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Last updated on April 18, 2014 at 17:24 EDT

TTM Chu Molybdenum Project Updated Resource Estimate and Drill Results

March 1, 2009
     Measured Resource - 140 Million Tonnes of 0.061% Mo (0.040% cutoff)
    Indicated Resource - 173 Million Tonnes of 0.060% Mo (0.04% Mo cutoff)
     Inferred Resource - 84 Million Tonnes of 0.058% Mo (0.04% Mo cutoff)

        High Grade Molybdenum in Hole 2008 CHU-E046 - 0.188 % Mo Over
                                 16.96 meters
     High Grade Molybdenum in Hole CHU-E050 - 0.127 % Mo over 93 meters
                     including 18.29 meters of .215% Mo
    High Grade Molybdenum in Hole 2008 CHU-W022 - 0.10 % Mo over 72 meters
                         and 18.51 meters of .210% Mo
    High Grade Molybdenum in Hole 2008 CHU-W023 - 0.12 % Mo over 42.7 meters

    TSX-V Symbol:                     TTQ
    Frankfurt Stock Exchange Symbol:  T2U
    US Clearing Symbol:               TTMRF
    Issued and Outstanding            48,136,489

VANCOUVER, March 2 /PRNewswire-FirstCall/ – W. K. Crichy Clarke, President and CEO of TTM Resources Inc. (“TTM” or the “Company”) is very pleased to announce that the Company has received an updated resource estimate from GH Giroux P. Eng MASc of Giroux Consultants Inc., of Vancouver, B.C. for its 100% owned Chu Molybdenum Project 75 Km Southwest of Vanderhoof, British Columbia, Canada. The resource estimates will be included in a Revised NI 43-101 report to be filed within 45 days.

At a cutoff grade of 0.04% Mo there are an estimated 139.9 million tonnes grading 0.061% Mo (188.2 million lbs. Mo), 173.3 million tonnes grading 0.060% Mo (229.3 million lbs. Mo), and 84.4 million tonnes grading 0.058% (107.9 million lbs. Mo) in the Measured, Indicated, and Inferred Categories respectively.

                       CHU PROJECT - MEASURED RESOURCE

    -------------------------------------------------------------------------
               Tonnes greater
    Mo Cutoff     than Cutoff   Grade greater than Cutoff
    -------------------------------------------------------------------------
                                  Mo     Cu
    (%)               (tonnes)     %     (%)  Million lbs Mo  Million lbs Cu
    -------------------------------------------------------------------------
    0.02          237,200,000  0.048  0.034            251.1           177.8
    -------------------------------------------------------------------------
    0.04          139,920,000  0.061  0.036            188.2           111.1
    -------------------------------------------------------------------------
    0.05           90,240,000  0.070  0.036            139.3            71.6
    -------------------------------------------------------------------------
    0.08           19,710,000  0.100  0.039             43.5            16.9
    -------------------------------------------------------------------------
    0.09           12,160,000  0.110  0.042             29.5            11.3
    -------------------------------------------------------------------------

                       CHU PROJECT - INDICATED RESOURCE

    -------------------------------------------------------------------------
               Tonnes greater
    Mo Cutoff     than Cutoff   Grade greater than Cutoff
    -------------------------------------------------------------------------
                                  Mo     Cu
    (%)               (tonnes)     %     (%)  Million lbs Mo  Million lbs Cu
    -------------------------------------------------------------------------
    0.02          410,160,000  0.042  0.034            379.8           307.5
    -------------------------------------------------------------------------
    0.04          173,340,000  0.060  0.037            229.3           141.4
    -------------------------------------------------------------------------
    0.05          102,710,000  0.070  0.037            158.5            83.8
    -------------------------------------------------------------------------
    0.08           26,130,000  0.097  0.039             55.9            22.5
    -------------------------------------------------------------------------
    0.09           14,840,000  0.106  0.041             34.7            13.4
    -------------------------------------------------------------------------

