Tiberon moves forward at Nui Phao (October 22, 2001)

Vancouver – With five rigs turning on the Nui Phao tungsten-bismuth-copper-gold property in Vietnam., Calgary-based junior Tiberon Minerals (TBR-V) is aiming to have a preliminary resource estimate in place by November.

So far, 94 exploration and 8 metallurgical drill holes have been completed on the promising project.

The latest results include an 21.6 metre section running 0.43% tungsten trioxide, 0.14% bismuth, 0.3% copper and 0.39 gram gold per tonne from 33.4 metres in hole NP-62.

NP-59 was collared 50 metres to the east and cut three zones of mineralization including a 6.8 metre interval grading 0.36% tungsten trioxide, 0.04% bismuth, 0.0.0632% copper, and 0.1 gram gold from 115.2 metres down-hole.

Moving some 185 metres to the west, hole NP-63 cut tow narrow zones ranging up to 2 metres averaging 0.41% tungsten trioxide, 0.25% bismuth, 0.71% copper and 0.21 gram gold from 117 metre down-hole.

Continuing to move west by about 275 metres, hole NP-64 cut two zones grading up to 0.5% tungsten trioxide, 0.13% bismuth, 0.24% copper and 0.29 gram gold over 6 metres from 72 metres down-hole.

Collared 135 metres south of NP-44, hole NP-66 hit two zones including a 4 metre section running 2.06% tungsten trioxide, 0.08% bismuth, 0.23% copper and 0.12 gram gold from 61 metres down-hole.

Holes 67, 69 and 72 were collared between holes NP-62 and NP-66 and all three cut multiple zones of mineralization. The highest grade hole, #69 returned 18 metres grading 0.72% tungsten trioxide, 0.04% bismuth, 0.15% copper and 0.16 gram gold from 14 metres down-hole.

Designed to test the grade, width and continuity of a zone previously identified of the Geological Survey of Vietnam, the drill program is continuing over the 2-km long geophysical anomaly.

In addition to the drilling, Tiberon is moving ahead with a metallurgical bench scale test. Vancouver-based Process Research Associates has been awarded the contract aimed at evaluating the mineral processing options for the tungsten-bearing rocks. Results are expected early next year.

Mineralization on the property is hosted in skarns and pyrrhotite-rich retrograde equivalents.

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.