Amended January 11, 2002 - DRC Resources has received an updated Mineral Resource Study on the Afton Mine Property by J.J. McDougall, P.Eng dated November, 2001.
In his previous resource study dated January 24, 2001 the Afton Mineral Zone was estimated to have an Indicated Mineral Resource of 25 million tons (22.5 million tonnes); copper 2.00%, gold 0.045 oz/t, palladium 0.004 oz/t, silver 0.20 oz/t (3.0% copper equivalent) - previously reported February 28, 2001.
Drilling Results to November 2001 for 26 NQ diamond drill holes, 10,670 metres (35,000 ft), indicates a continuous mineral zone 850 metres (2800 ft) in length with a depth of 775 metres (2550 ft) below the upper contact of the primary mineral zone. This drilling has increased the mineral resource to the southwest and to the northeast of the Afton Main Mineral Zone. The estimated indicated mineral resource of the Southwest Zone, southwest of the Afton Main Zone, is 10.01 million tonnes: copper 1.58%, gold 0.03 oz/t, palladium 0.001 oz/t, silver 0.08 oz/t (2.34% copper equivalent). The estimated indicated mineral resource of the Northeast Zone, northeast of the Afton Main Zone, is 1.56 million tonnes; copper 0.93%, gold 0.02 oz/t, palladium 0.002 oz/t, silver 0.12 oz/t (1.36% copper equivalent). The estimated inferred mineral resource for the Southwest Zone is 3.98 million tonnes; copper 1.19%, gold 0.03 oz/t, palladium 0.006 oz/t, silver 0.05 oz/t (2.06% copper equivalent). The estimated inferred mineral resource for the Northeast Zone is 1.93 million tonnes; copper 0.77%, gold 0.01 oz/t, palladium 0.001 oz/t, silver 0.12 oz/t (1.02% copper equivalent).
Mineral Resource Summary
Indicated Mineral Resource - Afton Main Zone 22.50 million tonnes
Indicated Mineral Resource -
Northeast and Southwest Zones 11.57 million tonnes
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Total Indicated Mineral Resource 34.07 million tonnes
(37.5 million tons)
Inferred Mineral Resource --
Northeast and Southwest Zones 5.91 million tonnes
Total Inferred Mineral Resource 5.91 million tonnes
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(6.5 million tons)
The company's engineer estimated the Mineral Resource pursuant to National Instrument 43-101 requirements and Form 43-101F1, and according to CIM Standards on Mineral Resources and Reserves. (Metal Values: copper at $0.80/pound, gold at $280/oz, palladium at $600/oz, and silver at $5/oz).
As previously reported on February 28, 2001, Behre Dolbear & Company Ltd. completed a Scoping Study for the block cave mining of the Afton Mineral Zone which determined that the Afton project has favorable economic possibilities with low production costs, moderate capital requirements, and relatively low environmental concerns. Process Research Associates Ltd. of Vancouver completed a preliminary flotation study which produced a 41% copper concentrate for the Afton mineralization and showed good metal recoveries: copper 89%, gold 90%, palladium 76%, platinum >99%, and silver 90%
An updated mineral resource study and engineering report for the 2001 Diamond Drill program will be commissioned January 2002. The company will announce the 2002 Exploration Program and Budget upon receipt of this study.
Drill Plan and Sections can be viewed at DRC Resources Corporation's website at www.drcresources.com.
On behalf of the Board of Directors
"John H. Kruzick"
John H. Kruzick, President
DATE: January 11, 2002
U.S. Rule 12g3-2(b)Exemption
Moody's Investment Services Manual
Website: www.drcresources.com
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the release.
WARNING: The company relies on litigation protection for "forward-looking" statements.
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