SAGUENAY, QUEBEC–(Feb. 5, 2014) - Arianne Phosphate (the “Company” or “Arianne”) (TSX VENTURE:DAN) (FRANKFURT:JE9N) (OTCBB:DRRSF) is pleased to announce that new exploration drilling commenced on February 3rd on the Lac à Paul property and will continue through the end of March 2014.
This drilling program is another step in the process of achieving the Company’s objective of significantly increasing the mineral resources and extending the operational life of its Lac à Paul Phosphate Rock Project.
The Paul Zone currently consists of 590 million tonnes of measured and indicated (M & I) resources at a grade of 7.1 % P2O5 for which mineral reserves totalling 472.1 million tonnes at a grade of 6.9 % P2O5 have been established based on the mining plan of the Feasibility Study (the “Study”) for the Lac à Paul project filed in 2013 (see press release of October 24, 2013). According to the Study, these reserves support a minimum mine life of 25.75 years by mining just the Paul Zone, as currently defined and will generate an NPV of 1.9B$ US at an 8 % discount rate. In addition, the Manouane Zone contains 164 million tonnes of measured and indicated resources (M & I) at a grade of 5.88 % P2O5 and Zone 2 consists of 64 million tonnes of inferred resources at 4.55 % P2O5 (see press release of November 8, 2011).
This new drilling program has two main targets: the first is to test the western extension of the Paul Zone which has not yet been drilled while the second is to test the depth potential of the TraMan Zone, located about 5 km south of the ore treatment facility.
There is a strong magnetic anomaly on the TraMan Zone, similar to the one defined on the Paul Zone. More than two hundred (200) samples were collected on the TraMan Zone during the summer 2013 surface exploration program Of these samples, one hundred ten (110) returned values greater than 5 % P2O5, with eighteen (18) having values greater than 8 % P2O5. The best results were as high as 16.6 % P2O5, 14.8 % P2O5, 14.4 % P2O5 and 13.8 % P2O5.
Brian Kenny, Chief Executive Officer of the Company, said, “We are already aware of the excellent economics of the Lac a Paul project and of its exceptional P2O5 potential. Accordingly, we are confident that the results of this drilling program will further increase the property’s major mineral resources and significantly extend the life of our world-class project.”
Daniel Boulianne, P. Geo., Qualified Person as defined by NI 43-101, has approved this release.
About Arianne Phosphate
Arianne (www.arianne-inc.com) is developing the Lac à Paul Phosphate Rock Project located approximately 200 km north of the Saguenay/Lac St. Jean area of Quebec, Canada. This mine will produce a high quality igneous apatite concentrate grading 38.6% P2O5 with little or no contaminants. The Company has 84.2 million shares outstanding.
Neither 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 release.
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Forward Looking Statements and Information
This news release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable securities regulations in Canada and the United States (collectively, “forward-looking information”). The forward-looking information contained in this news release is made as of the date of this news release. Except as required under applicable securities legislation, the Company does not intend, and does not assume any obligation, to update this forward-looking information. Forward-looking information includes, but is not limited to, statements with respect to estimated mineral resources, anticipated effect of the completed drill results on the Project, and timing and expectations of future work programs. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects, “is expected”, “budget”, “scheduled”, “estimates”, forecasts”, “intends”, “anticipates”, or “believes”, or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, or “will” be taken, occur or be achieved. Any forward-looking statement speaks only as of the date on which it is made and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.