Mr. Blair McIntyre reports
LIONS GATE METALS INTERSECTS 0.57% COPPER EQUIVALENT OVER 70.4 METRES AT POPLAR PROJECT
Lions Gate Metals Inc. has provided the assay results from 11-PC-104, the first complete hole to have assays returned from the lab. This hole intercepted high grade at surface and tested along the contact of the low-grade zone at depth. Results are as displayed in the table.
11-PC-104 INTERCEPTS
Width Cu Mo Au Ag Cu
From To (m) (%) (%) (g/t) (g/t) (%)
30.46 402.00 371.54 0.17 0.001 0.06 2.08 0.23
Including
30.46 100.86 70.40 0.46 0.003 0.16 1.92 0.57
109.86 137.72 27.86 0.27 0.002 0.07 4.50 0.35
146.72 173.70 27.00 0.23 0.003 0.07 1.66 0.29
Hole 11-PC-104 was collared approximately 190 metres east of hole 11-PC-90, which returned comparable grades (news release dated April 30, 2011).
Lions Gate management is highly encouraged by these results, which have confirmed a near-surface higher grade zone and further defined the eastern boundary of the low-grade zone at depth, which may be smaller than the initial interpretation.
Copper equivalent (CuEq) calculations were based on equivalency factors of CuEq per cent is equal to Cu per cent multiplied by one, Au (CuEq per cent) is equal to Au gram per tonne multiplied by 0.57291667, Ag (CuEq per cent) is equal to Ag g/t multiplied by 0.01041667, and metal prices of Cu $2.80 per pound, Mo $16.00 per pound, Au $1,100 per troy ounce, Ag $20 per troy ounce. The equivalency factor for molybdenum is Mo (CuEq per cent) is equal to Mo per cent multiplied by 5.71428571. However, the molybdenum values intersected in 11-PC-104 may not be recoverable, and were not used in the calculation of copper equivalent grade. Metal recoveries were not used, as metallurgical studies are incomplete.
The 100-per-cent-owned Poplar project has an NI 43-101-compliant resource of 245 million tonnes grading 0.27 per cent copper, containing 1.4 billion pounds of copper, at a 0.15-per-cent copper cut-off. This resource estimate was prepared by Giroux Consultants Ltd. (news release dated Aug. 23, 2011), and was based on 105 historical drill holes and 13 diamond drill holes, totalling 5,569 m, completed by Lions Gate in the spring of 2011. The phase 2 drill program will provide enough data for an estimate of gold and silver grades, in addition to copper and molybdenum grades. An updated resource estimate will be made when all the results from the phase 2 drilling are received and compiled, and is expected in the spring of 2012.
Andrew Gourlay, PGeol, vice-president exploration, is a qualified person under NI 43-101 and has reviewed and approved the contents of this news release.
We seek Safe Harbor.
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