Feb 29 2016
La Compagnie Miniere Esperance ("CME" or the "Company") is pleased to announce the results of the updated potential estimation which will be presented the NI 43-101 Preliminary Economic Assessment (PEA) at the Esperance Gold Mine Concession, French Guiana, Technical report conducted by GoldMinds Geoservices Inc.(Canada).
The updated evaluation of the potential1 at the Concession & the PER permit of Nouvelle Esperance now present a total potential of 1.2 to 1.5 Billion tonnes at a grade range between 1.24 to 1.51 g/t.
In the 2014 Technical Report, GoldMinds report potential of 8 to 12 Million tonnes on the concession and between 250 to 350 million tonnes at a grade between 1.2 and 2.0 g/t Au on the PER.
The potential1 of 8 to 10 Million tonnes at a grade range of 1.2 to 2.0 g/t has been converted into mineral resources of 28.5 million metric tonnes for measured and indicated at a grade of 1.51 g/t for 1.39 million ounces of gold and 67.7 Mt at 1.24 g/t Au for 2.64 Million ounces in the inferred category (press release of January 16th 2016) above 0.5 g/t after the diamond drilling programs of 2014-2015.
The new potential of 1.2 à 1.5 Billion tonnes comes from an increase in vertical depth of the 50m used in 2014 for the calculation of the potential of 250 à 350 Millions. Now that diamond drill holes have demonstrated 225m of vertical mineralisation at the mine site and hole S033 has also demonstrated a vertical depth over 100m at 2.7Km North-East of the current resources, a factor is used to issue the new number with the gold grade of the mineral resources at Esperance.
Permit renewal
The CME is also pleased to inform that it has received the renewal of its PER permit Nouvelle Esperance for an area of 127.7Km2 and the company has initiated the procedures to extent the existing 25 km2 concession to the PER as per latest findings.
Carol Ostorero, CEO of Compagnie Minière Espérance, and her brothers stated: "The new figures issued by GoldMinds are well beyond our expectations but still shows our continuous efforts over the years have come to fruition. We at CME always knew we had an important gold project in our hands and the more we work the more it grows. In our opinion the current PEA is only the tip of the iceberg."
(1) Cautionary Statements:
Mineral Resources that are not Mineral Reserves do not demonstrated economic viability. The potential quantity and grade reported as Mineral Potential, is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource.
The technical content of this press release was prepared and reviewed by Claude Duplessis P Eng. geological engineer GoldMinds Geoservices Inc., an Independent Qualified Person as defined in NI 43-101 standards.
The technical report will be made available to groups having signed the Confidentiality Agreement once available. Other interested parties may contact us to have access to the Technical Report.
The company also want to inform that they will be present at the PDAC march 2016 at Booth 3034 for the presentation of their projects SMSE Societe des Mines de Saint-Elie & CME Compagnie Miniere Esperance.
Source: http://www.esperancegoldmine.com/