Over 30,000 metres of drilling to target expansion and upgrade of Mineral Resources
VANCOUVER, Jan. 19 /PRNewswire/ - Kimber Resources Inc. (NYSE Amex:KBX, TSX:KBR) is pleased to announce that a 30,000-metre drilling program has commenced at its Monterde project in the prolific Sierra Madre gold-silver belt of northern Mexico. The drill program is designed to expand and upgrade mineral resources at the Carmen and Veta Minitas deposits, as well as to drill test new exploration targets.
"I am very pleased that the first phase of the new drill program at Monterde is underway," said Gordon Cummings, President and CEO of Kimber Resources. "The drilling now in progress at Carmen should improve our confidence in the continuity and lateral extent of mineralization in the upper part of the Carmen deposit. Our objective with this first phase of the drill program is to expand and upgrade mineral resources within the proposed open pit area of the Carmen Deposit in order to increase measured and indicated tonnes prior to the completion of a pre-feasibility study later in 2011."
A second reverse circulation drill rig is expected to arrive within the next few weeks. Drilling over the first half of 2011 is planned to intersect the main Carmen structure at depth and along strike, the Cob structure (which is part of the Carmen deposit), and the Veta Minitas deposit, as well as drill testing three new structures to the north of Carmen and Veta Minitas. These three new targets include La Verde, where surface sampling previously released returned up to 4 metres of 250 g/t silver (See press release dated May 6, 2010). Exploration is ongoing and the drill program and geological model will be evaluated and revised as assay results are received. The 30,000 metre drill program will involve a combination of core and reverse circulation drilling. If exploration drill results are successful the drill program could be expanded.
Kimber owns mineral concessions covering in excess of 39,000 hectares in the prospective Sierra Madre gold-silver belt, including the Monterde property, where three gold-silver mineral resources have already been defined. The most advanced of these, the Carmen deposit, has been extensively drilled and has undergone detailed geologic modeling. The completion of the Preliminary Assessment for Monterde in 2010 represents a significant step forward for Kimber and is expected to lead to further development and more advanced economic studies at the Monterde deposits including the completion of a pre-feasibility study during 2011.
Forward looking statements
Statements in this release may be viewed as forward-looking statements, including statements regarding estimates of mineral resources at Monterde, the preliminary assessment of the Monterde project, the conversion of inferred mineral resources to measured and indicated mineral resources, the conversion of mineral resources to mineral reserves, life of mine estimates, the potential for gold and silver mineral resources in the Carmen deposit and other targets within the Monterde project, the further development, expected results and future economic assessments of the Monterde project. When used in this press release, the words "expect", "intend", "hopes", "should", "believe", "may", "will", "if", "anticipates" and similar expressions are intended to identify forward-looking statements.Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, among others, uncertainty of mineral reserve and resource estimates, risks relating to fluctuations in the price of gold, the inherently hazardous nature of mining-related activities, potential effects on Kimber's operations of environmental regulations in the countries in which it operates, risks due to legal proceedings, risks relating to political and economic instability in certain countries in which it operates, risks related to the use of inferred mineral resources in the PA, and uncertainty of being able to raise capital on favourable terms or at all, as well as those risk factors discussed under the headings "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" in Kimber's latest Annual Report on Form 20-F filed on SEDAR and EDGAR. There are no assurances the Company can fulfil such forward-looking statements and the Company undertakes no obligation to update such statements, except as required by law. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control.
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by Mr. Petrus (Marius) Mare P.Geo., Vice-President Exploration of the Company. The exploration activities at the Monterde project site are carried out under the supervision of Mr. Mare, who is the designated Qualified Person under National Instrument 43-101 for the Monterde project. Mr. Petrus (Marius) Mare, Vice-President Exploration, is the designated Qualified Person (Q.P.) for the Monterde project being responsible for quality control and has verified the data being disclosed. He has determined that the laboratory reports matched the surface and adit sample logs and that the quality control assays fall within reasonable limits. QA/QC procedures incorporate blanks inserted at the core shack (Monterde project) and standards inserted after sample preparation (Monterde Project). Pulps are analyzed by ALS Chemex at its laboratory in North Vancouver, British Columbia, using 50 gram sub-samples, using fire assay with an AA finish for gold and four-acid digestion and ICP finish for silver from a 0.4 gram subsample. High grade gold or silver intervals are re-assayed by fire assay with gravimetric finish.
Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Kimber Resources uses certain terms on its website (and certain press releases), such as "measured," "indicated," and "inferred," "resources," which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure under the heading "Cautionary Note to U.S. Investors Regarding Mineral Reserve and Resource Estimates" in our latest annual report on Form 20-F which may be secured from us, or from the SEC's website at http://www.sec.gov/edgar.shtml.
SOURCE Kimber Resources Inc.