Wednesday, October 15, 2008

Initial Resource Estimate Completed for Portugal Tungsten Prospect

Published on 14th October 2008
The Regua tungsten deposit, in northern Portugal, contains an estimated 1,26-million metric tons of tungsten trioxide, the owners of the project reported on Tuesday.

ASX-listed Tamaya Resources said in a statement that its 82%-owned subsidiary Iberian Resources reported its first JORC-compliant mineral resource estimate for the project.

Indicated and inferred resources of 3,42-million tons (grading 0,37%) tungsten trioxide, were defined at a cut-off grade of 0,10% tungsten trioxide.

The company said that the maiden resource established a strong and viable tungsten project, with considerable potential to add additional resources through further drilling.

The stated resource was based on the results of diamond drilling of 31 holes for a total of 4630,70m, all of which intersected scheelite mineralisation.

"There is excellent potential to significantly extend the resource, as shallow mineralisation beneath previously trenched areas was not targeted during the recent drill campaign. The mineralisation is also still open laterally and at depth," Tamaya stated.

Tamaya added that it was particularly encouraging that a significant tungsten resource was established at a time of increasing concerns within Europe over Tungsten supply, since China was no longer a significant exporter of tungsten.

The Regua tungsten project (16km2) is located on the southern bank of the Douro River Valley, 400km north of Lisbon and 95km east of Porto.

Iberian's 100% Portuguese subsidiary, Iberian Resources Portugal Recursos Minerais Unipessoal LDA is the sole owner of the mineral concession through an exploration contract with the government of Portugal.

There were no operations on site, and the property has not been previously mined. In the 1980s Rio Tinto produced a conceptual mining and processing scenario, with the delineation of resource estimates, which predated the development of the JORC code.

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