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PIA Press Release
2009/10/22

SMI releases revised estimates for Tampakan copper-gold project

Koronadal City (22 October) -- Sagittarius Mines, Inc. (SMI) released a revised Mineral Resource estimate for the Tampakan copper-gold project with significantly improved confidence levels, including a 25% increase in Measured tonnes and a 12% increase in Measured and Indicated tonnes.

According to SMI, the new Measured, Indicated and Inferred Resource estimate totals 2.4 billion tonnes at a grade of 0.6% copper and 0.2 grams per tonne gold and contains 13.5 million tonnes of copper and 15.8 million ounces of gold, using a 0.3% copper cut-off grade. The Mineral Resource, accordingly contains estimated average grades for molybdenum of 70 parts per million (ppm).

The total tonnage of the Mineral Resource has increased by 8%, compared to the 2007 estimate, reflecting increased metal price assumptions. The significant increases in Measured and Indicated tonnes are the result of further drilling work comprising 41 drill holes totaling 14,900 metres, the report disclosed.

SMI President, Peter Forrestal, said the latest results confirm Tampakan's position as one of the largest undeveloped copper deposits in South East Asia and its emerging development potential.

During the evaluation of the Tampakan project, SMI has increased the size and improved the confidence levels of the Mineral Resource, confirming the potential of the project.

"Our current focus is on completing the Feasibility Study during the first half of 2010 and on managing extensive specialist studies and stakeholder engagement activities for the Environmental and Social Impact Assessment which we expect to complete by the end of 2010," the SMI President said.

"We are committed to advancing the Tampakan project in genuine partnership with the Philippine government and authorities, local institutions and our neighboring communities," said Forrestal. (ac agad PIA 12) [top]

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