Arc Minerals Regulatory News (ARCM)

5 Mar 2008 07:00

Templar Minerals Limited05 March 2008 5 March 2008 Templar Minerals Limited ("Templar Minerals" or "the Company") Exploration Update • Drilling commences at the Adjaria Gold Project - Republic of Georgia • Further encouraging exploration results from the Adjaria Gold Project. • Contract for 6,000 metres of drilling signed. • Two sulphide mineral intersections in the first borehole of 11.2 and 3.1 metres width. • Evidence of a potential base metal resource in addition to the previously reported gold results Templar Minerals, the gold and base-metal exploration and production companywith operations in Fiji and the Republic of Georgia, gives the followingexploration update for its Adjaria Gold in the Republic of Georgia. Historicnon- JORC compliant Russian resource estimates indicated a total mineralresource for the Adjaria Project of: Copper 74,800 tonnes, Lead 15,000 tonnes,Zinc 11,000 tonnes, Gold 0.652 tonnes and Silver 15.1 tonnes. The Company has commenced Phase 1 of the HQ diamond drilling program on the Vaiodeposit of the Adjaria Project. Spektra Jester, a drilling company based inAnkara, Turkey, has been contracted to complete a 6,000 metres Phase 1 HQ coredrilling program. The first diamond drill hole on the Vaio deposit has beencompleted to 240 metres. The diamond drill core contains two sulphide mineralintersections between 72.5 and 83.7 metres and between 159.2 and 162.3 metresdepth. In addition to drilling, historical exploration adits and trenches arebeing accessed to further sample the orebody. Further to the initial gold exploration results announced on 13 November 2007,the Company is pleased to announce additional results of the analysis of rockchip samples. Continuous channel sample assay results across the Vaio orebodyinclude: • Six continuous metres that average 1.38 % Zn, with a maximum of 6.20 % Zn • Two continuous metres that average 2.30 % Zn, with a maximum of 2.67 % Zn • Three continuous metres that average 2.67 % Zn, with a maximum 4.39 % Zn • Three continiuous metres that average 31 g/t Ag, with a maximum 42 g/t Ag • One metre at 94 g/t Ag • One metre at 160 g/t Ag • Five metres averaged 22.8 g/t Ag, maximum 49 g/t • Five metres averaged 13 g/t Ag, maximum 44 g/t These results further confirm the early work by the Russian and GeorgianGeologists and will assist in targeting the best mineralization within the Vaioarea. There is evidence from the geochemistry that a potentially economicpolymetallic mineralizing system consisting of gold, silver other base metals ispresent in the Adjaria project area. It is anticipated that the drilling willindentify a series of continous structurally controlled ore bodies that can bedeveloped into a tangible mineral resource. Furthermore, approximately 600 channel samples have been collected over afurther three target orebodies in the Adjara project area, guided by previousRussian and Georgian exploration results. These samples have been submitted tothe ISO certified ALS Chemex laboratories (in Rosia Montana, Romania; Izmir,Turkey and Vancouver, Canada for Gold and Base Metal) for analysis. Results are tobe reported on in due course. The information contained in this announcement has been reviewed by Keith KenyonAUS IMM, Geochemical Consultant to Templar Minerals. He is the Qualified Personoverseeing the geochemical exploration at the Adjaria Gold Project. Mr. Kenyonhas 36 years experience in gold exploration and geochemistry and he isundertaking to act as a Qualified Person for the purposes of this announcement. GLOSSARY +---------------+--------------------------------------------------------------+|Geochemistry |The study of the chemistry of geological materials |+---------------+--------------------------------------------------------------+|Multi-element |Techniques of chemical analysis whereby many elements are ||analysis |analysed at the same time, |+---------------+--------------------------------------------------------------+|Au |Gold || | ||Ag |Silver || | ||Zn |Zinc |+---------------+--------------------------------------------------------------+|Base Metals |A metal which oxidises when heated in air, e.g. lead, nickel, || |copper, tin, zinc, as opposed to noble metals such as gold and|| |platinum. |+---------------+--------------------------------------------------------------+|g/t |Grams per tonne || | || | |+---------------+--------------------------------------------------------------+|HQ Core |Core from a Diamond drill hole that is 63.5 mm in diameter |+---------------+--------------------------------------------------------------+|Polymetallic |A mineral deposit consisting of polymetallic ore is the source||Mineral Deposit|of more than one metal suitable for recovery |+---------------+--------------------------------------------------------------+ Contacts: Templar MineralsDavid Lenigas, Chairman Tel:+44 (0) 7881 825378 Beaumont CornishRoland Cornish, Rosalind Hill Abrahams Tel: +44 (0) 20 7628 3396 Financial Dynamics Tel + 44 (0) 20 7831 3113Ben Brewerton Forward-Looking Statements: This press release contains statements that are "forward-looking". Generally,the words "expect," "intend," "estimate," "will" and similar expressionsidentify forward-looking statements. By their very nature, forward-lookingstatements are subject to known and unknown risks and uncertainties that maycause our actual results, performance or achievements, or that of our industry,to differ materially from those expressed or implied in any of ourforward-looking statements. Statements in this press release regarding theCompany's business or proposed business, which are not historical facts, are"forward looking" statements that involve risks and uncertainties, such asestimates and statements that describe the Company's future plans, objectives orgoals, including words to the effect that the Company or management expects astated condition or result to occur. Since forward-looking statements addressfuture events and conditions, by their very nature, they involve inherent risksand uncertainties. Actual results in each case could differ materially fromthose currently anticipated in such statements. Investors are cautioned not to place undue reliance on forward-lookingstatements, which speak only as of the date they are made. This information is provided by RNS The company news service from the London Stock Exchange