🕐16.09.10 - 08:54 Uhr
REUNION GOLD LTD. / PRESS RELEASE
On behalf of Bear Lake Gold Ltd., please find attached the latest press
release from Reunion Gold Ltd.
Dated September 09, 2010.
Should you have any questions, please contact the undersigned.
Sincerely,
PRESS RELEASE / DATED September 09, 2010
REUNION MANGANESE OBTAINS PROSPECTING LICENCES FOR MANGANESE OVER THE
HISTORIC MATTHEWS RIDGE AND PIPIANI DEPOSITS IN GUYANA; APPOINTMENT OF
COO
Longueuil, Quebec, September 9, 2010 - Reunion Gold Corporation (TSX-V:
RGD) ("Reunion" or the "Company")) is pleased to announce that its
wholly owned subsidiary, Reunion Manganese Inc.
("RMI"), has been
awarded by the Government of Guyana four (4) prospecting licenses (PLs)
to conduct exploration and development activities for manganese in the
North West District of Guyana, South America.
The PLs cover an area of 45,729 acres and are centered in and around the
abandoned manganese mine at Matthews Ridge and Pipiani which was
operated by a subsidiary of Union Carbide Corporation from 1962 to 1968.
The closure of the mine in 1968 was mainly due to the large fall in the
price of manganese.
In excess of 1.66 million tonnes of manganese
concentrate were shipped from the mine site during that period.
The PLs were granted on September 6, 2010 for an initial period of three
years and may be renewed for two additional periods of one year each.
RMI may apply for a mining license covering areas defined by the
exploration effort during the exploration period after the submission of
a positive feasibility study and an environmental impact statement and
mine development plan.
Historical Information
The information contained herein is based on data extracted from a
report issued by the Guyana Geology and Mines Commission in 1985 -
Matthews Ridge Manganese Project, GGMC/DPRK report, 1985.
The Company
has not completed the work necessary to classify the historical estimate
mentioned below as current mineral resources or mineral reserves.
The
Company is not treating the historical estimate as current mineral
resources or mineral reserves as defined in NI 43-101 and the historical
estimate should not be relied upon.
During the 1962-1968 mining operations at Matthews Ridge, in excess of
1.66 million tonnes of manganese concentrate were shipped from the mine
out of a resource of 2.6 million tonnes of manganese concentrate at the
start of the operations in 1962.
The resources were based on numerous
pits, trenches and adits together with 110 diamond drill holes
aggregating to 5800 meters in 5 of the 9 hills, which were mined.
By the
termination of mining activities in 1968, the known resources base was
reported to be approximately 1 million tonnes of recoverable concentrate
at 37% Mn.
This was further increased to 3.6 million tonnes of 33.4% Mn
recoverable concentrate, based on exploration conducted by the Guyana
Geology and Mines Commission ("GGMC"), and the Democratic Peoples
Republic of Korea ("DPRK") in 1985, who drilled 5 additional holes
totaling 326 meters.
The GGMC/DPRK exploration effort uncovered
additional manganese occurrences, on trend, which have not yet been
evaluated.
At Pipiani, which is south of Matthews Ridge and north of the Barama
River, the historically calculated resources of available concentrates,
based on the mining and beneficiation methods used at Matthews Ridge,
were 642,000 tonnes of 42% Mn on the basis of 35 drill holes, numerous
pits and trenches.
No reporting of the lower-grade, bedded material was
included in the resources, and many areas were still to be evaluated.
Total historical in situ resources at Matthews Ridge (including the
satellite Pipiani and North areas) were estimated to be 3.6 million
tonnes of 33.4% Mn recoverable concentrate.
Manganese minerals occur as superficial, enriched, residual cappings on
gondite plus braunite protore.
The primary manganese zone is reportedly
150 to 175 cm thick and approximately 30 km long in a general NE-SW
direction.
The manganese beds dip 50o to 80o north.
Planned Exploration Program
The Company is currently planning an initial exploration program which
should consist of pitting, trenching and drilling on the Matthews Ridge
old mine area with the objectives of delineating a resource compliant
with Canadian National Instrument 43-101, Standards of Disclosure for
Mineral Projects.
Geochemistry and geophysics, in particular a ground IP
geophysical survey will be carried out.
Exploration outside the mine
area will follow.
Reunion believes that there is potential for substantial manganese
resources in and around the Mathews Ridge deposits.
