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| September 23, 2008 Test Mining Bulk Sample at the Silver Hart Mine Site | |||||||||||||||||||||||||||||||
| Vancouver, B.C.: CMC Metals Ltd. (the "Company") is pleased to announce that during trenching in the TM pit, a bulk sample of an estimated 1590 tonnes was stockpiled in the TM pit. The purpose of the bulk sample was to test the productivity and equipment capability to selectively extract the identified ore grade material. It was found that the equipment configuration that was planned for the mining operation is sufficient to meet and exceeded the productivity that was anticipated. There was additional dilution to the run-of-mine stockpiles (TM SP#1, 2) due to the bucket size being larger than originally planned. Pit head grade control protocols were also tested using the Niton portable XRF analyzer. A separation of run-of-mine grade material (TM SP#1, 2), low grade stockpile base material (TM LG#1) and waste confirmed the in pit grade control protocols are sufficient to identify and meet the mine recovery rates. The following is the engineered estimate of the bulk sample and XRF assays based on measurements of the stockpile and a comparative back calculation of the excavated trench using an insitu bank density of 3.0 tonnes per bank cubic metre, and a swell factor of 1.25 :
A sampling and assay QA/QC program was instituted with daily calibrations, standards, and statistically significant samples measured. The XRF assays are for indicative purposes only and should not be relied upon until comparative lab assays are completed. Based on the preliminary assays and tonnages, there is an estimated 1,432.6 kg (41,783 ounces) of silver, 78,286 lbs. of lead, and 100,046 lbs. of zinc contained in the three stockpiles. About the Silver Hart Mine Project CMC's 100% owned Silver Hart Mine project is for a 20,000 tonne per year mine and an 80 tonne per day mill facility to concentrate the run-of-mine. 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 each year occurred by the Company since 2005 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. An estimate for proven and probable reserves of 72,345 tonnes (79,713 tons) with an average grade of 2,023 grams/tonne (59.0 oz/ton) silver, totaling 146,340 kg (4,705,463 ounces) of silver was concluded from the work conducted. Not included in the total was an inferred resource 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. Average base metal values include 4.97 percent lead and 8.59 percent zinc for the TM zone. 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 information set out herein is based on current drilling and historical data that requires an updated N143-101 compliant resource estimate. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and the Company is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon. The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by Don Wedman, P.Eng., President and Chief Executive Officer for CMC Metals Ltd., a qualified person under National Instrument 43-101. This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents. 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. | |||||||||||||||||||||||||||||||
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