Dec 4 2010
New World Resource Corp. (TSX VENTURE:NW)(FRANKFURT:NWU) has presented an updated National Instrument 43-101 ("NI 43-101") mineral resources estimate on the Company's Lipena copper-gold deposit in Bolivia.
- Inferred Resources Estimate: 30.2% increase in tonnage and a 11.8% increase in Copper Equivalent grade
- Indicated Resources Estimate: 15% increase in tonnage and a 14.3% increase in Copper Equivalent grade
The Lipena deposit remains open in several directions and the regional land package the Company has secured through our joint venture with Corporacion Minera de Bolivia ("COMIBOL") allows us to continue exploration for not only the continuation of the breccia zone but also to explore for the associated porphyry system. New World's President, John Lando comments "With copper and gold prices at current levels, our management team is anxious to get back to work at Lipena, Our large land package surrounding Lipena is known to host several untested breccia occurrences and we consider this an excellent opportunity to continue to build our resources. The Pastos Grandes lithium project is currently being drill tested and with geophysics set to begin at Lipena, drills will likely be moved to Lipena in the new year."
Due to the increase in commodity prices since the date of this initial NI 43-101 compliant resource estimate, significant tonnage has been added to the resource as well the increase in the overall copper equivalent grade. The increase is solely due to the effect of updated commodity prices on the cut-off grade and that the actual block model has not been re-estimated as there has been no new sampling carried out. The additional tonnage also increases the number of ounces of gold in the indicated category from 224,466 to 240,193 representing a 7% increase and in the inferred category the number of ounces of gold increased from 63,717 to 93,763 representing a 47% increase.