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May 24, 2011
Crazy Horse Resources Inc.: Economic Benefits Study on Taysan Demonstrates Positive Economic Impact
MANILA, PHILIPPINES - Crazy Horse Resources Inc. (TSX-V:CZH) (the "Company") announces the results of a recent independent research study conducted by the University of Asia and the Pacific's Center for Research and Communication Foundation. The study analysed the expected positive economic impact of construction and initial production from the Company's Taysan Copper Gold Project in the Philippines on both a regional and national level, as follows:
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TAYSAN |
NATIONAL |
REGIONAL |
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CONSTRUCTION |
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Multiplier |
P46.84B |
P122.90B |
P90.54B |
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Employment |
4,000 |
228,107 |
174,496 |
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Unemployment reduction |
- |
7.9% |
34.90% |
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GDP (2010 for national and
2009 for Regional) |
- |
1.3% |
11.3% |
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OPERATIONS (year 3 sample) |
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Multiplier |
P32.40B |
P85.01B |
P62.63B |
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Employment |
1,500 |
157,801 |
120,665 |
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Unemployment reduction |
- |
5.44% |
24.23% |
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GDP (2010 for national and
2009 for regional) |
- |
0.9% |
7.8% |
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| - Exchange rate PHP 43 = USDS 1.00
The key findings, summarized above, demonstrate that the Taysan Project is expected to be a major driver of employment and contribute approximately 1% to national GDP.
The 174 page report further builds upon the current socio-economic conditions of the nine impacted barangays (aka villages). This will serve as a baseline framework to quantify the impact of the project on the community. For example; Barangay Mataas na Lupa has a population of 1,349 from 330 households. Further; 35 households had no sanitary toilet, 12.5% of elligible children are not enrolled in school, 28.5% have income below the food threshold and 50% of households with income below poverty threshold.
Johan Raadsma, President of Crazy Horse states, "We have worked very hard on our social license to operate in the Province of Batangas and are excited about the report's findings that responsible mining development will be a viable tool for poverty alleviation, education, positive economic impact while providing a return to shareholders and government alike. We look forward to working closely with the Local Government Units in monitoring and improving on the key indicators related to the socio-economic well being of the community."
ON BEHALF OF THE BOARD
Johan Raadsma, President, CEO and Secretary
This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Crazy Horse Resources Inc. Statements regarding mineral exploration operations and objectives and the economic impact they may have in the Philippines are subject to risk, including, but are not limited to, exploration and geologic risk, inflation and costs of goods and services, property title issues and regulatory approvals. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Crazy Horse Resources Inc. does not assume the obligation to update any forward-looking statement, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. |