Westcore Announces Initial Resource Evaluation At Panther Coal Property
SASKATOON, SASKATCHEWAN--(Marketwire - Oct. 29, 2012) - WESTCORE ENERGY LTD. - (TSX VENTURE:WTR) ("Westcore" or the "Company") is pleased to announce an initial coal resource evaluation from the first two drill programs at the Panther Coal Property ("Panther") located near The Pas, Manitoba. Panther is jointly held by Westcore and 49 North Resources Inc. (TSX VENTURE:FNR), 60:40 respectively.
The Panther Coal Property resource evaluation (or the "Evaluation") was completed by Heartstone Consulting Ltd. and was prepared in accordance with Canadian Securities Administrators (CSA) National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The lead author of the Evaluation is Peter Graham, P.Geo., who is a "qualified person" within the meaning of NI 43-101 and is independent of the Company. Mrs. Ellen MacNeill, P. Geo., is a co-author of the Evaluation. The Evaluation has been filed on SEDAR and is also available for download on the Company's website.
The Evaluation contemplates coal resources at the Quasar deposit which has been the focus of exploration to date on the Panther property. The resources have been classified according to the "CIM Standards on Mineral Resources and Reserves: Definitions and Guidelines" (November 2010). Accordingly, the resources have been classified as "Measured", "Indicated" and "Inferred".
Highlights: Quasar Deposit
-- Measured Tonnes: 14,239,000
-- Indicated Tonnes: 4,255,000
-- Total Waste Quantities vs. Measured and Indicated Tonnes of Coal Strip
Ratio of 1.5:1
-- Inferred Tonnes: 9,130,000
-- Total Waste Quantities vs. Inferred Strip Ratio of 1.6:1
-- Coal is ranked as subbituminous C
Paul Conroy, President and CEO of Westcore states "We are very pleased with the initial evaluation of coal resources from the Quasar deposit at Panther. Estimates of approximately half of the overall tonnage in the measured category and strip ratios of these proportions could bode very well for mining the Quasar deposit. Additionally, we are encouraged at the prospect of adding to the coal resources at Panther from the Quasar Satellite and Vesta targets in future drilling programs, as well as confirming resource categorizations on our other properties and deposits."
Peter Graham, Professional Geologist, is the independent Qualified Person pursuant to NI 43-101 who was responsible for the Evaluation and review of the technical contents of this news release.
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, the use of the net proceeds of the offering. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, governmental regulation, including environmental regulation; unanticipated operating events or performance; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in tax laws; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
FOR FURTHER INFORMATION PLEASE CONTACT:
Westcore Energy Ltd.
President and Chief Executive Officer