WCB Resources Ltd. Provides Operational Update
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/08/14 -- 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 last month.
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 interest.
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 Company's website.
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 become available.
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
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.
WCB Resources Ltd.
WCB Resources Ltd.
Ironstone Capital Corp.
416 941 1253
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