|By Marketwired .||
|November 26, 2012 02:17 PM EST||
SASKATOON, SASKATCHEWAN -- (Marketwire) -- 11/26/12 -- WESTCORE ENERGY LTD. (TSX VENTURE:WTR) ("Westcore" or the "Company") is pleased to announce an initial coal resource evaluation from the first four drill programs at the Black Diamond Coal Property ("Black Diamond") located near The Pas, Manitoba. Black Diamond is jointly held by Westcore and Goldsource Mines Inc., 75:25 respectively.
The Black Diamond Coal Property resource evaluation (or the "Evaluation") was completed by Heartstone Consulting Ltd. and was prepared in accordance with Canadian Securities Administrators (CSA) National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The lead author of the Evaluation is Peter Graham, P.Geo., who is a "qualified person" within the meaning of NI 43-101 and is independent of the Company. Mrs. Ellen MacNeill, P. Geo., is a co-author of the Evaluation. The Evaluation has been filed on SEDAR and is also available for download on the Company's website.
The Evaluation contemplates coal resources at the Discovery, Cyclops, Ambit, Athena and Calypso deposits. These resources have been classified according to the "CIM Standards on Mineral Resources and Reserves: Definitions and Guidelines" (November 2010). Accordingly, the resources have been classified as "Measured", "Indicated" and "Inferred".
-- Measured Tonnes: 40,616,000 -- Indicated Tonnes: 9,428,000 -- Total Waste Quantities vs. Measured and Indicated Tonnes of Coal Strip Ratio of 1.2:1 -- Inferred Tonnes: 10,607,000 -- Total Waste Quantities vs. Inferred Strip Ratio of 1.6:1 -- Coal is ranked as subbituminous C
The foregoing resources are further additions to resources recently reported on the Company's Panther Property (60% owned by Westcore), where the following resources were recently announced in respect of the Company's Quasar Deposit (for further details, please refer to the Company's news release dated October 29, 2012 and the corresponding filing of the NI 43-101 report on the Panther property, which is available under the Company's corporate profile on SEDAR):
-- Measured Tonnes: 14,239,000 -- Indicated Tonnes: 4,255,000 -- Total Waste Quantities vs. Measured and Indicated Tonnes of Coal Strip Ratio of 1.5:1 -- Inferred Tonnes: 9,130,000 -- Total Waste Quantities vs. Inferred Strip Ratio of 1.6:1 -- Coal is ranked as subbituminous C
Paul Conroy, President and CEO of Westcore, states "We are very pleased with the initial evaluation of coal resources from Black Diamond. Estimates of approximately two thirds of the overall tonnage in the Measured category and strip ratios of these proportions provide further positive encouragement for the potential mining of Black Diamond. These resource calculations, together with the initial resources recently declared on our Panther Property, further firm up the prospects of development of our area play. We are encouraged by these results and excited at the prospect of further expanding on the coal resources at Black Diamond and Panther with drilling on Luna and other untested targets in future drilling programs."
The database used to generate the resources from Black Diamond consisted of 44 exploration holes, of which 32 were diamond drill holes and 12 were rotary drill holes. Exploration holes were supplemented by airborne geophysical survey data. Seam and overburden thickness isopach and seam structure contour maps were manually generated from drill hole data on each deposit. Generated coal and overburden contours were digitized and entered into a computer based polygonal modelling program for volume determinations Coal seam volumes were computer generated separately for Measured, Indicated and Inferred categories. Coal tonnages were calculated by multiplying the coal volumes by 1.4 g/cc. Overburden volumes were also computer generated separately for Measured, Indicated and Inferred categories. Measured resources correspond to coal within 150 m of a drill hole where the adjacent drill hole also intersected the same seam. The fringe area outside the ring of drill holes and to the implied subcrop has been assigned to the Measured, Indicated and Inferred categories on the following basis: coal is assigned to the Measured category for the area 50 m outside the ring of drill holes, Indicated Category for the ring from 50 to 100 m beyond the ring of drill holes, and Inferred category for the area outside the 100 m ring and the estimated subcrop line. Minimum coal thickness is 1.5 metres, coal subcrop delineations were determined through geological interpretation of airborne geophysical survey data supplemented by seam thickness and structure contour mapping.
Peter Graham, Professional Geologist, is the independent Qualified Person pursuant to NI 43-101 who was responsible for the Evaluation and review of the technical contents of this news release.
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, the use of the net proceeds of the offering. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, governmental regulation, including environmental regulation; unanticipated operating events or performance; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in tax laws; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Westcore Energy Ltd.
President and Chief Executive Officer
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