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Last updated on April 23, 2014 at 21:24 EDT

Positive 2011 exploration results underpin Kimber plans to update mineral resource estimate for Carmen deposit

October 12, 2011

Management focused on strengthening team that can advance Carmen towards
a production decision

VANCOUVER, Oct. 12, 2011 /PRNewswire/ – Kimber Resources Inc. (NYSE Amex:KBX,
TSX:KBR) is pleased to announce plans to update the mineral resource
estimate for the Carmen gold-silver deposit at its Monterde Project,
Mexico, based on positive 2011 drilling that has included many new
high-grade intercepts below the current mineral resource.  On the
advice of its independent consultants, Kimber’s management and Board
have determined that these drilling results are essential components of
any economic study that will be used for development and production
planning and need to be incorporated into mineral resource estimates
and economic studies.

“Kimber has already completed two independent preliminary economic
assessments that show Kimber’s potential to become a profitable
gold-silver producer at the Monterde project in Mexico,” said Gordon
Cummings, President & CEO.  “We are making important strides in 2011,
not only to increase the overall quantity and grade of Kimber’s mineral
resource base but to strengthen our management team and our Board from
a development and production perspective, and to advance our project
towards a production decision.  We have decided to take the right
steps, in the right order, to ensure that we can bring Monterde into
production as efficiently and quickly as possible, while ensuring we
design a robust and profitable operation.”

The objectives for the next several months include:

        --  Hire an executive level engineer with significant production
            experience.  Kimber has embarked on a search to hire a
            production experienced executive to lead the effort to bring
            Monterde into production.
        --  Complete an updated mineral resource estimate for the Carmen
            deposit by April 30, 2012 based on drill results up to October
            2011.  Since the last mineral resource estimate, Kimber has
            drilled over 32,000 metres at Carmen.  As a result of the
            deeper, higher-grade discoveries below the currently estimated
            mineral resources, it appears that incorporation of the
            high-grade discoveries may lead to changes in open pit
            configuration and require more underground mine planning to
            optimize the economic results for the project.
        --  Continue drilling to expand and upgrade mineral resources at
            Monterde.
        --  Continue with work on geotechnical matters, water and waste
            management, processing, assessment of permit requirements and
            environmental matters and other priorities that must be
            addressed before a production decision can be made.

“Kimber is currently reviewing proposals for various other feasibility
level work programs which could be completed in the second and third
quarters of 2012,” said Mr. Cummings. “With the planned completion of
the mineral resource estimate for Carmen and the hiring of a senior
engineering executive in the first quarter of 2012, Kimber can move
quickly towards completion of a feasibility study.”

Highlights of the previously released 2011 drill program targeted at the
Carmen Deep areas:

