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Magma
Metals Limited (TSX:MMW
- News; ASX:MMW - News;
"Magma" or the "Company") advises that completion of the
Scoping Study (Preliminary Economic Assessment) on its Thunder Bay North
platinum - palladium - copper - nickel project in Ontario, has been
re-scheduled for the March quarter 2011.
AMEC
Americas Limited ("AMEC") is undertaking the independent Scoping
Study for the Thunder Bay North project, based on their recently completed
Mineral Resource Estimate (see Magma announcement of September 6, 2010). The
Scoping Study was originally scheduled for completion in the December
quarter, 2010. AMEC has advised that it is unable to complete the study until
next quarter.
"While
much work has been completed on the study to date, this extension of time
will allow AMEC to complete their work in an orderly and comprehensive
manner" said Keith Watkins, Magma's Executive Chairman. "Although
we are disappointed in this delay, we are looking forward to launching our
winter drilling program next month to test several promising targets beyond
the resource area that AMEC has been studying."
Competent
Persons Statement
The
information in this report that relates to Exploration Results or Mineral
Resources is based on information compiled, reviewed or prepared by Dr Keith Watkins and Dr William
Stone, the Executive Chairman and Vice President Exploration of Magma Metals
Limited, respectively, who are both Members of the Australasian Institute of
Mining and Metallurgy, and each of whom is a "qualified person" as
such term is defined in National Instrument 43-101 - Standards of Disclosure
for Mineral Projects. Dr Watkins and Dr Stone have sufficient experience, which is relevant to
the style of mineralization and type of deposit under consideration and to
the activities undertaken to qualify as Competent Persons as defined in the
2004 Edition of the "Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves" (the JORC Code). Dr Watkins and Dr Stone consent
to the inclusion in the report of the matters based on this information in
the form and context in which they appear.
Cautionary
Statement
Certain
information contained in this report constitutes "forward-looking
information" under Canadian securities legislation. Generally,
forward-looking information can be identified by the use of forward-looking
terminology such as "plans", "expects" , "is
expected", "estimates", "intends", or variations of
such words and phrases or statements that certain actions, events or results
"may", "could", "would", "might" or
"will be taken", "occur" or "be achieved".
Although management believes that the expectations expressed in such
forward-looking information disclosed herein are based on reasonable
assumptions, these statements are not guarantees of future performance. A
number of factors could cause actual results, performance or achievements to
differ materially from those in the forward-looking information. Such factors
include future metal prices, exploration and evaluation results, future
availability of capital and general economic, market or business conditions,
government regulation of mining operations, failure of equipment or processes
to operate as anticipated, risks inherent in mineral exploration and
development including unusual or unexpected geological formations.
Descriptions of these risks can be found in the Company's various statutory
reports, including its Annual Information Form available on its website at www.magmametals.com.au
and on the SEDAR website (sedar.com).
ABN
72 114 581 047
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