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Resource
Expansion Drilling Begins at the Burnakura Gold Mine
January 21, 2008
Vancouver, BC - News Release - ATW Venture Corp (TSX-V: ATW) (Frankfurt:
A3N) ("ATW" or "the Company") is pleased
to announce that it has contracted the services of Murchison Exploration to
carry out a minimum 5000 meter RC drill program at the Company's Burnakura
gold mine in Western Australia. The Burnakura Project is comprised of 58.8 square
kilometres of mining leases and prospecting licenses that covers a 12
kilometre long shear zone (Burnakura Shear Zone) with an associated
mesothermal gold system.
The primary focus of the drill program is to increase
current resources, as identified in an ATW news release dated January
17, 2008, by drilling along the 1500 metre (m) strike length from the
underground workings at NOA 2, north toward the NOA 7-8 open cut.
Intercepts from previous drilling in the area include:
- 7 metres @ 17.3 grams per
tonne (gpt) gold
- 3 metres @ 42.6 gpt gold
- 5 metres @ 9.11 gpt gold
Additional
drilling will target a high grade zone beneath the New Alliance Pit, 3
kilometers south of NOA2, where previous drilling returned an intersection of
17.4 meters grading 19.7 gpt gold.
Since
acquiring the Burnakura asset, ATW has been actively preparing to refurbish
the plant and mill, in preparation to re-commence processing operations in
the 2nd quarter of 2008. ATW has engaged consultants to identify
potential improvements to the crusher and mill to improve plant
efficiency. These options will be assessed and work will begin
refurbishing the crusher and mill immediately.
While there
are several areas at Burnakura that can potentially contribute to production,
the underground workings along the NOA 2 decline will be brought to producing
status in the shortest time frame.
Production
numbers of the previous operators, from the NOA 2 underground workings, until
the cessation of mining activities in December 2006, indicate the average
grade of gold recovered was 7.1 gpt. Engineering firms Ravensgate and
Orelogy, of Perth, Australia, writers of the Company's 43-101 compliant
technical report on Burnakura, have independently calculated a current
measured and indicated resource at NOA 2 of 236,946 tonnes grading 8.28 gpt
gold. Upon completion of plant refurbishment, ATW plans to begin
operating the mill at its daily capacity of approximately 450 tonnes per day,
utilizing material from this resource. Investors are cautioned that a
feasibility study has not been completed on Burnakura and there is no
certainty the proposed operations will be economically viable.
In preparation
to re-commence mining activities from the underground development along the
NOA2 decline, ATW has reached an agreement with the previous operators to
purchase certain mining equipment required for underground
operations. This equipment includes rolling stock items such as
loaders, cranes, pumps, sub-surface ventilation, lighting and communication
systems.
"This
is an exciting opportunity for ATW," says Brent Butler, President and
CEO. "Re-commissioning of the Burnakura Gold Mine is progressing rapidly
and we are on track to becoming a junior gold producer in 2008."
In addition to
its activities at Burnakura, management's long term plans are to acquire and
consolidate additional gold production assets in Western Australia.
Brent Butler,
President and CEO of ATW Venture Corp. is the qualified person under National
Instrument 43-101 and has reviewed the contents of this news release.
To find out
more about ATW Venture Corp., please contact Luke Norman at 604-662-8184 or
email info@atwventure.com. You may also visit our website at
www.atwventure.com.
ATW
VENTURE CORP.
"Brent
Butler"
Brent Butler
President & CEO
"The
TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release."
"This
news release may contain forward-looking statements. Forward-looking
statements address future events and conditions and therefore involve
inherent risks and uncertainties. Actual results may differ materially
from those currently anticipated in such statements."
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