March 4, 2013 – West Kirkland Mining Inc. (TSX-V:WKM, the "Company") is pleased to announce the appointment of Mr. Sandy McVey, P.Eng., as its Chief Operating Officer. Mr. McVey has over 30 years of experience in mine and construction management in Canada, the USA and Africa. He joined the Company in November 2012 as Manager, Projects, after completing the successful design, permitting and construction of an underground silver mine in Texas. Mr. McVey will spearhead the development of the company’s TUG project, a gold/silver asset in Utah and has commissioned Roscoe Postle Associates Inc. (RPA) to produce a Preliminary Economic Assessment (PEA) by May of this year.
The design drawings of the PEA will form the basis of construction and operating permit applications. The Company envisions a conventional shallow, open pit and heap leach operation with a low stripping ratio and minimal stripping in the first two years.
The TUG deposit is four miles from paved highway and is exposed at surface. Grid power and water are both available. These features may provide for a shorter construction period, lower risk and improved project economics. Pending the outcome of the PEA, permitting and additional studies, a construction decision on the TUG project could occur within the second quarter of 2013.
R. Michael Jones, West Kirkland President and CEO said, “Sandy has already made significant inroads on the development of TUG and we’re pleased to have his commitment to lead the project.”
The Company has well advanced in collecting field data for the upcoming PEA and permitting. Geotechnical and hydrogeological investigations have been completed, as well as drilling of metallurgical samples. The Company is working closely with regulators in Utah, a mining-friendly jurisdiction, on TUG permitting. It is important to note that TUG has an inferred mineral resource and no mineral reserves. The Company is advancing permitting and other design information notwithstanding the lack of mineral reserves and there can be no assurance that the inferred mineral resources will ever be classified as mineral reserves or be increased in the mineral resource category.
The TUG property is under option from Fronteer Development (USA) Inc., a wholly owned subsidiary of Newmont Mining Corporation (“Newmont”). Under the agreement, West Kirkland can earn a 60% interest in the property by spending a total of $4,000,000. To date the Company has spent approximately $3,400,000 and has secured a 51% interest in the property by completing the first earn in right.
TUG Property Details
The TUG property is located in Box Elder County Utah. West Kirkland is earning its interest in the TUG property through an option agreement with Newmont. The TUG property hosts a shallow oxidized gold resource that was extensively drilled by previous operators, including Noranda, Phelps Dodge and Western States Minerals. Upon optioning the property, West Kirkland completed the first three-dimensional compilation of the historic data and expanded the resource through drilling. West Kirkland completed the first NI 43-101 compliant resource estimate on the TUG deposit on June 1, 2012. The inferred TUG mineral resource was estimated by Caracle Creek International Consultants to be 679,000 gold equivalent ounces contained in 27,110,000 tonnes grading 0.49 g/t Au and 15.8 g/t Ag using a cut-off 0.1 g/t Au. For further information on the TUG resource please refer to the Company’s June 1, 2012 news release and the technical report titled “Independent Technical Report and Estimated Resources for TUG Property, Utah, United States” dated effective June 1, 2012 and filed with SEDAR.
Independent, NI 43-101 compliant inferred mineral resources at the TUG property were estimated by Jason Baker P.Eng., a Geological Engineer with Caracle Creek and an independent qualified person in accordance with the independence tests set out in NI 43-101. The inferred mineral resources are reported in accordance with National Instrument 43-101 and have been estimated in compliance with the latest CIM Definition Standards for Mineral Resources and Mineral Reserves.
Julie Selway, Ph.D., P.Geo, a Senior Geologist with Caracle Creek International Consulting and an independent Qualified Person, verified the analytical data used to create the inferred mineral resource estimate.
Michael G. Allen, Vice President of Exploration for West Kirkland, and a non-independent qualified person as defined by NI 43-101, has reviewed and approved the technical information in this news release other than the inferred mineral resource estimate, including but not limited to the plans of the Company.
About West Kirkland Mining
West Kirkland Mining was formed in 2010 to focus on gold exploration along major trends in North America. The Company has consolidated significant mineral rights positions within the major gold trends of Nevada/Utah and in the Kirkland Lake area of Ontario - two of North America’s premier gold jurisdictions. The founders and Board of West Kirkland Mining have successful gold discovery, development and mine operations experience in both Ontario and Nevada over the past 40 years.