This, allied with
modern processing technology increases the chance of developing an
economic manganese mining and processing operation in North West Guyana.
Reunion intends to aggressively advance the exploration and development
efforts in the coming months with a view to defining resources and
identifying a development plan for the deposits.
The Company recently completed a private placement financing and raised
$5.25 million (April, 2010).
The Company is well-funded to initiate the
work program.
An additional $10.5 million could become available if
warrants that were issued in the financing are exercised.
Qualified Person
D.
Bruce McLeod is the Qualified Person under NI 43-101 who has reviewed
the technical disclosure contained in this press release.
Mr.
McLeod is
a director of the Company.
Appointment of COO
The Company is pleased to announce the appointment of Mr.
Joachim Bayah
as Chief Operating Officer for the manganese projects in Guyana.
Mr.
Bayah is a mining engineer who has over 25 years of experience in the
mining industry working in exploration and mining projects management.
Mr.
Bayah has hands-on mining operations experience in mining,
metallurgy and process engineering as well as the conduct of
environmental and social impact studies and their implementation.
Mr.
Bayah is a graduate of Camborne School of Mines and Queens University.
He has worked on mining projects in Canada, several countries in Africa
and the Guiana Shield of South America and also brings experience from
project positions promoting mining projects in Guyana, and as a
consultant to the World Bank/IFC Group dealing with technology,
environment and stakeholder issues.
Mr.
Bayah is currently setting up
the companys operating team in Guyana.
The appointment of Mr.
Bayah is
subject to acceptance of the TSX Venture Exchange.
The Company has also retained G.
Mining Services to provide technical
services and advice during the entire exploration and development
process.
The principals of G.
Mining have extensive exploration,
development and operating experience in the Guiana Shield.
Mr.
David Fennell, Chairman of the Company said: "We are extremely
excited about this opportunity.
The Mathews Ridge property and
surrounding area has significant potential.
The infrastructure and the
proximity of the project to transportation is a considerable advantage
for the projects development and operation.
We have been able to
assemble a highly experienced team of professionals familiar with both
manganese exploration and development, and development of mining
projects in the Guiana Shield.
The fact that there was an operation
there in the past should reduce the exploration and development risk
associated with projects of this type".
About Manganese
Manganese is the fourth largest metal consumed in the world, behind
iron, aluminum and copper.
Manganese is a key component in steel and
iron production and is in short supply.
Forward Looking Information
The information in this press release has been prepared as at September
9, 2010.
Certain statements contained in this press release constitute
forward looking information under the provisions of Canadian provincial
securities laws.
Words such as "anticipate", "expect", "believe",
"estimate," forecast, "planned", "will", "should", "could", "likely" and
similar expressions are intended to identify forward-looking
information.
Such statements include without limitation: the Companys exploration
and development plans for the PLs; the Companys goal to delineate a NI
43-101 compliant resource; the possibility of renewing the PLs and the
possibility of obtaining mining licenses in future; the potential for
developing an economic manganese operation on the PLs; the exercise of
the warrants; and other statements and information regarding anticipated
results regarding the Companys operations and exploration.
Such
statements reflect the Companys views as at the date of this press
release and are subject to certain risks, uncertainties and assumptions,
and undue reliance should not be placed on such statements.
Actual
results may be materially different from those current anticipated.
Many
factors, known and unknown, could cause the actual results to be
materially different from those expressed or implied by such forward
looking statements.
Such risks include, but are not limited to: the
volatility of commodity prices, including that of manganese; the
uncertainty of exploration results, capital expenditure requirements and
other costs; currency fluctuations; the availability of financing for
additional capital requirements; cost of exploration and development
programs; mining risks; risks associated with foreign operations;
governmental and environmental regulation; and risks associated with
global economic growth and demand for manganese.
The Company does not
intend, and does not assume any obligation, to update these
forward-looking statements and information, except as required by law.
Accordingly, readers are advised not to place undue reliance on
forward-looking statements.
"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."
Reunion Gold Corporation is an exploration company focused on acquiring
and exploring projects in the Guiana Shield in South America.
Additional
information about the Company is available through regular filings and
press releases on SEDAR and on the Companys website at
www.reuniongold.com .
For further information please contact:
REUNION GOLD CORPORATION
James Crombie
President and Chief Executive Officer
Telephone: 450.677.2585
Facsimile: 450.677.2601
Email:
Website: www.reuniongold.com
TSX Venture Exchange: RGD