                       CHU PROJECT - INFERRED RESOURCE

    -------------------------------------------------------------------------
               Tonnes greater
    Mo Cutoff     than Cutoff   Grade greater than Cutoff
    -------------------------------------------------------------------------
                                  Mo     Cu
    (%)               (tonnes)     %     (%)  Million lbs Mo  Million lbs Cu
    -------------------------------------------------------------------------
    0.02          220,200,000  0.040  0.036            194.2           174.8
    -------------------------------------------------------------------------
    0.04           84,400,000  0.058  0.043            107.9            80.0
    -------------------------------------------------------------------------
    0.05           50,040,000  0.068  0.046             75.0            50.8
    -------------------------------------------------------------------------
    0.08           12,420,000  0.093  0.051             25.5            14.0
    -------------------------------------------------------------------------
    0.09            4,580,000  0.103  0.051             10.4             5.2
    -------------------------------------------------------------------------

               CHU PROJECT - MEASURED PLUS INDICATED RESOURCE

    -------------------------------------------------------------------------
               Tonnes greater
    Mo Cutoff     than Cutoff   Grade greater than Cutoff
    ------------------------------------------------------------------------
                                  Mo     Cu
    (%)               (tonnes)     %     (%)  Million lbs Mo  Million lbs Cu
    -------------------------------------------------------------------------
    0.02          647,330,000  0.044  0.034            628.0           485.3
    -------------------------------------------------------------------------
    0.04          313,250,000  0.060  0.037            414.4           255.6
    -------------------------------------------------------------------------
    0.05          192,950,000  0.070  0.036            297.8           153.2
    -------------------------------------------------------------------------
    0.08           45,840,000  0.098  0.039             99.1            39.4
    -------------------------------------------------------------------------
    0.09           26,990,000  0.108  0.041             64.3            24.4
    -------------------------------------------------------------------------

Resource Criteria: The mineral resources mentioned above are defined in terms of the NI 43-101 regulations and their estimation was carried out using industry standard practices using ordinary kriging of blocks 20 x 20 x 10 m high. The mineral resources are undiluted and a total of 10 assays were capped at 0.54 % Mo. Measured mineral Resources were produced using a search ellipse with dimensions equal to 1/4 the semivariogram range, Indicated Mineral Resource estimates were produced using a search ellipse with dimensions equal to 1/2 the semivariogram range. A specific gravity based on 328 measurements of 2.69 was used for tonnage calculations. Assay results from 121 diamond drill holes totaling 64,610 meters were used. A total of 22,170 Mo assay and 20,917 Cu assay intersections made up the resource database.

The Company is very pleased with the result of these Independent estimates and, subject to the Conclusions and Recommendations in the upcoming NI 43-101 Report, it will use these resource estimates as a guide for the 2009 drill program and to enhance future economic development studies.

Mr. Warren Robb states: “Our current drilling will now focus on defining our highest grade molybdenum areas. This drilling will help us properly identify and define the best areas for starter pits, and enhance our overall resource model. Our dedicated geological staff remains motivated and focused on outlining BC’s second largest primary molybdenum deposit.”

DRILL RESULTS

The Company is also pleased to release the results from CHE-08-38 to CHE-08-52 and CHW-08-20 to CHW-08-23, completed in 2008. These results, and previously published drill results, can be viewed at http://ttmresources.ca/english/molybdenite-property. An updated drill hole location map can be viewed at

http://ttmresources.ca/english/wp-content/documents/chu_drill_plan1.pdf.

Analyses of samples from the current program are completed at Stewart Group in Kamloops, BC. The Company has in place a comprehensive quality assurance/quality control program including standards, blanks and duplicate samples that form part of the sampling protocol. In addition the laboratory has its own quality assurance program.

