=======================================================================
Re: News Release - Monday, August 10, 2009
Mining Licence Granted For New Liberty Gold Project In Liberia
=======================================================================
Mano River Resources Inc. ("Mano" or the "Company") the TSX Venture
Exchange ("TSX-V") and AIM listed exploration to production company
focused on gold, iron ore and diamonds in West Africa is pleased to
announce it has been granted by the Government of Liberia its Class 'A'
Mining licence within the Bea Mineral Development Agreement ("MDA").
Highlights
- Class 'A' 25 year Mining Licence granted on 29 July 2009
- Bankable Feasibility Study for underground mine planned for
completion by the end of 2010
- Up to 10,000m drilling programme planned to assist feasibility study
- Current resource of 1.4 Moz, (NI 43-101) 13.533Mt measured and
indicated at 3.18 g/t gold with further potential
Luis da Silva, President & CEO of Mano commented:
"This represents another positive step forward towards commercial
production from Liberia's first ever hard rock gold mine. The support
from the Government of Liberia is evident to achieving the Company's
goals and we are now in a position to undertake the confirmation
drilling in advance of completing a bankable feasibility study in 2010
for an underground mine targeting 100,000oz pa. We are in the process
of finalising a new geological model with a firm of independent
consultants, incorporating the positive drilling results received in
2008 from below 200m, including 23m grading 4.95 g/t and 26m grading
5.04 g/t. In addition the Company will also be looking to further grow
the resource base on the Bea MDA through advancing exploration of the
satellite gold deposits at Weaju and the Silver Hills and Gondoja
prospects, which lie in close proximity to the New Liberty Gold
Project.."
Mineral Title
The Ministry of Lands, Mines and Energy of The Republic of Liberia has,
after a detailed review, granted the Class 'A' Licence whereby, having
satisfied all necessary exploration requirements under the Law, the
Company is entitled to mine in the production area it has selected
within the Bea MDA. This production area reduces the ground holding
from 1,000km2 to 457 km2. The 25 year renewable mining licence became
effective on 29 July 2009 and is held through the Company's 100% owned
subsidiary incorporated in Liberia, the Bea Mountain Mining
Corporation.
Confirmation Drilling
Following the review of the geological data by AMC Consultants (UK)
Limited ("AMC") in the second half of 2008 whereby the recommendation
was for an underground mining method at the New Liberty gold deposit.
AMC was then mandated in July 2009 to incorporate the new drilling data
from 2008's deeper drilling campaign. The 2008 drilling (holes
K115-K130) produced some of the best intersections achieved to date at
the New Liberty gold deposit, as illustrated in Table 1, below.
Table-1: Ranking of Top 20 Intersections at New Liberty gold deposit
Top 20 Intersections
----------------------------------------------------
Ranking Hole ID From To Length Au
(m) (m) (m) (Mean g/t)
----------------------------------------------------
1 K63 55 92 37 8.45
----------------------------------------------------
2 K10 32 82 50 4.30
----------------------------------------------------
3 K13 20 46 26 6.20
----------------------------------------------------
4 K2 24 40 16 8.81
----------------------------------------------------
5 K126 144 170 26 5.04
----------------------------------------------------
6 K96 43 62 19 6.76
----------------------------------------------------
7 K116 210 245 35 3.59
----------------------------------------------------
8 K70 48 100 52 2.23
----------------------------------------------------
9 K115 205 228 23 4.95
----------------------------------------------------
10 K3 36 62 26 4.10
----------------------------------------------------
11 K24 56 78 22 4.80
----------------------------------------------------
12 K47 54 86 32 3.29
----------------------------------------------------
13 K49 47 57 10 10.08
----------------------------------------------------
14 K52 47 61 14 6.97
----------------------------------------------------
15 K14 26 34 8 12.10
----------------------------------------------------
16 K95 10 24 14 6.92
----------------------------------------------------
17 K69 60 74 14 6.63
----------------------------------------------------
18 K98 41 79 38 2.40
----------------------------------------------------
19 K129 223 255 32 2.66
----------------------------------------------------
20 K20 56.09 77 20.91 3.90
----------------------------------------------------
The modelling by AMC will enable the Company to optimally target its
next phase of confirmation drilling. This will consist initially of
diamond drill holes totalling between 8,500m and 10,000m to depths of
300m below surface, to enable further modelling of the deposit. The
Company will also consider drilling additional holes to -500m towards
the end of the drilling campaign. The model will be 'live', whereby new
drilling data will be actively inserted into the 'wireframe' to adapt
the ongoing drilling as necessary. Completion of this drilling is
expected by the end of 2009.
ENDS
Qualified Person
Mano's Qualified Person responsible for preparing this release is its
former Director and CEO, Dr Tom Elder, who holds a BSc and Doctorate in
Geology from the University of Durham in the UK, is a Fellow and former
Member of Council of the Institution of Mining and Metallurgy of the
UK, and a Fellow of The Geological Society.
Quality Control and Sample Preparation
Mano has a rigorous Quality Control Program (QCP) inserting a minimum
5% of standards, blanks and duplicates into the sample stream. The
Company employs independently owned and managed OMAC Laboratories for
all its assay requirements, including the preparation of pulps to 90%
-100 micron at their in-country preparation facilities in Liberia,
followed by XRF at their main laboratory in Loughrea, Ireland.
OMAC is accredited to ISO 17025 by INAB (Irish National Accreditation
Board) which is a member of ILAC (International Laboratory
Accreditation Cooperation), and is a signatory to the ILAC Mutual
Recognition Arrangement. OMAC operates an internal QA/QC check assay
programme using in-house standards, reagent blanks and duplicates.
