GeoMegA Files NI 43-101 Report for Initial Resource Calculation of Montviel Core Zone
For immediate distribution
MONTREAL, November 14, 2011 – Geomega Resources Inc. (TSX.V: GMA) (“GéoMégA” or the “Company”) announces that, further to its news release of September 29, 2011, it has filed its National Instrument 43-101 technical report titled « Montviel Core Zone REE Mineral Resource Estimate Technical Report, Quebec » dated September 29, 2011, on SEDAR at www.sedar.com. The report can also be found HERE.
The resource estimate was prepared by Claude Duplessis, P. Eng., and Guy Desharnais, Ph.D., P.Geo., independent Qualified Persons of SGS Canada Inc. – Geostat of Blainville, Québec. The resources were based on analytical results from 19 diamond drill holes totalling 8,856 metres completed at Montviel Core Zone in 2010 and 2011. Montviel’s « Core Zone » base case resource estimate, using a Total Rare Earth Oxide (TREO) cut-off grade of 1.00%, hosts an Indicated mineral resource of 183,900,000 tonnes grading 1.45%TREO in addition to an Inferred mineral resource 66,700,000 tonnes grading 1.46% TREO. Highlights include at the base case 1.00% TREO cut-off grade:
|Category||Resource Tonnes||Nd 2 O 3
|Dy 2 O 3
Values displayed in this table are « in-situ » and intended for illustrative purposes only. No mining scenario, milling or metallurgical recovery has been estimated or applied to these values, and therefore they do not have demonstrated economic viability.
NI 43‐101 Disclosure
Jacquelin Gauthier, P. Geo., P. Eng., VP Exploration is the Qualified Person who supervised the preparation of the technical information in this news release.
Major discovery for Québec – 3rd largest TREO deposit outside China (NI 43-101 or equivalent)
The initial NI 43-101 compliant resource calculation, released on September 29, 2011, totalled 183.9 million tons Indicated averaging 1.45% total rare earth oxides (TREO) in addition to 66.7 million tons Inferred averaging 1.46% TREO. Montviel has the potential to play a significant near term role in the clean technologies of the 21st century due to its proximity to infrastructure and available labour.
Rare earth elements are key components of the clean energy technologies and other high-technology applications. Major applications include hybrid/electric automobiles, advanced wind turbines, computer hard drives, compact fluorescent lights and numerous metal alloys.
About GéoMégA (ressourcesgeomega.ca)
GéoMégA, which owns 100% of the Montviel Rare Earths/Niobium project, is a Québec mineral exploration company focused on finding economically viable deposits of Minor Metals in Québec. GéoMégA is committed to meeting Canadian mining industry standards and distinguishing itself with its expertise, know-how and its support and respect for local communities and the environment.
29,274,113 common shares of GéoMégA are currently issued and outstanding.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
/s/ « Simon Britt »
Chief Executive Officer
For more information contact:
President and CEO
Cautions Regarding Forward-Looking Statements
This news release contains forward-looking statements regarding our intentions and plans. The forward-looking statements that are contained in this news release are based on various assumptions and estimates by the Company and involve a number of risks and uncertainties. As a consequence, actual results may differ materially from results forecast or suggested in these forward-looking statements and readers should not place undue reliance on forward-looking statements. We caution you that such forward-looking statements involve known and unknown risks and uncertainties, as discussed in the Company’s filings with Canadian securities agencies. Various factors may prevent or delay our plans, including but not limited to, contractor availability and performance, weather, access, mineral prices, success and failure of the exploration and development carried out at various stages of the program, and general business, economic, competitive, political and social conditions. The Company expressly disclaims any obligation to update any forward- looking statements, except as required by applicable securities laws.