The Mission Group Regulatory News (TMG)

15 Mar 2005 15:59

Thistle Mining Inc.15 March 2005 THISTLE ANNOUNCES ITS 2005 ORE RESERVES AND MINERAL RESOURCES STATEMENT FOR PRESIDENT STEYN MINES Toronto, 15 March 2005 - Thistle Mining Inc. (TSX: THT and AIM: TMG) Thistle Mining Inc. today announced its 2005 ore reserves and mineral resourcesat its President Steyn Gold Mine ("PSGM") complex in the Free State gold regionof South Africa. This statement reflects a net increase of approximately 2.4 million ozs in orereserves in the Steyn 1,2,3 shafts mainly due to an increase in the confidenceof estimates of the gold content of the Basal reef in the 3 Shaft area. Thisincrease in confidence is a result of the introduction of geostatisticalestimation techniques in the northern region of the mine encompassing 3 shaft. Steyn 1,2 and 3 shafts' Proved Reserves are those reserves that are in theMeasured Resources category that will be depleted in 2005 and 2006. ProbableReserves are those reserves that are payable beyond 2007, taking into accountdirect operating costs. As at 3 March 2005, the audited ore reserves and mineral resources at the Steyn1, 2, and 3 shafts at the President Steyn complex are as follows: TOTAL STEYN 1,2,3 SHAFTS Ore Reserves Million Tonnes Grams / tonne) Million Troy Ozs Proven 2.39 7.82 0.60 Probable 13.53 7.96 3.46 Total Ore Reserves 15.92 7.94 4.06 Mineral Resources Measured 21.86 8.40 5.90 Indicated 12.78 8.09 3.32 Total Mineral Resources 34.64 8.29 9.22 It should be noted that the mineral resources are inclusive of the ore reserve. In addition to the above, Steyn 7 and 9 shafts have recently been downgradedfrom a mining operation to a project on care and maintenance. They will onlybecome viable should the Rand gold price improve markedly permitting capitalexpenditure to be dedicated to pre-development, shaft sinking and declinerefurbishment. Therefore, the ore reserves and mineral resources at the Steyn 7and 9 shafts are quoted separately and stated as Project Inventory. TOTAL STEYN 7 & 9 SHAFTS Ore Reserves Million Tonnes Grams / tonne) Million Troy Ozs Proven nil nil Nil Probable 1.44 9.07 0.42 Total Ore Reserves 1.44 9.07 0.42 Mineral Resources Measured 8.80 10.14 2.87 Indicated 6.64 8.86 1.89 Total Mineral Resources 15.44 9.59 4.76 The new reserve and resource figures detailed above have been reviewed, auditedand confirmed by Thistle's independent geological and mining consultant, Mr.Peter. M. Camden-Smith, (M.Sc. (U.C.T); G.D. Eng. (Univ. Wits.); M.B.L. (Unisa).Mr. Camden-Smith has been the appointed Competent Person at the PresidentSteyn mines since 2001. Mr. Camden-Smith is a "qualified person" in accordancewith the standards of disclosure for mineral projects in Canada. The abovereserves and resources have been estimated in accordance with the definitionsand classification system developed by the South African Mineral ResourceCommittee of the South African Institute of Mining and Metallurgy and known asthe SAMREC Code, which is the standard applicable to mineral disclosure bypublic mining companies in South Africa. Mr. Camden-Smith has confirmed thatthese definitions and classifications are substantially the same as thedefinitions and classification system as the CIM Standards on Mineral Resourcesand Reserves Definitions and Guidelines adopted by the Council of the CanadianInstitute of Mining, Metallurgy and Petroleum. The full 2005 Mineral Resource and Ore Reserve Statement for PSGM will beavailable shortly on the Company's web site www.thistlemining.com and on SEDAR. For further information, contact: Harvey McKenzie Chief Financial Officer + 1 416-594-3293 This information is provided by RNS The company news service from the London Stock Exchange