Tiberon tallies more tungsten (February 20, 2002)

Vancouver – The latest drill results tabled by Calgary-based junior Tiberon Minerals (TBR-V) continue to yield favourable grades from its Nui Phao tungsten property in Vietnam.

The best results from the newest holes came in hole 101, which cut 50 metres grading 0.58% tungsten trioxide and 11.9% fluorite. Moving about 100 metres south, hole 99 cut 22.3 metres grading 0.48% tungsten trioxide. In between these two holes, hole 102 returned 9 metres grading 0.5% tungsten trioxide. Hole 103 was collared about 100 metres south of hole 99 and failed to cut any significant mineralization.

To date, Tiberon has outlined an indicated resource of 12.3 million tonnes grading 0.43% tungsten trioxide, 0.31 gram gold, 0.26% copper and 0.12% bismuth. In addition, 10.2 million tonnes grading 0.47% tungsten trioxide, 0.26 gram gold, 0.27% copper and 0.13% bismuth were placed in the inferred resource category. The resource was based on tungsten trioxide only, using a cutoff grade of 0.25% tungsten trioxide on the first 70 holes. Data from an additional 33 holes and the secondary credit resources will be included in an updated resource

Initial metallurgical test indicates recovery of 80% of the contained tungsten, and 75% of the copper, which contains significant gold credits. The fluorite is recoverable by flotation, and testing is underway to confirm grade and recovery rates. Bismuth metallurgical testing will also be undertaken shortly.

The tungsten skarn deposit covers a 250-by-150-metre area, down to a depth of 200 metres and remains open to the west and south.

In March of 1999, the junior settled all outstanding litigation with Vietnam Resources Corporation in regards to the Nui Phao project. Under the terms of the settlement, Vietnam Resources relinquished all rights to the property in return for 1 million shares of Tiberon. Tiberon and Vietnam Resources have released each other from all claims or actions. Tiberon now has a 70% interest in the Nui Phao project with the other 30% being held by Vietnamese parties.

The 32.1 sq. km Nui Phao Exploration License is located in Thai Nguyen Province of northern Vietnam and is 90 km north of Hanoi.