LONGUEUIL, QUEBEC — (Marketwire) — 11/26/12 — Dunav Resources Ltd. (TSX VENTURE: DNV) (the „Company“ or „Dunav“) is pleased to announce the initial resource estimate for the Kiseljak project area, part of its Tulare Copper-Gold Porphyry Project located in Southern Serbia.
The Kiseljak mineral resource, prepared by AMC Consultants Limited (UK) („AMC“), an independent mining consulting firm, has been estimated at 300,500,000 tonnes grading an average of 0.27% copper and 0.26g/t gold in the inferred resource category for 1.8 billion pounds of copper and 2.5 million ounces of gold, using a 0.25% copper equivalent cut-off.
A summary of the Kiseljak Inferred mineral resource estimate using various cut-offs is tabulated below:
The Tulare Copper-Gold Porphyry Project comprises several porphyry copper-gold targets including Kiseljak, Yellow Creek, Trlica and Calovica vis South and also includes the Bakrenjaca carbonate-base metal epithermal vein system; all target areas are located within 3,000 meters of the Kiseljak deposit. Dunav controls 100% of this newly identified porphyry cluster, located within the Lece Volcanic Complex.
G Mining Services Inc. (Montreal) have been contracted to manage the Preliminary Economic Assessment (PEA) of the Tulare Copper-Gold Porphyry Project.
Drilling and Sampling
Density Measurements
Assaying
Variography
Resource and Grade Modelling
Grade-Tonnage Reporting
Kiseljak Inferred Resources – Grade-tonnage report
Preliminary metallurgical test work on diamond drill core samples from Kiseljak, carried out in 2008 at SGS Lakefield in Toronto, Canada, has indicated that very high copper and gold recoveries are potentially achievable using typical grind sizes. Excellent flotation recovery characteristics were exhibited for both copper and gold, and a copper-gold concentrate with no deleterious elements was produced. A portion of the gold mineralization is recoverable by standard gravity methods, potentially enhancing the overall gold recovery. Preliminary grinding test work showed a medium to soft mineralization type with a bond work index of approximately 11kWhr/t. Further metallurgical test work is underway and an extensive program of additional metallurgical testwork is nearing completion.
Please see the following link to view all Kiseljak and Yellow Creek drill holes located spatially in three dimensions:
The majority of soil samples have been assayed at the ALS Chemex laboratory, Perth, Australia. More recent soil sampling programs have been assayed at the SGS managed laboratory at Chelopech in Bulgaria using a combination of ICP-OES and ICP-MS, whereas gold has been assayed by low level detection fire assay method (50 gram sample charge) with an AAS finish. Trench samples were prepared at the laboratory facility at SGS Bor and the samples have been assayed at the SGS managed laboratory at Chelopech in Bulgaria or the SGS managed laboratory facility at Bor. Diamond drill core has been prepared at the laboratory facility at Bor and assayed at either the SGS managed laboratory at Chelopech in Bulgaria or the SGS managed laboratory at Bor. Trench and diamond drill samples have been assayed for gold by 50 gram fire assay with an AAS finish whilst copper, silver and molybdenum have been analysed using an aqua regia digest with an AAS finish. A one metre sampling interval has been used where possible for the Tulare Copper-Gold Porphyry Project diamond drilling program. Half core is routinely submitted to the laboratory for analysis. Following Dunav standard quality assurance procedures, a full suite of field and laboratory duplicates and replicates along with internationally accredited standards and blanks, have been submitted with each batch of samples.
Trench sampling was carried out as channels in the wall just above the trench floor on 2 meter intervals. Except where extensive soil cover is encountered, trenches were sampled in their entirety. The samples were routinely weighed prior to final bagging to maintain an even sample size and to avoid sampling bias in harder rock types. An average channel sample weight was maintained at 3 kilograms per meter, which produces a consistent sample weight approximating half HQ core samples. Field duplicate samples were taken every 20 samples and known standards were inserted into the sample stream after every 20th sample. A geological and structural log was completed as for diamond drilling. All data collected in the field was routinely entered into geology and structural geology spread sheets using Field Marshal software for subsequent entry to an acQuire database and validation.
The Kiseljak resource estimate was undertaken by independent qualified person Chris Arnold MAusIMM CP(Geo) of AMC. Mr. Arnold of AMC has reviewed and approved the contents of this press release insofar as the Kiseljak mineral resource estimate is concerned.
AMC is completing a technical report for the mineral resource estimate in compliance with NI 43-101 to be filed on SEDAR within 45 days of this press release.
The other technical information contained in this press release was prepared and approved by Dr Julian F. H. Barnes, FAusIMM, MAIG, a special consultant to the Company. Dr. Barnes is a -qualified person- within the meaning of that term under NI 43-101.
Previously released data refers to data included in the „Tulare Project, Serbia National Instrument 43-101 Technical Report“ by Paul Mazzoni dated November 22, 2010 (the „Technical Report“), filed on SEDAR at . Further information in respect of results, investigations, interpretations, quality assurance and quality control measures, along with geology, mineralogy, sampling, and analytical procedures is included in the Technical Report.
About Dunav Resources Ltd.: Dunav Resources is a mineral exploration company focussed on the acquisition, exploration and development of mineral properties in Serbia. Additional information about the Company is available on SEDAR at and at .
Dunav had approximately $4.2 million in its treasury at September 30, 2012, which it plans to use for the exploration and development of its mineral projects in Serbia. Dunav-s issued and outstanding share capital totals 119,242,942 common shares, of which approximately 47.3% is held by Dundee Precious Metals Inc.
Cautionary Statement
This press release contains -forward-looking information- within the meaning of applicable Canadian securities legislation. Forward looking information in this news release includes information with respect to the mineral resource estimate and its potential expansion and upgrade to a higher level of confidence, the Company-s plans to complete a preliminary economic assessment, the geological and economic potential of the Tulare Project, the results and interpretation of exploration activities and studies including results of preliminary metallurgical test work, and the timing and location of future work programs.
„Inferred Resources“ have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. Investors are cautioned not to assume that all or any part of an inferred mineral resource reported in this news release will ever be upgraded to a higher category or to reserves.
Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Forward-looking information is subject to known and unknown risks and uncertainties, and depends on assumptions and other factors, all of which may cause actual results or events to differ materially from those anticipated or estimated in such forward-looking information. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Figures 1 to 3 are available at the following address:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Contacts: Dunav Resources Ltd. James Crombie President and Chief Executive Officer +1.450.640.0810
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