TORONTO, ONTARIO--(Marketwired - April 6, 2016) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Era Resources Inc. ("Era" or the "Company") (TSX:ERX) is pleased to announce results of the proximal surface exploration program at its Yandera copper project in Papua New Guinea, and plans for a drilling campaign in 2016.
During the latter portion of 2015, geologists mapped and collected 543 rock and 581 soil samples from areas around the footprint of the resource estimate announced in May of 2015. This field work was designed to identify prospective zones outside the limits of the 2015 resource and to develop quality drill targets to expand the resource.
Results from this work show copper mineralization at surface in the Kauwo, South Dimbi-East Gremi and Benbenubu prospect areas, where a number of assays from samples indicated copper concentrations in excess of 0.15% Cu in soils and 0.5% Cu in rocks (Figure 1). These results enhance historical surface geochemistry and are encouraging for expanding the edges of the resource into these prospects, especially in the area southeast of Gremi and Omora.
Detailed work on the geologic model and further analysis of the 2015 resource estimation revealed opportunity to in-fill some gaps within the constraining pit model with additional drilling. Era anticipates drilling approximately 6,000 metres of core to add data to some of these gaps. Positive results in these areas would allow conversion of some of the 'in-pit' waste to ore and could allow pit access to known deeper copper mineralization.
Further to the in-fill drilling, Era anticipates drilling approximately 2,500 metres of core to test for extensions of copper mineralization outside of the resource in prospective areas examined in the 2015 proximal surface program. Positive results in these areas would expand the footprint of the 2015 resource pit and add total tonnage to the overall resource.
Era expects to begin the drilling program at Yandera in the near term, barring delays due to the rainy season.
Analyses were completed by Intertek Labs utilizing fire assay and multi-element ICP-OES methods with internal checks, blanks, duplicates and standards at various intervals in the sequence of samples. Era also inserted standards within the sequence of samples. Data referenced herein was prepared under the supervision of Dr. Nathan Chutas, Exploration Manager, certified professional geologist and Qualified Person as defined by NI 43-101.
To view Figure 1. Copper results from the proximal surface exploration program. Note that the solid squares represent rock samples, and the solid circles represent soil samples, please visit the following link: http://media3.marketwire.com/docs/erx_map.jpg
This news release does not constitute an offer to sell or the solicitation of an offer to buy any ordinary shares within the United States. The ordinary shares have not been offered and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws. Accordingly, the ordinary shares may not be offered or sold in the United States or to U.S. persons (as such terms are defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws or an exemption from such registration are granted.
Cautionary Statement Regarding Forward-Looking Information
This news release contains forward looking information. It includes statements with respect to the share consolidation and changes to the listing of the common shares of the Company on the Toronto Stock Exchange as a result of the consolidation and the name change. Such forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could", or "might" occur or to be achieved and any other similar expressions.
In providing the forward-looking information in this news release, the Company has made numerous assumptions regarding: (i) the accuracy of exploration results received to date; (ii) anticipated costs and expenses; (iii) the accuracy of the Company's mineral resource estimate; (iv) the future price of copper and molybdenum; (v) that the supply and demand for copper, molybdenum, and other metals develop as expected; and (iv) that the share consolidation and name change begin trading as indicated. Although management believes that the assumptions made and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those contained in the forward-looking information, including a change in the expected timing of the implementation of the trading under the new ticker symbol and new name on a consolidated basis. Some of these risks, uncertainties and other factors are described under the heading "Risks Factors" in the Company's annual information form available on the Company's profile on SEDAR at www.sedar.com. Forward-looking information is based on estimates and opinions of management at the date the statements are made. Except as required by law, Marengo does not undertake any obligation to update forward-looking information even if circumstances or management's estimates or opinions should change. Readers should not place undue reliance on forward-looking information.
Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the actual results of exploration activities, changes in market conditions, risks relating to international operations, fluctuating metal prices and currency exchange rates, and other risks of the mining industry. Although Marengo has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Marengo undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed. Reference is made to the most recent annual information form of Marengo available on the Company's profile on SEDAR at www.sedar.com which includes further discussion of the risk factors which may impact the business and operations of Marengo.
For further information on the Project and the resources contained therein, please refer to the Company's Canadian NI 43-101 technical report "NI 43-101 Technical Report Updated Resource Estimate Yandera Copper Project Papua New Guinea" dated June 19, 2015, and with an effective date of May 1, 2015, which is available on the Company's website and at the SEDAR website at www.sedar.com.
President & Chief Executive Officer
Era Resources Inc.
+61 400 666980
Chief Financial Officer & Corp. Secretary
Era Resources Inc.
+1 416 464 4067