ERIN VENTURES INC. (“Erin”)
NEWS RELEASE – For Immediate Distribution
Erin Ventures Inc. [TSX-Venture: EV] is pleased with the conclusions of a report that it has commissioned on its Piskanja property in Serbia. This report is the compilation and analysis of all historical drill data, conducted prior to Erin’s current, ongoing drill program. The report takes into account 3 separate exploration programs that were conducted at Piskanja (by Ibar Mines, Erin Ventures, and Rio Tinto). These programs combined to produce a total of 45 drill holes and approximately 15,400 metres of core and cuttings.
The report states that the historical resource is an estimated 6,360,369 tonnes of B2O3, with an average grade of 36.4 percent B2O3 per tonne. This is a ‘historical estimate’ that does not comply with NI 43-101. Erin considers this estimate to be reliable partly because it is based, in part, on work previously conducted by Erin itself, and it is considered to be highly relevant to current operations. A qualified person has not done sufficient work to classify the estimate as current mineral resources or reserves. Erin is not treating this historical estimate as such, and the historical estimate should not be relied upon.
The borate is contained within two primary beds, with the upper bed averaging 5 metres thick and the lower bed averaging 4.5 metres thick. The report classifies the deposit in a “B” and “C1” resource category (the Serbian equivalent of “measured” and “indicated”, according to 43-101/CRIRSCO standards).
Notably, Dr. Toljic (the report’s author) concludes, “The actual borate resource is likely larger than the calculation presented in this report.” This is because his report includes a calculation of the two main borate layers only. Dr. Toljic explains, “In the deposit, there are at least two additional borate zones (besides the two primary beds) that require further interpretation before being included in a resource calculation. The first is a layer of borate located between the two main beds. The second is a very high quality crystallized borate zone, likely related to the fault zone. Additionally, there are several drill holes in which borates were found, but as these holes are located away from the main part of deposit, they were not included in the calculation.”
Erin’s current in-fill drill program is designed to bring this historical resource estimate compliant with 43-101 standards, as well as provide sufficient data in order for Erin to apply for a mining license in Serbia. Assays for the first several drill holes have recently returned from the lab, and management is currently interpreting the results.
Dr. Toljic, PhD. Geol, is a consultant to Erin Ventures. He has been a professor at the University of Belgrade, Faculty for Mining and Geology since 1991. His specialty is geological mapping of sediment magmatites and metamorphites, geological mapping of tectonically complex terrains, remote sensing, structural geology tectonics, software processing and presentation of geological data. In addition, he consults to numerous engineering projects, providing detailed geological mapping relating to exploitation of mineral resources.
- Boron is a critically important industrial mineral. World production of boron minerals reached an estimated 4.35 million metric tons in 2008.
- Consumption of borates used in high-technical applications is expected to increase by 10 percent in North America and 13 percent in Europe by 2012. China is the largest consumer of boron, where consumption has risen by 15 percent per year from 2000 to 2010.
- Borate minerals and refined borate products are used extensively worldwide in the manufacture of vitreous products such as fiberglass insulation, textile fiberglass, borosilicate glass (e.g. LCD screens), ceramic glazes and porcelain enamels. These applications account for approximately 60 percent of borate consumption, with detergents, fire retardants, metallurgy, agriculture, insecticides, wood preservatives and specialty products accounting for the remainder.
Source: US Geological Survey, Report on Boron – 2008.
- Market prices reflect both the relative scarcity of borates and strengthening demand, with current prices for new South American contracts reaching highs of: US$730/tonne for colemanite (40 percent B2O3); US$697/tonne for ulexite (40 percent B2O3); US$1460/tonne for boric acid.
Source: Industrial Minerals Online. October 25, 2011
On behalf of the Board of Directors,
Blake Fallis, General Manager
The technical information in this release was prepared and approved by James E Wallis, M.Sc. (Eng), P. Eng., a consultant to the company, who is a Qualified Person under National Instrument 43-101.
For further information, please contact:
Erin Ventures Inc. Canada
Blake Fallis, General Manager TSX Venture: EV
Phone: 1-250- 384-1999 or 1-888-289-3746 USA
Erin’s Public Quotations:
TSX Venture: EV
SEC 12G3-2(B) #82-4432
Berlin Stock Exchange: EKV
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
Forward Looking Statements
This release contains forward looking statements. The words “believe,” “expect,” “feel,” “plan,” “anticipate,” “project,” “could,” “should” and other similar expressions generally identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties including, without limitation, variations in estimated costs, the failure to discover or recover economic grades of minerals, and the inability to raise the funds necessary, changes in external market factors including commodity prices, and other risks and uncertainties. Actual results could differ materially from the results referred to in the forward-looking statements.