     _______________________________________________________________________________________________
    |  Drill |Section|From | To  | Intercept* |      Gold  |    Silver  |       Gold equivalent**   |
    |   Hole |       | (m) | (m) |    (m)     |     (g/t)  |    (g/t)   |             (g/t)         |
    |________|_______|_____|_____|____________|____________|____________|___________________________|
    |MTC-117 |     29|584.0|594.0|        10.0|        11.0|         3.6|                       11.1|
    |________|_______|_____|_____|____________|____________|____________|___________________________|
    |MTC-122D|     32|643.2|645.5|            |            |            |                           |
    |        |       |     |     |         2.3|        22.7|        32.6|                       23.2|
    |________|_______|_____|_____|____________|____________|____________|___________________________|
    |MTC-123A|     32|395.0|405.1|            |            |            |                           |
    |        |       |     |     |        10.1|         2.0|        27.3|                        2.5|
    |________|_______|_____|_____|____________|____________|____________|___________________________|
    |MTRD-472|     27|268.0|276.5|         8.5|         1.2|        96.2|                        2.8|
    |________|_______|_____|_____|____________|____________|____________|___________________________|
    |MTRD-473|     38|188.0|192.0|         4.0|        25.1|        13.6|                       25.3|
    |________|_______|_____|_____|____________|____________|____________|___________________________|
    |MTRD-476|     30|565.5|570.4|            |            |            |                           |
    |        |       |     |     |         4.9|        78.4|       127.9|                       80.5|
    |________|_______|_____|_____|____________|____________|____________|___________________________|
    |MTRD-477|     34|166.0|174.0|            |            |            |                           |
    |        |       |     |     |         8.0|         1.7|       181.5|                        4.7|
    |________|_______|_____|_____|____________|____________|____________|___________________________|
    |MTRD-477|     34|255.5|260.7|            |            |     1,076.7|                           |
    |        |       |     |     |         5.2|        51.9|            |                       69.9|
    |________|_______|_____|_____|____________|____________|____________|___________________________|
    |MTRD-477|     34|338.4|340.4|            |            |            |                           |
    |        |       |     |     |         2.0|        25.2|       725.0|                       37.3|
    |________|_______|_____|_____|____________|____________|____________|___________________________|
    |MTRD-477|     34|418.5|419.4|            |            |            |                           |
    |        |       |     |     |         0.9|        44.5|        38.2|                       45.1|
    |________|_______|_____|_____|____________|____________|____________|___________________________|
    |MTRD-477|     34|432.0|433.2|            |            |            |                           |
    |        |       |     |     |         1.2|        28.2|        26.0|                       28.6|
    |________|_______|_____|_____|____________|____________|____________|___________________________|
    |MTRD-478|     44| 60.0| 64.0|         4.0|         2.3|       232.0|                        6.1|
    |________|_______|_____|_____|____________|____________|____________|___________________________|
    |MTRD-478|     44|156.0|162.0|         6.0|         4.2|        40.6|                        4.9|
    |________|_______|_____|_____|____________|____________|____________|___________________________|
    |MTRD-478|     44|348.4|352.6|         4.2|        13.0|        11.8|                       13.2|
    |________|_______|_____|_____|____________|____________|____________|___________________________|
    |MTRD-492|     43|473.5|475.5|            |            |            |                           |
    |        |       |     |     |         2.0|        12.8|         5.7|                       12.9|
    |________|_______|_____|_____|____________|____________|____________|___________________________|
    |MTRD-502|     30|584.0|587.0|            |            |            |                           |
    |        |       |     |     |         3.0|         8.8|         7.7|                        8.9|
    |________|_______|_____|_____|____________|____________|____________|___________________________|
    |MTRD-511|     35|190.0|202.0|            |            |            |                           |
    |        |       |     |     |        12.0|         1.8|       130.8|                        4.0|
    |________|_______|_____|_____|____________|____________|____________|___________________________|
    |MTRD-511|     35|210.0|224.0|            |            |            |                           |
    |        |       |     |     |        14.0|         4.5|       112.4|                        6.4|
    |________|_______|_____|_____|____________|____________|____________|___________________________|
    |MTRD-511|     35|366.7|371.2|            |            |            |                           |
    |        |       |     |     |         4.5|        12.7|         9.7|                       12.9|
    |________|_______|_____|_____|____________|____________|____________|___________________________|
    |MTRD-511|     35|377.2|383.0|            |            |            |                           |
    |        |       |     |     |         5.8|         6.4|        18.1|                        6.7|
    |________|_______|_____|_____|____________|____________|____________|___________________________|
    |MTRD-516|     37|118.0|144.0|            |            |            |                           |
    |        |       |     |     |        26.0|         0.5|        68.2|                        1.6|
    |________|_______|_____|_____|____________|____________|____________|___________________________|

* True widths are expected to range between 65% and 85% of the intervals
reported on the table above.

**Gold equivalent grade assumes equivalence of 60 grams of silver to one
gram of gold.

*** Results for drill holes MTRD-472 , MTRD-473 and MTRD-478 were made
public in a press release dated May 19, 2011; results for drill hole
MTRD-477 were made public in a press release dated May 26, 2011;
results for drill hole MTRD-476 were made public in a press release
dated May 31, 2011; results for drill hole MTRD-492 were made public in
a press release dated June 2, 2011; results for drill hole MTC-117 were
made public in a press release dated July 27, 2011; results for drill
holes MTC-122D and  MTRD-502 were made public in a press release dated
August 31, 2011; and results for drill holes MTRD-123A, MTRD-511 and
MTRD-516 were made public in a press release dated September 28, 2011.

