Tiberon updates Nui Phao resource (March 22, 2002)

Compliments of an additional 33 drill holes sunk since its preliminary resource estimate in November, junior Tiberon Minerals (TBR-V) has released an updated resource estimate for its Nui Phao tungsten property in Vietnam.

Including copper and fluorite converted to a tungsten trioxide equivalent, Nui Phao’s measured resource is now pegged at 5.7 million tonnes running 0.42% tungsten trioxide, 0.34 gram gold, 0.27% copper, 0.13% bismuth, and 11% fluorite or 0.71% tungsten trioxide equivalent. In the indicated category are 11.5 million tonnes of 0.36% tungsten trioxide, 0.33 gram gold, 0.28% copper, 0.14% bismuth, and 10% fluorite or 0.63% tungsten trioxide equivalent. Another 7.2 million tonnes running 0.42% tungsten trioxide, 0.34 gram gold, 0.3% copper, 0.15% bismuth, and 11.4% fluorite or 0.63% tungsten trioxide equivalent are classified as inferred.

The resource is based on a 0.50% tungsten trioxide equivalent cutoff grade.

The tungsten trioxide equivalent grade is based on a tungsten price of US$6,000 per tonne, US65 per lb. of copper, and US$120 per tonne of fluorite. Bismuth was not converted, as metallurgical test work has not been confirmed. Gold was also not included in the tungsten trioxide equivalent since it is currently only recovered as a byproduct of the copper concentrate.

The measured and indicated resource is contained in a tabular body stretching about 250 metres east-west, 150 metres north-south, and running from near surface to a maximum depth of 200 metres. The deposit remains open to the west and south.

Tiberon says that it has outlined sufficient resources at Nui Phao for current development plans and plans no further drilling. The resource is potentially amenable to open-pit mining methods, with a very low strip ratio.

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.

Along with ongoing metallurgical testing, Tiberon has contracted AMEC E&C Services to complete a prefeasibility study of the Nui Phao deposit. The study is expected to wrap up by mid-2002.

Tiberon has a 70% interest in the Nui Phao project, with the other 30% being held by Vietnamese parties. The 32.1-sq.-km property is 90 km north of Hanoi, in northern Vietnam’s Thai Nguyen province.