TORONTO, ONTARIO--(Marketwired - Jun 26, 2013) - Dalradian Resources Inc. ("Dalradian" or the "Company") (DNA.TO)(DRLDF) is pleased to announce that Ms. Ruth Ives has joined the company as Vice-President of Project Development, effective immediately.
Ms. Ives will be driving the next stages of development of the Curraghinalt gold deposit. She brings more than 18 years of hands-on mining experience, most recently as Operations Manager of Minera Frisco's Ocampo underground narrow vein gold mine in Mexico.
Ruth previously held senior engineering and mine planning roles in over seven underground gold operations including: Kinross' QR Mine, Harmony Gold's San Antonio Mine, Placer Dome's Campbell Mine and St. Andrews Goldfields' Clavos, Taylor and Holloway Mines.
"We are thrilled to have Ruth on board at this stage in the evolution of the Curraghinalt gold deposit," states Patrick F. N. Anderson, CEO. "Her extensive planning and implementation experience in underground narrow-vein mining is directly applicable to our project."
Underground Development Next Steps
The existing underground exploration workings at Curraghinalt were developed during the late 1980s and consist of an adit tunnel and two headings along the T-17 and No. 1 veins. Dalradian plans to extend the existing adit tunnel approximately 260 m to the south, intersecting The 106-16, Bend, and Crow vein systems, and any additional veins that may exist in the footwall rocks. An internal ramp will provide access to a second level approximately 20 m below the existing workings, and headings will be advanced along a number of the veins systems on both levels. This will allow us to trace the continuity of the veins both horizontally and vertically, and will provide access for test stoping and bulk sampling.
Detailed planning for the project is currently underway, under the direction of Ms Ives, and will consist of 2,000 linear metres of underground development and the extraction of an approximately 43,000 tonne bulk sample to be used for advanced metallurgical testing.
Dalradian submitted the Planning Application for the project to the Strategic Planning Office on February 18th, 2013, following several months of detailed consultation with stakeholders and the local community. Site preparation and underground work is scheduled to begin in January 2014, following the expected receipt of the final permits in October 2013, and the expiry of a three month window where a Judicial Review may be sought. The underground portion of the project is expected to take between 12 - 18 months to complete.
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.
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.