Tiberon Minerals expands Nui Phao study

Vancouver — Tiberon Minerals (TBR-V) has expanded the scope of its pre-feasibility study on the Nui Phao tungsten-polymetallic deposit in northern Vietnam.

The company has requested that AMEC E&C Services update the resource estimate for the deposit based on a lower operating cost structure and additional drill results. Tiberon states that work conducted to date suggests operating costs may be lower than expected. As a result this makes it possible to mine lower grade ore than the original cut-off grade suggested and expands the resource size and scope of future mine development.

AMEC will perform the study in conjunction with Knight Piesold Consulting and Laurion Consulting. To date, AMEC has completed two resource estimates that conform to CIM definitions and National Instrument 43-101. It is anticipated that the updated estimate will be released in December and the results of the pre-feasibility study will be available in January.

The measured resource at Nui Phao stands at 5.73 million tonnes averaging 0.42% tungsten trioxide, 0.34 gram gold per tonne, 0.27% copper, 0.13% bismuth and 11.0% fluorite. The indicated resource was pegged at 11.47 million tonnes grading 0.36% tungsten trioxide, 0.33 gram gold, 0.28% copper, 0.14% bismuth and 10.0 % fluorite.

In addition, 7.23 million tonnes grading 0.42% tungsten trioxide, 0.34 gram gold, 0.30% copper, 0.15% bismuth and 11.4% fluorite were placed in the inferred resource category. The estimate was based on 103 drill holes and on a cutoff grade equivalent to 0.50% tungsten trioxide.

The resource outlined in the measured and indicated category forms a tabular body measuring 250 metres in an east-west direction and 150 metres in a north-south direction. Mineralization occurs near surface to a maximum depth of 200 metres. The resource is potentially amenable to open pit mining methods, with a very low strip ratio.

At Nui Phao, Tiberon currently has five drill rigs conducting both geotechnical and step-out drilling. The step-out drilling is designed to define the open pit limits on the west end of the deposit. The geotechnical component of the drill program will define pit wall design for the anticipated bankable feasibility study.

Tiberon holds a 70% interest in the Nui Phao project, with the remainder held by Vietnamese parties.