For further information on Mano River Resources and its exploration
programme, you are invited to visit the Company's website at
www.manoriver.com or contact one of the following:
Mano River Resources Inc.
Luis da Silva, CEO
Tel: +44 (0) 20 7299 4212
Evolution Securities Limited
Simon Edwards / Chris Sim / Neil Elliot
Tel: +44 (0) 20 7071 4300
Pelham Public Relations
Charles Vivian / James MacFarlane
Tel: +44 (0) 20 7337 1500
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accept responsibility for the adequacy or accuracy of this release.
NOTES TO EDITORS
Drilling programme of 2008
During the first half of 2008, the Company drilled deeper holes in
order to ascertain with confidence the continuity of the ore body at
depth. This drilling consisted of 15 additional holes (identified as
K115-K130) totalling 4,485m in an effort to intersect the structure at
approximately -200m and -550m, below surface. One hole, number 123, was
abandoned. Three of the Top 10 intersections and four of the top 20
intersections resulted from this campaign.
Table-2: Full Results of the 2008 Deep Drilling Campaign - drill
collars & mineralization intervals
---------------------------------------------------------------------
Hole ID Easting Northing Depth From To Length Au
(m) (m) (m) (Mean g/t)
---------------------------------------------------------------------
K115 10775 9580 266 205 228 23 4.95
---------------------------------------------------------------------
K115 Inc. 212 224 12 9.12
---------------------------------------------------------------------
K116 10725 9600 256 210 245 35 3.59
---------------------------------------------------------------------
K116 Inc. 218 235 17 7.03
---------------------------------------------------------------------
K117 10825 9600 251 201 211 10 0.30
---------------------------------------------------------------------
K117 Inc. 204 208 4 0.54
---------------------------------------------------------------------
K118 10750 9360 605 557 581 24 0.36
---------------------------------------------------------------------
K118 Inc. 565 568 3 1.62
---------------------------------------------------------------------
K119 10875 9605 247 169 173 4 0.49
---------------------------------------------------------------------
K119 and 227 231 4 0.28
---------------------------------------------------------------------
K120 10796 9360 564 506 525 19 1.18
---------------------------------------------------------------------
K120 Inc. 517 520 3 6.21
---------------------------------------------------------------------
K121 10675 9603 258 173 200 27 0.67
---------------------------------------------------------------------
K121 Inc. 184 194 10 1.45
---------------------------------------------------------------------
K122 10925 9605 241 156 161 5 0.43
---------------------------------------------------------------------
K124 11498 9551 250 148 181 33 1.40
---------------------------------------------------------------------
K124 Inc. 172 180 8 4.85
---------------------------------------------------------------------
K124 and 191 200 9 1.45
---------------------------------------------------------------------
K125 11558 9550 250 139 145 6 0.24
---------------------------------------------------------------------
Inc. 155 158 3 0.83
---------------------------------------------------------------------
K126 11618 9550 250 144 170 26 5.04
---------------------------------------------------------------------
Inc. 158 170 12 10.39
---------------------------------------------------------------------
and 187 193 6 0.69
---------------------------------------------------------------------
and 201 207 6 1.33
---------------------------------------------------------------------
and 204 206 2 3.72
---------------------------------------------------------------------
K127 11675 9550 250 136 150 14 2.58
---------------------------------------------------------------------
Inc. 137 148 11 3.18
---------------------------------------------------------------------
and 173 202 29 0.41
---------------------------------------------------------------------
and 190 197 7 1.01
---------------------------------------------------------------------
K128 12260 9390 256 162 163 1 0.87
---------------------------------------------------------------------
Inc. 174 176 2 0.21
---------------------------------------------------------------------
and 179 180 1 0.49
---------------------------------------------------------------------
K129 12122 9400 255 162 164 2 0.25
---------------------------------------------------------------------
and 172 173 1 0.26
---------------------------------------------------------------------
and 197 203 6 1.44
---------------------------------------------------------------------
Inc. 223 255 32 2.66
---------------------------------------------------------------------
and 226 245 19 4.37
---------------------------------------------------------------------
K130 11934 9450 255 211 253 42 0.33
---------------------------------------------------------------------
Inc. 231 237 6 1.06
---------------------------------------------------------------------
and 250 253 3 0.99
---------------------------------------------------------------------
=======================================================================
Copyright (c) 2009 MANO RIVER RESOURCES INC. (MANA) All rights
reserved. For more information visit our website at
http://www.manoriver.com/ or send mailto:releases@manoriver.com
=======================================================================
.
<
|
Mano River Resources Inc
|
|
DEVELOPMENT STAGE |
CODE : MNO.V |
|
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Mano River is a gold and iron exploration company based in Canada. Mano River develops gold, iron and diamonds in Sierra Leone, and holds various exploration projects in Cameroon, in Liberia and in Sierra Leone. Its main asset in development is KONO in Sierra Leone and its main exploration properties are NTEM, TCHOLLIRE / REY BOUBA and DJOUM / AKONOLINGA in Cameroon and MANO RIVER, YRISEN - PAMPANA NORTH, SONFON NORTH / SOUTH, NIMINI and SE SIERRA LEONE REPL in Sierra Leone. Mano River is listed in Canada, in Germany, in United Kingdom and in United States of America. Its market capitalisation is CA$ 146.6 millions as of today (US$ 117.2 millions, € 107.5 millions). Its stock quote reached its lowest recent point on November 28, 2008 at CA$ 0.01, and its highest recent level on December 16, 2016 at CA$ 1.54. Mano River has 151 090 000 shares outstanding. |