|By Marketwired .||
|November 22, 2012 09:00 AM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/22/12 -- WCB Resources Ltd ("WCB" or the "Company") (TSX VENTURE:WCB) announces that it has obtained the Misima Island Exploration Database from Barrick Papua New Guinea. The database consists of an extensive array of surface sampling including soil, rock, trench and channel samples as well as drill hole data covering the historic mined areas as well as regional projects.
The data is currently being compiled into a suitable format for use in both GIS and modelling software.
Cameron Switzer, President and CEO said "This historic data is an important step in fast tracking the exploration evaluation of the Misima Island Project Potential. This data will enable the team to avoid duplication of work programs as well as highlighting any areas of potential upside. Even though this data was collected from the late 1970's to the late 1990's, I suggest that the QA/QC being from the Placer group of companies previously listed on the TSX and ASX is of the utmost professional calibre. There has already been 4.0M oz's of Au and 20M oz's of Ag extracted from this data. We will now rigorously analyse and review this data and determine the most appropriate way forward."
Further information pertaining to the database will be released once WCB comprehensively understands this asset.
From a geological and mineral deposits perspective, EL1747 is located in the same terrain and geological region that includes the deposits of Grasberg, Ok Tedi, Hidden Valley, Wafi-Golpu, Lihir, Simberi and Panguna as well as significant projects such as Tolukuma, Kainantu and Woodlark Island. Misima Island has previously demonstrated mineral deposit pedigree through the past production of 4.0M ounces of gold and 20M ounces of silver from various operations but most recently the Misima Mine owned by Placer Dome Asia Pacific. This mine ceased open pit production in 2001 and closed in 2004.
EL1747 Misima consists of 53 sub blocks covering an area of 180km2. The exploration license was targeted due to the presence of a significant high order copper stream sediment anomaly in multiple drainages which has received limited detailed follow up activity. Furthermore, additional high order gold and zinc anomalies have been identified and require follow up detailed work.
WCB is expected to earn up to a 70% interest in EL1747 Misima by spending a total of AUD$9.0M within a 4 year timeframe.
Further details of this announcement and further technical information regarding Misima Island and EL1747, can be located at www.wcbresources.com/news-releases/.
About WCB Resources
WCB is an aggressive minerals exploration and development company that brings together a strong, interdisciplinary, and proven management team with the ability to take a project from discovery right through to operation.
WCB's strategy is to build shareholder value through acquisition, exploration and development of copper gold projects. This strategy is being developed by a synthesis of WCB's core skills in project evaluation, structured acquisition, exploration and project development and operations, areas where WCB directors and executives have significant experience.
We believe that our capabilities and experience, combined with an efficient corporate structure, provide tremendous potential upside for investors. WCB is engaged in an ongoing search and evaluation of additional copper gold projects in the Asia Pacific region.
On behalf of the Board of Directors
Cameron Switzer, President and Chief Executive Officer
Forward Looking Statements: This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, including, without limitation, statements potential mineralization, the estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals in respect of the transaction, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with operating in foreign jurisdictions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Mineral exploration and development of mines is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review their annual filings that are available at www.sedar.com. The Company relies on litigation protection for "forward looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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