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Cons Big Valley begins milling from Granada No. 2 vein
2007-01-08 16:00 ET - News Release
See News Release (C-CBG) Consolidated Big Valley Resources Inc
Mr. Frank Basa reports
GRANADA MINE PROPERTY -- MILLING OF OPEN PIT ORE FROM VEIN #2
Consolidated Big Valley Resources Inc. (name soon to be changed to Gold Bullion Development Corp.) has begun milling of the open pit ore from the No. 2 vein system as of Jan. 2, 2007. This is the initial phase of the company's feasibility program for the evaluation of the historic (pre-National Instrument (NI) 43-101) proven and probable mineral reserve reported by A.C.A. Howe International Ltd. in 1994. A.C.A Howe reported of a total of 582,589 tons of 0.119 ounce per ton Au (528,665 tonnes at 4.08 g/t) of minable ore that has yet to be mined. The company is currently mining this ore to confirm grade and recovery. The Granada mill is operating at a daily average tonnage of 250 tonnes per day over a five-day workweek. As open pit mining progresses and 20,000 tonnes of ore is stockpiled, the company will begin operating on a seven-day work week basis.
The above results are historical estimates and do not comply with the NI 43-101 reporting requirements and they should not be interpreted as such. The results can not be validated and are not considered by the company to be a current resource or reserve. These statements have been compiled by Frank Basa, PEng, a director and an officer of the company.
Rousseau mine property -- permit for dewatering and bulk sampling
Consolidated Big Valley Resources has begun the permitting process to dewater the Rousseau mine optioned from Globex Mining Enterprises Inc. (TSX: GMX) to take a bulk sample of 40,000 tonnes to confirm the historic (pre-National Instrument 43-101) grade and recovery for mineral reserves as calculated in 1985 by OP Resources. It reported proven and probable resources totalling 39,600 tonnes at 13.7 g/t gold (Au) accessible from the existing ramp.
The resource estimates cited above for the Granada mine and Rousseau mine properties predate, and therefore do not conform to, the more stringent reporting requirements of NI 43-101 and should not be relied upon according to those standards. The company has begun but not done sufficient work yet to verify or classify the historical estimates as a current mineral resource and the company is not treating the historical estimates as a current mineral reserve or resource. The company believes that the historical estimates provide a favourable indication of the gold potential of the properties, and intends to embark on an extensive recommended exploration program of the original five veins on the Granada mine property and on the two veins of the Rousseau mine property in order to quantify new resources plus upgrade historical resource categories to NI 43-101 compliance.
Milner Consolidated Silver Mines Ltd., Gowganda silver camp property -- letter of intent to purchase has been signed
Consolidated Big Valley Resources has issued a letter of intent to Milner Consolidated Silver Mines for the purchase of Milner's mining leases and licences in the old Gowganda silver camp near Temiskaming.
The terms of the letter of intent state the purchase price will consist of a cash payment of $25,000, a sliding-scale royalty on silver production which will start from 3 per cent when the official price of silver is $15 (U.S.) or lower per troy ounce. The terms also includes a provision for a 5-per-cent gross overriding royalty payable to Milner for the sale of products derived from the property, with deductions for smelter and refining charges, and several other related expenses. A formal agreement will follow in due course.
The above-mentioned agreement is subject to regulatory approval and further due diligence by the company.
The information contained in this news release, has been reviewed, approved, and deemed relevant by Mr. Basa, a qualified person as defined under National Instrument 43-101.
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