HIGHLIGHTS (please refer to the Company web site for complete results)

                                  Length
    Hole No     Azimuth   Dip         (m)     From       To  Length    Mo (%)
    -------------------------------------------------------------------------
    2008-CHU-
    E038                                    389.21   419.00   29.79    0.098
    -------------------------------------------------------------------------
                                            507.12   517.22   10.10    0.130
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    2008-CHU-
    E040                                    306.92   323.27   16.35    0.100
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    2008-CHU-
    E042            210   -69     742.76     32.61    55.01   22.40    0.103
    -------------------------------------------------------------------------
                                            151.49   175.86   24.37    0.122
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    2008-CHU-
    E044            210   -50     833.42    428.83   456.26   27.43    0.101
    -------------------------------------------------------------------------
                                            495.89   514.17   18.28    0.107
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    2008-CHU-
    E046            208   -49     481.26    339.84   356.80   16.96    0.188
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    2008-CHU-
    E047            210   -69     980.49    419.69   444.07   24.38    0.129
    -------------------------------------------------------------------------
                                            569.03   714.23  145.20    0.100
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    2008-CHU-
    E050            210   -69     932.03    561.95   858.88  296.93    0.088
    -------------------------------------------------------------------------
    including                               561.95   709.54  147.59    0.104
    -------------------------------------------------------------------------
    and including                           601.20   694.30   93.10    0.127
    -------------------------------------------------------------------------
    and including                           676.01   694.30   18.29    0.215
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    2008-CHU-
    W021                                    346.54   400.49   53.95    0.100
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    2008-CHU-
    W022                                     32.61    66.14   33.53    0.110
    -------------------------------------------------------------------------
                                            120.00   192.00   72.00    0.100
    -------------------------------------------------------------------------
                                            581.00   599.51   18.51    0.210
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    2008-CHU-
    W023                                    159.36   182.00   22.64    0.106
    -------------------------------------------------------------------------
                                            210.18   242.91   32.73    0.115
    -------------------------------------------------------------------------
                                            663.47   706.19   42.72    0.120
    -------------------------------------------------------------------------

Mr. Clarke says, “Our goal throughout the 2008 drill program was to improve the resource classification by establishing a Measured Resource and to move most of the Inferred Resource into the Indicated Resource category. The Preliminary Economic Assessment report (“PEA”) written by Moose Mountain guided these efforts. We are excited with our success. We continue to see areas of high grade Mo throughout the potential mining area and are pleased to note that our exploration efforts have identified resources below the 650-metre pit bottom identified in Moose Mountains’ PEA report. Our resource continues to grow stronger at depth. This bodes well for a long profitable mining scenario for the Company, the city of Vanderhoof and its surrounding communities. Our 2009 program, with the guidance of Moose Mountain and Giroux Consultants, will be to establish suitable near-surface, high-grade zones that will allow the Company to maximize early returns in a future mining scenario. We will concentrate in the West Pit Area where indications are good for the early recovery of high-grade Mo. We will keep our shareholders informed.”

NORMAL COURSE ISSUER BID

The Company has completed the purchase of 2,500,000 shares (5% of its issued and outstanding) currently leaving 48,136,489 shares issued and outstanding. The Company has applied for a continuation of this bid and has asked for approval to purchase up to an additional 1,600,000 shares. “While we are surprised at the price shareholders are prepared to sell their shares at, we continue to believe purchase and cancellation is in the best interest of all shareholders.” says Mr. Clarke.

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101. The technical information provided in this press release was reviewed by Warren Robb, P.Geo. and Wes Raven P.Geo., who are both qualified persons for the purposes of NI 43-101.

For further information visit the Company’s web site at www.ttmresources.ca

    TTM RESOURCES INC.

    "Crichy Clarke"
    ----------------------
    W.K. Crichy Clarke
    President & CEO

This communication to shareholders and the public contains certain forward-looking statements. Actual results may differ materially from those indicated by such statements. All statements, other than statements of historical fact, included herein, including, without limitations statements regarding future production, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

SOURCE TTM Resources Inc.


Source: newswire