VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 25, 2013) - Tasman Metals Ltd. ("Tasman" or the "Company") (TSX VENTURE:TSM)(NYSE MKT:TAS)(FRANKFURT:T61). Mark Saxon, President & CEO, is pleased to announce granting of a permit to extract a large surface sample for expanded metallurgical testing from the Company's Norra Karr project in Sweden. The permit allows for the extraction of 200 cubic metres of rock (approximately 500 tonnes) from selected locations that represent the Norra Karr deposit. The permit was granted by Länsstyrelsen Östergötland (County Administration Board of Östergötland), the Swedish government agency that manages land use in the region of Norra Karr.
"Gaining permission to remove a bulk sample at Norra Karr is an important next step in our development of the project," said Mark Saxon, Tasman's President and CEO. "Until now, all samples used in processing have been extracted from drill core, and this bulk sample is a much lower cost option for our expanded metallurgical testing. As Norra Karr mineralization is very homogeneous and the rock is unweathered at surface, we are able to represent the deposit well with this large surface sample."
Tasman's 100% owned Norra Karr project has an indicated and inferred resource estimate calculated in accordance with the standards of the Canadian Institute of Mines ("CIM") as provided in table 1 below. The deposit is approximately 300m wide by 800m long at surface, and covered by an average of less than 1m of soil, making collection of the sample very simple. It is located in southern Sweden, 300km SW of the capital Stockholm and lies in mixed farming and forestry land. The site is well serviced by power, roads and water allowing all year round access, plus a local skilled community, minimizing the need for offsite infrastructure to be built by the Company.
A 25 year Mining Lease for Norra Karr was recently granted to Tasman. The Mining Lease remains subject to an appeal by certain stakeholders. The Company has completed substantial metallurgical testing and a Preliminary Economic Assessment, the technical and financial data for which can be found on the Company website in a National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") report titled "Amended and Restated Preliminary Economic Assessment N1 43-101 Technical Report for the Norra Kärr (REE-Y-Zr) Deposit Gränna, Sweden" dated 9th July 2013.
The qualified person for the Company's exploration projects, Mark Saxon, President and Chief Executive Officer of Tasman and a Member of the Australian Institute of Geoscientists and Australasian Institute of Mining and Metallurgy, has reviewed and verified the contents of this release.
|Table 1: In-Pit Resource Estimate for the Norra Karr Deposit at 0.17% TREO Cut Off Grade|
|Tonnes of Contained |
|1||This resource estímate was prepared in accordance with the standards of CIM by RungePincockMinarco Ltd. Further resource assumption detail can be found on Sedar in a National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") report titled "Amended and Restated Preliminary Economic Assessment NI 43-101 Thechnical Report for the Norra Karr Deposit Granna, Sweden" dated 9th July 2013.|
|2||Total Rare Earth Oxides (TREO) includes: La2O3, Ce2O3, Pr2O3, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3|
|3||Heavy Rare Earth Oxides (HREO) includes: Eu2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3|
|4||The calculated resource is sensitive to cut-off grade which will be influenced by metallurgical operating costs. Bench scale metallurgical tests were completed on various representative samples of Norra Karr mineralization.|
|5||RungePincockMinarco Ltd calculated this mineral resource estimate based on geological and geochemical data supplied by Tasman, which had been audited by Mr Geoffrey Reed. Mr Reed is an independent qualified person for the purposes of NI 43-101.|
|6||The resource estimate has been classified as an Indicated and Inferred Resource based on the distance-space between sample data within the current deposit outline. Variograms were obtained from the variography study of TREO, with the continuity analysis showing a reasonable fit model in the major and semi major direction for the mineralised domains.|
|7||Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves.|
About Tasman Metals Ltd.
Tasman Metals Ltd. is a Canadian mineral exploration and development company focused on Rare Earth Elements (REE's) in the European region and is listed on the TSX Venture Exchange under the symbol "TSM" and the NYSE-MKT under the symbol "TAS". REE demand is increasing, due to the metals' unique properties that make them essential for high technology and environmentally-beneficial applications. Since over 95% of REE supply is sourced from China, the European Union is actively supporting policy to promote domestic supply of REE's, to ensure the security of high-tech industry. Tasman's exploration portfolio is uniquely placed, with the capacity to deliver "high-tech" metals from politically stable, mining friendly jurisdictions with developed infrastructure.
The Company's Norra Karr project in Sweden is one of the most significant heavy REE resources in the world. The resource is unusually low in radioactive metals relative to peer projects, with less than 15 ppm each of uranium and thorium.
For more information regarding rare earth elements, see the Rare Metal Blog at http://proedgewire.com/rare-earth/.
On behalf of the Board,
Mark Saxon, President & CEO
The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), the NYSE - MKT nor the Frankfurt Stock Exchange accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note to U.S. Investors Concerning Mineral Resources and Reserves. In this news release, the definition of "mineral resources" is that used by the Canadian securities administrators and conforms to the definition utilized by CIM in the "CIM Standards on Mineral Resources and Reserves - Definitions and Guidelines" adopted on August 20, 2000 and amended December 11, 2005.
The standards employed in estimating the mineral resources referenced in this news release differ significantly from the requirements of the United States Securities and Exchange Commission (the "SEC") and the resource information reported may not be comparable to similar information reported by United States companies. The term "resources" does not equate to "reserves" and normally may not be included in documents filed with the SEC. "Resources" are sometimes referred to as "mineralization" or "mineral deposits". While the terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are recognized and required by Canadian regulations, they are not defined terms under standards in the United States and normally are not permitted to be used in reports and registration statements filed with the SEC. The terms "mineral reserve," "proven mineral reserve" and "probable mineral reserve" are Canadian mining terms as defined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the CIM - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as may be amended from time to time by the CIM. These definitions differ from the definitions in the United States Securities and Exchange Commission Industry Guide 7 ("SEC Industry Guide 7") under the Securities Act of 1933. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or prefeasibility studies, except in rare cases. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measures.
The estimation of measured, indicated and inferred mineral resources involves greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. U.S. investors are cautioned (i) not to assume that measured or indicated resources will be converted into reserves and (ii) not to assume that estimates of inferred mineral resources exist, are economically or legally minable, or will be upgraded into measured or indicated mineral resources. It cannot be assumed that the Company will identify any viable mineral resources on its properties or that any mineral reserves, if any, can be recovered profitably, if at all. As such, information contained in this news release and the documents incorporated by reference herein concerning descriptions of mineralization and resources under Canadian standards may not be comparable to similar information made public by United States companies in SEC filings.
Cautionary Statements. Certain statements found in this release may constitute forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect the speaker's current views with respect to future events and financial performance and include any statement that does not directly relate to a current or historical fact. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, uncertainties related to the availability and costs of financing, unexpected geological conditions, success of future development initiatives, imprecision in resource estimates, ability to obtain necessary permits and approvals, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, changes in world metal markets, changes in equity markets, environmental and safety risks, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein. Forward-looking statements cannot be guaranteed and actual results may vary materially due to the uncertainties and risks, known and unknown, associated with such statements. Shareholders and other readers should not place undue reliance on "forward-looking statements", as such statements speak only as of the date of this release.