Nov 2 2012
Reservoir Minerals Inc. ("RMC" or the "Company"), is pleased to announce results from the Phase 2b soil sampling campaign in the Bibemi Exploration License in northern Cameroon. Gold anomalous soil samples define a strike length of approximately 20 kilometres within the prospective greenstone terrain that was identified by earlier soil and stream sediment sampling campaigns (see Company News Releases, dated July 3, 2012 and August 1, 2012). A trench across one of the anomalous centres identified a 30 metre wide zone with an average grade of 0.73 grams per tonne (g/t), gold, and a maximum of 3.12 g/t gold.
Dr. Simon Ingram, President and CEO of Reservoir Minerals commented: "The results from this soil sampling campaign verify and extend the previously reported targets, which is very encouraging. The test trench results confirm that the soil anomalies are indicative of gold mineralization in bedrock. Trenching of these extensive soil anomalies will continue when the rainy season has ceased."
Bibemi License
The Bibemi License covers approximately 1,000 square kilometres in northern Cameroon. The Property includes under-explored Neoproterozoic greenstone formations, which are prospective for gold mineralization. Several sites of seasonal artisanal gold workings have been identified within the License.
Geochemical Sampling Program
The Phase 2b follow-up soil sampling campaign comprised additional 1,684 samples and was designed to extend the 200 metre sample grid to the southwest, and to infill the previously identified anomalous areas at 100 metre spacing. The results confirm the presence of two parallel NE-SW trending structures over a strike length of 20 kilometres that are clearly identified by soil samples containing greater than 20 parts per billion (ppb) gold, and along which anomalous centres are marked by samples containing 101 - 729 ppb gold. Maps are posted on the Company website.
A 300 metre long trench to weathered bedrock is oriented NW-SE perpendicular to the strike of a gold-in-soil anomalous centre in the Bakassi area. Continuous chip samples, 2 metres long, were collected from the weathered bedrock at the base of the trench. The analytical results define a 30 metre wide zone of persistently anomalous gold, averaging 0.73 g/t gold (range 0.24 g/t to 3.19 g/t gold). An isolated sample, 80 metres west of the centre of the main anomaly, yielded 4.0 g/t gold. A profile with gold contents along the trench is provided on the Company website.
Option and Joint Venture Agreement
Under the terms of an Option and Joint Venture Agreement between the Company and the Bureau d'Etudes et d'Investigations Géologico-Minières, Géotechniques et Géophysiques (BEIG3 SÀRL) ("BEIG3") a joint venture company has been formed which is 90% owned and managed by RMC. Transfer of the Bibemi and So'o properties to the joint venture company was signed into law by HE the Minister on August 2, 2012. Under the terms of the Joint Venture Agreement, RMC has paid to BEIG3 C$45,000, two further payments each of C$ 20,000 are due on or before August 2, 2012 and August 2, 2014.
Quality Control:
The Company follows industry standard quality assurance and quality control procedures for all samples. The QA/QC program includes the insertion of duplicates and certified standards into the sample batches. Soil samples were prepared by sieving and riffle splitting at the sample site, under the supervision of Company staff, to 100 grams of <125 micron grain size. Rock samples are split at the sample site to approximately 5 kilograms, and sent to the ALS Chemex sample preparation facility in Yaoundé for crushing, splitting and pulverising. Prepared samples (approximately 100 grams) were shipped by courier to OMAC Minerals Laboratories (ISO 17025 accredited) in Ireland, where they were analysed for gold by fire assay with AAS finish, and for 33 trace and major elements by ICP-ME.
Qualified Person:
Dr. Duncan Large, Chartered Engineer (UK) and Eur. Geol., a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators and a consultant to the Company, approved the technical disclosure in this release and has verified the data disclosed.