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Woodruff Capital Management Announces the Purchase of Remaining 30% Interest in the Estrades Mine
Woodruff Capital Management Announces the Purchase of Remaining 30% Interest in the Estrades Mine.
About this update from Copper Road Resources Inc
[{"type":"text","content":"\n\n\n\n\nTORONTO, June 30 /CNW/ - Woodruff Capital Management Inc. (WOO - TSX-V)\n(\"Woodruff\" or the \"Company\") is pleased to announce that it has signed an\nagreement to purchase the remaining 30% of the Estrades Mine in Northern\nQuebec from Orvilliers Resources Inc. (\"Orvilliers\"). As consideration for the\nsale of Orvilliers' 30% holding in the Estrades Mine Property, Woodruff will\nissue 500,000 common shares from its treasury to Orvilliers at closing. The\nagreement is subject to regulatory approval. Woodruff announced the closing of\nthe agreement to purchase 70% of the Estrades Mine Property from Atlas\nPrecious Metals Inc. on June 14, 2005.\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 should not\nbe relied upon. The Company's 43-101 re...