Tiberon tags new zone (November 29, 2001)

Vancouver An ongoing drill program by Tiberon Minerals (TBR-V) has cut a new zone of mineralization 1 km northeast of its promising Nui Phao tungsten deposit in Vietnam.

Hole 75 was the first to discover the zone returning 0.45% tungsten trioxide, 0.33 gram gold per tonne, 0.35% copper and 0.15% bismuth over 6 metres from 27 metres down-hole.

Moving some 50 metres north and west, hole 78 hit 5.6 metres grading 0.35% tungsten trioxide, 0.47 gram gold, 0.4% copper and 0.14% bismuth from 46 metres down-hole.

Collared 700 metres west of the discovery hole, hole 73 failed to intersect any significant mineralization.

On the Nui Phao deposit, hole 74 expended the mineralization to the south by returning 36 metres grading 0.47% tungsten trioxide, 0.37 grams gold, 0.23% copper and 0.14% bismuth from 67 metres down-hole. Hole 70 tested the western portion of the deposit cutting 0.28% tungsten trioxide, 0.67 gram gold, 0.35% copper and 0.18% bismuth over 8 metres from 162 metres down-hole.

The junior recently tabled a indicated resource of 12.3 million tonnes grading 0.43% tungsten trioxide, 0.31 gram gold, 0.26% copper and 0.12% bismuth for the deposit. Another 10.2 million tonnes grading 0.47% tungsten trioxide, 0.26 gram gold, 0.27% copper and 0.13% bismuth was placed in the inferred resource category. An updated resource is expected by Feb. 2002.

Drilling is now complete on the Nui Phao deposit and the rigs have moved over to the Nui Chiem coincidental geochemical-geophysical anomaly where three holes are slated to be complete.

Based on the promising results, Tiberon has formed a special committee of the board and has hired Canaccord Capital to act as a financial advisor to assist in evaluating alternatives to maximize the company’s value.

Tiberon has rapidly advanced the project having just started drilling in Sept. of last year. The drill program outlined the grade, width and continuity of a zone previously identified by the Geological Survey of Vietnam. Mineralization on the property is hosted in skarns and pyrrhotite-rich retrograde equivalents.

The Vietnamese government subsequently granted Tiberon an extended exploration license over the project. The new license covers 47.9-sq-km, up from the original 32.2 sq. km and includes the right to explore and exploit gold in addition to polymetallic resources.

In March 1999, the junior settled all outstanding litigation with Vietnam Resources with regard to the Nui Phao project. Vietnam Resources relinquished all rights to the property in return for 1 million shares of Tiberon. At the same time, 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 remainder held by Vietnamese parties. The 32.1-sq.-km Nui Phao Exploration Licence is in Thai Nguyen province of northern Vietnam and is 90 km north of Hanoi.