TTM Chu Molybdenum Project Updated Resource Estimate and Drill Results
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
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
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Tonnes greater
Mo Cutoff than Cutoff Grade greater than Cutoff
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Mo Cu
(%) (tonnes) % (%) Million lbs Mo Million lbs Cu
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0.02 237,200,000 0.048 0.034 251.1 177.8
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0.04 139,920,000 0.061 0.036 188.2 111.1
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0.05 90,240,000 0.070 0.036 139.3 71.6
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0.08 19,710,000 0.100 0.039 43.5 16.9
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0.09 12,160,000 0.110 0.042 29.5 11.3
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CHU PROJECT - INDICATED RESOURCE
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Tonnes greater
Mo Cutoff than Cutoff Grade greater than Cutoff
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Mo Cu
(%) (tonnes) % (%) Million lbs Mo Million lbs Cu
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0.02 410,160,000 0.042 0.034 379.8 307.5
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0.04 173,340,000 0.060 0.037 229.3 141.4
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0.05 102,710,000 0.070 0.037 158.5 83.8
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0.08 26,130,000 0.097 0.039 55.9 22.5
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0.09 14,840,000 0.106 0.041 34.7 13.4
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CHU PROJECT - INFERRED RESOURCE
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Tonnes greater
Mo Cutoff than Cutoff Grade greater than Cutoff
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Mo Cu
(%) (tonnes) % (%) Million lbs Mo Million lbs Cu
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0.02 220,200,000 0.040 0.036 194.2 174.8
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0.04 84,400,000 0.058 0.043 107.9 80.0
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0.05 50,040,000 0.068 0.046 75.0 50.8
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0.08 12,420,000 0.093 0.051 25.5 14.0
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0.09 4,580,000 0.103 0.051 10.4 5.2
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CHU PROJECT - MEASURED PLUS INDICATED RESOURCE
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Tonnes greater
Mo Cutoff than Cutoff Grade greater than Cutoff
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Mo Cu
(%) (tonnes) % (%) Million lbs Mo Million lbs Cu
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0.02 647,330,000 0.044 0.034 628.0 485.3
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0.04 313,250,000 0.060 0.037 414.4 255.6
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0.05 192,950,000 0.070 0.036 297.8 153.2
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0.08 45,840,000 0.098 0.039 99.1 39.4
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0.09 26,990,000 0.108 0.041 64.3 24.4
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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.
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
HIGHLIGHTS (please refer to the Company web site for complete results)
Length
Hole No Azimuth Dip (m) From To Length Mo (%)
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2008-CHU-
E038 389.21 419.00 29.79 0.098
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507.12 517.22 10.10 0.130
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2008-CHU-
E040 306.92 323.27 16.35 0.100
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2008-CHU-
E042 210 -69 742.76 32.61 55.01 22.40 0.103
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151.49 175.86 24.37 0.122
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2008-CHU-
E044 210 -50 833.42 428.83 456.26 27.43 0.101
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495.89 514.17 18.28 0.107
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2008-CHU-
E046 208 -49 481.26 339.84 356.80 16.96 0.188
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2008-CHU-
E047 210 -69 980.49 419.69 444.07 24.38 0.129
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569.03 714.23 145.20 0.100
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2008-CHU-
E050 210 -69 932.03 561.95 858.88 296.93 0.088
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including 561.95 709.54 147.59 0.104
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and including 601.20 694.30 93.10 0.127
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and including 676.01 694.30 18.29 0.215
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2008-CHU-
W021 346.54 400.49 53.95 0.100
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2008-CHU-
W022 32.61 66.14 33.53 0.110
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120.00 192.00 72.00 0.100
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581.00 599.51 18.51 0.210
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2008-CHU-
W023 159.36 182.00 22.64 0.106
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210.18 242.91 32.73 0.115
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663.47 706.19 42.72 0.120
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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
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
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.
