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Chairman's Message -
Brilliant Mining 2007 Year in Review
January 15, 2008
Brilliant Mining Corp. (BMC: TSX-V) achieved many key corporate,
exploration, and production milestones in 2007, setting the stage for
extensive growth through 2008. This past year has consisted of
aggressive exploration programs in both Australia and Canada, coupled with
significant investments in capital development to advance the Company's
producing assets. In addition, Brilliant Mining was recognized as one
of the leading companies listed on TSX Venture Exchange in 2007.
2007 MAJOR
ACHIEVEMENTS
- Strengthened
balance sheet; added to corporate treasury and eliminated all senior
bank debt
- Increased
mine life; upgraded Probable Ore Reserves by 222% from 19,000 to 61,300
tonnes Ni metal
- Expanded
production; commenced mining the high-grade Winner ore body
- Delivered
successful exploration results; validated overturned dome model
Corporate
Development Highlights
- Added
CDN $9.0 million to treasury from warrant and option exercises
- Repaid
CDN $3.5 million senior bank debt
- Commenced
un-hedged production as of August 1, 2007
- Named
to the 2007 TSX Venture 50TM, a ranking of Canada's top emerging public
companies listed on TSX Venture Exchange
Asset Growth
Drill delineation programs successfully added multiple years of mine
life by increasing nickel reserves and resources at the Deacon, Winner and
Lanfranchi ore deposits within the Lanfranchi Nickel Mine.
- Tripled
Proven and Probable Reserves from 19,000 to 61,300 tonnes of nickel metal*
- Increased
Measured and Indicated Resources from 53,350 to 98,700 tonnes of nickel
metal*
- Estimated
Deacon's Probable Reserve at 1,695,400t at 2.54% Ni for 43,009 tonnes of
Ni metal
- Identified
a strong geophysical conductor extending 50 metres down-plunge of the
Deacon resource, suggesting future exploration potential
- Increased
Winner Probable Reserve to 144,000t at 4.26% Ni for 6,139t Ni metal*
- Increased
Winner Indicated Resource to 111,680t at 6.16% Ni for 6,879t Ni metal*
* Comparison of Lanfranchi Nickel Mine Reserves and Resources between
Company's March 2006 and August 2007 NI 43-101 technical reports.
Production Increased
Intensive capital development during 2007 has positioned the Company
for a substantial ramp-up in production at the Lanfranchi Nickel Mine. In April, a third mining crew was
added to complement the two existing crews, increasing available operational
productivity by 50%. The three crews focused on continued production at
Helmut South and development of the high-grade Winner and Deacon ore bodies.
- Winner commenced production
in October 2007 and is the second of five ore bodies planned to come
online within the next 12 months
- Winner boosts monthly mine
production to a record 22,680
tonnes at 2.75%
Ni for 623
tonnes of Ni metal in October
- Winner ore deliveries total 4,670 tonnes at 5.37% Ni for 251 tonnes of Ni metal in
the first month of operation
- The Deacon ore body is
currently being developed and is scheduled for production in March 2008
Exploration
Success
During the 2007
exploration season Brilliant Mining delivered positive results at both the
25% owned Tramways Tenements, host to the producing Lanfranchi Mine in the
world class Kambalda nickel district, Western Australia, and the 100% owned
Michikamau property in Central Labrador, Canada.
Tramways Tenements,
WA
In late 2007, the
Company further validated the "Tramways Overturned Dome Model"
through drilling. Eight out of the last eight holes intersected the
overturned and the unexplored ultramafic-mafic target horizon associated with
Kambalda Ni channels, a discovery which essentially doubles the prospective
area of the property to host Ni channels. One drill hole intersected 7.76% Ni
over 0.88m within the overturned ultramafic sequence approximately 20 metres
below the overturned contact horizon, demonstrating the potential to host
high grade massive Ni sulphide mineralization.
Michikamau Project,
Central Labrador, Canada
Eleven drill holes were
completed totaling 1,100 metres during the 2007 exploration program.
Multiple near surface nickel-copper-cobalt sulphide drill intersections were
encountered and highlighted by a 21.7m intersection grading 0.51% Ni, 0.36%
Cu and 0.09% Co at the Juno target; and including 1.3m at 0.71% Ni, 0.45% Cu
and 0.12% Co. Early stage exploration to date points to a large and complex
mineralizing environment with clear indications for nickel enrichment in the
system.
Both project areas are
highly prospective for additional discoveries and definitely warrant a
significant exploration focus for 2008.
Summary
Our efforts over the
past 12 months have laid a solid foundation for growth. 2008 promises to be
an exiting and profitable year for Brilliant shareholders as the Company:
reaches targeted annualized production rates as the Deacon, Lanfranchi and
Schmitz ore bodies are brought on stream; continues exploration programs at
Lanfranchi and Michikamau; and pursues other corporate opportunities.
About Brilliant
Mining Corp.
Brilliant Mining Corp.
is focused on the production, development, and exploration of nickel
opportunities world wide. The Company currently has a 25% interest in the
producing Lanfranchi Nickel Mine in Western Australia and has 3 active nickel
projects in Canada, including the Michikamau property in central
Labrador.
On behalf of the Board
of Directors
"John
Robins"
John Robins, P.Geo.
Chairman
Brilliant Mining Corp.
For further information
about Brilliant Mining Corp. and this news release, please visit our website
at www.brilliantmining.com or
contact:
Mike Sieb
Derek
Iwanaka
President
Manager Investor
Relations
604-646-4525
604-646-4524
mikes@brilliantmining.com
info@brilliantmining.com
The TSX Venture Exchange has not reviewed and does
not accept responsibility for the adequacy or accuracy of this release.
Certain disclosures in this release, including
management's assessment of Brilliant's plans and projects, constitute
forward-looking statements that are subject to numerous risks, uncertainties
and other factors relating to Brilliant's operation as a mineral exploration
company that may cause future results to differ materially from those
expressed or implied in such forward-looking statements. Readers are
cautioned not to place undue reliance on forward-looking statements. Brilliant
expressly disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, future
events or otherwise.
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