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Trading Symbol TSX V: GTC
VANCOUVER, Jan. 8 /CNW/ - The Company wishes to announce that it has received an updated resource calculation on its Getty North deposit which reflects the current estimate of the molybdenum resources contained in the oxide and sulfide portions of the Getty North deposit.
The total indicated resources in the sulfide portion of the deposit are 25,650,000 tonnes grading 0.015% Mo, and this represents over eight million pounds (i.e. 8,000,000 lbs) of contained molybdenum. Previous independent metallurgical testing by Beattie Consulting indicated that molybdenum in the Getty North sulphide ore could be recovered to a bulk concentrate via flotation. Getty is proposing to treat such concentrates hydrometallurgically on site for production of copper cathode metal and molybdenum trioxide via pressure oxidation leaching. This is currently being evaluated by West Coast Environmental and Engineering in their on going pre feasibility engineering study.
In the oxide zone, there are also indicated resources of 6,450,000 tonnes grading 0.011% Mo, which represents over 1.5 million lbs (i.e. 1,500,000 lbs) of contained molybdenum. The molybdenum in the oxide zone may or may not be recoverable using the Company's proposed processing plans. As such, while significant from an exploration concept, the indicated resources in the oxide zone should not be considered to have potential economic value at this point.
There is not sufficient data at this time to calculate inferred resources of molybdenum.
The molybdenum resources are contained within the copper deposit as previously reported and potential exists for molybdenum outside of this deposit. According to Roskill, molybdenum's common association with copper in large near-surface porphyry deposits that can be extracted by open pit mining is the most commercially important mode of occurrence. Most of the world's molybdenum comes from copper-molybdenum deposits in the west of the Americas in the USA, Chile, Peru and Canada, with most of the remainder coming from molybdenum-only deposits in China, the USA and Canada. The main end-use of molybdenum is in steel. Stainless steel accounted for an estimated 28% of worldwide molybdenum demand in 2005, followed by full alloy steel (15%), tool and high speed steel (10%), high strength low alloy steel (9%) and carbon steel (9%). The global market for molybdenum is estimated to have grown from about 100kt in 1990 to 181kt in 2005, an average year-on-year growth rate of 4.3%. This compares with a world real GDP growth rate of 2.9% per year. For reference, Chinese consumption of molybdenum doubled to around 18kt between 2001 and 2005. Of more importance for world molybdenum supply is the addition of new roasting capacity to provide usable product. No major new capacity that is independent of new mine supply appears likely to come on stream before 2009.
The attached schedule sets out the previously disclosed unchanged copper resources and incorporates the new data for the molybdenum resources within the Getty North deposit.
The Company is currently reviewing data for the Getty South deposit to evaluate the presence of molybdenum, and anticipates that it will be in a position to provide further information with regard to that in due course.
The information contained in this Release was prepared under the supervision of Craig L. Parkinson P.G., Senior Geologist of West Coast Environmental and Engineering in California.
Copper and Preliminary Molybdenum Resource Estimates
Getty Copper North and South Deposits
West Coast Environmental and Engineering
January 2, 2008
Getty North: Copper Resource Estimates
Cut-Off Grade (equal sign) 0.2% Copper
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TOTAL RESOURCE POUNDS
RESOURCE RESOURCE (millions GRADE OF COPPER
ZONE TYPE of tonnes) (% Cu) (millions)
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Oxide Indicated 6.45 0.541 76.98
Inferred 0.43 0.416 3.94
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Sulfide Indicated 25.65 0.432 244.36
Inferred 7.82 0.352 60.70
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Indicated 32.10 0.454 321.34
Total -------------------------------------------------------------
Inferred 8.25 0.355 64.64
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Getty South: Inferred Copper Resource Estimates
Cut-off Grade (equal sign) 0.2% Copper
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Pounds of
Tonnes Grade Copper
Ore Type (millions) (% Cu) (millions)
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Oxide 3.10 0.51 34.6
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Sulfide 25.06 0.46 255.4
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Total 28.16 0.47 290.0
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Getty Project: Total Copper Resource Estimates
Cut-Off Grade (equal sign) 0.2% Copper
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TOTAL RESOURCE POUNDS
RESOURCE RESOURCE (millions GRADE OF COPPER
ZONE TYPE of tonnes) (% Cu) (millions)
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Oxide Indicated 6.45 0.541 76.98
Inferred 3.53 0.495 38.54
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Sulfide Indicated 25.65 0.432 244.36
Inferred 32.88 0.436 316.10
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Indicated 32.10 0.454 321.34
Total -------------------------------------------------------------
Inferred 36.41 0.442 354.64
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Getty North: Preliminary Molybdenum Resource Estimates
Cut-Off Grade (equal sign) 0.2% Copper
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TOTAL RESOURCE POUNDS OF
RESOURCE RESOURCE (millions GRADE MOLYBDENUM
ZONE TYPE of tonnes) (% Mo) (millions)
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Oxide Indicated 6.45 0.011 1.564
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Sulfide Indicated 25.65 0.015 8.484
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Indicated 32.10 0.0147 10.048
Total -------------------------------------------------------------
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The Getty North preliminary molybdenum indicated resource tonnes are the same as the copper resource tonnes at a cut-off grade of 0.2% copper.
The Getty North preliminary molybdenum indicated resource grades were calculated from the weighted average of the drill assay intercept molybdenum grades compiled by Mike Skopos and annotated on the Getty North cross sections provided to Craig Parkinson, who calculated the resource estimates.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, especially those that address estimated resource quantities, grades and contained metals, are forward-looking statements because they are generally made on the basis of estimation and extrapolation from a limited number of drill holes and metallurgical studies. Although diamond drill hole core provides valuable information about the size, shape and geology of an exploration project, there will always remain a significant degree of uncertainty in connection with these valuation factors until a deposit has been extensively drilled on closely spaced centers which has occurred only in specific areas on the Getty Project. Although the Company believes the expectations expressed in its forward-looking statements are based on reasonable assumptions, such statements should not be in any way construed as guarantees of the ultimate size, quality or commercial feasibility of the Getty Project or of the Company's future performance. Subsequent results and developments may differ materially from those postulated in the estimates and forward-looking statements. Other factors that could cause the Company's actual results and performance to differ materially from those in forward-looking statements include adverse market prices for metals, the conclusions of detailed feasibility and technical analyses, lower than expected grades and quantities of resources, mining rates and metal recovery rates and the fact that necessary capital may not be available to the Company on terms acceptable to it or at all. The need for compliance with extensive environmental and socio-economic rules and practices and the requirement for the Company to obtain government permitting can cause a delay or even abandonment of a mineral project. The Company is subject to the specific risks inherent in the mining business as well as general economic and business conditions. For more information on the Company, Investors should review the Company's annual Form 20-F filing with the United States Securities Commission and its home jurisdiction filings that are available at www.sedar.com.
Information Concerning Estimates of Measured, Indicated and Inferred
Resources
This news release also refers to reports that use the terms 'indicated resources' and 'inferred resources'. Getty Copper Inc. advises investors that although these terms are recognized and required by Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects), the U.S. Securities and Exchange Commission does not recognize them. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In addition, 'inferred resources' have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for Preliminary Assessment as defined under 43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
Dr. Corby G. Anderson, President and COO