Dalradian Completes Pre-Consultation Process and Submits Application for Underground Exploration Development at the Curraghinalt Gold Deposit in Northern Ireland
TORONTO, ONTARIO -- (Marketwire) -- 02/19/13 -- Dalradian Resources Inc. ("Dalradian" or the "Company") (TSX:DNA)(OTCQX:DRLDF) is pleased to announce the completion of a pre-consultation process and the submission of its application for two kilometres of underground exploration development at the Curraghinalt Gold Deposit in Northern Ireland.
"Since beginning work on the project in 2010, we have managed to more than quadruple the existing resource and complete a positive Preliminary Economic Assessment," says Patrick F.N. Anderson, Dalradian's CEO. "With yesterday's submission, we reached another milestone which demonstrates our readiness to get underground and begin detailed engineering on the deposit. We stand in anticipation of the Government's response to put our plans into action and continue moving the project forward."
The company's application initiates the official permitting process for approval to extend the existing exploration tunnel based on the need to go underground on the Curraghinalt Gold Deposit to:
-- Prove up vein continuity -- Test mining methods -- Convert ounces to higher categories of confidence -- Take a bulk sample
In preparation for the formal submission of the planning application, in Q4 2012 Dalradian met with local government officials to review the environmental baseline studies used to prepare the application. Dalradian subsequently met with senior officials from the Department of Enterprise, Trade and Investment, as well as representatives of the Crown Estate, as part of the pre-consultation process. In Q1 2013 the company finalized the pre-consultation process, which included:
-- Town hall meetings -- Landowner engagement -- Detailed presentations to involved government agencies -- Site visits by government officials
"We have had productive and successful pre-consultation meetings with our key stakeholders. The planning statement has been prepared by a team of qualified professionals and consultants including SLR Consulting Ltd. and Environ EC Inc.," stated Edward Kelleher, VP Safety, Health, Environmental Affairs and Permitting, "We are excited about moving the project to the next stage and appreciate the support of our stakeholders. A green light could mean the creation of 50 jobs in the region."
Based on comments received during the pre-consultation period, the application for underground exploration was finalized and formally submitted to the Department of Environment Strategic Planning Division on February 18, 2013.
During this application approval period, drill rigs will continue to turn on both our infill and exploration drilling programs. Our exploration team is re-interpreting the mineralized system at Curraghinalt by assessing the potential contribution of recently announced "C" veins to the resource. This will lead to a resource update calculation that will also incorporate more than 35,000 additional meters of new drilling completed since the November 2011 resource calculation.
Soil geochemical surveys, a proven exploration tool, are ongoing across all of our licences in order to identify additional exploration targets which will be evaluated and prioritized for drilling.
About Dalradian Resources Inc.:
Dalradian Resources Inc. is a TSX-listed, Canadian based exploration company engaged in the acquisition, exploration and development of precious and base metals projects. With a European focus, our most advanced property is in Northern Ireland and around the high-grade mesothermal gold deposit, Curraghinalt.
The Company's wholly owned subsidiary, Dalradian Gold Limited, holds a 100% interest, subject to certain royalties, in mineral prospecting licences and mining lease option agreements in counties Tyrone and Londonderry, Northern Ireland. The Department of Enterprise, Trade and Investment ("DETI") and the Crown Estate Commissioners ("CEC") have together granted to Dalradian base and precious metal mineral exploration rights to four contiguous areas collectively known as the Tyrone Project.
Dalradian's flagship deposit, Curraghinalt hosts an NI 43-101 compliant measured mineral resource of 0.02 MT grading 21.51 g/t gold for 10,000 contained ounces, indicated mineral resource of 1.11 MT grading 12.84 g/t gold for 460,000 contained ounces and inferred mineral resource of 5.45 MT grading 12.74 g/t for 2,230,000 contained ounces. Dalradian's Preliminary Economic Assessment reported positive results for a proposed underground mine at Curraghinalt including an after-tax IRR of 41.9% and NPV of $467 million based on an 8% discount rate using a 3 year trailing average gold price of $1378 per ounce.
Dalradian's NI 43-101 report, "A Preliminary Economic Assessment of the Curraghinalt Gold Deposit, Tyrone Project, Northern Ireland" is dated September 6, 2012, and was prepared by Mr. B. Terrence Hennessey, P.GEO., Mr. Barnard Foo, P.ENG., Mr. Bogdan Damjanovic, P.ENG., Mr. Andre Villeneuve, P.ENG., and Mr. Christopher Jacobs, CEng MIMMM of Micon International Limited, and is available on SEDAR at www.sedar.com.
In Norway, Dalradian holds mineral rights for approximately 1.3 million hectares over three greenstone belts, as well as an area hosting an historical silver mining district. Dalradian is engaged in data acquisition and analysis over all its concessions, with the 2013 field program commencing shortly.
Dalradian's Common Shares are listed on the Toronto Stock Exchange under the symbol "DNA". For further information, please see www.dalradian.com.
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, test work and confirming results from work performed to date, estimation of mineral resources and the realization of the expected economics of the Curraghinalt Gold Deposit. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; actual results of reclamation activities; conclusions of economic evaluations; meeting various expected cost estimates; changes in project parameters as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Risk Factors" in the Company's annual information form.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Dalradian Resources Inc.
Director, Investor Relations