources.comInvestor
Relations:Ironstone Capital Corp.Lee Bowles416 941
1253lbowles@ironstonecapital.ca
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