Fury reviews Taylor report, sees 14.9 million Ag oz
2007-09-04 07:57 ET - News Release
Mr. Steve Vanry reports
FURY COMPLETES TAYLOR PROJECT RESOURCE CALCULATION
Fury Explorations Ltd. has released the results of an updated mineral resource for the company's Taylor mine project in White Pine county, Nevada. When the option on the Taylor project was purchased in 2006, the company inherited a historic mineral resource as defined in a 1986 report. This historic resource had been developed from greater than 400 holes drilled by previous operators. In order to confirm the historic resource and to comply with current regulations the company initiated an exploration drilling program in late 2006 comprising a further 94 drill holes employing both core and reverse circulation drilling. Assays results from the 2006 program confirmed the conclusions of the 1986 report.
Earlier in 2007, Independent Mining Consultants (IMC) of Arizona was engaged to prepare an updated mineral resource for the Taylor project using data from both the historic resource and the 2006 program.
The results of the IMC resource update are presented below and are significant as they not only confirm historical resources, but increase the confidence level of the mineral resource by categorizing greater than 88 per cent of the resource within the categories "measured and indicated." It should be further noted that IMC's work did not contemplate all of the high-grade silver mineralization contained within the near vertical fault structure situated directly adjacent to the open-pit area.
The measured and indicated mineral resource is 14.9 million silver ounces contained in 6.43 million United States short tons of ore grading at an average of 2.31 ounces per ton based upon a 1.2-ounce-per-ton cut-off. An additional inferred mineral resource has been defined to be 1.9 million ounces of silver contained in 757,000 tons grading 2.54 ounces per ton.
FULL MINERAL RESOURCE DATA SUMMARIZED
Taylor project mineral resource -- 1.2 oz/t cut-off
Contained
Ore tons Silver grade silver
Resource class (thousand tons) (ounces/ton) (ounces)
Measured (m) mineral resource 1,238 2.50 3,095,000
Indicated (id) mineral resource 5,195 2.27 11,793,000
Total M+Id 6,433 2.31 14,888,000
Inferred (if) mineral resource 757 2.54 1,923,000
The mineral resource has been defined from floating cone geometry and comprises total material estimates (ore and waste) in the cone shell of 16.6 million tons for a waste to ore ratio of 1.3 to 1. It is based on open pit mining and milling of the silver ores within the existing process plant -- one of the key features of the Taylor project.
Since early 2007 the company, with the assistance of Knight Piesold and Company, of Colorado (Knight Piesold), and IMC, has been actively performing redevelopment planning for the Taylor project which seeks to maximize the use of the other existing infrastructure features of the project including the power supply, water supply, mine waste stockpiles and access roads.
Redevelopment planning for the Taylor project is being lead by Knight Piesold and is currently directed toward obtaining the major permits from the United states Forest Service and the Nevada Division of Environmental Protection, among others. IMC is assisting this effort through the performance of mine engineering.
Updated estimates of the project operating costs were developed earlier in 2007 by Knight Piesold and IMC and were combined with a silver price of $13.50 (U.S.) per ounce to define the cut-off grade employed in the mineral resource. The operating cost estimate will be the subject of further evaluation and refinement during the current redevelopment planning and engineering and is subject to change.
President of the company, Steve Vanry, commented that: "This updated mineral resource is significant as it is the first step in our overall plan for the redevelopment of the Taylor project. Confirmation of the historic resource within contemporary regulations allows us to continue our development within our planned timetable which seeks to initiate operations in early 2009."
Ken Thorsen, BSc, PEng, chairman and director of Fury Explorations, has reviewed the content of this press release, and is the qualified person for the company, as defined by National Instrument 43-101.
We seek Safe Harbor.
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