Nov 25 2013
WCB Resources Ltd ("WCB" or the "Company") is pleased to announce it has received and filed on SEDAR the independent NI 43-101 Technical Report entitled "Misima Gold-Copper Project, Milne Bay Province, Papua New Guinea" (the "Report"). The Report includes the initial inferred resource estimate for the Umuna Zone as described in the Company's press release on October 7, 2013.
The Report dated September 30, 2013 was prepared according to NI 43-101F1 guidelines and Mineral Resources are reported in accordance with CIM Definition Standards on Mineral Resources and Mineral Reserves, and was completed by AMC Mining Consultants (Canada) Ltd. (AMC).
Qualified Persons
The Report was prepared by Mr John Morton Shannon P.Geo and Mr Peter Telford Stoker FAusIMM (CP), both full time employees of AMC. Both Mr Shannon and Mr Stoker are "qualified persons" as defined under NI 43-101 and are independent of WCB Resources Ltd.
About the Property
The Property consists of one exploration licence, EL 1747, on the east end of Misima Island, in Milne Bay Province, Papua New Guinea. From a geological and mineral deposits perspective, EL1747 is located in the same terrain and geological region that includes the deposits of Grasberg, Ok Tedi, Hidden Valley, Wafi-Golpu, Lihir, Simberi and Panguna as well as significant projects such as Tolukuma, Kainantu and Woodlark Island. Misima Island has previously demonstrated mineral deposit pedigree through the past production of 4.0M ounces of gold and 20M ounces of silver from various operations but most recently the Misima Mine owned by Placer Dome Asia Pacific. This mine ceased open pit production in 2001 and closed in 2004.
EL1747 Misima consists of 53 sub blocks covering an area of 180km2. The exploration license was targeted due to the presence of a significant high order copper stream sediment anomaly in multiple drainages which has received limited detailed follow up activity. Furthermore, additional high order gold and anomalies, and a molybdenum anomaly have been identified and require follow up detailed work.
WCB can obtain up to a 70% interest in EL1747 Misima by spending a total of AUD$9.0M within a 4 year timeframe subject to standard regulatory approvals.
About WCB Resources
WCB is an aggressive minerals exploration and development company that brings together a strong, interdisciplinary, and proven management team with the ability to take a project from discovery right through to operation.
WCB's strategy is to build shareholder value through acquisition, exploration and development of copper gold projects. This strategy is being developed by a synthesis of WCB's core skills in project evaluation, structured acquisition, exploration and project development and operations, areas where WCB directors and executives have significant experience.
We believe that our capabilities and experience, combined with an efficient corporate structure, provide tremendous potential upside for investors. WCB is engaged in an ongoing search and evaluation of additional copper gold projects in the Asia Pacific region.
On behalf of the Board of Directors
Cameron Switzer, President and Chief Executive Officer