TTM receives final preliminary economic assessment for Chu Molybdenum Projectadmin
W. K. Crichy Clarke, President and CEO of TTM Resources Inc. announces that the Company is in receipt of its Preliminary Economic Assessment report (“PEA”) from Moose Mountain Technical Services (“Moose Mountain”) of Calgary, Alberta, for its 100% owned Chu Molybdenum Project, 65 Km Southwest of Vanderhoof, British Columbia, Canada.
Final Preliminary Economic Assessment Report
The Company has received and filed on SEDAR and the Company Web site the Moose Mountain Preliminary Economic Assessment Report. Mr. Clarke comments: “We are relieved to have this Report, in a final format, as it allows us to proceed with reopening discussions with interested parties and pursuing potential strategic alliances. All discussions to date were postponed until this Report was public. Now we can proceed with earnest and with a purpose. We will keep our shareholders aware of our progress. It is an exciting time for this Company.”
The Company has entered into an option agreement with Nechako Minerals Corp., a private BC Corporation to earn either, 51 percent interest in 5 mineral claims by making exploration expenditures of $500,000.00 prior to March 31, 2011, or a 100% interest in the 5 mineral claims by making the above mentioned expenditures and not identifying zones of economic mineralization. The 5 mineral claims covered in the option agreement total 2274.98 hectares expanding the company’s land position to 17,369 hectares. The agreement is subject to regulatory approval.
Mr. Crichy Clarke says “This option agreement is the final piece of the puzzle as recommended by Moose Mountain. This agreement now allows us to determine if the molybdenum mineralization at Chu extends along strike to the northwest. A program of diamond drilling is being designed to test anomalies identified in a 3D Induced Polarization survey conducted by Nechako Minerals earlier this year. This is a win-win for both parties because if we successfully intersect more molybdenum we move to joint venture, and if our exploration is unsuccessful, this area has been identified by Moose Mountain as a possible tailings site. Either way, results from the drill program will greatly assist the company in the development of the Chu.”
Updated Drill Results
Warren Robb, the Company’s Chief Operating Officer comments, “The PEA has suggested a further program of 35,000 meters of drilling to move resources from the inferred to indicated category. The drill results we are posting on the Company’s web Site are confirmation of our progress in achieving this goal. So far, we have completed an additional 18,000 meters of drilling to the reported resource in the PEA, and with our planned drill program escalation in 2009, we are confident we can accomplish the company’s goals in preparation for a Pre-Feasibility Study by late 2009. We are on target and are very pleased with our progress. Investors should be advised that the results posted are part of our scheduled “Infill Program” and the results encountered have met, or exceeded, our expectations and understandings of the molybdenum mineralization at Chu.”
The Company currently has 50,307,489 shares outstanding and approximately $10.5 million in cash and receivables. Mr. Clarke further comments, “We continue to have our capital in safe, secured, money market instruments. While our share price has deteriorated, along with all other publicly traded resource companies, in these trying times, we are confident that our excellent relationships and financial stability will allow us to access capital markets as required, to accomplish our near and medium term goals.”
Additional information of the CHU Property is provided on the Company’s website at http://www.ttmresources.ca