For further information, please see the Company’s website at www.wkmining.com or contact us by email at [email protected] or call:
West Kirkland Mining Inc.
R. Michael Jones, Michael Allen or Knox Henderson at (604) 685-8311
Disclaimer for Forward-Looking Information
This press release contains forward-looking information or forward looking statements (collectively “forward-looking information”) within the meaning of applicable securities laws. Such information includes, without limitation, information regarding proposed exploration activities. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company’s equity securities, the state of the market for gold or other minerals that may be produced generally, recent market volatility; variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company’s profile on SEDAR at www.sedar.com.
Cautionary Note to U.S. Investors Regarding Estimates of Inferred Mineral Resources
This press release uses the terms “inferred mineral resources.” We advise U.S. investors that while these terms are recognized and required by Canadian regulations, the SEC does not recognize them. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “inferred mineral resource” will ever be upgraded to a higher category. Under Canadian rules, estimates of “inferred mineral resources” may not form the basis of a feasibility study or prefeasibility studies, except in rare cases. The SEC normally only permits issuers to report mineralization that does not constitute “reserves” as in-place tonnage and grade without reference to unit measures. The terms “contained gold ounces” and “contained silver ounces” used in this press release are not permitted under the rules of the SEC. U.S. investors are cautioned not to assume that any part or all of an inferred resource exists or is economically or legally mineable.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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West Vault Mining Inc.
Suite 838 – 1100 Melville Street
Vancouver, BC
Canada V6E 4A6
[email protected]
Qualifying Statements
For readers to fully understand the information in this independent media, they should read the 2023 Pre-feasibility Study, which has been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) (available on www.sedar.com), in its entirety, including all qualifications, assumptions, limitations and exclusions that relate to the information set out in this independent media. The 2023 Pre-feasibility Study is intended to be read as a whole, and sections should not be read or relied upon out of context. The technical information in this independent media is derived from, and subject to the assumptions and qualifications contained in, the 2023 Pre-feasibility Study.
Qualified Person for This Independent Media
Sandy McVey P.Eng., Chief Executive Officer and Chief Operating Officer for West Vault Mining, as a non-independent Qualified Person as defined in NI 43-101, has reviewed and approved the technical information disclosed in this independent media.
Disclaimer for Forward-Looking Information
This independent media may contain forward-looking information or forward-looking statements (collectively “forward-looking information”) within the meaning of applicable securities laws. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this email include, without limitation, statements regarding the potential economic performance of the Project based on the 2023 Pre-feasibility Study, the Company’s ability to obtain any additional permits required to commence and complete construction and perform operations, the Company’s ability to obtain funding on reasonable terms, and the potential identification, execution, and realization of accretive opportunities. Although West Vault Mining believes that such information as set out in this independent media is reasonable, it can give no assurance that such expectations and estimates will prove correct. West Vault Mining cautions investors that any forward-looking information provided by West Vault Mining is not a guarantee of future results or performance, and that actual results may differ materially from forward-looking information as a result of various factors. The reader is referred to West Vault Mining’s public filings for a more complete discussion of such risk factors and their potential effects; these may be accessed through the Company's profile on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Note to US Investors
This independent media has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. The terms “Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” are defined in and required to be disclosed by NI 43-101. However, these terms are not defined terms under SEC S-K 1300 and are normally not permitted to be used in reports and registration statements filed with the SEC. In addition, the terms “Mineral Reserve”, “Probable Mineral Reserve” and “Proven Mineral Reserve” are also defined in NI43-101 and not S-K 1300. Investors are cautioned not to assume that all or any part of an “Indicated Mineral Resource” or “Inferred Mineral Resource” will ever be upgraded to a higher category or converted into Mineral Reserves in accordance with S-K 1300. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of Feasibility or Pre-feasibility Studies, except in rare cases. Investors are cautioned not to assume that all or any part of an Inferred Mineral Resource exists or is economically or legally mineable. Disclosure of “contained ounces” in a Mineral Resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “Reserves” by SEC S-K 1300 standards as in-place tonnage and grade without reference to unit measures. Accordingly, information contained in this independent media contains descriptions of West Vault Mining’s mineral deposits that may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.
