|By Marketwired .||
|January 16, 2014 02:37 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/16/14 -- Tintina Resources Inc. ("Tintina" or the "Company") (TSX VENTURE:TAU)(OTCQX:TINTF) is pleased to announce that it has received final approval today from the Montana Department of Environmental Quality ("MT DEQ") for construction of a 5,000 foot long underground exploration decline which will access the high-grade Johnny Lee copper deposit located on the Company's 100% owned Black Butte Copper Project north of White Sulphur Springs, Montana, USA.
Tintina can now continue its pre-development effort by constructing an exploration decline to access the Johnny Lee copper deposit, which contains measured and indicated resources of 910 Million lbs of copper with an average grade of 3.57% Cu. The proposed decline will enable the Company to complete further evaluation and test work while conducting a feasibility study on the Johnny Lee deposit.
"We are committed to doing this project right from beginning to end. The review process was thorough and comprehensive in nature. The Montana Department of Environmental Quality looked at all aspects and potential impacts of the decline and addressed each appropriately," shared Jerry Zieg, Vice President of Exploration for Tintina. "Our work in obtaining this permit shows that we can successfully access this valuable natural resource while simultaneously protecting the environment."
"Our Project is a High Quality Copper Resource Located in North America," Stated Bob Jacko, Tintina's Vice President of Operations. "The Decline Will Provide Vital Information Needed in Determining the Best Approach to Mining Our Copper Resource and Will Help the Local Economy During Construction. This All Leads to Our Ultimate Goal of a Fully Operating Mine With 200 Full Time Employees."
Rick Van Nieuwenhuyse, Executive Chairman of Tintina, is optimistic about the next phase of work. "By obtaining approval for the decline, we can now advance to the next stage of development by planning for the exploration decline and initiating a feasibility study on the Johnny Lee upper and lower deposits. We have been in discussions with existing shareholders and new potential investors to position the Company appropriately to accomplish these two important objectives."
The Johnny Lee copper deposit contains measured resources of 2.66 Million lbs of copper with an average grade of 2.99% Cu and indicated resources of 8.91 Million lbs of copper with an average grade of 3.74% Cu. Readers are encouraged to review the Updated Technical Report and Preliminary Economic Assessment for the Black Butte Copper Project, Montana dated July 12, 2013, which is available on SEDAR, for additional information regarding these and the other estimated resources on the Black Butte Project.
Tintina also announces that the exercise price of the stock options previously announced on December 23, 2013 has been increased to $0.17 per share.
ABOUT TINTINA RESOURCES INC.
Tintina Resources Inc. is a growth company focused on the exploration, development, and mining of its 100% owned flagship property, the Black Butte Copper project in central Montana, USA. A Feasibility Study (FS) on the Black Butte Copper project is anticipated to commence during 2014. The Company is led by a highly experienced executive management team that has a successful track record of building shareholder value through exploration, corporate finance, and mine development.
ON BEHALF OF THE BOARD OF DIRECTORS
Gerald G. Booth, Interim CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Jerry Zieg, Vice President of Exploration for the Company, is a Qualified Person for the purposes of NI 43-101 and has also reviewed and approved the information of a scientific or technical nature contained in this news release.
Cautionary Note Regarding Forward-Looking Statements: Certain disclosures in this release, including statements regarding the Company's plans for and intentions with respect to exploration and development of the Black Butte Copper project and the results thereof, the continuation of pre-development efforts, construction of an exploration decline, the preparation of the a feasibility study and other plans and objectives of the Company with respect to the Black Butte Project and surrounding area, constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company is able to obtain any government or other regulatory approvals and any financing required to complete the Company's planned exploration and development activities, that the Company's exploration and development activities on the Black Butte Copper Project will not be affected by actions of environmental activists or other special interest groups, and that no unforeseen accident, fire, ground instability, flooding, labor disruption, equipment failure, metallurgical, environmental or other events that could delay or increase the cost of development will occur. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors relating to Tintina's operation as a mineral exploration and development company and the Black Butte Copper Project may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks include, among others, actual results of the Company's exploration activities being different than those expected by management, uncertainties involved in the interpretation of drilling results and geological tests, delays in obtaining or inability to obtain required government or other regulatory approvals or financing, interference with Tintina's exploration or development activities by environmental activists or other special interest groups, of accidents, labor disputes, and unanticipated delays in obtaining governmental approvals and completing other development activities, the risk that estimated costs will be higher than anticipated and the risk that the proposed mine plan and recoveries will not be achieved, and bad weather. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. Tintina does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.