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Woodruff Capital Management Announces the Closing of a 70% Interest in the Estrades Mine.
Woodruff Capital Management Announces the Closing of a 70% Interest in the Estrades Mine..
About this update from Copper Road Resources Inc
[{"type":"text","content":"\n\n\n\n\nTORONTO, June 14 /CNW/ - Woodruff Capital Management Inc. (WOO - TSX-V)\n(\"Woodruff\" or the \"Company\") is pleased to announce that it has completed its\nlegal and technical due diligence of the Estrades Mine and has closed today on\nthe transaction to purchase 70% of the Estrades Mine in Northern Quebec from\nAtlas Precious Metals Inc. (\"Atlas\"). As consideration for the sale of the\nEstrades Mine Property, Woodruff has paid to Atlas Precious Metals US$250,000\nand 1,000,000 Woodruff Common Shares and will pay an additional US$250,000\nwithin two months of today's closing date. Further staged payments of\nUS$2,900,000 in cash or shares (at Woodruff's option) are due over a five year\nperiod.\nAs part of its technical due diligence, the Company has completed a \n43-101 Technical Report on the Estrades Mine Property. The report was written\nby Jean-Pierre Cloutier, an independent Qualified Person (QP) as defined under\nNational Instrument 43-101. Cloutier reviewed reports by Wright Engineers ltd.\n(1989), Breakwater (1992), Derry Michener Booth and Wahl (1997), SRK\nConsulting (2002) and Western Range Services Inc. (2003). Cloutier felt the\nbest resource estimate of the Main Zone was done by Breakwater in 1992.\nAccording to this report the former producing Estrades Mine was in operation\nfrom July 1990 to May 1991 and 174,946 tonnes of ore were milled, grading\n1.14% Cu, 12.93% Zn, 6.35 g/t Au and 172.3 g/t Ag. The report estimated a\ndrill indicated resource of 271,415 tonnes at a grade of 7.52 g/t Au, 214 g/t\nAg, 0.88% Cu, 13.07% Zn and 1.34% Pb remains to elevation 4600. Wright\nEngineers Ltd. (1989) reported an additional drill inferred resource of\n185,000 tonnes at a grade of 3.26 g/t Au, 193 g/t Ag, 0.79% Cu, 9.22% Zn and\n0.70% Pb from elevation 4600 to 4400 in the Main Zone. In today's standards\nthese estimates would not comply with CIM Definition Standards on Mineral\nResources and Mineral reserves that were prepared by the CIM Standing\nCommittee on Reserve Definitions and adopted by CIM Council, November 14,\n2004. While Cloutier believes these numbers to be the most accurate, the\nCompany has not done the work necessary to verify the classification of the\nresource or reserve, the Company is not treating them as a NI 43-101 defined\nresource or reserve verified by a QP, and the historical estimates...