VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 9, 2012) - Huldra Silver Inc. (TSX VENTURE:HDA) (the "Company" or "Huldra") today provides an update on the 10,000 tonne underground bulk sample program at its 100% owned Treasure Mountain Property.
During the fourth quarter the main haulage drift was advanced to a total of 153.61 metres and 9 drawpoints were added to access the stope with a total length of 93.55 metres. New stope raises were driven with a total length of 68.27 metres and two existing raises were rehabilitated over a total length of 112.75 metres.
The first underground stope mining commenced in November, 2011 and has currently been mined over a length of 75 metres, a height of 12 metres, with an average width of 1.5 metres. We have estimated that a total of 4,050 tonnes of material has been mined to date. Current estimates project that 16,875 tonnes of material will be broken by the time we reach the crown pillar in approximately 70 days. A total of 10,000 tonnes of the permitted bulk sample will be drawn out of the stope by that time. The remaining material will be removed once all mine permitting is in place. The crown pillar with approximately 3,375 tonnes of additional material will be removed in the summer of 2012. The material in the underground stope is being sampled and we will publish estimated grades once a sufficient number of assays have been received and analyzed.
We are currently designing the second stope on Level 1 and will begin installing raises, haulage drifts, and drawpoints once the design work is complete. We expect this work to be complete prior to the completion of the first stope so we can make a smooth transition into mining the second stope.
Despite heavy snowfall at the start of November weather conditions at the Treasure Mountain Property have been extremely favourable this year and we anticipate that operations will be able to continue throughout the winter. We have only lost approximately 5 days of mining time due to weather related issues. However, we did go into a 10 day maintenance shut down during the holidays and re-started on January 3, 2012.
We are continuing with an underground sampling program on Level 1 and 2 of the mine. All existing drifts and raises are being sampled and the data received will be used along with the results from the 51 surface diamond drill holes in producing a new NI 43-101 compliant resource estimate. We expect the sampling to be complete by the middle of February and the results will be published once the lab assays have been received.
From Level One (1,622 metres) to the surface (1675 metres), a NI 43-101 compliant resource estimate reported a total vein indicated resource, using a 10oz/t Ag cut-off, of 14,000 tonnes, grading 28.18 oz/t Ag, 5.14% Pb and 3.06% Zn, or 430,000 oz Ag, 1,590,000 lbs Pb and 940,000 lbs Zn. The total vein inferred resource, using a 10oz/t Ag cut-off, is 31,000 tonnes, grading 39.14oz/t Ag, 5.52%Pb and 6.42% Zn, or 1,340,000 oz Ag, 3,780,000 lbs Pb and 4,390,000 lbs Zn.
Technical information in this news release has been reviewed and approved by Al Beaton, P.Eng., a Qualified Person as defined in NI 43-101. For more information see the Company's technical report entitled "Technical Report, Project Update, Treasure Mountain Property" dated June 15, 2011, available on SEDAR at www.sedar.com.
On behalf of the Board of Directors
Ryan Sharp, MBA, President, CEO & Director
Disclaimer for Forward-Looking Information
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events related to the Company's proposed exploration plans and its plans to put the Treasure Mountain Property into production. Such forward-looking information can include statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company, such as the Company's ability to finance its planned exploration; the Company's ability to source the necessary infrastructure to effect its exploration plans; current economic conditions and the state of mineral exploration and mineral prices in general. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. The Company can offer no assurance that its exploration and development plans will be completed in the time expected or at all. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
Neither the 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 news release.
Contact Information:
Ryan Sharp
604-647-0142
604-647-0143 (FAX)
ryan@huldrasilver.com or IR@huldrasilver.com
www.huldrasilver.com