SYMBOL TSX-V: IG
CALGARY, May 29 /CNW/ - Infinito Gold Ltd. (the "Company") - The Company
announces that it has received an updated resource model based on a revised
interpretation of its Crucitas Project in Costa Rica produced by Hellman &
Schofield ("H&S") of Sydney, Australia in the course of preparing an updated
resource estimate for the Project. The updated model significantly increases
the estimated resources. Portions of this work were completed by R.J. Morris,
M.Sc., P.Geo., a geological consultant based in British Columbia.
The table below summarizes the new resource estimates produced by H&S as
of May 19, 2008, which does not include silver values.
<<
-------------------------------------------------------------------------
H&S Resource Estimate
-------------------------------------------------------------------------
Indicated Inferred
Gold --------------------------------------------------------------------
Cutoff Tonnes Gold Ounces Tonnes Gold Ounces
g/t Millions g/t Millions Millions g/t Millions
-------------------------------------------------------------------------
0.3 37.47 1.13 1.36 52.55 0.89 1.50
0.4 32.82 1.24 1.30 38.76 1.08 1.35
0.5 28.22 1.37 1.24 29.42 1.28 1.21
0.6 24.15 1.50 1.17 22.81 1.50 1.10
0.7 20.58 1.65 1.09 18.26 1.71 1.00
0.8 17.50 1.81 1.02 14.97 1.92 0.92
-------------------------------------------------------------------------
>>
The H&S resource estimate supersedes the estimate (the "Geostat
Estimate") on the same property as discussed in the technical report that was
prepared in early 2006 by Geostat International ("Geostat") and filed on SEDAR
on April 10, 2006. Both estimates relied on the same geological data compiled
largely by Placer Dome Inc. in the mid 1990's and reviewed by Geostat in
preparing the Geostat Estimate. The project has 251 diamond drill holes, 27
geotechnical or ground water holes and 90 auger holes for total drilling of
just over 36,000 meters. The project database is currently maintained by
Industrias Infinito, the project manager in Costa Rica.
The Geostat Estimate, produced in February of 2006, at a 0.5 g/tonne cut
off grade estimated an indicated resource of 25.09 million tonnes containing
985,000 oz of gold at an average grade of 1.21 grams of gold per tonne for the
deposit. The inferred resource estimated by Geostat at a 0.5 g/tonne cut off
grade was 12.57 million tonnes containing 496,000 oz of gold at an average
grade of 1.23 grams of gold per tonne.
A discussion of the significant differences in the interpretations of the
mineralization at the Crucitas Project and its impact on the resource
estimates appears below.
The Company is now in the process of updating its Feasibility Study that
was prepared using the Geostat Estimate and filed on SEDAR on February 26,
2007. Micon International Ltd. ("Micon") who prepared the initial study, has
been retained to update their study to incorporate the new resource model
prepared by H&S together with updating capital, operating costs and projected
revenues to reflect the changes in costs and the price of gold since the
original study was prepared.
The new resource model does not vary significantly in total volume to be
mined from the previous model. The H&S model includes material which was
formerly shown as below cut off grade and designated as waste in the Geostat
model. This material is not in deeper or potentially higher strip ratio areas
and therefore has the potential to be processed under a new mine plan withou