|By Marketwired .||
|February 11, 2014 12:25 PM EST|
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/11/14 -- Kazax Minerals Inc. ("Kazax" or the "Company") (TSX VENTURE:KZX) is pleased to provide an update on its current exploration drilling programme at the Lomonosovskoye iron project located in Kostanay Oblast, Kazakhstan.
The work, which commenced in September 2013, has successfully completed 9,141 metres of a planned 10,360 metre programme. Of the completed drilling, over 1,200 samples of drill core have been delivered to an independent lab - ALS at Ust-Kamenogorsk, in Kazakhstan. Assay results are expected by May 2013.
As a result of further data processing of soviet era information, which was located in 2013 through government library information services and previously unknown to the Company, the Company plans to extend its drilling programme into 2014 with a further 11 exploration holes - 6 holes within the envelope of two adjacent projected pits and 5 holes outside this boundary, targeting magnetic anomalies and the presence of copper and zinc mineralisation. Out of the 6 holes to be drilled within the pit boundary, 5 are targeting a zone between the two pits previously thought to be potentially barren. The historic soviet data demonstrates interesting mineralization and magnetic anomalies lying between these two areas. This could positively influence pit design work being conducted as part of the Bankable Feasibility Study ("BFS") process. The examination of this historical information has been running concurrently with the drilling programme.
The Company benefits from the availability of historic drilling information linked to the soviet era. This comprises 412 boreholes drilled between 1956 and 1982, totalling 131,441 m. The results of this historic data are still being reviewed. The Company already sent to ALS lab in Ust-Kamenogorsk over 800 powder samples not previously tested as part of this review.
The Company currently anticipates completion of the initial drill programme by March 2014 and the extended drill programme by May 2014. The Company expects to produce a revised technical report in compliance with National Instrument 43-101 upon announcing the results from this drill programme.
The Company continues to advance work towards the completion of its BFS, including detailed infrastructure and cost model improvements.
The technical information provided in this news release was reviewed and approved by Dr. Juan Camus, the project's country manager and a qualified person for the purposes of National Instrument 43-101.
For further information readers are invited to review additional corporate and property information available on SEDAR at www.sedar.com.
ON BEHALF OF THE BOARD
Trevor Campbell Smith, President & 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.
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "schedule", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward looking statements and information concerning the Company s future operations and prospects. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including expectations and assumptions concerning equipment and crew availability, and joint venture partner financial capability. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because the Company can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the Company's actual results and experience to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to, reservoir performance, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, and political and economic conditions. Additional information on these and other factors is available in continuous disclosure materials filed by the Company with Canadian securities regulators. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and to not use future-oriented information or financial outlooks for anything other than their intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.