FOR IMMEDIATE RELEASE
“High Quality Magnetite Deposit”: A Conclusion of Mineral Processing Studies from the Orcopura Z
April 21, 2009 – Toronto, ON
Cuervo Resources Inc. (CNSX-FE; FWB-CRR; “Cuervo” or the “Company”) is pleased to report on the mineral processing studies that were carried out in conjunction with the updated Mineral Resource Estimate on the Orcopura Zone at its wholly owned Cerro Ccopane iron ore project in southern Perú. The Measured, Indicated and Inferred Resources based on a 20% head iron cut-off are reported as:
Micon International Limited (“Micon”), who prepared the Resource Estimate and Technical Report, concludes that “the Cerro Ccopane – Orcopura iron deposit resource is a high quality magnetite deposit with respect to head iron, weight recovery, and the total gangue content of Davis magnetic tube concentrates.”
A total of 23 composite samples of mineralization were submitted to the Midland Research Center in Nashwauk, MN, USA, for the mineral processing and liberation studies. The samples were selected to present a cross section of the deposit with a good representation of the mineralogy.
Magnetic iron in the head samples was calculated to range from 35% to 55%. Weight recovery averaged 75% and the concentrates produced by magnetic separation contained 67% to 70% Fe. Silica values in the concentrates were found to be low (averaging 1.67%). Similarly, phosphorous and total alkalis were found to be favourably low and well within industry standards.
Micon goes on to say in their report that “sulphur occurring in the deposit is generally rejected in the non magnetic tailings. Some areas do display elevated concentrate sulphur and blending, either of the crude ore or concentrates, may be required to maintain sulphur levels consistent with customer specifications.”
The Orcopura Zone is only one of several known bodies of magnetite mineralization on the Cerro Ccopane property. Cuervo has carried out limited diamond drilling on the Huillque and Aurora Zones and resource estimates for these, and other zones to be explored in the near future, will be produced in due course.
The Mineral Resources in the Orcopura Zone have been classified by Micon in compliance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Standards on Mineral Resources and Reserves, Definitions and Guidelines as prepared by the CIM Standing Committee on Reserve Definitions. Mineral Resources that are not Mineral Reserves do not have any demonstrated economic viability.
Mr. Sam J Shoemaker, Jr., MAusIMM, of Micon is the qualified person under the definition of NI 43-101 responsible for the Company’s independent mineral resource estimate and other technical information reported on herein.
The Company has 30,179,750 shares outstanding (38,876,000 fully diluted).
For further information, please contact Mr. John Siriunas, President, at 416-203-3957 x701 or Mr. Tom Berner, Investor Relations, at 416-203-3957 x202. Additional information about Cuervo, including full text of the Micon-authored report, can be found at the Company’s website at http://www.cuervoresources.com.
The Canadian National Stock Exchange (CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.