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BCD - BRC Diamondcore Ltd - BRC Diamondcore reports Iron Ore Exploration results
BRC DIAMONDCORE LTD.
(Incorporated in Canada)
(Corporation number 627115-4)
Share code: BCD & ISIN Number: CA05565C1095
("BRC DiamondCore" or "the Company")
BRC DIAMONDCORE REPORTS IRON ORE EXPLORATION RESULTS
Toronto, Canada- May 3, 2011.BRC DiamondCore Ltd. ("BRC" or the "Company") (TSX
- BCD; JSE - BCD) is pleased to announce that its joint venture with Rio Tinto
Minerals Development Limited ("Rio Tinto") has discovered high grade haematite
(a form of iron ore) in its exploration areas within Province Orientale,
Democratic Republic of the Congo (the "DRC"). The drilling results for 1,032
metres of diamond drill holes, which are detailed below, revealed grades of
65.6% to 68.2% iron.
The Company owns 25% of the joint venture company that holds exploration permits
which cover areas totalling approximately 4,550 square kilometres. Under the
agreement with Rio Tinto, all iron ore exploration up to and including the
completion of any feasibility study will be funded by Rio Tinto. The Company
will not suffer any dilution during this period, such that the Company`s 25%
interest in the properties will be maintained during this period.
The exploration for iron ore is being carried out by Rio Tinto (or one of its
affiliates) as operator. After the completion of any feasibility study, funding
for the project is to be provided by Rio Tinto and BRC pro rata based on their
respective interests in the joint venture company.
Initial geological research and exploration had indicated that the exploration
permit areas, which hitherto had been largely unexplored using modern
exploration methods, were highly prospective for the discovery of iron ore
deposits. This assessment is supported by these initial results.First pass
drilling has been completed on the Zatua 1 and 2 target areas with nine diamond
drill holes totalling 1,032 metres. Six of these holes intercepted high grade
haematite mineralization.
The target areas had been selected after a regional airborne magnetic survey had
identified geophysical anomalies which subsequent ground follow up indicated to
be associated with outcropping haematite mineralization. Mineralized intervals,
where intercepted by a drill hole, range in thickness from 32 metres to 121
metres with both friable and massive textures being observed.
Analytical results have been received for the first six holes with values of
65.6% to 68.2% Fe, 0.53% to 2.99% Al2O3, 0.39% to 2.4%SiO2 and 0.049% to 0.969%
P, with the elevated high phosphorous values appearing to be associated with
recent weathering. Despite limited thicknesses in some of the holes, the results
give encouragement that high grade haematite is present in the area.
Rio Tinto, as the operator, now intends to complete the helicopter supported
reconnaissance over the remainder of the Bomokandi permit area beginning during
May 2011.
Commenting on these results, Dr. Mike de Wit, President of BRC, said: "The
results are encouraging and indicate that a significant iron ore project could
potentially be developed in the area. The exploration programme by Rio Tinto, as
operator, is continuing. We are very pleased to have Rio Tinto as our partner in
the DRC for both our diamond and iron ore properties."
Qualified Person
Dr. Mike de Wit, President of the Company and a "qualified person" (as such term
is defined in National Instrument 43-101), has reviewed the technical
information in this press release.
BRC DiamondCore Ltd. is an African-focussed diamond explorer with projects in
the DRC. Led by a management team with extensive experience in diamond
exploration and mine development, the Company works in a systematic and
responsible manner to discover, assess and develop diamond resources for the
benefit of its shareholders and local stakeholders.
For further information, please visit our website, www.brc-diamondcore.com, or
contact:
JOHANNESBURG
04 MAY 2011
In Toronto: Arnold T. Kondrat, Director, (416) 366-2221 or 1-800-714-7938.
In Johannesburg: Brian P. Scallan, Vice President, Finance, +27 82 902 6273 or
+243 991772978.
This press release contains forward-looking statements. All statements, other
than statements of historical fact, that address activities, events or
developments that the Company believes, expects or anticipates will or may occur
in the future (including, without limitation, statements relating to exploration
results, potential mineralization and plans and objectives with respect to iron
ore exploration) are forward-looking statements. These forward-looking
statements reflect the current expectations or beliefs of the Company based on
information currently available to the Company. Forward-looking statements are
subject to a number of risks and uncertainties that may cause the actual results
of the Company to differ materially from those discussed in the forward-looking
statements, and even if such actual results are realized or substantially
realized, there can be no assurance that they will have the expected
consequences to, or effects on the Company. Factors that could cause actual
results or events to differ materially from current expectations include, among
other things, the possibility that future exploration results will not be
consistent with expectations, changes in equity markets, uncertainties relating
to the availability and costs of financing needed in the future, changes in
commodity markets, foreign currency fluctuations, political developments in the
DRC, changes to regulations affecting exploration or development activities,
delays in obtaining or failure to obtain required project approvals, the
uncertainties involved in interpreting geological data and the other risks
involved in the mineral resource exploration business. Any forward-looking
statement speaks only as of the date on which it is made and, except as may be
required by applicable securities laws, the Company disclaims any intent or
obligation to update any forward-looking statement, whether as a result of new
information, future events or results or otherwise. Although the Company
believes that the assumptions inherent in the forward-looking statements are
reasonable, forward-looking statements are not guarantees of future performance
and accordingly undue reliance should not be put on such statements due to the
inherent uncertainty therein.
Date: 04/05/2011 11:37:01 Supplied by www.sharenet.co.za
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