Gentor Announces Inferred Mineral Resource Estimate of 5.7 Million Tons Grading 0.15% Moly at its IMA Project in Idahoadmin
Wednesday, August 20th 2008
GENTOR RESOURCES, INC. announce that the Company has established an Inferred Mineral Resource estimate at its IMA Mine project in Idaho of 5.7 million tons grading 0.15% Mo. Included in this estimate is 720,000 tons of material grading greater than 0.20% Mo and averaging 0.235% Molybdenum.
Wardrop Engineering Inc. estimated the mineral resource using Gemcom Vers 6.1.3. This Inferred Mineral Resource estimate is Canadian National Instrument 43-101 compliant and was compiled following completion in May 2008 of a 21,000 foot drilling program at the project. The estimate is contained in a technical report prepared under the direct supervision of Cliff Duke, P.Eng., Senior Geologist with Wardrop Engineering Inc., Winnipeg, Manitoba, Canada. Mr. Duke undertook a review of the data, the building of the wireframe model, and the estimation of the resource present in the granitic intrusion underlying the IMA mine. He also carried out a site visit on May 29, 2008 and assessed the veracity of the recent data submitted by Gentor.
Noris Del Bel Belluz, P.Geo., Manager Technical Services with Wardrop Engineering Inc., Toronto, Ontario reviewed the report. Gilles Arseneau, PhD, P.Geo., from Wardrop Engineering Inc., Vancouver, British Columbia provided on-going technical support and peer reviews of the final NI 43-101 compliant report.
The resource estimate uses a cut-off grade of 0.10% Mo and assays greater than 0.750% Mo were cut to 0.750% Mo. A copy of the report, “Technical Report On IMA Mine Molybdenum Project,” is available on the Company’s website, www.gentorresources.com.
Based on results of the drilling program, Wardrop has recommended a two-phase program of further exploration and development.
Through out-right purchase and lease/option to purchase agreements, Gentor has acquired surface and mining rights to more than 600 acres of private land in Lemhi County, Idaho, to ensure access to the molybdenum deposit as well as water rights and land for disposal of waste rock and discharge water. On July 16, 2008, the Lemhi County Zoning and Land-Use Commission, after a public hearing, unanimously passed a resolution issuing a Special-Use Permit (Commercial/Mining) to allow mining activities on these lands. Gentor is now permitted to conduct the underground development recommended in the Wardrop report and any underground mining warranted by the results of the recommended exploration program.
Gentor Resources, Inc is a US-based mineral exploration and development company whose projects include the IMA Mine molybdenum-tungsten-silver property in Idaho. The Company’s strategy is to create shareholder value by acquiring and developing highly prospective mineral properties in the United States and internationally.