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| March 25, 2008 Silver Hart Mine Development Moves Forward | |
| Vancouver, B.C.: CMC Metals Ltd. (the "Company") is pleased to announce that it has submitted the Project Description to the Yukon Territorial Government (YTG) for review and approval for a Development and an Operating License. Currently the Yukon Environmental and Socio-economic Assessment Board (YESAB) is prescreening the project and anticipate the project to be deemed complete in the next few weeks. The Development permit will allow the Company to proceed with the site construction in preparing the mine and mill for production. Based on discussions with the YTG, it is anticipated that the Development permit could be in place by the summer this year. Once the Company has received their Class B Water License, an Operating license will be issued to allow the Company to commission a mill. It is anticipated this will happen by the end of 2008. CMC's 100% owned Silver Hart Mine (click here to view location map) project is for a 20,000 tonne per year mine and an 80 tonne per day mill facility to concentrate the run-of-mine ore. Mining of the TM and S zone will be on a seasonal basis (June to October) and milling will be on a year round basis. The first two years will be surface mined then continued by underground methods. There has been substantial exploration on the property since the mid-80's. Additional drilling by the Company occurred in 2005, 2006, and 2007 to confirm past drill results and to provide the confidence in the substantial amount of historical data. A historic resource estimate (F. Smith, 1988) was determined at the end of 1987 for the TM zone and in addition to the reported historical reserves, the Company speculates an additional volume of 33,225 tonnes (36,609 tons) with an average grade of 1,755 grams/tonne (51.2 oz/ton) silver, totaling 58,310 kg (1,874,937 ounces) of silver.* These historic resource estimates were based on 50 diamond drill holes (3658m, 12,000 feet) and 673m (2208 feet) of underground workings. The Company performed infill drilling and hole twinning as a due diligence to confirm the historical data. An updated detailed mining approach and review of the geological data provided input for the economic model to assess mine dilution, cut-off grades, run-of-mine head grades, and minimum mining widths. For further understanding of the property, the Company had SGS Lakefield Laboratories Ltd. conduct a detailed metallurgical study to define the mineral recoveries, mill flow diagram, and rate of consumption mill reagents need to concentrate the ore. Based on the SGS Lakefield Laboratories Ltd. metallurgical test results, metal recoveries from the raw ore are 96.9% silver, 97.0% lead, and 80.0% zinc by flotation methods. For additional information on the Silver Hart Project, please visit www.cmcmetals.ca. The Company has not completed an independent feasibility study and there is no certainty that the proposed operations will be economically viable. A qualified person has not done sufficient work to classify the historical estimate as current mineral resource and the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon. Statements in the release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially. We undertake no duty to update any forward-looking statement to conform the statements to actual results or changes in our expectations. This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents. The technical information herein has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by Donald Wedman, P.Eng., President and Chief Executive Officer for CMC Metals Ltd., a qualified person under National Instrument 43-101. *Note: The mineral resource and reserve estimates and preliminary assessments are not supported by a compliant NI 43-101 technical report and reported reserves, resources, and preliminary assessments should not be relied on until they have been independently verified and supported by a technical report. On behalf of the Board: "Don Wedman" Don Wedman, P.Eng. CEO CMC METALS LTD. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. For further information, please contact Mr. David Fry, Manager, Corporate Communications at 604-605-0166, local 105 or click on cmcmetalsir@shaw.ca | |
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