News Release

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Summary

Highlights

 
  • Listed on the TSX Venture Exchange, and registered with United States Securities and Exchange Commission (20-F)
  • Approximately $22,000,000 in financings since March 1995
  • Located in the major copper mining area of British Columbia
  • Located adjacent to Teck’s Highland Valley Copper Mine, one of the world’s largest copper mining and milling operations.
  • Large property - approximately 269 sq. km (104 sq. miles) of geologically favourable Guichon Creek Batholith.  
  • Mineral Tenure - Crown granted and surveyed claims at Getty North and Getty South Deposits.                                                                                                                        
  • Adjacent to excellent support infrastructure:

               • Stable, experienced local workforce available   

               • Power           

               • Water         

               • Railhead           

               • Paved roads and major highways   

               • Airports     

               • City of Vancouver with deep sea port and  international  airport 220 km (135 miles). 

  • Environmental baseline studies by Gartner Lee & Associates.                                            
  •  21,155 rock/core samples assayed. Computerized 3-D geological and grade block modeling completed for Getty North and Getty South Deposits.                                         
  • Getty Diamond drilling total to date: 302 holes on the Getty North (55,007 meters) and 118 on the Getty South (20,353 meters).                                                                           
  • Geophysical surveying: 296-line km (184 miles) of Induced Polarization (I.P.) and 227-line km (142 miles) of magnetometer surveys.                                                                          
  • Geochemical surveys: 8,761 samples collected along 296-line km (184 miles) Detailed geological mapping: 20 sq. km (8 sq. miles)                                                                       
  • Satellite Remote Sensing Survey:
    - Conventional Synthetic Aperture Radar (S.A.R.)
    - Conventional Thematic Mapping (T.M.).                                                                         
  • Aerial photography and base map production (Northway Map Technology Ltd. and Watts, Griffis and McOuat).                                                                                                        
  • Distribution of Highland Valley Mineral Deposits related to large, northerly, through-going fault systems. Valley and Lornex Deposits lie along the Lornex fault.                                  
  • North Valley I.P. and magnetometer anomalies are 12 kms north of the Alwin Deposit along an inferred extension of the Alwin fault system.                                                        
  • Getty North and Getty South Deposits, and Getty West Zone are located within a mineralized structural belt extending north from Highland Valley Copper's J.A. Deposit and Bethlehem Mine.                                                                                                             
  • West Coast Environmental and Engineering (WCE) 43 101 compliant Pre Feasibility Study (PFS) technical report filed May 3, 2010 on SEDAR. The economics were positive and they recommended a full 43 101 compliant Feasibility Study should be undertaken.

 A total of 114.406 million tonnes of Indicated Resources at an average copper grade of 0.373 % Cu  and an additional 41.759 million tonnes of Inferred Resources at a copper grade of 0.275 % Cu have been determined by WCE in the PFS. The inferred resources were not used for purposes of the PFS calculations of Net Present Value (NPV) and reserves.

 A total of 86.561 million tonnes of Probable Mineral Reserves at a copper grade of 0.400 % Cu and a cutoff grade of 0.17 % Cu has been independently determined by WCE in the PFS for both the Getty North and Getty South deposits.

Based on the WCE PFS, the Getty Project would have an estimated mine life of 17 years given the reserves independently determined by WCE in the PFS report.  This assumes a nominal 15,000 tonnes of ore mined per day with an open-pit mining operation. 

 The Getty ores would be treated with conventional crushing, grinding and flotation to produce bulk copper and molybdenum  concentrates. 

The flotation tailings, which contain the oxide fraction of the copper ore, would then be treated by industrially proven, acidic vat leaching for copper recovery. The combined copper and molybdenum flotation concentrate will be pressure leached utilizing industrially-proven, nitrogen species catalyzed (NSC) pressure oxidation. 

Conventional copper solvent extraction and electrowinning would be used to produce on site LME quality electrowon copper metal cathodes.  The leached molybdenum would be recovered via hydrometallurgical processing to produce molybdenum trioxide on site.  A sodium sulphate by product will also be produced and sold.

In addition, the Getty hydrometallurgical plant has been sized with extra process capacity to accommodate the treatment of outside custom copper and molybdenum concentrates.

Overall, the designed production capacity of the Getty Project metallurgical production facilities is estimated to be 30,000 tonnes of copper metal cathode and 1,300 tonnes of molybdenum trioxide per annum.