Owner
Post by Franko10 ™ on Jan 25, 2006 18:00:43 GMT -5
Blue Note Prepares For Canoe Landing Lake Drilling (cnw)
Caribou Financing Proceeding
Shares Outstanding: 13.6 Million
Symbol & Exchange: BNT-V
MONTREAL, Jan. 25 /CNW/ - Blue Note Metals Inc. reports that it is preparing its upcoming exploration program for its Canoe Landing Lake property located near Bathurst, New Brunswick following the completion of the first tranche of its flow-through financing. The company also reports making progress on the senior financing to re-open the Caribou and Restigouche Mines also located near Bathurst, N.B. The Canoe Landing Lake polymetallic deposit is situated approximately 30 kilometres from the Caribou and Restigouche Mines.
"Raising the financing to re-open the Caribou and Restigouche Mines is our central priority and preoccupation," said Blue Note Chairman Michael Judson. "Canoe Landing Lake, if it proves up, provides an obvious potential bolt-on project to Caribou. We are also investigating other mining opportunities in the Bathurst Camp."
"We are currently finalizing arrangements with our investment bankers and an announcement to that effect can be expected shortly," said Judson. "We have already done our own preliminary deal-marketing and have had numerous meetings with institutional investors in Canada and in Europe. There is strong interest in our business plan. An exploding zinc price hasn't hurt either."
"The Bathurst Camp is, and has the potential to continue to be, one of the great base metals mining camps of the world," said Judson. "Caribou is favourably located with respect to the required goods and services, markets, workforce and political environment. This mitigates risk in our projects and adds value."
The Canoe Landing Lake property contains a lens of sulphide rock. The sulphide lens appears to be a breccia, made up of blocks of sulphide of varying metal content. It is inferred that the blocks result from the break-up of a pre-existing bedded primary massive sulphide deposit, and that the blocks were then transported some distance, and redeposited where they are now. Many primary bedded massive sulphide deposits are zoned with respect to metal content, and sometimes one or more zones are big enough and rich enough to be economic. However, when mixed together, as they appear to be at Canoe Landing Lake, the overall grade is too low to be economic. A few thin intersections of bedded sulphides at Canoe Landing Lake indicate that the original deposit had one or more high grade zones.
For example, drill hole CL-94-5 intersected a 0.2 metre section (0.16 metre true thickness) which assayed 24.98% zinc, 9.71% lead and 9.6 oz/ton silver. This intersection may represent a lens of primary sulphides within the breccia zone, and is planned to be the target of the next drilling program. Although the drilling and exploration budget is yet to be finalized, Blue Note plans to drill between six and ten holes into this area of the deposit, which is known as the "A2/Nebex zone".
A further example is hole 212-13, which intersected 0.34 metre (0.28 metre true thickness) grading 13.6% zinc, 3.7% lead and 4.3 oz/ton silver. This intersection is entirely bedded, and may be the edge of the primary deposit from which the sulphide breccia lens was derived. Drilling here is planned for a later stage.
On the Caribou front, "One of the issues making marketing the Caribou Mine deal particularly challenging in Canada has been the project's perceived history," said Judson. "For the most part, the understanding of this project is based on information that is eight years old. There are some critical misconceptions that need to be clarified."
"During the 1997-98 operating period, the actual underground and open pit mining operations performed as expected," explains John Martin, Blue Note's President. "However, failure to achieve satisfactory metallurgical performance in the concentrator led to the suspension of operations to address a number of critical process deficiencies and to re-examine the process flowsheet. With the re-engineering of the concentrator to address the process design issues and to incorporate a revised flowsheet and newly developed grinding technology, Caribou is expected to achieve financially sound performance when operations resume. The new flowsheet is the product of an extensive research project at SGS Lakefield Research. The new grinding technology includes the application of recently developed grinding equipment and practices now being used with huge success on fine grained ores similar to Caribou elsewhere in the world.
Details concerning some of the important developments in milling/mineral processing technology being used elsewhere can be viewed at the company's web site: www.bluenotemetals.ca
John Martin, BASc, P.Eng, President of Blue Note Metals and Qualified Person and Ralph Newson, P.Eng., P.Geo and Qualified Person have edited and reviewed the technical information contained in this press release.
Blue Note Metals is a mineral exploration and mine development company with properties in New Brunswick. The company's shares trade on the TSX Venture Exchange under the symbol BNT.
Forward-Looking Statements
This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, actions by government authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the Company's products and competitive pressures. These factors and others are more fully discussed in Company filings with Canadian securities regulatory authorities.
The TSX Venture Exchange does not accept responsibility
for the adequacy or accuracy of this news release.
