VANCOUVER, BRITISH COLUMBIA is pleased to announce that it has
signed an agreement (the "Agreement") to acquire a 100% interest in
the Saint Hyppolyte Iron & Titanium Project (the "Property"),
consisting of 27 contiguous lots and 3 mineral claims (polygons)
covering approximately 900 hectares in Wexford Township, Quebec.
The mineral claims were staked on May 08, 2008 and are pending for
issuing certificate of registration.
The Property has historical estimated resource of 34.8 million
short tons based on 89 drill holes grading 17% TiO2 and 20% Fe in
the Northern Hemo-Ilmenite Zone and the potential to host over 500
Million tons Grading 6-8% TiO2 and 20-22% Fe in 5 Southern
Titaniferous-Magnetite Occurrences located over an eight kilometre
strike length within the Property limits. The titanium
mineralization is hosted by a gabbroic phase of the Morin
anorthosite complex which covers a roughly circular area of 50
kilometres in diameter and is intruded into Granville series
gneiss, schist, marble, quartzite, metamorphic pyroxenite and
amphibole.
The Property is located in the Laurentian Mountains
approximately 45 miles (72 km) northwest of Montreal and only four
miles (6 km) east of the Laurentian Autoroute (Route 15) from which
a paved road crosses the south end of the mineralized zone on the
Property. The CPR line from Montreal to Ste-Agathe passes within 3
miles (5 km) of the Property. Electricity and water is also
available locally. Rio Tinto's ilmenite smelter in Sorel with a
reported capacity of 1,100,000 tonnes per year titanium dioxide
slag, 900,000 tonnes per year iron is located approximately 50
miles (80 km) to the east of the Property.
For the period from 1953 to 1981, various operators had carried
out exploration work including drilling, sampling, dip needle
surveys and metallurgical testing on the Property. These operators
included Laurentian Titanium Mines (1953-55), Ethyl Corp. (1969),
International Titanium Ltd. (1974) and Canico, a subsidiary of Inco
Ltd (1976-80). The most recent report available on the Property was
a study carried out by C. Salamis and Associates in September 1981
which summarized the historical work, and metallurgical testing,
mining and milling estimates.
Northern Hemo-Ilmenite Zone
The Northern Hemo-Ilmenite Zone is well defined through 89 drill
holes on 60 m (200-foot) section with estimated resources of 34.8
million tons grading 17% TiO2 and 27.6% Fe (hematite) over a strike
length of about 1,700 metres and varying in width from 50 m to 150
m. This tonnage was calculated to a depth of 91 m and the deposit
is reportedly open to depth and further to the north. A
beneficiation test on bulk samples from three Canico drill holes
carried out by Lakefield Research in august 1981 returned 36.1%
TiO2, 43.15% Fe, 1.59% SiO2, 0.68% Al2O3, 0.135 CaO, and 1.435 MgO
with a recovery of 77.88% TiO2 and 73.85% Fe. The zone is open pit
minable with an ore to waste ratio of 1:1 to a pit floor depth of
91 metres. Based on these results, a one million ton per year mill
feed was estimated to produce 444,800 metric tons of concentrate
per year.
Southern Titaniferous- Magnetite Occurrences
South of the above zone are five Titaniferous- Magnetite
occurrences where much of the historical work was confined to dip
needle surveys and surface sampling with only limited drilling. A
tonnage in excess of 500 million tons was estimated from five
different zones. Many beneficiation tests on bulk samples were
carried out in these areas. A test carried out on October 16, 1981
indicated that a head sample assaying 19.9% Fe and 8.35% TiO2
produced a final ilmenite concentrate grading 42.04% TiO2 and 35.2%
Fe. Based on the testing results, a one million ton per year mill
feed was estimated to produce 137,389 tons magnetite concentrate
assaying 67.3% Fe and 1.56% TiO2, and 55,226 tons ilmenite
concentrate assaying 35.2% Fe and 42.04% TiO2. A historical
estimated tonnage potential for each zone is provided in the
following table.
