Hidefield Gold PLC

Published : June 23rd, 2009

Updated Resource Estimate at Don Nicolas Gold Project

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June 22, 2009


Updated Resource Estimate at Don Nicolas Gold Project, Argentina

London, 22 June, 2009: Hidefield ("Hidefield" or the "Company", HIF:AIM) is pleased to confirm the receipt of an updated report on the mineral resource estimate for the Company's Don Nicolas gold project in East Santa Cruz Province, Patagonia, Southern Argentina.

This report confirms that drilling to date has demonstrated a mineral resource of 1,078,000 tonnes at 5.8 grammes per tonne ("gpt") gold for 200,700 ounces of gold in the Indicated Category and 1,075,000 tonnes at 4.6 gpt for 158,400 ounces of gold, in the Inferred Category. Both resource calculations were performed with a 1 gpt cut off and a top cut of 90 gpt.

The mineral resource estimate includes Indicated plus Inferred categories distributed among seven vein sets all located in the La Paloma and Martinetas sectors of the project area and is contained within 2,153,000 tonnes with an average grade of 5.20 gpt gold (6.69 gpt gold and 463,343 ounces gold if no high grade top cut is applied).

This mineral resource estimate was carried out for the Company by Runge Limited of Perth, Australia, an independent consultant engaged for the purpose of completing the report, and was prepared in compliance with the Australasian Code for Reporting of Mineral Resources by the Joint Ore Reserves Committee (JORC) and National Instrument 43-101 of the Standards of Disclosure for Mineral Projects by the Canadian Securities Administrators.

Distribution of the resource is summarised in the following table.

Don Nicolas Project

 

Indicated

Inferred

Total Mineral Resource

 

Tonnes

Au

Au

Tonnes

Au

Au

Tonnes

Au

Au

Type

T

gpt

Ounces

T

gpt

Ounces

T

gpt

Ounces

Sulfuro Vein

930,000

5.5

165,700

134,000

2.0

8,500

1,064,000

5.1

174,200

Rocio Vein

-

-

-

93,000

4.1

12,400

93,000

4.1

12,400

Arco Iris Veins

-

-

-

310,000

5.5

55,100

310,000

5.5

55,100

Coyote Norte Veins

44,000

7.6

10,600

66,000

6.3

13,300

110,000

6.8

23,900

Coyote Sur Veins

63,000

8.7

17,600

71,000

8.6

19,600

134,000

8.7

37,200

Armadillo Veins

-

-

-

157,000

3.4

17,300

157,000

3.4

17,300

Cerro Oro Veins

41,000

5.1

6,800

245,000

4.1

32,300

286,000

4.2

39,100

Total

1,078,000

5.8

200,700

1,075,000

4.6

158,400

2,153,000

5.2

359,100

Note: Upper top cut of 90.0gpt and lower cut-off grade of 1.0 gpt gold; no minimum thickness. Furthermore, tonnages and total ounces may not add to the total shown due to rounding errors.

The mineral resource estimate is based upon the results from 152 surface diamond core holes totalling 18,843 metres, and 186 surface trenches. The drill holes were typically spaced on 25 metre centres for Indicated mineral resources and 25 by 50 metre centres for the Inferred mineral resource category.

Approximately 65 per cent. of the mineral resource is contained within the Sulfuro vein at La Paloma which has an average thickness of approximately 3 metres and has been tested for a strike length of 800 metres and maximum vertical range of 200 metres. This deposit remains open in both strike directions and at depth. The Coyote Norte and Sur veins at Martinetas contain high gold grades across narrow widths within three north plunging ore shoots 50-100 metres long; the ore shoots are delimited along strike but open down plunge. The other veins making up the Don Nicolas resource have had limited drilling and remain open for potential mineral resource expansion.

Mr. Danilo Silva (a Certified Profesional Geologist, registered at the Argentinean National Geologist Counsel, under the Number 2140), Hidefield's Vice-President, has reviewed and approved the content of this announcement. Paul Payne, a principal and employee of Runge Ltd, of Perth, Australia, was responsible for compiling the mineral resource estimate referred to in this announcement and has consented to the inclusion of the resource statement information reported in this announcement. Mr. Payne is a "Competent Person" as defined in the 2004 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Resources".

About Hidefield

Hidefield is a gold company with a focus on the acquisition and development of highly prospective projects in North and South America. The Company has a diverse portfolio of projects, those of which in South America are directly held as are the projects in Alaska, while those in Canada, Nevada and Arizona are held in independent, self-funded associate companies.

Hidefield's substantial direct gold project interests are principally in Argentina where the Company is actively exploring the advanced stage Don Nicolas gold project in Santa Cruz Province. In Brazil the Company is focused on the evaluation of the advanced stage Cata Preta gold project near the historic city of Ouro Preto in the productive Quadrilatero Ferrifero region of Minas Gerais state.

In Alaska Hidefield has a 60 per cent. interest in the Golden Zone mineral project. The Golden Zone property is located 240 km north of Anchorage and contains a measured and indicated resource of approximately 253,000 ounces of gold, 1,180,000 ounces of silver and 6,114,000 pounds of copper.

For further information on this release, please contact:

Hidefield Gold Plc
Ken Judge, Chairman: + 44 773 300 1002

Investor Relations
Jon Bey (North America): + 1 800 689 2599

Hanson Westhouse Limited (Nomad)
Tim Feather / Matthew Johnson: + 44 113 246 2610

 

Glossary of terms:

"Au"

Gold

"gpt"

grammes per tonne

"high grade cut" / "top cut"

all values above a specified grade are reduced to the specified grade for the resource calculation, to reduce estimation bias.

"indicated resources"

an 'Indicated Mineral Resource' is that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed.

"inferred resources"

an 'Inferred Mineral Resource' is that part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes which may be limited or of uncertain quality and reliability.

"mineral resource"

a 'Mineral Resource' is a concentration or occurrence of material of intrinsic economic interest in or on the Earth's crust in such form, quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories.

 

 

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Hidefield Gold PLC

CODE : HIF.L
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Hidefield is a gold development stage company based in United kingdom.

Hidefield is listed in United Kingdom. Its market capitalisation is GBX 406.0 millions as of today (US$ 606.3 millions, € 421.3 millions).

Its stock quote reached its highest recent level on May 19, 2006 at GBX 9.95, and its lowest recent point on December 19, 2008 at GBX 0.25.

Hidefield has 278 099 611 shares outstanding.

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