🕐01.12.11 - 20:27 Uhr
NEWS RELEASE: STRATABOUND RECEIVES UPGRADED CNE RESOURCE ESTIMATE; XSTRATA ZINC
PROVIDES LETTER OF INTENT RE TOLL MILLING
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N E W S R E L E A S E
SB: TSX Venture Exchange Issued:
65,145,111 shares
Stratabound receives upgraded CNE resource estimate; Xstrata Zinc provides
Letter of Intent re toll milling
* Xstrata mill willing to process CNE lead-zinc-silver deposit
* Silver resource upgraded from Inferred to Measured and Indicated
* Permitting process initiated
Calgary, December 1, 2011 - Stratabound Minerals Corp.
is pleased to
announce that it has received a Letter of Intent from Xstrata Zinc stating
it is willing to process ore from Stratabounds Captain North Extension
(CNE) zinc-lead-silver deposit at Xstratas nearby mill.
The mill is
located about 20 kilometres north of CNE, at the Brunswick #12 mine site.
On November 28, 2011, Stratabound received the complete and final results of
an independent, National Instrument 43-101 compliant Preliminary Economic
Assessment (PEA) of its 100%-owned base metal properties near the city of
Bathurst and the port of Belledune, New Brunswick.
The PEA was done by Tetra
Tech WEI Inc.
(formerly Wardrop Engineering) of Toronto, Ontario in order to
determine baseline economics of the properties.
With the inclusion of additional assays, Tetra Tech has upgraded the CNE
silver resource from the Inferred category initially reported in
Stratabounds news release of October 20, 2011.
Like the lead and zinc,
over 95% of the silver resource is now classified as Measured and Indicated,
and at slightly higher grades than previously reported.
At a cut-off of 1.5% Zinc Equivalent (for definition see October 20, 2011
news release), the CNE deposit reports a Measured resource of 37,710 tonnes
at 5.77% Zn, 1.91% Pb, 0.06% Cu and 63.91 g/t Ag; an Indicated resource of
277,044 tonnes at 4.54% Zn, 1.66% Pb, 0.11% Cu and 60.40 g/t Ag; and an
Inferred resource of 16,517 tonnes at 2.74% Zn, 1.20% Pb, 0.06% Cu and 37.50
g/t Ag.
The PEA concludes that CNE demonstrates robust economics as a potential open
pit toll-milling operation, with the base case showing an Internal Rate of
Return
of 292%.
Stratabound is now initiating the permitting process required to mine the
CNE deposit.
Mr.
Stan Stricker, President of Stratabound, states: "We are
optimistic that our previous history of open pit production from the CNE
deposit, which was achieved without any operational, metallurgical,
environmental, or reclamation issues, will stand us in good stead and will
help us obtain our permits in a timely manner.
Stratabound has recently
applied for and received a 20-year extension of the CNE Mining Lease."
The technical information contained in this release has been reviewed by
John Duncan, P.Geo.
and Stan Stricker, P.Geol., Qualified Persons as defined
in National Instrument 43-101.
The Qualified Persons who prepared the PEA
are listed in Stratabounds news release of October 20, 2011.
For further information contact: Stan Stricker, P.
Geol, President
Tel: 403-258-3630
www.stratabound.com
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.
The PEA is based partly on Inferred Mineral Resources, which are not Mineral
Reserves and do not have demonstrated economic viability.
Inferred Mineral
Resources are considered too speculative geologically to have the economic
considerations applied to them that would enable them to be categorized as
Mineral Reserves and there is therefore no certainty that the contribution
of the inferred resource in the PEA will be realized.
Certain information regarding the Company contained herein may constitute
forward looking statements.
Forward looking statements may include
estimates, plans, expectations, opinions, forecasts, projections, guidance
or other statements that are not statements of fact.
Although the Company
believes that the expectations reflected in such forward looking statements
are reasonable, it can give no assurance that such expectations will prove
to have been correct.
These statements are subject to certain risks and
uncertainties and may be based on assumptions that could cause actual
results to differ materially from those anticipated or implied in the
forward looking statements.
The Company does not plan to update or alter
any forward looking statement except where required by law.
These risks
include operational and geological risks and the ability of the Company to
raise necessary funds.
The Companys forward looking statements are
expressly qualified in their entirety by this cautionary statement.
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