Logan Resources updates resource estimate for Brynnor Iron Project, Vancouver Island, based on results of 2008 drill program

About this update from Intrepid Metals Corp.

[{"type":"text","content":"\n\n\n\nVANCOUVER, March 4 /CNW/ - Logan Resources Ltd. (TSXV:LGR) (the\n"Company") completed 20 drill holes totaling 6,678.9 metres on its 100%-owned\nRedford Property, Vancouver Island, British Columbia in December 2008. The\ndrill program was recommended based upon the initial NI43-101 compliant\nresource estimate (filed on SEDAR) that was announced by the Company on\nSeptember 9, 2008. The objective of the 2008 drill program was to test\ninferred extensions of the mineralization down dip and along strike from the\nmeasured and indicated resources defined in the September 2008 report.\n\n\nThe following table summarizes the updated resource estimates:\n\n\nResource Category Resource Grade Iron Concentrate Grade\n\n Tonnes % Iron Tonnes % Iron\n\nMeasured 7,610,000 39.2% 4,070,000 63.7%\n\nIndicated 4,590,000 35.0% 2,200,000 63.7%\n\nMeasured plus\n Indicated 12,070,000 37.6% 6,270,000 63.7%\n\nInferred 12,680,000 39.5% 7,120,000 63.7%\n\n\nBy comparison with the initial September 2008 resource estimate (see\nSeptember 9, 2008 Press Release), the overall grade has been reduced, however,\nthe total iron concentrate in the measured and indicated categories has\nincreased. The Company's mining advisors recommended that the updated resource\nestimate be based upon the assumption that a bulk mining method would be used\nin any future mining project. This resulted in inclusion of more internal\nwaste in the resource, which reduces the overall grade but optimizes the\nrecovery of magnetite. Historic milling practice on the property used cost\neffective magnetic separation methods to remove waste and produce a high-grade\niron concentrate, therefore the mining of additional internal waste does not\nhave a significant economic impact on the operating costs.\n\n\nDetails of the updated resource estimate will be fully described in a\nreport that will be completed during the second quarter of 2009. The updated\nresource estimate used the same industry standard methods as described in the\nSeptember resource report, namely polygonal resource blocks on vertical,\nnorth-south drill sections. The new report will include the results of\nmetallurgical test work and prefeasibility estimates of anticipated operating\nand capital costs for the project which are currently in progress.\n\n\nMr. Peter George, P.Geo., as a consultant to the ...

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