Tiberon tables Nui Phao resource (November 16, 2001)

Vancouver – On the basis of 70 drill holes, Calgary-based junior Tiberon Minerals (TBR-V) has defined a near surface, open pittable tungsten deposit on its Nui Phao property in Vietnam.

Using a 0.25% tungsten trioxide cut-off grade, the company pegs the indicated resource at 12.35 million tonnes grading 0.43% tungsten trioxide, 0.26% copper, 0.12% bismuth and 0.31 gram gold per tonne. The inferred resource comes in at 10.18 million tonnes grading 0.47% tungsten trioxide, 0.27% copper, 0.13% bismuth and 0.26 gram gold.

The cut-off grade is based solely on tungsten trioxide recovery with no value being placed on gold, copper, bismuth or fluorite credits. Once the ongoing metallurgical study is complete, the addition of the credits could lower the cut-off grade and increase the overall tonnage.

So far, 95 exploration and 8 metallurgical drill holes have been completed on the promising project. The remaining 33 holes, not included in the resource estimate, will be used in a revised calculation expected in February next year.

With the drilling now complete, Tiberon feels that the size and grade of the deposit is sufficient to begin developmental planning. The company will now focus on the feasibility study, which includes metallurgical testing, environmental studies and securing permits for mining.

The tungsten skarn deposit covers a 250-by-150-metre area, down to a depth of 200 metres and remains open to the west and south.

In March of 1999, the junior settled all outstanding litigation with Vietnam Resources Corporation in regards to the Nui Phao project. Under the terms of the settlement, Vietnam Resources relinquished all rights to the property in return for 1 million shares of Tiberon. Tiberon and Vietnam Resources have released each other from all claims or actions. Tiberon now has a 70% interest in the Nui Phao project with the other 30% being held by Vietnamese parties.

The 32.1-sq.-km Nui Phao Exploration License is located in Thai Nguyen Province of northern Vietnam and is 90 km north of Hanoi.