Newport Exploration Ltd.: Update on Oil & Gas Royalties in Australia and Metallurgical Results for Chu Chua
April 29 2014 - 9:00AM
Marketwired
Newport Exploration Ltd.: Update on Oil & Gas Royalties in
Australia and Metallurgical Results for Chu Chua
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 29, 2014) - Mr.
Ian Rozier, President of Newport Exploration Ltd. ("Newport" or the
"Company") (TSX-VENTURE:NWX), is pleased to provide information
with respect to the operators on permits in Australia that are
subject to the Company's oil and gas royalty interests and an
update on metallurgical work conducted on core from the Chu Chua
copper-gold project in British Columbia.
Oil and Gas Royalty
Interests, Australia
As disclosed in financial statements and reported in various
news releases since September 2002, the Company holds a 2.5%
overriding royalty on several oil and gas permits in the Cooper
Basin in Australia. These permits are being operated variously by
Drillsearch Energy Limited ("Drillsearch")
(www.drillsearch.com.au), Beach Energy Ltd. ("Beach")
(www.beachenergy.com.au), and by Santos Ltd. ("Santos")
(www.santos.com), with the most active permits currently being PEL
91 and PEL 106. The Company received royalty payments of Cdn$3.834
million dollars for the first quarter of 2014.
The royalties are all non-operating interests and the Company
consequently cannot speculate on production, development plans, or
potential revenues. Interested shareholders and potential investors
are encouraged to access the information released independently by
Drillsearch, Beach and Santos, which are all major Australian oil
and gas exploration and production companies.
All royalty payments received by the Company will continue to be
reported in our financial statements.
Chu Chua, British
Columbia
The initial resource estimate for the Chu Chua deposit was
reported in a News Release dated June 26th, 2012, and a NI 43-101
Technical Report was filed on SEDAR on August 16th, 2012. A
preliminary metallurgical testing program was reported in a New
Release dated October 10th, 2013. Initial metallurgy tests
completed by ALS Metallurgy, Kamloops, BC ("ALS"), reported that
copper recoveries for the base case rougher test were 58.5%, with
poor chalcopyrite-pyrite liberation at a course 152 micron (um)
grind size. Five additional rougher tests at increasingly finer
grind sizes (down to 51 um) and variable pH reported much improved
copper recoveries to a maximum of 92.2%; with gold and silver
recoveries of 35.5% and 61.3%, respectively (51 um grind size and
pH 12 test parameters). A single preliminary cleaner floatation
test utilizing a 16 um re-grind of the rougher concentrate produced
a 22.4% copper concentrate. Further metallurgical tests will be
conducted in an effort to improve further on pyrite selectivity and
increase cleaner flotation concentrate copper grades.
Mr. Kris Raffle, P.Geol., of APEX Geoscience Ltd. is the
Qualified Person who reviewed the scientific and technical
information with respect to the Chu Chua project contained in this
News Release.
The TSX Venture Exchange has not reviewed and does not
accept responsibility for the accuracy or adequacy of the contents
of this news release.
Newport Exploration Ltd.Barbara DunfieldDirector and Chief
Financial
Officer604-685-6851604-685-6493info@newport-exploration.comwww.newport-exploration.com
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