13th Nov 2007 07:01
Templar Minerals Limited13 November 2007 13 November 2007 Templar Minerals Limited ("Templar" or the "Company") Initial exploration results from the Adjaria Gold Project Templar Minerals ("AIM: TMP") is pleased to announce results from the analysisof samples from the Adjaria Project in the Republic of Georgia: • Nine metres of continuous channel sampling across the orebody averaged a gold value of 3.11g/t with a maximum value of 7.98 g/t; • Eight metres averaging 0.95 g/t with a maximum of 2.85 g/t; • Sample area of approximately 1.5km has a background gold grade of approximately > 0.5g/t; and • Additional highly prospective areas within the 110km2 licence area in the Adjaria Project are now being sampled for both gold and base metals. David Lenigas, Chairman said: "The initial exploration sample results atAdjaria has returned very encouraging gold values. Together with thesubstantial body of information available from the Soviet era it is clear thatthe Project has the potential to become a significant minable gold resource. Weare accelerating the exploration programme with drilling anticipated for thefirst Quarter of 2008." Some 300 chip samples were collected from appropriate sites on the AdjariaProject between August and September 2007. These confirmatory samples weresubmitted to the ISO certified laboratory, ALS Chemex in Turkey, in order forgold assay and multi-element analysis to be undertaken. Specific technical reporting of true widths and grades on appropriate maps andplans will be released as the future work programme proceeds and base metalanalysis results from the 300 chip samples are expected shortly. Historic non- JORC compliant Russian resource estimates indicated a totalmineral resource for the Adjaria Project of: Copper 74,800 tonnes, Lead 15,000tonnes, Zinc 11,000 tonnes, Gold 0.652 tonnes and Silver 15.1 tonnes. The sourceof the data was from Russian generated reports which were assessed by VenmynRand (Pty) Limited (independent specialist advisor in mineral project valuationand statutory compliance) and reported upon in their Independent ProspectivityReport dated 5th July 2007. Since this historic work provided an indication ofgold and base metal potential further exploration to international standards wasrecommended to support the original estimates. Work Programme Further sampling is being undertaken to verify data from other sites of equalinterest on the licence area. An exploration team of five geologists arepresently managing the work programme and maintaining internationally certifiedlaboratories and exploration standards to ensure that the work is fullycompliant. A full-scale rigorous sampling and mapping program will shortly commence toidentify drilling targets. Templar intends to initiate a drilling programme bythe end of Q1 2008 to determine the full extent of the mineralisation. Nowinter weather or climatic restrictions are expected. Contacts: Templar MineralsDavid Lenigas, Chairman Tel: +44 (0) 7881 825378Ian Stalker, Non Exec-Director Tel: + 27 11 783 5056 Beaumont Cornish Tel: +44 (0) 20 7628 3396Roland Cornish Financial Dynamics Tel + 44 (0) 20 7831 3113Ben Brewerton The information contained in this announcement has been reviewed by Keith KenyonAUS IMM, Geochemical Consultant to Templar Minerals. He is the Qualified Personoverseeing the geochemical exploration at the Adjaria Gold Project. Mr. Kenyonhas 36 years experience in gold exploration and geochemistry and he isundertaking to act as a Qualified Person for the purposes of this announcement. GLOSSARY Geochemistry The study of the chemistry of geological materials Multi-element Techniques of chemical analysis whereby many elements are analysis analysed at the same time, Au Gold Base Metals A metal which oxidises when heated in air, e.g. lead, nickel, copper, tin, zinc, as opposed to noble metals such as gold and platinum. g/t Grams per tonne BACKGROUND Templar Minerals is a gold and base metal exploration, mining and investmentcompany. The Company has a 90% interest in the Adjaria Gold Project in Georgiaand a 5% indirect interest in the Vatukoula Gold Mine in Fiji. In addition theCompany has approximately US$5.5 million in cash. Vatukoula Gold Mine, Fiji Templar now holds 26.18% of River Diamonds plc ("River Diamonds"). RiverDiamonds indirectly owns a 19% interest in the share capital of Westech which,through its wholly owned direct and indirect subsidiaries, owns the miningrights and associated assets of the Emperor Gold Mine in Fiji, also known as theVatukoula Gold Mine. River Diamonds announced on the 1st November 2007 that Westech Pty Ltd ("Westech") has poured 503 ounces of gold, extracted from the commissioning of the mineral processing circuit at the Vatukoula Mine in Fiji. This represents thefirst gold poured from the operations since the mine was placed on care andmaintenance programme last December. River Diamonds also announced that the operational shafts have now beenre-commissioned and the ore and waste passes will be ready over the next week.Westech anticipates the first underground blast to occur in the next three weeksin readiness for the plant commissioning scheduled for late November. Adjaria Gold Project, Republic of Georgia This Brownfield project contains numerous exploration adits and a preliminaryhistorical sampling database together with a large and as yet unexploredGreenfields target area with excellent prospectivity. Historic Russian resource estimates indicated a total mineral resource for theAdjaria Project of: Copper 74,800 tonnes, Lead 15,000 tonnes, Zinc 11,000tonnes, Gold 0.652 tonnes and Silver 15.1 tonnes. The source of the data wasfrom Russian generated reports which were assessed by Venmyn Rand (Pty) Limited("Venmyn"), an independent specialist advisor in mineral project valuation andstatutory compliance, reported upon in their Independent Prospectivity Reportdated 5th July 2007. Since this historic work provided an indication of gold andbase metal potential further exploration to international standards wasrecommended to support the original estimates. The Adjaria Project has several logistical advantages including abundant water,power, skilled labour, and excellent access to major centres. The port of Batumiis 65km away. A local office has been established and is operational withqualified staff, vehicles and access to world class analytical laboratories.Active exploration is underway. Venmyn, an international independent consultancy, has concluded "theprospectivity of the Adjaria Project is moderate to high. The country riskfactors are not unduly negative and logistically the prospect has numerousadvantages. The geological setting and epithermal genesis are favourable for thedevelopment of potentially economically viable deposits, as evidenced by theMadneuli mine." The Madneuli mine in the southern Bolsini region of Georgia and the Kislag minein Turkey occur in similar geological settings as the Adjaria licence. Madneulihas recently been privatised and it is the largest mining operation in thecountry. Georgia is developing as an investor friendly, low cost mining environment. TheMinistry of Environment Protection and Natural Resources has granted theExtraction licence and the Ministry has been helpful in providing support toinvestors. Forward-Looking Statements: This press release contains statements that are "forward-looking". Generally,the words "expect," "intend," "estimate," "will" and similar expressionsidentify forward-looking statements. By their very nature, forward-lookingstatements are subject to known and unknown risks and uncertainties that maycause our actual results, performance or achievements, or that of our industry,to differ materially from those expressed or implied in any of ourforward-looking statements. Statements in this press release regarding theCompany's business or proposed business, which are not historical facts, are"forward looking" statements that involve risks and uncertainties, such asestimates and statements that describe the Company's future plans, objectives orgoals, including words to the effect that the Company or management expects astated condition or result to occur. Since forward-looking statements addressfuture events and conditions, by their very nature, they involve inherent risksand uncertainties. Actual results in each case could differ materially fromthose currently anticipated in such statements. Investors are cautioned not to place undue reliance on forward-lookingstatements, which speak only as of the date they are made. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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