Newport Exploration Ltd.: Update on Oil & Gas Royalties in Australia and
Metallurgical Results for Chu Chua
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/29/14 -- Mr. Ian
Rozier, President of Newport Exploration Ltd. ("Newport" or the
"Company") (TSX VENTURE: NWX), is pleased to provide information with
respect to the operators on permits in Australia that are subject to
the Company's oil and gas royalty interests and an update on
metallurgical work conducted on core from the Chu Chua copper-gold
project in British Columbia.
Oil and Gas Royalty Interests, Australia
As disclosed in financial statements and reported in various news
releases since September 2002, the Company holds a 2.5% overriding
royalty on several oil and gas permits in the Cooper Basin in
Australia. These permits are being operated variously by Drillsearch
Energy Limited ("Drillsearch") (www.drillsearch.com.au), Beach Energy
Ltd. ("Beach") (www.beachenergy.com.au), and by Santos Ltd.
("Santos") (www.santos.com), with the most active permits currently
being PEL 91 and PEL 106. The Company received royalty payments of
Cdn$3.834 million dollars for the first quarter of 2014.
The royalties are all non-operating interests and the Company
consequently cannot speculate on production, development plans, or
potential revenues. Interested shareholders and potential investors
are encouraged to access the information released independently by
Drillsearch, Beach and Santos, which are all major Australian oil and
gas exploration and production companies.
All royalty payments received by the Company will continue to be
reported in our financial statements.
Chu Chua, British Columbia
The initial resource estimate for the Chu Chua deposit was reported
in a News Release dated June 26th, 2012, and a NI 43-101 Technical
Report was filed on SEDAR on August 16th, 2012. A preliminary
metallurgical testing program was reported in a New Release dated
October 10th, 2013. Initial metallurgy tests completed by ALS
Metallurgy, Kamloops, BC ("ALS"), reported that copper recoveries for
the base case rougher test were 58.5%, with poor chalcopyrite-pyrite
liberation at a course 152 micron (um) grind size. Five additional
rougher tests at increasingly finer grind sizes (down to 51 um) and
variable pH reported much improved copper recoveries to a maximum of
92.2%; with gold and silver recoveries of 35.5% and 61.3%,
respectively (51 um grind size and pH 12 test parameters). A single
preliminary cleaner floatation test utilizing a 16 um re-grind of the
rougher concentrate produced a 22.4% copper concentrate. Further
metallurgical tests will be conducted in an effort to improve further
on pyrite selectivity and increase cleaner flotation concentrate
Mr. Kris Raffle, P.Geol., of APEX Geoscience Ltd. is the Qualified
Person who reviewed the scientific and technical information with
respect to the Chu Chua project contained in this News Release.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the accuracy or adequacy of the contents of this
Newport Exploration Ltd.
Director and Chief Financial Officer
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