NEWS RELEASE TRANSMITTED BY Marketwired
FOR: WCB Resources Ltd.
TSX VENTURE SYMBOL: WCB
MAY 8, 2014
WCB Resources Ltd. Provides Operational Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 8, 2014) - WCB Resources Ltd
("WCB" or the "Company") (TSX VENTURE:WCB) is pleased to
provide investors with an update following the closing of its private placement
On April 4, 2014, the Company closed a non-brokered private placement of $6
million. All units were purchased by Sandfire Resources NL
("Sandfire"). Sandfire is a public mining company listed on the
Australia Stock Exchange (ASX:SFR) with a market capitalization of
approximately AUD900 million. Sandfire is currently in production at its
DeGrussa copper gold project located in Western Australia and is exploring
several copper-gold properties in Australia. WCB is excited to move its Misima
Island Project further with Sandfire as a major and strategic investor.
WCB is capitalized and can now rapidly move forward with our drill program on
the Misima Porphyry Prospect, Misima Island PNG. The company current has a 30%
equity interest in the project with an option to acquire up to a 70% equity
The Misima Porphyry Prospect has been defined by systematic exploration
techniques which commenced in early 2012. Soil sampling defined a large 1100
meter by 800 meter high order soil Cu Au anomaly that is supported by highly
significant channel sample results. Geological mapping defined a zone of upper
level porphyry style alteration, multiphase veining and intense fracturing
associated with this anomalism. An aeromagnetic survey outlined a large buried
magnetic high interpreted as magnetite alteration which has previously not been
drill tested to depths that modern successful explorationists target. Halo
drill holes with broad Cu Au intersections over a 1,500 meter by 1,000 meter
area further support and validate the prospectivity.
The Misima Island Project (EL1747) is located in the same terrain and
geological region that includes the giant deposits of Grasberg, Ok Tedi,
Wafi-Golpu, Lihir, Porgera and Panguna. Past production on Misima Island totals
4.0M ounces of gold and 20M ounces of silver. An inferred mineral resource of
1.57M ounces of gold and 8.5M ounces of silver was recently defined. The NI
43-101 Technical Report detailing the resource is available on SEDAR and the
Planned drill testing by WCB will be targeted at the central interpreted higher
grade components of this classic porphyry Cu Au Ag system with planned drill
hole depths of over 1000 meters. The Company has distributed drill tenders to a
number of prospective drilling companies and will provide updates as they
The expenditures incurred during the upcoming drill program will contribute
towards the ownership of the project.
Mr. Cameron Switzer, BSc (Hons), MAIG (3384), MAUSIMM (112798), President and
Chief Executive Officer of WCB Resources, is a qualified person as defined by
National Instrument 43-101. He is responsible for quality control of
exploration undertaken by WCB. Mr. Switzer has reviewed and approved the
technical information in this release.
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
focussed on the exploration and development of the Tier 1 Misima Island Project
in Papua New Guinea.
On behalf of the Board of Directors
Cameron Switzer, President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
Forward Looking Statements: This news release includes certain statements that
may be deemed "forward-looking statements". All statements in this
release, other than statements of historical facts, including, without
limitation, statements potential mineralization, the estimation of mineral
resources, the realization of mineral resource estimates, interpretation of
prior exploration and potential exploration results, the timing and success of
exploration activities generally, the timing and results of future resource
estimates, permitting time lines, metal prices and currency exchange rates,
availability of capital, government regulation of exploration operations,
environmental risks, reclamation, title, and future plans and objectives of the
company are forward-looking statements that involve various risks and
uncertainties. Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such statements
are not guarantees of future performance and actual results or developments may
differ materially from those in the forward-looking statements. Forward-looking
statements are based on a number of material factors and assumptions. Factors
that could cause actual results to differ materially from those in
forward-looking statements include failure to obtain necessary approvals in
respect of a transaction, unsuccessful exploration results, changes in project
parameters as plans continue to be refined, results of future resource
estimates, future metal prices, availability of capital and financing on
acceptable terms, general economic, market or business conditions, risks
associated with operating in foreign jurisdictions, uninsured risks, regulatory
changes, defects in title, availability of personnel, materials and equipment
on a timely basis, accidents or equipment breakdowns, delays in receiving
government approvals, unanticipated environmental impacts on operations and
costs to remedy same, and other exploration or other risks detailed herein and
from time to time in the filings made by the company with securities
regulators. Mineral exploration and development of mines is an inherently risky
business. Accordingly the actual events may differ materially from those
projected in the forward-looking statements. For more information on the
Company, investors should review their annual filings that are available at
www.sedar.com. Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
The Company relies on litigation protection for "forward looking"
statements. Actual results could differ materially from those described in the
news release as a result of numerous factors, some of which are outside the
control of the Company.
FOR FURTHER INFORMATION PLEASE CONTACT:
WCB Resources Ltd.
WCB Resources Ltd.
Ironstone Capital Corp.
416 941 1253
INDUSTRY: Manufacturing and Production - Mining and Metals
-0- May/08/2014 15:39 GMT
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