Trading Symbol: TSXV: BMC
Shares Outstanding: 166,283,160
WINDSOR, NS,
April 29, 2013 /CNW/ - Buchans
Minerals Corporation (TSXV: BMC) ("Buchans Minerals" or the
"Company") is pleased to announce the filing of a technical report
titled "Mineral Resource Estimate Technical Report on the Lundberg
Deposit, Buchans area,
Newfoundland, Canada" (the
"Technical Report") on SEDAR (www.sedar.com). There are no material
differences between the mineral resource estimate for the Lundberg
Deposit contained in the Technical Report filed April 26, 2013 and as previously reported in
Buchans Minerals' news release dated March
4, 2013.
The Lundberg Deposit is located within Buchans
Minerals' 100% owned Buchans Property on which Buchans Minerals has
entered into an agreement with Minco plc ("Minco") granting Minco
the option to earn a 51% interest in Buchans Mineral's base metal
properties in central Newfoundland.
The new Technical Report was prepared by
Michael Cullen, P. Geo. And
Andrew Hilchey, P.Geo., of Mercator
Geological Services Limited of Dartmouth,
Nova Scotia for Buchans Minerals Corporation and Centrerock
Mining Limited (a wholly-owned subsidiary of Minco plc). The
report was prepared in accordance with NI 43-101 Standards of
Disclosure for Mineral Projects and conforms to the Canadian
Institute of Mining, Metallurgy and Petroleum Definition Standards
on Mineral Resources and Mineral Reserves.
Minco & Buchans Joint Venture
Agreement:
On April 30th,
2012, Buchans Minerals Corporation and Minco entered into an
agreement granting Minco the right to earn a 51% interest in the
Buchans base metal properties in
central Newfoundland by spending
CDN$8 million to advance the Lundberg
deposit to final feasibility over four (4) years and to further
explore the extensive mineral properties in the region held by
Buchans Minerals.
Minco is initially required to spend
CDN$3.5 million over the first two
years (beginning April
30th, 2012) to advance the project through
pre-feasibility. Following the completion of the new resource
estimate Minco has indicated that they now plan to undertake a
range of ongoing development activities that will include
geotechnical engineering, open-pit mine plan, metallurgy, plant
design, engineering, environmental studies and an economic
evaluation.
Following the expenditure of CDN$3.5 million and the completion of a
Pre-Feasibility Study, Minco will have the option to proceed to
complete a final feasibility study by spending a further
CDN$4.5 million over the following
two years and thereby earn a 51% interest in the project.
About Buchans Minerals:
Buchans Minerals is an Atlantic Canada-based resource company that
has three main assets that include its 100% owned base metal
properties near Buchans in
Central Newfoundland (optioned to
Minco plc), its 100% owned manganese property located near
Woodstock (optioned to Minco) in
New Brunswick, and its 50% owned
gold & copper Long Range property in central Newfoundland.
Forward Looking Statements &
Disclaimer
Information set forth in this news release may
involve forward-looking statements under applicable securities
laws. Forward-looking statements are statements that relate to
future, not past, events. In this context, forward-looking
statements often address expected future business and financial
performance, and often contain words such as "anticipate",
"believe", "plan", "estimate", "expect", and "intend", statements
that an action or event "may", "might", "could", "should", or
"will" be taken or occur, or other similar expressions. All
statements, other than statements of historical fact, included
herein including, without limitation; statements about the
potential of the Buchans Minerals projects, are forward-looking
statements. By their nature, forward-looking statements involve
known and unknown risks, uncertainties and other factors which may
cause our actual results, performance or achievements, or other
future events, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, the
following risks: the need for additional financing; operational
risks associated with mineral exploration; fluctuations in
commodity prices; title matters; environmental liability claims and
insurance; reliance on key personnel; the potential for conflicts
of interest among certain officers, directors or promoters with
certain other projects; the absence of dividends; competition;
dilution; the volatility of our common share price and volume and
the additional risks identified the management discussion and
analysis section of our interim and most recent annual financial
statement or other reports and filings with the TSX Venture
Exchange (the "Exchange") and applicable Canadian securities
regulations. Forward-looking statements are made based on
management's beliefs, estimates and opinions on the date that
statements are made and Buchans
Minerals undertakes no obligation to update forward-looking
statements if these beliefs, estimates and opinions or other
circumstances should change, except as required by applicable
securities laws. Investors are cautioned against attributing undue
certainty to forward-looking statements.
Neither the Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the Exchange)
accepts responsibility for the adequacy or accuracy of this
release, and no securities regulatory authority has either approved
or disapproved of the contents of this release.
SOURCE BUCHANS MINERALS
CORP.