Intertech Solutions Announces Gold Resource Findings and Recommendations of Engineering Report for its WPE Project in Arizona
SCOTTSDALE, Ariz., July 7, 2014 /PRNewswire/ -- Intertech Solutions Inc. (OTC: ITEC) (OTCPink: ITEC) ("Intertech Solutions Inc.," "ITEC" or the "Company") today is very pleased to report that the Company has received a technical report on the WPE Project, that outlines the gold resource on the claims and makes recommendations as to the immediate actions required to commence gold production prior to the end of 2014.
The first significant finding of the report is that an inferred mineral resource is present on the WPE #1 and #2 claims and was calculated under classification of N.I. 43-101 to be 2,437,500 tons.
The report also, as previously announced, has calculated two grades of the project from over 100 chip and muck samples acquired in the Phase 2 program, one cutting all samples that exceed one ounce per ton, to a value of one ounce, and an uncut grade. These samples are 4.556 grams per ton (0.135 opt) cut to one ounce, and 9.974 grams per ton (0.296 opt) uncut. All assay results can be viewed in the report.
It now may be inferred that there exists the potential for between 330,000 and 720,000 ounces of gold. Supplemental analytical and exploration work is required to further refine the above parameters. This will include defining the actual head grade as well as moving the tonnage categories into a higher classification of indicated and or measured.
The recommendations of the report are to undertake extensive analysis and metallurgy of the gold bearing material to fully understand where the gold exists and how it can be liberated and by what process. The Company has already implemented a metallurgical study on the gold ore and shipped the ore material for analysis with results expected in 3-4 weeks.
Final recommendations are to undertake additional trenching and sampling as well as extract and process a large (10 ton) bulk sample to ultimately define gold grade of the material prior to purchasing mining equipment.
All recommendations of the report are being implemented and are underway, in conjunction with preparing our Plan of Operations submission with the Bureau of Land Management (B.L.M.). When all the final results are received by the end of July, we will be able to finalize the plant design and begin the construction process. A full timeline for production is available for review in the report and can be reviewed by stakeholders of the Company at: www.itecgold.com.
The WPE Claims #1-#4 claims are located in the Middlecamp Mining District in La Paz County, near Quartzite Arizona. The gold claims now cover a total of 80 contiguous acres and have easy access between Phoenix and Palm Springs, California, along Interstate 10. The project is 7 miles south of the Copperstone gold mine when from 1987 to 1993 Cyprus Gold profitably open pit mined over 500,000 ounces of gold. American Bonanza Corporation has just re-opened the Copperstone Mine for its lode gold reserves.
About Intertech Solutions Inc. (OTCPK: ITEC)
Intertech Solutions is a fully integrated, gold project finance, management and services consulting Company that provides development capital, engineering, project supervision and technical management to gold projects. The Company operates from its offices in Scottsdale, Arizona. Visit us at: www.itecgold.com.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, scope and type of consulting services provided by ITEC, use of proceeds, future acquisitions, success of projects, growth and strategic plans. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with petroleum exploration and development stage exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
On Behalf of the Board
Intertech Solutions Inc.
To find out more about Intertech Solutions Inc. (OTCPK: ITEC), visit our website at www.itecgold.com
SOURCE Intertech Solutions Inc.