Illustrations

A plan view of the location of the previously released drill holes shown
in this release, completed in 2011, can be viewed via the following
link:

Plan View of selection of Carmen 2011 drill holes

Highlights of the previously released 2011 drill program targeted at the
Carmen Open Pit area:

     _____________________________________________________________________________
    | Drill |Section|From| To |Intercept*|Gold |Silver|       Gold equivalent**   |
    | Hole  |       |(m) |(m) |   (m)    |(g/t)|(g/t) |             (g/t)         |
    |_______|_______|____|____|__________|_____|______|___________________________|
    |MTR-446|     29|14.0|50.0|      36.0| 0.60|  61.8|                           |
    |       |       |    |    |          |     |      |                        1.6|
    |_______|_______|____|____|__________|_____|______|___________________________|
    |MTR-447|     31|22.0|50.0|      28.0| 0.27|  72.0|                           |
    |       |       |    |    |          |     |      |                        1.5|
    |_______|_______|____|____|__________|_____|______|___________________________|
    |MTR-448|     33|20.0|32.0|      12.0| 0.95| 200.0|                           |
    |       |       |    |    |          |     |      |                        4.3|
    |_______|_______|____|____|__________|_____|______|___________________________|
    |MTR-449|     37|28.0|46.0|      18.0| 0.42|  74.6|                           |
    |       |       |    |    |          |     |      |                        1.7|
    |_______|_______|____|____|__________|_____|______|___________________________|
    |MTR-454|     47| 2.0|36.0|      34.0| 0.54| 118.4|                           |
    |       |       |    |    |          |     |      |                        2.5|
    |_______|_______|____|____|__________|_____|______|___________________________|
    |MTR-455|     49|46.0|56.0|      10.0| 0.68| 266.8|                           |
    |       |       |    |    |          |     |      |                        5.1|
    |_______|_______|____|____|__________|_____|______|___________________________|
    |MTR-458|     45| 8.0|24.0|      16.0| 0.23|  79.7|                           |
    |       |       |    |    |          |     |      |                        1.6|
    |_______|_______|____|____|__________|_____|______|___________________________|
    |MTR-458|     45|36.0|76.0|      40.0| 0.78|  99.4|                           |
    |       |       |    |    |          |     |      |                        2.4|
    |_______|_______|____|____|__________|_____|______|___________________________|
    |MTR-460|     46|38.0|94.0|      56.0| 0.44|  89.7|                           |
    |       |       |    |    |          |     |      |                        1.9|
    |_______|_______|____|____|__________|_____|______|___________________________|
    |MTR-470|     27|38.0|48.0|      10.0| 2.18|  98.0|                           |
    |       |       |    |    |          |     |      |                        3.8|
    |_______|_______|____|____|__________|_____|______|___________________________|
    |MTR-480|   28.5|20.0|52.0|      32.0| 1.40|  71.4|                        2.6|
    |_______|_______|____|____|__________|_____|______|___________________________|
    |MTR-490|   39.5|10.0|18.0|       8.0| 1.10| 115.4|                        3.0|
    |_______|_______|____|____|__________|_____|______|___________________________|

* True widths are expected to range between 65% and 85% of the intervals
reported on the table above.

**Gold equivalent grade assumes equivalence of 60 grams of silver to one
gram of gold.

***Results for drill holes MTR-446, MTR-447, MTR-448 and MTR-449 were
made public in a press release dated February 7 2011; results for drill
holes MTR-454, MTR-455, MTR-458 and MTR-460 were made public in a press
release dated March 3, 2011; results for drill hole MTR-470 were made
public in a press release dated April 19 2011; and results for drill
holes MTR-480 and MTR-490 were made public in a press release dated May
19, 2011.

