CALGARY, Alberta, May 2, 2011 /PRNewswire/ -- FEC Resources Inc. (OTCBB: FECOF) ("FEC" or the "Company") reports that it has received and evaluated the Qualified Person's report received on MPSA 148.
Mineral resource estimation was conducted by Independent Resource Estimation (IRES). A report was published in late March 2011 which was prepared in accordance with the guidelines provided in National Instrument 43-101 (NI 43-101). The Qualified Person responsible for this report is Mr. Dexter S. Ferriera, a senior geostatistician and mining engineer at IRES. Inverse distance (squared) was used as the estimation method to interpolate gold (Au) grades into a three-dimensional block model. The resource estimated within the Lascogon project is classified as Indicated and Inferred. Results are presented below at an economic cut-off of 0.10g/t Au:
Table 1. Mineral Resources |
||||
Resource Category |
Tonnes |
Au (g/t) |
Contained Metal |
|
Au (oz) |
||||
Indicated |
759,000 |
1.12 |
27,000 |
|
Inferred |
1,853,000 |
0.68 |
40,629 |
|
Based on a prefeasibility study conducted by Philex Mining Corporation, the above estimated resource will not be sufficient to provide an acceptable return on the required capital investment which will include dedicated mill facilities, mining equipment, and a tailings pond as there are no toll milling facilities in the vicinity of the project. The deferred capital costs of the project in the books of the Company have been written-off.
For and on behalf of the Company:
FEC Resources, Inc.
"J.E. Villaluna"
Jose Ernesto C. Villaluna, Jr.
President & CEO
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any natural resources that may be located, variations in the market price of any natural resource products the Company may produce or plan to produce, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, the Company's inability to produce natural resources from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, and other risks and uncertainties disclosed in the Company's Annual Report on Form 20-F for the year ended December 31, 2009 and its most recent quarterly reports filed with the United States Securities Exchange Commission (the "SEC"), and other information released by the Company and filed with the appropriate regulatory agencies. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and its United States public disclosure filings may be accessed via www.sec.gov, and readers are urged to review these materials.
For more information please contact (403) 290-1676 e-mail [email protected] or visit the FEC Resources website at www.FECResources.com
SOURCE FEC Resources Inc.
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