Confederation Receives Favorable Initial Metallurgical Testing Results from Newman Todd: Mobilizes Crew for 2013 Summer Program
Vancouver, B.C.; July 8th, 2013; Confederation Minerals Ltd. (TSX.V:CFM, OTCQX:CNRMF ): (“Confederation” or the “Company”) is pleased to announce initial metallurgical testing results of material from the Newman-Todd project have been received. Confederation has the option to earn a 70% interest in the Newman Todd project, in Northwestern Ontario, from Redstar Gold Corp. (RGC:TSX.V).
The metallurgical tests were done by SGS Labs on composite samples of drill core selected to be representative of gold mineralization being delineated within the structure. Tests included gravity concentration (9 tests) followed by rougher flotation (34 tests) and cleaner flotation (21 tests). These initial results suggest a 93% gold recovery for head grades above 1.5 g/t Au and 85% gold recovery for the range 1.0g/t to 1.5g/t Au.
Metallurgical results will be incorporated into the Preliminary Economic Assessment currently underway and planned for completion by the end of Q3 2013. The metallurgical work is being overseen for Confederation Minerals by metallurgist Daniel Sepulveda of Moose Mountain Technical Services.
As work on the Newman-Todd Project continues, a 3,000 metre drilling program is expected to be underway shortly. Field crews are currently being mobilized with drill crews expected at site within the next week. Initial holes are targeted to follow up on higher-grade intercepts located in holes reported on in the Confederation press releases of May 1, 2013 and July 3, 2013. In addition to drilling, some exposure of the NTS followed by surface sampling and geological mapping is also planned.
“These favorable results underscore the long established history of Red Lake as world class gold camp and further bolster our excitement in the Newman Todd Project. In the context of both volatility in the gold markets, and an out of favor market for junior gold explorers, this project continues to deliver results that support world class potential.” Lawrence Dick, CEO Confederation Minerals.
This press release was written by: Lawrence Dick, P.Geo, Ph.D.
Ralph Bullis, P.Geo, is the Qualified Person as defined by National Instrument 43-101 and has reviewed the technical content relating to the disclosed drill results in this news release. Core samples from the program were cut in half using a diamond cutting saw and were sent to Activation Laboratories Ltd. in Red Lake, Ontario, an accredited mineral analysis laboratory. All samples were analyzed for gold using standard Fire Assay-AA techniques. Samples returning over 3.0 g/t gold were analyzed utilizing standard Fire Assay-Gravimetric methods. Certified gold reference standards, blanks, and field duplicates were routinely inserted into the sample stream as part of Confederation's quality control/quality assurance program.
Confederation Minerals Ltd. is a British Columbia based company engaged in the business of acquisition, exploration and development of mineral properties. Its objective is to locate and develop economic precious and base metals properties of merit. Confederation Minerals Ltd. holds an Option Agreement to acquire up to 70% of the Newman Todd project in the Red Lake Mining District of Northern Ontario, as well as 100% ownership in another property in the Red Lake Mining District of Ontario.
On Behalf of the Board:
Brian Bapty, Ph.D.
President and Director
Confederation Minerals Ltd.
Suite 1980, 1075 West Georgia Street
Brian Bapty, President and Director
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This news release includes certain statements that may be deemed "forward-looking statements". All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", “proposes”, "project", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. 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 may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.