NWM Files Pre-Feasibility with Increase in Reserves
TSX Venture Exchange
Symbol: NWM
Shares Outstanding: 221,375,195
TORONTO, July 21 /CNW/ - NWM Mining Corporation (the "Company" TSX-V: NWM) is pleased to announce that its Technical Report, entitled "Lluvia de Oro and La Jojoba Gold Mines, Sonora, Mexico - Pre-Feasibility Report Update and Reserve Analysis", prepared according to National Instrument 43-101 of the Canadian Securities Administrators, has been filed on the System for Electronic Document Analysis and Retrieval ("SEDAR") and may be viewed at www.sedar.com. This report provides the first Mineral Reserves calculated for the Lluvia de Oro and La Jojoba gold mines and also updates Mineral Resources previously published.
As required by NI 43-101, the Reserve and Resource numbers reported comply with CIM definitions. The following Mineral Reserves are provided in the Technical Report.
Mineral Reserves, within $900/oz. Au MineSight(R) Pit with 51 degree Pit
Slopes, at 0.20 g. Au/t Cut-Off.
0.20 g Au/t Proven Proven Proven Probable Probable Probable
Cut-Off Ore Tonnes g Au/t oz. Au Ore Tonnes g Au/t oz. Au
Lluvia 7,262,707 0.4935 115,235 4,492,321 0.5237 75,637
Jojoba 5,293,423 0.8338 141,902 2,489,474 0.6445 51,587
Combined 12,556,130 0.6370 257,137 6,981,795 0.5668 127,224
NI 43-101 Proven + Probable Reserves: 19,537,925 0.6119 384,361
Mineral Reserves were first disclosed by the Company in a press release dated May 19, 2010. The tonnes of ore and contained ounces of gold presented in the Technical Report now filed on SEDAR are higher than those stated in the original press release. This change resulted from a correction made to the specific gravity used in calculations for the La Jojoba deposit.
The differences in the tonnes (605,334 tonnes) and contained gold ounces (15,049 oz. Au) for La Jojoba that result from this correction are shown in the following table.
RECONCILIATION - LA JOJOBA MINERAL RESERVES
(showing changes of reserve table from original press release)
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Revised numbers Original Revised Change %
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La Jojoba Proven tonnes 4,881,714 5,293,423 +411,709 8.4
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La Jojoba Proven grade g
Au/tonne 0.8338 0.8338 0.0000 0.0
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La Jojoba Proven oz. Au 130,865 141,902 +11,037 8.4
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La Jojoba Probable tonnes 2,295,849 2,489,474 +193,625 8.4
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La Jojoba Probable grade
g Au/tonne 0.6445 0.6445 0.0000 0.0
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La Jojoba Probable oz. Au 47,575 51,587 +4,012 8.4
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Combined Proven and
Probable tonnes 18,932,591 19,537,925 +605,334 3.2
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Combined Proven and
Probable grade g
Au/tonne 0.6067 0.6119 0.0052 0.9
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Combined Proven and
Probable oz. Au 369,312 384,361 +15,049 4.1
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The independent Qualified Persons for the Technical Report are Mr. Abdullah Arik, AusIMM and Mr. Ashok Patwardhan, P.E.
Mr. Rodney A. Blakestad, C.P.G., in compliance with National Instrument 43-101 of the Canadian Securities Administrators, is the Qualified Person for this press release and has reviewed and approved the technical and scientific disclosure contained herein.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This news release includes "forward-looking information"; as such term is defined in applicable securities laws. The forward-looking information includes, without limitation, the success of exploration activities and other similar statements concerning anticipated future events, conditions or results that are not historical facts. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward looking information is inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among others, risks and uncertainties relating to exploration and development; the ability of the Company to obtain additional financing; the need to comply with environmental and governmental regulations; political and economic instability and general civil unrest in Mexico, if any; potential defects in title to the Company's properties; fluctuations in currency exchange rates; fluctuating prices of commodities; operating hazards and risks; competition; and other risks and uncertainties, including those described in the Company's other regulatory filings filed with the Canadian Securities Administrators and available at www.sedar.com. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release and the Company is under no obligation to update or alter any forward-looking information.
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 of this release.
For further information: please contact NWM Mining Corporation at (416) 364-6799
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