|Zone||Indicated Ounces||Inferred Ounces|
Approximately 84 percent of the new resource occurs within 200 m from surface where most of the drilling has taken place and therefore has open pit mining potential. Over the next year Brigus will focus on extending and expanding both the 147 and Contact zones through systematic drilling below the 200m level and along strike to build a resource suitable for underground mining.“Exploration drilling over the last year has converted a large portion of our Inferred gold resource to Indicated,” said Wade Dawe, Brigus Gold’s President and Chief Executive Officer. “We are confident that the Grey Fox property has the potential to host in excess of one million ounces of gold.” This new resource does not include results from Brigus’ newly discovered Grey Fox South Zone. This multiple horizon gold zone is located approximately 400 metres to the east and running sub-parallel to the 147 Zone. Drilling is on-going at Grey Fox South and has intersected the gold mineralized trend over a 275 metre strike length. The zone remains open in all directions. Two drilling rigs are focused on defining the orientation and size of gold mineralized shoots and extending the mineralization along strike. All three zones occur within close proximity of each other and provide Brigus with near term production growth opportunities because of their proximity to the Black Fox Mine infrastructure. Summary of New Mineral Resource Estimate – 147 and Contact Zones The new mineral resource estimates are reported to reflect potential open pit and underground resource values for both the 147 and Contact Zones which include calculated cut-off grades of 0.65 g/t gold for potential open pit mining and 2.63 g/t gold for potential underground mining based on parameters from the Black Fox Mine. The reported potential open pit resource was based on the resources above a plane approximately 200 m below surface level and the potential underground resource estimate was based on the remaining resources below the 200 m level plane.
|Black Fox Complex - 147 and Contact Zones|
|Resource Class||Cut-off Grade (g/t Au)||Potential Material||Tonnes||Capped Au (g/t)||Contained Au (oz)|
The Contact Zone resource is based on 222 core holes. The gold mineral resource estimate lies within approximately 450 m of strike length and mineralization remains open along strike to the north and down dip. The Contact Zone consists of a steeply dipping mineralized fault contact between the north-south trending metasediments and mafic volcanic rocks, and includes parallel foot wall and hanging wall gold mineralized zones.All potential future mining on the 147 and Contact zones in the Grey Fox area will be supported by the nearby Black Fox mine infrastructure. This area falls within the ongoing environmental monitoring program associated with the Black Fox mine operation. Initial hydrogeological test work and Acid Base Accounting (ABA) testing of various rock types is complete. Good progress is being made with Baseline Terrestrial Studies, Closure Plan, Mine Water Ponds, and Preliminary Review for Air Emissions and Metallurgical test work. A preliminary economic assessment (“PEA”) for Grey Fox will be released in Q4, and will incorporate the new resource. Qualified Persons and Technical Report The new mineral resource estimate announced in this release was prepared by Mr. Paul Daigle, P.Geo., an employee of Tetra Tech (Tetra Tech), and an Independent Qualified Person ("QP"), as defined by Section 1.5 of NI 43-101. Mr. Paul Daigle and Senior Exploration Project Manager Mr. John A. Dixon, P. Geo., have reviewed and approved the technical exploration information in this release. Mr. Dixon is the Qualified Person for the Company. Tetra Tech is preparing a NI 43-101 Technical Report to support disclosure of the new mineral resource estimate. This report will be filed by Brigus in its entirety on SEDAR ( www.sedar.com ) within 45 days of the date of this news release, and the report will also be available on Brigus’ website at www.brigusgold.com All sample analyses were performed by Polymet Labs of Cobalt, Ontario, SGS Laboratories of Sudbury, Ontario and Swastika Laboratories of Swastika, Ontario using standard fire assay procedures. Brigus Gold’s quality control checks include insertion of blanks, standards and duplicates to ensure laboratory accuracy.
About Brigus GoldBrigus is a growing gold producer committed to maximizing shareholder value through a strategy of efficient production, targeted exploration and select acquisitions. The Company operates the wholly owned Black Fox Mine and Mill in the Timmins Gold District of Ontario, Canada. The Black Fox Complex encompasses the Black Fox Mine and adjoining properties in the Township of Black River-Matheson, Ontario, Canada. Brigus is also advancing the Goldfields Project located near Uranium City, Saskatchewan, Canada, which hosts the Box and Athona gold deposits. In Mexico, Brigus has granted Cangold Limited the option to acquire a 75% interest in the Company’s Ixhuatan Project located in the state of Chiapas. In the Dominican Republic, Brigus has signed an agreement to sell its remaining interests in three mineral exploration projects. Cautionary and Forward-Looking Statements Statements in this news release, which are not historical facts, are forward-looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All statements regarding the Company's ability to successfully expand the Black Fox Complex gold resource, add to Black Fox resources, advance new discoveries to production, convert resource estimates into near-term production, release of an updated mineral resource estimate in 2012 and the Black Fox underground mine exploration drilling program and continue to obtain positive down dip continuity of significant gold mineralization are forward-looking statements and estimates that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from these forward-looking statements include environmental risks and other factors disclosed under the heading “Risk Factors” in Brigus Gold’s most recent Annual Information Form and Management Discussion and Analysis filed under the company’s name at www.sedar.com and annual report on Form 40-F filed with the United States Securities and Exchange Commission at www.sec.gov and elsewhere in Brigus Gold’s documents filed from time to time with the Toronto Stock Exchange, the NYSE Amex, the United States Securities and Exchange Commission and other regulatory authorities. All forward-looking statements included in this news release are based on information available to the Company on the date hereof. The Company assumes no obligation to update any forward-looking statements, except as required by applicable securities laws.