TORONTO, ONTARIO--(Marketwired - Jul 8, 2013) - Dalradian Resources Inc. ("Dalradian" or the "Company") (DNA.TO)(DRLDF) is pleased to announce that the Strategic Planning Division of the Northern Ireland Department of Environment has determined that the Company's underground exploration development project at its Curraghinalt Gold Project can proceed without the requirement of an Environmental Statement.
Whereas this decision does not constitute final planning permission, we expect the Strategic Planning Department will issue the final permit, containing the terms and conditions that will govern the project, within the next four months. During this time, Dalradian will continue to meet with key stakeholders and regulatory bodies to address comments and questions and provide additional details on the proposed program.
"Receiving a positive decision on this important aspect of the permitting process is a clear signal that Northern Ireland is strongly supportive of smart resource development as a component of their economy," commented Patrick F.N. Anderson, Dalradian's CEO. "The excellent progress made thus far in our first major permitting effort owes much to the social license we have gained in the local communities through the hard work and transparency of our team in Northern Ireland."
The planned project, which will consist of an additional 2,000 m of underground development is intended to:
- Confirm the grade, thickness and continuity of the mineralized veins
- Test various mining methods
- Evaluate underground geotechnical and hydrogeological conditions
- Provide a large bulk sample for additional metallurgical testing
In expectation of receipt of final planning permission, Dalradian's newly hired VP of Project Development is on site and engaged in the detailed design of the underground exploration program. Dalradian has also begun meeting with qualified underground mining contractors, and identifying long-lead time items required for the program.
In the meantime, our exploration team continues with its historical core re-evaluation program whereby C-veins may have the potential to increase ounces, mining widths, and throughput rates, as well as reduce the effects of dilution. This program is on schedule for completion by the end of August. This data will be incorporated with the new drilling that has been completed since the November 2011 resource calculation and both datasets will be included in the next resource update.
About Dalradian Resources Inc.:
Dalradian Resources Inc. is a TSX-listed, Canadian based exploration company engaged in the acquisition, exploration and development of precious and base metals projects. With a European focus, our most advanced property is in Northern Ireland and around the high-grade lode gold deposit, Curraghinalt.
The Company's wholly owned subsidiary, Dalradian Gold Limited, holds a 100% interest, subject to certain royalties, in mineral prospecting licences and mining lease option agreements in counties Tyrone and Londonderry, Northern Ireland. The Department of Enterprise, Trade and Investment ("DETI") and the Crown Estate Commissioners ("CEC") have together granted to Dalradian base and precious metal mineral exploration rights to four contiguous areas collectively known as the Northern Ireland properties.
Dalradian's flagship deposit, Curraghinalt, hosts an NI 43-101 compliant measured mineral resource of 0.02 MT grading 21.51 g/t gold for 10,000 contained ounces, indicated mineral resource of 1.11 MT grading 12.84 g/t gold for 460,000 contained ounces and inferred mineral resource of 5.45 MT grading 12.74 g/t for 2,230,000 contained ounces. Dalradian's Preliminary Economic Assessment reported positive results for a proposed underground mine at Curraghinalt including an after-tax IRR of 41.9% and NPV of $467 million based on an 8% discount rate using a 3 year trailing average gold price of $1378 per ounce.
Dalradian's technical report, "A Preliminary Economic Assessment of the Curraghinalt Gold Deposit, Tyrone Project, Northern Ireland" dated September 6, 2012, was prepared in accordance with NI 43-101 by Mr. B. Terrence Hennessey, P.GEO., Mr. Barnard Foo, P.ENG., Mr. Bogdan Damjanović, P.ENG., Mr. Andre Villeneuve, P.ENG., and Mr. Christopher Jacobs, CEng MIMMM of Micon International Limited (the "PEA"), and is available on SEDAR at www.sedar.com. The PEA is preliminary in nature. It includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the results of the PEA will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
In Norway, Dalradian holds mineral rights for approximately 1.3 million hectares over three greenstone belts, as well as an area hosting an historical silver mining district. Dalradian is engaged in data acquisition and analysis over all its concessions.
Dalradian's Common Shares are listed on the Toronto Stock Exchange under the symbol "DNA". For further information, please see www.dalradian.com.
Michele L. Coté, MSc., P. Geo., Vice President Exploration of Dalradian, is the Qualified Person who reviewed and approved the technical information contained in this news release.
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, ratification of the by-law amendment by shareholders of the Company and the estimation of mineral resources. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; actual results of reclamation activities; conclusions of economic evaluations; meeting various expected cost estimates; changes in project parameters as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Risk Factors" in the Company's annual information form.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.