BE Resources Requests Permit Modification for 20 Additional Drill Holes at Its Warm Springs Beryllium Project
January 12 2011 - 2:38PM
Marketwired
BE Resources Inc. (TSX VENTURE: BER) ("BE" or the "Company")
announced that it has requested a modification to the existing
exploration permit at its Warm Springs Beryllium Project, located
in Socorro County, New Mexico. The request, if granted, would
permit BE to drill an additional 20 holes within the boundaries of
the initial permit area, in the immediate area previously
investigated by the U.S. Bureau of Mines in the 1960's.
"We are requesting a modification to the permit to gather more
data on the subsurface geology at Warm Springs and understand how
the different formations intersect," stated David Tognoni,
President and CEO. "This will assist us in building a site-wide
geologic model."
The proposed drill hole locations are within the Datil Group at
Warm Springs and are planned to be shallower than the initial five
holes, with the exception of one that is proposed to be 3,500 feet
deep. If the permit modification is granted, the 20 holes will be
drilled on a 75-foot grid around the first hole drilled in the
Company's current five-hole campaign. Assays results on the first
drill hole indicated that drilling had intersected a
beryllium-mineralized zone in excess of 100 feet in thickness and
discovered maximum grades exceeding one percent beryllium
oxide.
About BE Resources Inc. and Beryllium
BE Resources Inc. is a junior mineral exploration company
focused on advancing the exploration and development of its Warm
Springs Beryllium project in New Mexico. BE Resources' target
mineral is beryllium, a metal that has been identified as having
significant lightness, strength and temperature resistance
qualities and is a valuable component used in the aerospace and
defence industries. Beryllium prices are usually determined on a
negotiated basis between producers and end-users with small
quantities of highly pure metal (greater than 99 percent pure)
traded on the Shanghai Metals Market. Recent prices posted for
beryllium were between 5,500 - 6,000 RMB/Kg, the equivalent of
about US$135 to US$147 per pound of beryllium oxide, or US$374 to
US$408 per pound of beryllium.
Cautionary Statements
Certain statements contained in this news release may contain
forward-looking information within the meaning of United States and
Canadian securities laws. Such forward-looking information is
identified by words such as "estimates", "intends", "plans",
"expects", "believes", "may", and "will". There is no assurance
that the request for permit modification will be granted on the
terms requested or at all and no assurance that we will ever be
able to develop a producing mine. We are at an early stage of
exploration. Reference is made to the risk factors contained in the
Company's annual report on Form 10-K for the year ended December
31, 2009. Most of these factors are outside the control of the
Company. Investors are cautioned not to put undue reliance on
forward-looking information. Except as otherwise required by
applicable securities statutes or regulation, the Company expressly
disclaims any intent or obligation to update publicly
forward-looking information, whether as a result of new
information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: First Canadian Capital Corp. Jason Monaco 416-742-5600
416-742-6410 (FAX) jmonaco@firstcanadiancapital.com First Canadian
Capital Corp. Eric Balog 416-742-5600 416-742-6410 (FAX)
ebalog@firstcanadiancapital.com BE Resources Inc. David Tognoni
President & CEO 575-744-4014 575-744-5801 (FAX)
dqtognoni@gmail.com
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