Tiberon tallies more tungsten (March 04, 2002)

Vancouver — The latest drill results from the Nui Phao tungsten property in Vietnam continue to show favourable grades.

Tiberon Minerals (TBR-V) reports that the best results include the following:

– hole 101, which cut 50 metres grading 0.58% tungsten trioxide, 0.28 grams gold per tonne, 0.15% copper, 0.1% bismuth and 11.9% fluorite;

– hole 99, which intersected 22.3 metres grading 0.48% tungsten trioxide, 0.19 gram gold, 0.15% copper, 0.06% bismuth and 10.3% fluorite; and

– hole 102, which returned 9 metres grading 0.5% tungsten trioxide, 0.44 gram gold, 0.55% copper, 0.41% bismuth and 5.1% fluorite.

Hole 103, collared 100 metres south of hole 99, failed to cut any significant mineralization.

To date, the Calgary-based junior 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 figures are 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 tests indicate recoveries of 80% for the contained tungsten, and 75% for copper, which contains significant gold credits. The fluorite is recoverable by flotation, and testing is under way to confirm grade and recovery rates. Metallurgical tests for bismuth will also be performed.

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 1999, the junior settled all outstanding litigation with Vietnam Resources regarding 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 property is 90 km north of Hanoi, in northern Vietnam’s Thai Nguyen province.