--------------------------------------------------------------------------
Tonnage potential Grade % Average
per vertical ---------- Thickness
Deposit foot (0.3m) Fe TiO2 m Estimate basis
--------------------------------------------------------------------------
Lac Adair 216,000 23.2 7.8 31 6 out crops,
2 drill holes
--------------------------------------------------------------------------
Lac Pin Rouge 54,000 19.6 7.1 40.9 1 drill hole,
(South) trench
--------------------------------------------------------------------------
Lac pin Rouge 180,000 21.9 7.7 49 4 drill holes,
(North) 6 outcrops
--------------------------------------------------------------------------
Tamara 177,000 Not 5 drill holes,
(1,220 m x 121 m) 20.7 7.8 Available 3 pits
--------------------------------------------------------------------------
Not 7 drill holes,
Drummond 500,000 19.4 6.8 Available 3 chip samples
--------------------------------------------------------------------------
Total 1,127,000
--------------------------------------------------------------------------
Qualifying statement on historical resource estimate
The historical resource estimate cited in this press release was
prepared by Laurentian Titanium Mines in 1981, and is found in a
report submitted for statutory work requirements with the Quebec
Ministry of Natural Resources in 1982. The resource estimate was
stated to be a "drill-proven tonnage". Details of the calculations
are not included in the report; therefore it is not possible to
compare the categories of resource with those required by NI
43-101. The company believes that the estimate is relevant to an
appraisal of the merits of the property because the estimate was
based on all drill data available at the time, and because there is
no evidence of any subsequent work on the property. No more recent
data or resource estimates are available in the public domain. No
work has been done by a qualified person to classify the historical
resource estimate as a current resource or reserve. The company is
not treating the historical resource as a current mineral resource
or reserve. The historical resource estimate should not be relied
on.
Qualifying statement on historical potential mineral deposit
The historical potential mineral deposit estimate cited in this
press release was prepared by Laurentian Titanium Mines in 1981,
and is found in a report submitted for statutory work requirements
with the Quebec Ministry of Natural Resources in 1982. The
potential quantity and grade is conceptual in nature. There has
been insufficient exploration to define a mineral resource and it
is uncertain if further exploration will result in the targets
being delineated as a mineral resource.
Livio Susin, President of Gravity West, says: "We, as a team,
are proud to acquire such an advance project close to Montreal and
all necessary infrastructures. The project will provide our company
a stable platform for further growth with a significant asset."
Under the terms of the Agreement, Gravity West will acquire 100%
interest on the Saint Hyppolyte Iron and Titanium Deposits Claims
from Felex Reyes by paying $525,000 cash and issuing 5,000,000
common shares as per the following schedule:
- $50,000 cash within 7 days and 500,000 shares within 60 days
of the Effective Date;
- $75,000 cash and 1,000,000 shares on or before the first
anniversary;
- $150,000 cash and 1,000,000 shares on or before the second
anniversary; and
- $250,000 cash and 2,500,000 shares on completion of drill
proven reserve estimates.
The Agreement is subject to 1.5% NSR payable to the owner at the
time of production and can be purchased for $10,000,000.
Technical information in this news release has been reviewed by
Afzaal Pirzada, P.Geo., VP Exploration of the company and a
Qualified Person as defined in NI 43-101.
About Gravity West Mining Corp.
Gravity West Mining Corp. is a publicly traded Canadian company
focused on creating shareholder value through taking early stage
positions, primarily in uranium properties, but also in selected
other high value minerals such as nickel, copper, PGE, titanium and
gold.
Currently, Gravity West holds key land positions in Canada's
Ontario Sibley Basin (uranium, copper, nickel, and PGE prospect),
Great Bear Magmatic Zone and Hornby Bay Basin in the Northwest
Territories (IOCG and uranium prospect), Northern British
Columbia's Red Chris Mine area (copper/gold porphyry prospect),
South Maverick Property in Athabasca Basin (unconformity type
uranium prospect), and Saint Hyppolyte Iron and Titanium Deposits
in Quebec.
ON BEHALF OF THE BOARD OF DIRECTORS
Livio Susin, President and Director
Contacts: Gravity West Mining Corp. Livio Susin President &
Director (604) 687-6875 Email: info@gravitywestmining.com Website:
www.gravitywestmining.com
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