Tiberon moves forward at Nui Phao (August 15, 2001)

Vancouver — With drill results from an ongoing program pouring in, Calgary-based junior Tiberon Minerals (TBR-V) is moving ahead with metallurgical test work on the Nui Phao tungsten-bismuth-copper-gold property in Vietnam.

The latest results include an 85.2-metre section in hole NP-46 that runs 0.34% tungsten trioxide, 0.12% bismuth, 0.23% copper and 0.34 gram gold per tonne. Lower down in the hole, a 4-metre portion averaged 1.21% tungsten trioxide, 0.04% bismuth, 0.1% copper and 0.16 gram gold.

NP-42 was collared in the central gossan area. It cut six zones of mineralization, including a 34-metre interval grading 0.46% tungsten trioxide, 0.17% bismuth, 0.32% copper and 0.62 gram gold from 102 metres down-hole.

Moving 120 metres to the south, hole NP-44 cut three zones, including 16 metres averaging 0.36% tungsten trioxide, 0.15% bismuth, 0.36% copper and 0.39 gram gold from 26.1 metres down-hole.

Hole NP-45 was drilled 20 metres west of NP-40 (no significant mineralization) and cut three zones grading up to 1.54% tungsten trioxide, 0.14% bismuth, 0.38% copper and 0.38 gram gold from 60.9 metres down-hole.

Collared 32 metres west of NP-46, hole NP-48 hit four zones, including a 30-metre section running 0.4% tungsten trioxide, 0.04% bismuth, 0.16% copper and 0.16 gram gold from 73 metres down-hole.

The drill program is designed to test the grade, width and continuity of a zone previously identified by the Geological Survey of Vietnam. It 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. It is aimed at evaluating the mineral-processing options for the tungsten-bearing rocks.

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

In March 1999, the junior settled all outstanding litigation with Vietnam Resources Corporation with regard 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. The other 30% is 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.