|Reservoir Minerals Inc.: Freeport-Mcmoran Exploration Corporation Elects to Sole |
Fund the Timok Project
VANCOUVER, BRITISH COLUMBIA, Aug 16, 2012 (MARKETWIRE via COMTEX) -- Reservoir
Minerals Inc. ("RMC" or the "Company") (CA:RMC)(pinksheets:RVRLF)(berlin:9RE is
pleased to report that Freeport-McMoRan Exploration Corporation ("Freeport") has
given notice to the Company that it has exercised the Earn-In Option to acquire
55% equity in the Timok Project in Serbia. RMC and Freeport will now form a Joint
Venture to continue exploration of the project and Freeport will become the
operator. Freeport has also given notice to the Company that it has elected to
sole fund expenditures on or for the benefit of the project until the completion
and delivery to the Company of a Feasibility Study, subject to its right to cease
such funding at any time. The Feasibility Study must be in such form as is
normally required by substantial, internationally recognized financial
institutions for the purpose of deciding whether or not to loan funds for the
development of mineral deposits. If Freeport completes the Feasibility Study,
Freeport will indirectly own 75% and the Company 25% of the Timok Project. The
Company announced on July 16, 2012 the intercept of important copper and gold
mineralization, including 266 metres grading an average of 1.23% copper
Dr. Simon Ingram, President and CEO of Reservoir Minerals Inc. commented:
"Freeport's election to continue to sole fund the exploration work on the Timok
Project is a significant milestone for Reservoir Minerals and further
confirmation of the project's potential as a significant blind copper - gold
epithermal and porphyry system."
The Timok Project:
The Timok Project comprises the Jasikovo-Durlan Potok, Brestovac-Metovnica and
Leskovo Exploration Permits that are held by Rakita d.o.o., a 100%-owned Serbian
subsidiary of RMC in which Freeport will now have a 55% ownership interest. The
Exploration Permits cover an area of 245 square kilometres in the highly
prospective Timok Magmatic Complex, eastern Serbia, which includes the
world-class Bor-Majdanpek mining and smelting complex with reported historical
production of 6 million tonnes of copper and 300 tonnes of gold (9.65 million
ounces gold) (BRGM publication BRGM/RC-51448-FR, 2002).
The company announced on July 16, 2012 that vertical drill hole FMTC 1210
intersected 266 metres grading an average of 1.23% copper equivalent (average
1.07% copper and 0.28 grams per tonne (g/t) gold) from 598 to 864 metres in the
Miocene Basin area of the Brestovac-Metovnica Exploration Permits. The
copper-equivalent (CuEq%) is calculated from the formula (Cu% + 0.6(i)g/tAu).
Drilling is continuing in the "Miocene Basin" area with four drill rigs on 200
metre step outs from Hole FMTC 1210. Further drill results will be released as
soon as they are received and evaluated.
Dr. Duncan Large, Chartered Engineer (UK) and Eur. Geol., a Qualified Person as
defined by National Instrument 43-101 and consultant to the Company, approved the
technical disclosure in this release and has verified the data disclosed.
About the Company:
Reservoir Minerals Inc. is an international mineral exploration and development
company run by a seasoned technical and management team, with a portfolio of
precious and base metal exploration properties in Serbia and West Africa.
This news release includes certain "forward-looking statements" under applicable
Canadian securities legislation. Such forward-looking statements or information,
including but not limited to those with respect to exploration results, involve
known and unknown risks, uncertainties, and other factors which may cause the
actual results, performance or achievements of Reservoir Minerals Inc. to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements or information. Such
factors include, among others, the actual prices of commodities, the factual
results of current exploration, development and mining activities, changes in
project parameters as plans continue to be evaluated, as well as those factors
disclosed in documents filed from time to time with the securities regulators in
the applicable Provinces of British Columbia and Alberta.
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization
of Canada accepts responsibility for the adequacy or accuracy of this release.
Reservoir Minerals Inc.
VP Corporate Development
SOURCE: Reservoir Minerals Inc.