VANCOUVER, May 6 /CNW/ - Pacifica Resources Ltd. (PAX.TSX-V) in its news
release of May 2, 2005 indicated that drilling in the 1970's by Placer
Development Limited defined an Indicated Reserve of 115 million tonnes grading
5.4% zinc and 2.1% lead as part of a much larger body of mineralization,
making the Howard's Pass District. The historical resource estimate predates
the implementation of NI 43-101 and is not compliant with current accepted
reserve and resource classification as set forth by Canadian Institute of
Mining and Metallurgy, August 20, 2000 ("CIM Guidelines").
This release will provide additional information on the previously
defined reserves, pending a detailed review of reserve and resource estimates
in compliance with NI 43-101. Investors are cautioned that recent independent
verification of the data has not been preformed and Pacifica has not conducted
sufficient exploration to verify this historical resource and reserve
estimate. Investors should not rely on the above published resource estimate
until verified by a qualified person has been conducted and reported.
The mineralization was first discovered in 1972 by Placer Development
Limited and exploration continued through 1981, defining three mineralized
zones. The mineralization is of the sedimentary exhalative type, characterized
by stratabound and stratiform zinc-lead sulphide mineralization. A total of
210 diamond drill holes were completed in the period 1972 to 1981 by the
Howard's Pass Joint Venture. The historic Indicated reserve of 115 million
tonnes was defined in the XY and Anniv zones with a grade of 5.4% zinc, 2.1%
lead (Placer, 1982 Annual Report).
There is no economic evaluation that demonstrates the potential economic
recovery of the mineralization and as such, applying current CIM Guidelines
for reserve and resource classification none of the reserves should be
considered as reserves. The published Indicated reserves should be considered
as resources, with the following qualification, until a more detailed review
of reserves and resources can be undertaken by an independent qualified
person.
In January 1983, an internal report by J. Morganti of Placer Development
Ltd, stated and Indicated reserve of 115.4M metric tonnes (conversion of
127,208,000 million short tons) grading 5.41% zinc and 2.10% lead in the XY
and Anniv zones. The Indicated reserve consisted of 60 million tonnes grading
5.51% zinc and 2.38% lead in the XY zone, and 55.5 million tonnes grading
5.29% zinc and 1.79% lead in the Anniv zone. The tabulation of reserves and
resources also included 367 million tonnes of inferred resources grading 5.12%
zinc and 1.90% lead within the Anniv and XY zones.
The XY reserves and resources estimate was based on a total of 137
surface and underground diamond drill holes and included information from
underground workings. The reserve estimate for the Anniv zone is based on
64 surface drill holes which are generally wide spaced.
Dr. Harlan Meade, Qualified Person (note that Dr. Meade is not an
independent QP), has undertaken a cursory review of the reserve and resource
estimate in the January 1983 report, and is of the opinion that the estimate
for the XY zone includes both indicated and inferred resources; similarly, the
Anniv zone also includes both indicated and inferred resources as defined in
CIM Guidelines. Until the reserves and resources have been reviewed in more
detail or a new estimate has been determined, the published Indicated reserve
and the inferred resources in the January 1983 report should be considered
inferred resources. However, the Issuer is not treating the historical
resources as NI 43-101 resources or reserves verified by an independent
qualified person and investors should not rely on the above published resource
estimate until verification by a qualified person has been conducted and
reported.
Pacifica is a junior resource company focused on exploration for base
metals in the Americas. The Company shares management with its major
shareholder, Yukon Zinc Corporation, which is developing the Wolverine
zinc-lead-copper-silver-gold deposit in south central Yukon.
This press release may contain forward-looking statements based on
assumptions and judgments of management regarding future events or results
that may prove to be inaccurate as a result of exploration and other risk
factors beyond its control and actual results may differ materially from the
expected results.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OF THIS NEWS RELEASE.