Arc Minerals Regulatory News (ARCM)

24 Jan 2008 17:24

Templar Minerals Limited24 January 2008 For Immediate Release 24 January 2008 Templar Minerals Plc ("Templar" or the "Company") Templar notes River Diamonds' Operational Update on the Vatukoula Mine Templar Minerals, which holds 26% of the issued share capital of River DiamondsPlc ("River Diamonds") notes the announcement made by River Diamonds onWednesday 24 January 2008 confirming that mining commenced at the Vatukoula mine(also known as Emperor Mine) in Fiji in late 2007. River Diamonds announced the following details: Operations have commenced in accordance with the River Diamond'sre-commissioning and mining plan. Rehabilitation of the Decline is complete andmining has commenced in late 2007. During December 2007, the mine produced 1,211tonnes of ore at an average grade of 10.59 g/t Au for approximately 412 ouncesof gold from 166N.13/14. Ore from mining activities is being stockpiled underground while the completionof maintenance on the crushing and flotation sections of the Treatment Plant iscarried out. It is expected that this maintenance will be completed in February2008 and processing of underground ores will commence. The mine is currentlyemploying 450 employees. The anticipated initial underground mining schedule is as follows: +---------------------+---------------------------+------------------------+|Underground Ore Block|Tonnes and Grade Estimates |Estimated start date for|| | |mining |+---------------------+---------------------------+------------------------+|1550 Prince William |14,014t@21.6 g/t Au |Early February 2008 ||Block | | |+---------------------+---------------------------+------------------------+|1550 Reclaim |3,110t@17 g/t Au |Early February 2008 |+---------------------+---------------------------+------------------------+|13/14 166N |28,186t@12.3 g/t Au |Mining in progress. || | |Commenced late 2007 |+---------------------+---------------------------+------------------------+|15/16 1950L 2000n |104,061t@9.8 g/t Au |Late January 2008 |+---------------------+---------------------------+------------------------+|14/15/16/1750L CZYPR |34,281t@11.5 g/t Au |Late January 2008 |+---------------------+---------------------------+------------------------+|16/17/1950L MNE |77,768t @ 9.15 g/t Au |Mid-February 2008. |+---------------------+---------------------------+------------------------+ New mineralised zones Evaluation of a new mineralised zone is progressing. Channel samples have beentaken from the outcropping "President Dyke" and have returned some excellentgrades including: 7.50m @ 9.32 g/t Au, 7.00m @ 7.70 g/t Au and 5.11m @ 11.38 g/tAu. The structure is being tested to a depth of 30m by surface drilling. ThePresident Dyke is in an area which was previously not considered viable due toits' proximity to the Borthwick ventilation shaft, which prevented access,however the Phillips shaft is being considered as a viable alternative forventilation and as such could allow access to the President Dyke. Qualified Person Kiran Morzaria B.Eng (ACSM), MBA, has reviewed the information contained in thisannouncement. Kiran holds a Bachelor of Engineering (Industrial Geology) fromthe Camborne School of Mines and an MBA (Finance) from CASS Business School.Kiran is the Finance Director of River Diamonds. River Diamonds indirectly owns a 19% interest in the share capital of Westech Gold Pty Ltd ("Westech") which, through its wholly owned direct and indirect subsidiaries, owns the mining rights and associated assets of the Vatukoula Gold Mine in Fiji. Westech is indirectly controlled by Red Lion Management, a global merchant bank based in Vancouver. On 14 December 2007 River Diamonds announced that it had signed a conditional sale and purchase agreement (the 'Agreement') to acquire the remaining 80% of Viso Gero International Inc. ('VGI') not already held by it from Viso Gero Global Inc and which contemplates that VGI will acquire the remaining 6% of Westech on or before the completion of the Agreement (collectively the 'Acquisitions '). Therefore, subject to completion of the Acquisitions, River Diamonds will own 100% of VGI and will indirectly, through Westech and its indirect subsidiaries, hold a 100% interest in the Vatukoula Gold Mine in Fiji and associated assets, rights and entitlements. Contacts: Templar MineralsDavid Lenigas, Chairman Tel: +44 (0) 7881 825378Ian Stalker, Non Exec-Director Tel: + 27 11 783 5056 Beaumont Cornish Tel: +44 (0) 20 7628 3396Roland CornishFinancial Dynamics Tel + 44 (0) 20 7831 3113Ben BrewertonEd Westropp Glossary of Technical Terms Au: Gold Channel sample: Sample obtained by cutting a representative channel or groveacross a rock face or profile. Crushing: A milling process to reduce size into relatively coarse particles bystamps, crushers, or rolls. Decline : An inclined tunnel-like excavation into the ground to allow vehicleand equipment access for the mining of ore bodies. Flotation: A milling process in which valuable mineral particles are induced tobecome attached to bubbles and float as others sink. g/t: Grams per tonne Ore: The naturally occurring material from which a mineral or minerals ofeconomic value can be extracted profitably or to satisfy social or politicalobjectives. The term is generally but not always used to refer to metalliferousmaterial, and is often modified by the names of the valuable constituent; e.g.,iron ore.; ore mineral. Ore Block: A section of an orebody, usually rectangular, that is used forestimates of overall tonnage and quality. Shaft: An excavation of limited area compared with its depth; made for findingor mining ore or coal, raising water, ore, rock, or coal, hoisting and loweringworkers and material, or ventilating underground workings. The term is oftenspecific applied to a vertical shaft, as distinguished from an incline orinclined shaft. A shaft is provided with a hoisting engine at the top forhandling workers, rock, and supplies; or it may be used only in connection withpumping or ventilating operations. This information is provided by RNS The company news service from the London Stock Exchange