Jan 11 2011
Infrastructure Materials Corp. (NASDAQ OTC-BB: Symbol IFAM) has announced the receipt of a resource estimate for its Blue Nose Project in Lincoln County, Nevada.
Initial resource estimates for the Project consist of 168,349,800 tonnes of indicated and 23,097,000 tonnes of inferred cement grade limestone (contains CaO). Lower grade limestones are also present at the site, some of which may be blendable with higher grade products. The resource estimate for the Project was prepared by Neil B. Prenn, P.Eng. of Mine Development Associates of Reno, Nevada. The Project consists of 255 mineral claims covering over 5,200 acres and is located 90 miles northeast of Las Vegas, Nevada.
The resources are broken in to the rock units for low MgO (<5%) indicated materials, Low MgO (<5%) inferred materials, and high MgO (>5%) materials.
Management is pleased with the progress to date on the Project. The Company believes it has identified, drilled, and defined a major cement grade limestone resource near the Las Vegas and California markets. Mr. Todd Montgomery, CEO of the Company commented, "In less than two years our team has made tremendous progress. Despite the present decline in the cement markets I believe we are ideally positioned. Infrastructure in the U.S. is in a state of serious disrepair, the housing market is going to recover, and cement production within California will drop due to plant shutdowns over strict emission standards."
With the announcement of the Blue Nose Project resource, the Company now holds defined cement grade limestone resource calculations in both Canada and the U.S. In February 2010 the Company acquired Canadian Infrastructure Corp. (CIC), a corporation holding quarry leases for three cement grade properties in southern Manitoba (see Press Release dated February 11, 2010). The Canadian properties are situated to competitively reach markets in Manitoba, Saskatchewan, Alberta, western Ontario, Minnesota, North Dakota and Montana. Authors of a National Instrument 43-101 compliant report prepared for CIC estimated an inferred mineral resource of 89 million tonnes grading > 42% CaO on the quarry leases.
The reader is cautioned that the terms "resource," "indicated" and "inferred" are not terms recognized by the United States Securities and Exchange Commission's (the "SEC") guidelines for disclosure of mineral properties, however, they are recognized defined terms under Canadian disclosure guidelines. Generally, "indicated" and "inferred" estimates do not rise to the level of certainty required by SEC guidelines. The mineralized material described in this press release is not considered a "reserve" as that term is used in the mining industry and in SEC disclosure guidelines. The foregoing description of the CIC Property was prepared according to the standards of Canadian National Instrument 43-101, which is not a standard recognized by the SEC.
Source: Infrastructure Materials Corp.