TORONTO, Jan. 11 /CNW/ - COGITORE Resources, a division of Woodruff
Capital Management Inc. (the "Company") (WOO: TSX-V) is pleased to announce
the commencement of its 2006 exploration program on the Newiska-Estrades
property ("the "Property"). This program includes drilling on both the 100%
owned Estrades Mine Property (see Press Release: June 14, 2005) and on the
Newiska-Estrades area that is subject to the Company's earn-in joint venture
agreement with Inmet Mining.
A drill rig has already mobilized to the property where the Company plans
to drill seventeen holes totalling 8,500 metres. The drill program is intended
to:
a) follow-up on encouraging mineralization discovered in 2005 (see Press
Release of June 15, 2005)
b) provide information on previously unexplored areas on the Property;
c) test possible dip and strike extensions of the known deposit;
d) test and/or validate the resource estimate and assay data prepared by
previous operators.
According to the Company's 43-101 Technical Report on the Estrades
property, Jean-Pierre Cloutier, an independent Qualified Person (QP) as
defined under National Instrument 43-101, qualified as "drill indicated" a
1992 resource estimate by Breakwater Resources of 271,415 tonnes at a grade of
7.52 g/t Au, 214 g/t Ag, 0.88% Cu, 13.07% Zn and 1.34% Pb to a depth of 400
metres. Cloutier also qualified as "inferred" an additional resource
calculated by Wright Engineers Ltd. (1989) of 185,000 tonnes grading 3.26 g/t
Au, 193 g/t Ag, 0.79% Cu, 9.22% Zn and 0.70% Pb from a depth of 400m to 600m
in the Main Zone. In today's standards these estimates would not comply with
CIM Definition Standards on Mineral Resources and Mineral reserves that were
prepared by the CIM Standing Committee on Reserve Definitions and adopted by
CIM Council, November 14, 2004. While Cloutier believes these numbers to be
the most accurate, the Company has not yet done the work necessary to verify
the classification of the resource or reserve, the Company is not treating
them as a NI 43-101 defined resource or reserve verified by a QP, and the
historical estimates should not be relied upon. The Company's 43-101 report is
posted on SEDAR.
Cogitore President GDerald Riverin, Ph.D., P. Geo. stated "We are very
excited to be drilling on the Newiska-Estrades property. Previous results
indicate that the area continues to host significant potential for new
discovery. We anticipate that this program will further define the known
resources on the Estrades Mine deposit and we also look forward to a potential
expansion of known mineralization on the remainder of the Newiska-Estrades
property."
COGITORE geologists GDerald Riverin, Tony Brisson and Benoit Lafrance are
all qualified under the terms of NI43-101.
Woodruff Capital Management Inc. is a TSX Venture Exchange listed mineral
exploration company, focused on base metal exploration within the Abitibi
Greenstone Belt of northwestern Quebec and northeastern Ontario. COGITORE
Resources, a division of the Company, retains the exploration office in Rouyn-
Noranda, Quebec, and database of Kerr Addison, Inmet Mining and predecessor
companies Minnova, Corporation Falconbridge Copper, Lac Dufault and Opemiska.
On Behalf of the Board of Directors
Mark Goodman
Chairman of the Board
Telephone: 416-924-9893
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The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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