Mr. Matthew Hamilton reports
POSITIVE 2011 EXPLORATION RESULTS UNDERPIN KIMBER PLANS TO UPDATE MINERAL RESOURCE ESTIMATE FOR CARMEN DEPOSIT
Kimber Resources Inc. plans to update the mineral resource
estimate for the Carmen gold-silver deposit at its Monterde project,
Mexico, based on positive 2011 drilling that has included many new
high-grade intercepts below the current mineral resource. On the
advice of its independent consultants, Kimber's management and board
have determined that these drilling results are essential components of
any economic study that will be used for development and production
planning, and need to be incorporated into mineral resource estimates
and economic studies.
"Kimber has already completed two independent preliminary economic
assessments that show Kimber's potential to become a profitable
gold-silver producer at the Monterde project in Mexico," said Gordon
Cummings, president and chief executive officer. "We are making important strides in 2011,
not only to increase the overall quantity and grade of Kimber's mineral
resource base, but to strengthen our management team and our board from
a development and production perspective, and to advance our project
toward a production decision. We have decided to take the right
steps, in the right order, to ensure that we can bring Monterde into
production as efficiently and quickly as possible, while ensuring we
design a robust and profitable operation."
The objectives for the next several months include:
- Hiring an executive-level engineer with significant production
experience; Kimber has embarked on a search to hire a production
experienced executive to lead the effort to bring Monterde into
production;
-
Completing an updated mineral resource estimate for the Carmen deposit by
April 30, 2012, based on drill results up to October, 2011; since the
last mineral resource estimate, Kimber has drilled over 32,000 metres
at Carmen; as a result of the deeper, higher-grade discoveries below
the currently estimated mineral resources, it appears that
incorporation of the high-grade discoveries may lead to changes in open
pit configuration and require more underground mine planning to
optimize the economic results for the project;
- Continuing drilling to expand and upgrade mineral resources at Monterde;
- Continuing with work on geotechnical matters, water and waste management,
processing, assessment of permit requirements and environmental matters,
and other priorities that must be addressed before a production
decision can be made.
"Kimber is currently reviewing proposals for various other feasibility-level work programs which could be completed in the second and third
quarters of 2012," said Mr. Cummings. "With the planned completion of
the mineral resource estimate for Carmen and the hiring of a senior
engineering executive in the first quarter of 2012, Kimber can move
quickly toward completion of a feasibility study."
Highlights of the previously released 2011 drill program targeted at the
Carmen Deep areas are shown in the attached table.
Drill From To Intercept* Gold Silver Gold equivalent**
hole (m) (m) (m) (g/t) (g/t) (g/t)
MTC-117 584.0 594.0 10.0 11.0 3.6 11.1
MTC-122D 643.2 645.5 2.3 22.7 32.6 23.2
MTC-123A 395.0 405.1 10.1 2.0 27.3 2.5
MTRD-472 268.0 276.5 8.5 1.2 96.2 2.8
MTRD-473 188.0 192.0 4.0 25.1 13.6 25.3
MTRD-476 565.5 570.4 4.9 78.4 127.9 80.5
MTRD-477 166.0 174.0 8.0 1.7 181.5 4.7
MTRD-477 255.5 260.7 5.2 51.9 1,076.7 69.9
MTRD-477 338.4 340.4 2.0 25.2 725.0 37.3
MTRD-477 418.5 419.4 0.9 44.5 38.2 45.1
MTRD-477 432.0 433.2 1.2 28.2 26.0 28.6
MTRD-478 60.0 64.0 4.0 2.3 232.0 6.1
MTRD-478 156.0 162.0 6.0 4.2 40.6 4.9
MTRD-478 348.4 352.6 4.2 13.0 11.8 13.2
MTRD-492 473.5 475.5 2.0 12.8 5.7 12.9
MTRD-502 584.0 587.0 3.0 8.8 7.7 8.9
MTRD-511 190.0 202.0 12.0 1.8 130.8 4.0
MTRD-511 210.0 224.0 14.0 4.5 112.4 6.4
MTRD-511 366.7 371.2 4.5 12.7 9.7 12.9
MTRD-511 377.2 383.0 5.8 6.4 18.1 6.7
MTRD-516 118.0 144.0 26.0 0.5 68.2 1.6
* True widths are expected to range between 65 per cent and 85 per cent
of the intervals reported.
** Gold-equivalent grade assumes equivalence of 60 grams of silver to one
gram of gold.
*** Results for drill holes MTRD-472, MTRD-473 and MTRD-478 were made
public in a press release dated May 19, 2011, results for drill hole
MTRD-477 were made public in a press release dated May 26, 2011,
results for drill hole MTRD-476 were made public in a press release
dated May 31, 2011, results for drill hole MTRD-492 were made public in
a press release dated June 2, 2011, results for drill hole MTC-117 were
made public in a press release dated July 27, 2011, results for drill
holes MTC-122D and MTRD-502 were made public in a press release dated
Aug. 31, 2011, and results for drill holes MTRD-123A, MTRD-511 and
MTRD-516 were made public in a press release dated Sept. 28, 2011.
Drill From To Intercept* Gold Silver Gold equivalent**
hole (m) (m) (m) (g/t) (g/t) (g/t)
MTR-446 14.0 50.0 36.0 0.60 61.8 1.6
MTR-447 22.0 50.0 28.0 0.27 72.0 1.5
MTR-448 20.0 32.0 12.0 0.95 200.0 4.3
MTR-449 28.0 46.0 18.0 0.42 74.6 1.7
MTR-454 2.0 36.0 34.0 0.54 118.4 2.5
MTR-455 46.0 56.0 10.0 0.68 266.8 5.1
MTR-458 8.0 24.0 16.0 0.23 79.7 1.6
MTR-458 36.0 76.0 40.0 0.78 99.4 2.4
MTR-460 38.0 94.0 56.0 0.44 89.7 1.9
MTR-470 38.0 48.0 10.0 2.18 98.0 3.8
MTR-480 20.0 52.0 32.0 1.40 71.4 2.6
MTR-490 10.0 18.0 8.0 1.10 115.4 3.0
* True widths are expected to range between 65 per cent and 85 per cent
of the intervals reported.
** Gold-equivalent grade assumes equivalence of 60 grams of silver to one
gram of gold.
*** Results for drill holes MTR-446, MTR-447, MTR-448 and MTR-449 were
made public in a press release dated Feb. 7, 2011, results for drill
holes MTR-454, MTR-455, MTR-458 and MTR-460 were made public in a press
release dated March 3, 2011, results for drill hole MTR-470 were made
public in a press release dated April 19, 2011, and results for drill
holes MTR-480 and MTR-490 were made public in a press release dated
May 19, 2011.
We seek Safe Harbor.
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