About Kimber

Kimber owns mineral concessions covering in excess of 39,000 hectares in
the prospective Sierra Madre gold-silver belt, including the Monterde
property, where three gold-silver mineral resources have already been
defined. The most advanced of these, the Carmen deposit, has been
extensively drilled and has undergone detailed geologic modeling. The
completion of the preliminary economic assessment for Monterde
represented a significant step forward for Kimber and is expected to
lead to further development and more advanced economic studies at the
Monterde deposits.  The subsequent discovery of high grade gold-silver
mineralization below the mineral resources used in the preliminary
economic assessment adds a potentially significant new dimension to the
opportunities at Monterde.

Forward looking statements
Statements in this release may be viewed as forward-looking statements,
including statements regarding estimates of mineral resources at
Monterde, the preliminary assessment of the Monterde project, the
conversion of inferred resources to measured and indicated resources,
the conversion of mineral resources to mineral reserves, life of mine
estimates, the potential for gold and silver mineral resources in the
Carmen deposit and other targets within the Monterde project, the
further development of the Monterde project, expected results and
future economic assessments of the Monterde project, decisions to
proceed to production, and the availability of financial and human
resources to undertake the development and operation of a mine. When
used in this press release, the words “expect”, “intend”, “hopes”,
“believe”, “may”, “will”, “could”, “if”, “anticipates”, “potential”,
“planned” and similar expressions are intended to identify
forward-looking statements. Such statements involve risks and
uncertainties that could cause actual results to differ materially from
those projected. Such risks and uncertainties include, among others,
uncertainty of mineral reserve and mineral resource estimates, risks
relating to fluctuations in the price of gold and silver, the
inherently hazardous nature of mining-related activities, potential
effects on Kimber’s operations of environmental regulations in the
countries in which it operates, risks due to legal proceedings, risks
relating to political and economic instability in certain countries in
which it operates, risks related to the use of inferred resources in
the preliminary assessment, and uncertainty of being able to raise
capital on favourable terms or at all, as well as those risk factors
discussed under the headings “Cautionary Note Regarding Forward-Looking
Statements” and “Risk Factors” in Kimber’s latest Annual Report on Form
20-F as filed on September 27, 2011.  There are no assurances the
Company can fulfil such forward-looking statements and the Company
undertakes no obligation to update such statements, except as required
by law. Such forward-looking statements are only predictions; actual
events or results may differ materially as a result of risks facing the
Company, some of which are beyond the Company’s control.

The technical information in this news release has been prepared in
accordance with Canadian regulatory requirements set out in National
Instrument 43-101 and reviewed by Mr. Petrus (Marius) Mar© P.Geo.,
Vice-President Exploration of the Company.  The exploration activities
at the Monterde and Pericones project sites are carried out under the
supervision of Mr. Mar©, who is the designated Qualified Person under
National Instrument 43-101 for the Monterde and Pericones projects.

Cautionary Note to U.S. Investors – The United States Securities and
Exchange Commission permits U.S. mining companies, in their filings
with the SEC, to disclose only those mineral deposits that a company
can economically and legally extract or produce.  Kimber Resources uses
certain terms on its website (and certain press releases), such as
“measured,” “indicated,” and “inferred,” “resources,” which the SEC
guidelines strictly prohibit U.S. companies from including in their
filings with the SEC.  U.S. Investors are urged to consider closely the
disclosure under the heading “Cautionary Note to U.S. Investors
Regarding Mineral Reserve and Resource Estimates” in our latest annual
report on Form 20-F which may be secured from us, or from the SEC’s
website at
http://www.sec.gov/edgar.shtml.

 

SOURCE Kimber Resources Inc.

PDF with caption: “Drill-Hole-Plan-Map-Oct 12 2011 release.pdf”. PDF available at: http://stream1.newswire.ca/media/2011/10/12/20111012_C3401_DOC_EN_4382.pdf


Source: PR Newswire