Company Press Release Thursday April 2, 6:19 pm Eastern Time
Altair Announces Independent Confirmation of
Camden Deposit
CODY, WYOMING--(BUSINESS WIRE)--April 2, 1998-- (NASDAQ:ALTIF - news; Alberta Stock Exchange:AIL - news) Altair International Inc. today announced that TZ Minerals International Pty Ltd. (TZMI) has independently confirmed the mineral deposit characteristics for Altair's Camden, Tennessee heavy mineral sands deposit. TZMI
concluded that the deposit contain 11.2 million tons heavy of minerals. The full text of their Executive Summary follows:
''TZMI has reviewed the March 1998 version of the Camden resource model prepared by Mine Development Associates (MDA). We consider the Camden mineral deposit to be an indicated resource. The deposit exhibits normal continuity of mineralization between holes and drill sections, as expected for a regressive series of beach placer
deposits. Further, we consider the deposit amenable to definition by polygonal resource computation methods, such as the MDA model.
MDA computations, at a 1.5 percent total heavy mineral (THM) cut-off yielded the following:
Unit Tonnage (st tons) Grade (percent THM)
---- ---------------- ------------------
Strand (Bed 1) 306 million 3.62 percent
Strand (Bed 2) 6 million 1.68 percent
Overburden (NMU) 56 million 0
The reliability of these calculations had been checked by selected manual computation.''
The deposit characterization model developed by MDA includes the results of 66 auger holes drilled during 1997 and 1998 to confirm continuity of geologic structure, as well as 38 holes drilled by a previous explorer.
''As confirmed by TZMI, the Altair drilling program proved complimentary to earlier drilling - mineral content determined from a 104 drill hole data base is virtually the same as the determination based on 38 holes. This gives us added confidence in
the predictability of deposit tonnage and grade as we prepare and finalize the prefeasibility study.'' said Dr. William P. Long, president of Altair.
TZMI is an Australian based consultancy and accordingly utilizes Australian Resource/Reserve classification standards, which are comparable to those used by the U.S. Bureau of Mines. |
