FOR IMMEDIATE RELEASE
Cuervo Averages 56.29% Fe over 447.05 m of Reported Sampling in New Holes at Cerro Ccopane Iron Proj
July 2, 2008 – Toronto, ON
Cuervo Resources Inc. (CNQ-IRON; FWB-CRR; “Cuervo” or the “Company”) releases the
assay results from 15 new holes on its Cerro Ccopane iron ore project in southern Perú. These
latest results have a weighted average iron content of 56.29% Fe over 447.05 m of reported
sampling and include intersections of 55.08% Fe over 87.80 m in ODH – 90 (including 64.70%
Fe over 31.95 m), 64.13% Fe over 67.00 m in ODH – 92 and 59.50% Fe over 46.00 m in ODH –
99. These results, along with those from the 80 holes previously reported on, provide
confirmation of the consistent high values of iron mineralization in the Orcopura zone over a
strike length of at least 900 m. The Orcopura zone is first of the five zones identified on the
wholly owned Cerro Ccopane property to be drilled.
An NI 43-101-compliant Mineral Resource Report on the Orcopura zone of mineralization is
expected to be completed in July 2008. Initial results from the Huillque zone, where drilling has
recently begun, are expected in August 2008.
Two diamond drills are currently operating on the property; one drill is completing the current
program at Orcopura while a second has commenced drilling on the Huillque zone. The
Company is in the process of exchanging a third drill for one of higher capacity; this will be
supplied from a current contractor to the Company. Previous results from the drilling program
were announced in eleven press releases between October 22nd, 2007 and June 9th, 2008 that
included intersections of up to 57.31% Fe over 131.25 m (ODH – 01), 41.29% Fe over 356.50 m
(ODH – 33) and 51.70% Fe over 361.30 m (ODH – 70).
All drill holes were logged and sampled at the property campsite on the property under the
direction of Minera Cuervo’s senior geologist, ing. Abraham Castillo Ll. A nominal sampling
interval of 1.5 m is currently being used within sections of typical iron mineralization. Analyses
were performed by SGS Minerals Services at their laboratory facilities in Lima (Callao), Perú.
The reported Iron (Fe) analyses were determined by titration methods, sulphur (S) was carried
out with a LECO furnace. All other reported analyses, which include phosphorus (P), manganese
(Mn) and copper (Cu), were by performed ICP-AES after a multi-acid (“total”) digestion.
Laboratory check analyses were performed on approximately 10% of the samples submitted
while field duplicate samples are submitted on a rate of approximately 5% of the total samples
sent to the laboratory. The Company is satisfied with the reproducibility of analyses for the
elements reported. The following table presents a list of the significant intersections that were
sampled during the recent work program:
Several samples from certain drill holes in the current sequence of reported holes (ODH – 85,
ODH – 87, ODH – 88 and ODH – 89) were noticed to be in a disrupted state when received at
the laboratory in Lima. These particular samples have not been analyzed and will be replaced by
new quartered sections of the original drill core. Assay results for the complete holes will be
released when the replacement samples become available. Drill holes that did not intersect, or
only intersected low grade iron mineralization, including ODH – 82, ODH – 83, ODH – 84 and
ODH – 94, are still providing valuable geological information regarding the attitude of postmineralization
structures that appear to be important in controlling the orientation of the zone of
mineralization at Orcopura. Location maps and further information for all drill holes can be
found at http://www.cuervoresources.com.
The press release of June 9th, 2008 included incomplete results for ODH – 76 due to missing
sample material. The complete results of significant intersections from that drill hole can now be
reported as follows:
These restated results bring the overall weighted averages on a total of 5889.46 m of reported
sampling to 53.24% Fe, 2.46% S and 0.10% Cu.
Most intersections of iron mineralization (magnetite +/- hematite) continue to report relatively
high sulphur and copper values. The Company has carried out preliminary low-intensity
magnetic separation (Davis Tube) testing on selected samples from the early stages of the
exploration program. The preliminary Davis Tube results indicate that most of the contained
sulphur-bearing minerals as well as the copper can be removed with limited processing while
producing a very high-grade iron ore concentrate. Silica values were also found to be within
acceptable limits by analyses carried out as part of this testing. Cuervo plans an ongoing program
of metallurgical testing which will be recommended by Dr. Ekkehart Mertins, recently appointed
to the Company’s advisory board as an expert in iron ore mineral processing.
In addition at this time, the Company’s advisory board specialist in transportation, Mr. Frank
Hanson, is in the process of sourcing out participants to prepare a detailed transportation study
for the Cerro Ccopane property area. As well, the environmental permitting process for the
advanced exploration of the Aurora zones of mineralization is progressing.
Exploration work and content of this release has been carried out under the supervision of Mr.
John M. Siriunas, P.Eng., the designated qualified person for Cuervo under the definition of
NI43-101. The Company has 30,179,750 shares outstanding (41,686,000 fully diluted).
For further information, please contact Mr. Siriunas, a director and President of Cuervo, at 416-
203-3957 x701 or Mr. Tom Berner, Investor Relations, at 416-203-3957 x202. Additional
information about Cuervo can be found at the Company’s website at http://www.cuervoresources.com.
The Canadian Trading and Quotation System Inc. has neither approved nor disapproved of the
contents of this press release.