For further information: PLEASE CONTACT: LORNE WOODS, VICE PRESIDENT, CORPORATE DEVELOPMENT, BLUE NOTE METALS, 800-937-3095, LWOODS@BLUENOTEMETALS.CA, WWW.BLUENOTEMETALS.CA
Caribou Financing Proceeding
Shares Outstanding: 13.6 Million
Symbol & Exchange: BNT-V
MONTREAL, Jan. 25 /CNW/ - Blue Note Metals Inc. reports that it is preparing its upcoming exploration program for its Canoe Landing Lake property located near Bathurst, New Brunswick following the completion of the first tranche of its flow-through financing. The company also reports making progress on the senior financing to re-open the Caribou and Restigouche Mines also located near Bathurst, N.B. The Canoe Landing Lake polymetallic deposit is situated approximately 30 kilometres from the Caribou and Restigouche Mines.
"Raising the financing to re-open the Caribou and Restigouche Mines is our central priority and preoccupation," said Blue Note Chairman Michael Judson. "Canoe Landing Lake, if it proves up, provides an obvious potential bolt-on project to Caribou. We are also investigating other mining opportunities in the Bathurst Camp."
"We are currently finalizing arrangements with our investment bankers and an announcement to that effect can be expected shortly," said Judson. "We have already done our own preliminary deal-marketing and have had numerous meetings with institutional investors in Canada and in Europe. There is strong interest in our business plan. An exploding zinc price hasn't hurt either."
"The Bathurst Camp is, and has the potential to continue to be, one of the great base metals mining camps of the world," said Judson. "Caribou is favourably located with respect to the required goods and services, markets, workforce and political environment. This mitigates risk in our projects and adds value."
The Canoe Landing Lake property contains a lens of sulphide rock. The sulphide lens appears to be a breccia, made up of blocks of sulphide of varying metal content. It is inferred that the blocks result from the break-up of a pre-existing bedded primary massive sulphide deposit, and that the blocks were then transported some distance, and redeposited where they are now. Many primary bedded massive sulphide deposits are zoned with respect to metal content, and sometimes one or more zones are big enough and rich enough to be economic. However, when mixed together, as they appear to be at Canoe Landing Lake, the overall grade is too low to be economic. A few thin intersections of bedded sulphides at Canoe Landing Lake indicate that the original deposit had one or more high grade zones.
For example, drill hole CL-94-5 intersected a 0.2 metre section (0.16 metre true thickness) which assayed 24.98% zinc, 9.71% lead and 9.6 oz/ton silver. This intersection may represent a lens of primary sulphides within the breccia zone, and is planned to be the target of the next drilling program. Although the drilling and exploration budget is yet to be finalized, Blue Note plans to drill between six and ten holes into this area of the deposit, which is known as the "A2/Nebex zone".
A further example is hole 212-13, which intersected 0.34 metre (0.28 metre true thickness) grading 13.6% zinc, 3.7% lead and 4.3 oz/ton silver. This intersection is entirely bedded, and may be the edge of the primary deposit from which the sulphide breccia lens was derived. Drilling here is planned for a later stage.
On the Caribou front, "One of the issues making marketing the Caribou Mine deal particularly challenging in Canada has been the project's perceived history," said Judson. "For the most part, the understanding of this project is based on information that is eight years old. There are some critical misconceptions that need to be clarified."
"During the 1997-98 operating period, the actual underground and open pit mining operations performed as expected," explains John Martin, Blue Note's President. "However, failure to achieve satisfactory metallurgical performance in the concentrator led to the suspension of operations to address a number of critical process deficiencies and to re-examine the process flowsheet. With the re-engineering of the concentrator to address the process design issues and to incorporate a revised flowsheet and newly developed grinding technology, Caribou is expected to achieve financially sound performance when operations resume. The new flowsheet is the product of an extensive research project at SGS Lakefield Research. The new grinding technology includes the application of recently developed grinding equipment and practices now being used with huge success on fine grained ores similar to Caribou elsewhere in the world.
Details concerning some of the important developments in milling/mineral processing technology being used elsewhere can be viewed at the company's web site: www.bluenotemetals.ca
John Martin, BASc, P.Eng, President of Blue Note Metals and Qualified Person and Ralph Newson, P.Eng., P.Geo and Qualified Person have edited and reviewed the technical information contained in this press release.
Blue Note Metals is a mineral exploration and mine development company with properties in New Brunswick. The company's shares trade on the TSX Venture Exchange under the symbol BNT.
Forward-Looking Statements
This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, actions by government authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the Company's products and competitive pressures. These factors and others are more fully discussed in Company filings with Canadian securities regulatory authorities.
The TSX Venture Exchange does not accept responsibility
for the adequacy or accuracy of this news release.
For further information: PLEASE CONTACT: LORNE WOODS, VICE PRESIDENT, CORPORATE DEVELOPMENT, BLUE NOTE METALS, 800-937-3095, LWOODS@BLUENOTEMETALS.CA, WWW.BLUENOTEMETALS.CA
