Stonegate Agricom Announces Additional Assay Results for Lower Phosphate Zone Intercepts of the Paris Hills Phosphate Project in Idaho
TSX: ST and ST.WT
TORONTO, Dec. 13, 2011 /CNW/ - Stonegate Agricom Ltd. ('Company')
today announced additional assay results for intercepts of the high-grade Lower Phosphate Zone (LPZ) at the Paris Hills Phosphate Project in Idaho.Detailed assay results reported in the table below include six definition drill holes in the southern and eastern part of the property close to areas that had been previously drilled by Stonegate and are consistent with assay results previously reported for 21 holes drilled on the property since September 2010 as published in the NI 43-101 Technical Report on the Paris Hills Phosphate Project dated November 17, 2011, which is available at SEDAR (www.sedar.com) and the Company's website (www.stonegateagricom.com).
Paris Hills Phosphate ProjectAssayResults for theLPZ asof December 13,
2011
Zone Hole From To Cored True Bed % P2O5
Interval Thickness
LPZ PA041 281.5 m 283.4 m 1.92 m (6.30 1.88 m (6.17 29.53
(923.6 ft) (929.9 ft) ft) ft)
PA043 309.6 m 311.1 m 1.49 m (4.90 1.46 m (4.79 27.95
(1015.7 ft) (1020.6 ft) ft) ft)
PA070 409.5 m 411.4 m 1.91 m (6.25 1.78 m (5.84 28.90
(1343.7ft) (1349.9 ft) ft) ft)
PA095 226.8m (744.0 228.1 m 1.36 m (4.45 1.31 m (4.30 31.26
ft) (748.5ft) ft) ft)
PA107 500.0 m 502.0m 2.04 m (6.70 1.83 m (6.00 29.05
(1640.3 ft) (1647.0 ft) ft) ft)
PA117* 129.6 m 131.4 m 1.86 m (6.10 1.86 m (6.10 32.57
(425.1 ft) (431.2 ft) ft) ft)
* A down hole survey was not completed due to limited drilling depth, the hole is assumed vertical and a true bed thickness was not calculated.
An updated map of the drill hole sites at the Paris Hills Phosphate Project is available at: http://files.newswire.ca/923/Paris_Hills_Drill_Map.pdf
'These assay results are consistent in grade and thickness with previously reported results for the LPZ and confirm the continuity and high-grade nature of the LPZ,' said Mark Ashcroft, President and Chief Executive Officer.
'Drilling will continue into the first half of 2012 in areas not previously drilled and the Company expects to release details of its pre-feasibility study focusing on the LPZ during the first quarter of 2012. An initial resource update for the LPZ based on newly available drilling results is expected to be included in the pre-feasibility study and a second update for both the Upper and Lower Phosphate Zones is planned for around the middle of 2012.'
The holes reported in the table above were drilled in the southern and eastern parts of the property. As indicated, true bed thicknesses have been calculated based on down hole drilling deviations and stratigraphy orientation.
Drill core samples are submitted to IAS EnviroChem of Pocatello, Idaho for preparation and analysis. Internal standard and blanks were submitted with the samples as part of Stonegate's quality control program.
This news release has been reviewed and approved by Daniel Thompson, P.E., Manager, Technical Services of the Company, who is a qualified person as defined in National Instrument 43-101.
Additional technical information on the Paris Hills Phosphate Project is contained in the NI 43-101 Technical Report on the Paris Hills Phosphate Project dated November 17, 2011 and in the Company's annual information form dated March 31, 2011.
About Stonegate Agricom
Stonegate Agricom, which is actively engaged in acquiring and developing agricultural nutrient projects, is currently focused on the development of two potentially world-class, long-life phosphate deposits, the Mantaro Phosphate Project located in Peru and the Paris Hills Phosphate Project located in Idaho. Stonegate is confident that the two deposits have sufficient size and grade to become strategic, cost-effective sources of phosphate supply for major fertilizer producers. The Company intends to continue definition and exploration drilling to confirm and expand estimates of NI 43-101 compliant mineral resources in the deposits and then complete feasibility studies leading to a decision to proceed with extracting and processing the phosphate. More information is available at www.stonegateagricom.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains 'forward-looking statements' and 'forward-looking information' within the meaning of applicable law. Generally, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', 'believes', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'. All forward-looking statements and forward-looking information are based on reasonable assumptions that have been made by the Company as at the date of such information. Forward-looking statements and forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements and forward-looking information, including but not limited to: the general risks associated with the speculative nature of the Company's business, commodity prices, current global financial conditions, uncertainty of additional capital, price volatility, the Mantaro and Paris Hills projects are advanced exploration stage projects, limited operating history, no history of earnings, government regulation in the mining industry, environmental risks and hazards, impending climate change legislation, required approvals and permits, foreign subsidiaries, political and economic risk in Peru, risks relating to the retention of the Mantaro project, risks relating to the retention of the Paris Hills project, expiration of leases and permits for the Paris Hills Project, title to mineral properties, obtaining and converting mineral concessions and surface rights, community relations and project support, water rights, exploration, development and operating risks, uncertainty in the estimation of mineral resources, uncertainty of inferred mineral resources, mineral exploration, reliability of historical exploration work, absence of public trading market, risks associated with having a controlling shareholder, arbitrary offering price, dilution to the common shares, dependence on key personnel, currency fluctuations, insurance and uninsured risks, competition, legal proceedings, conflicts of interest and lack of dividends as well as those factors discussed in the section entitled 'Risk Factors' in the Company's most recently filed annual information form available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or forward-looking information. The forward-looking statements and forward-looking information contained in this press release are included for the purpose of providing investors with information to assist them in understanding the offering as well as the Company's expected financial and operational performance and may not be appropriate for other purposes. Stonegate does not undertake to update any forward-looking statement or forward-looking information that is included herein, except in accordance with applicable securities laws.
SOURCE Stonegate Agricom Ltd
PDF with caption: 'Paris Hills Drill Hole Status Map December 13, 2011'. PDF available at: http://stream1.newswire.ca/media/2011/12/13/20111213_C6228_DOC_EN_8194.pdf
Stonegate Agricom Ltd
CONTACT:
Wayne Cheveldayoff Christine Stewart
Vice President, Investor Relations Renmark Financial Communications
Inc.
Stonegate Agricom Ltd. Tel: 416-644-2020
Tel: 416-864-0303 cstewart@renmarkfinancial.com
wcheveldayoff@stonegateagricom.com