24th Mar 2006 08:55
Adastra Minerals Inc24 March 2006 NEWS RELEASE Initial Subsurface Sampling at Kolwezi Yields Encouraging Results Trading: TSX and AIM: AAA London, UK (March 24, 2006) Adastra Minerals Inc. ("Adastra" or the "Company")reports widespread copper and cobalt mineralisation from initial reconnaissancesampling on its subsurface licence area at Kolwezi in the Democratic Republic ofCongo ("DRC"). This initial stage of the programme, undertaken by consultants ACA HoweInternational Limited ("ACA Howe"), was designed to conduct a preliminaryassessment of the subsurface mineralisation in order to plan a suitable drillingprogramme. Thirty two 1 metre channel samples were collected from the artisanal pits atKananga West area, which extend over a 350m east-west strike length; allreturned anomalous copper and cobalt values. Weighted averaged assay intervalsreturned from the sampling included: • 17 metres averaging 0.7% Co and 0.19% Cu, including 1 metre @ 6.35% Co and 0.41% Cu; • 7 metres @ 0.27% Co and 0.08% Cu; and • 8 metres @ 0.31% Co and 0.11% Cu. Due to pit geometry and safety considerations, these samples were taken down dipand are not representative of true thickness, although they indicate lateralcontinuity of mineralisation both across and along strike. Channel sampling at the Kananga Quarry also produced encouraging results, withthe majority of the twenty-five 2 metre samples taken from the 50 metre longquarry face being anomalous to weakly anomalous. From the samples taken acrossstrike, perpendicular to the mineralisation, a length-weighted averaged assayinterval of 50 metres @ 0.32% Co and 0.1% Cu with a maximum of 2 metres internaldilution was returned; this included 12 metres @ 0.94% Co and 0.2% Cu. An additional five 1 metre channel samples were collected from the WestKingamyambo pits situated some 2 km west of Kananga West. Four of thesereturned weakly anomalous cobalt values ranging from 0.08% to 0.42%; one samplereturned 0.29% copper. Five contiguous chip-channel samples were collected from the GH pits, situatedsome 2 km south of Kananga West, where artisanal miners are extractingstratabound malachite. The samples were perpendicular to mineralisation andrepresent a true sampled width of 5 metres. While only weak cobalt results werereturned over the sampled interval, ranging from 0.09 to 0.25% Co and averaging0.16% Co, copper values were elevated over the interval and ranged from 0.36 to1.37%, averaging 0.77% Cu. All samples were submitted to Mintek in South Africa for assay analysis ofcopper and cobalt. Tim Read, President and CEO of Adastra said: "We are very encouraged by theseinitial results at the Kananga area of our subsurface licence. Although furtherwork will be required to provide a resource estimate, the results add weight toour belief that extensive copper and cobalt mineralisation remains within thearea." Subvertical, east-west striking mineralisation was observed to a depth of 60metres below surface in the deepest workings. ACA Howe has recommended thatAdastra undertake a programme of exploration drilling to test the ground betweenthe Kananga Quarry and the Kananga West pits, which has approximate dimensionsof 1,400 metres strike length over a width of 50 metres. With this area nowidentified as a primary target, additional work will be undertaken to delineatethe mineralisation further. Adastra's licence for subsurface exploration covers an area of 6,200 hectares,with coordinates identical to the Kolwezi Tailings Licence owned by Adastra'ssubsidiary Kingamyambo Musonoi Tailings sarl. The renewable licence, which wasgranted to Roan Prospecting and Mining Sprl, a wholly-owned Congolese subsidiaryof Adastra, has a validity of five years. It was issued by the Mining Cadastreand endorsed by a Ministerial Decree (ndegrees455/cab min/01/2005 of the 24August 2005) and signed by the Minister of Mines for the DRC. The subsurfacerights cover areas of past mining activity, including the Kingamyambo, KanangaWest, Kananga East and Clippe Nord deposits. Dr D. Patrick of ACA Howe, a "qualified person" within the definition of thatterm in Canadian Securities Administrators' NI 43-101, has verified the datadisclosed herein. About Adastra Adastra is an international mining company listed on the Toronto Stock Exchangeand on AIM, in London, under the symbol "AAA". It is currently developingmineral assets in Central Africa, including the Kolwezi tailings project, andthe possible rehabilitation of the Kipushi zinc mine, in the DRC. Adastra'sgrowth strategy emphasizes the creation of shareholder value through thedevelopment of world-class resources in stable or stabilising politicalenvironments. Contact us: London Adastra Tim Read, President and Chief Executive Officer Tel.: +44 (0)20 7257 2040 Parkgreen Communications Justine Howarth / Cathy Malins Tel.: +44 (0)20 7493 3713 Toronto Equicom Martti Kangas Tel.: +1 (416) 815 0700 This news release contains forward-looking statements within the meaning of theUnited States Private Securities Litigation Reform Act of 1995 andforward-looking information within the meaning of the Securities Act (Ontario)(together, "forward-looking statements"). Such forward-looking statements,include but are not limited to the Company's plans for its Kolwezi Project inthe Democratic Republic of Congo ("DRC"), the Kolwezi Project's net presentvalue, its overall economic potential, the availability of project financing,the likelihood of completion of a transaction with Mitsubishi transaction andinvolve known and unknown risks, uncertainties and other factors which may causethe actual results, performance or achievements expressed or implied by suchforward-looking statements to be materially different. Such factors include,among others, risks and uncertainties relating to political risks involving theCompany's operations in the DRC and the policies of other nations andorganizations towards companies doing business in such jurisdictions, theinherent uncertainty of production and cost estimates and the potential forunexpected costs and expenses, fluctuations in the price of copper and cobalt,conclusions of economic evaluations, changes in project parameters as planscontinue to be refined, the inability or failure to obtain adequate financing orcomplete the proposed transaction with Mitsubishi Corporation on a timely basisand other risks and uncertainties, including those described in the Company'sAnnual Report on Form 20-F for the year ended October 31, 2005 and reports onForm 6-K filed with the Securities and Exchange Commission and the CanadianSecurities Administrators and available at www.sec.com and www.sedar.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
AAA.L