Central Sun Mining Inc. (TSX: CSM) (NYSE Alternext US: SMC)
("Central Sun" or the "Company") is pleased to announce updated
mineral reserve and mineral resource estimates for its Limon Mine,
Orosi Mine and Mestiza-La India projects in Nicaragua. These
updated estimates include the results of the successful 2008
exploration program which discovered new zones at Limon (Santa
Pancha South) and Orosi (San Juan). The recently returned Cerra
Quema property in Panama and the Bellavista Mine are currently
being evaluated and are not included in this current estimate.
Mineral reserves and mineral resources as at December 31, 2008 are
presented in Table 1.
Peter Tagliamonte, President and CEO commented: "The 2008
exploration program was very successful in expanding the inferred
mineral resources. This provides a strong base to expand reserves
in 2009 and beyond. We anticipate that additional exploration
activities will further expand resources as well as outline
potential new deposits in the vicinity of the current
operations."
Limon Mine
Total proven and probable mineral reserves at Limon Mine are
estimated at 1,158,000 tonnes at 4.68 g Au/t containing 174,100
ounces of gold. This reduction of 43,100 ounces from the December
31, 2007 estimate of 1,381,000 tonnes at 4.89 g Au/t containing
217,200 ounces is due principally to losses from mining and
reclassification of certain blocks in the Talavera mine as the
mining activities shift to the Santa Pancha area. Total measured
and indicated mineral resources excluding reserves are estimated at
563,400 tonnes at 5.68 g Au/t containing 102,900 ounces of gold as
compared to 384,000 tonnes at 4.99 g Au/t containing 61,600 ounces
of gold in December 31, 2007. This increase reflects
reclassification of some reserve blocks in the Talavera mine not
currently accessible to measured and indicated resources as well as
some additions from exploration in the Santa Pancha Mine.
As a result of the successful 2008 exploration that discovered
the new Santa Pancha South zone, inferred mineral resources in the
Limon Mine are now estimated at 2,441,000 tonnes at 5.34 g Au/t
containing 419,300 ounces a significant increase of 173,300 ounces
from the December 31, 2007 estimate of 1,291,000 tonnes grading
5.91 g Au/t containing 246,000 ounces gold. The bulk of this
increase is in the new Santa Pancha South zone which is estimated
to contain 1,033,000 tonnes grading 4.99 g Au/t containing 165,600
ounces of gold.
Dr. Bill Pearson, P.Geo. Executive Vice President, Exploration
commented: "Although, Limon mine has operated continuously since
1941 and has produced some 3 million ounces of gold, the mine has
never had more than a few years of reserves in hand due to a lack
of consistent exploration. Our success in 2008, with the discovery
of the new Santa Pancha South zone, demonstrates the excellent
potential to substantially expand resources on the property. Based
on historic conversion rates, the new inferred resource totaling
419,300 ounces is probably sufficient with further drilling and
development to eventually add as much as 4 to 5 years to the
overall production life. We also tested only one of a number of
priority targets that we had outlined for drilling in 2008 so there
is excellent potential to outline additional resources."
Orosi Mine
Total proven and probable mineral reserves at the Orosi Mine
mainly in the Mojon-Crimea zone are unchanged from the January 31,
2008 estimate by Scott Wilson Roscoe Postle Associates ("Scott
Wilson RPA") of 11,017,000 tonnes at 1.44 g Au/t containing 509,500
ounces of gold as previously reported (see press release May 8,
2008). Similarly, measured and indicated mineral resources
excluding reserves as estimated by Scott Wilson RPA are unchanged
at 4,126,000 tonnes at 1.51 g Au/t containing 200,400 ounces of
gold. The NI 43-101 report by Scott Wilson RPA is available on
SEDAR.
Inferred mineral resources in the new San Juan zone located 5
kilometres south of the plant are estimated to be 2,221,000 tonnes
at 1.98 g Au/t containing 141,400 ounces of gold. This includes a
higher grade portion mainly in the northeast end of the zone
containing 395,000 tonnes at 4.79 g Au/t containing 61,000 ounces
of gold. The structure, which has been drilled over a strike length
of one kilometre, is open along strike in both directions and at
depth. In addition, excellent drill results including 13.04 g Au/t
(12.31 g Au/t with highs cut to 25 g Au/t) over a true width of 5.0
metres at a vertical depth of only 30 metres and 2.61 g Au/t over a
true width of 4.5 metres at a vertical depth of about 20 metres
were obtained at the Los Angeles target which is a possible
satellite target adjacent to San Juan. Overall inferred resources
of 224,000 ounces of gold for Orosi include an additional 3,370,000
tonnes at 0.76 g Au/t containing 82,600 ounces of gold in spent ore
as estimated by Scott Wilson RPA.
Dr. Bill Pearson, P.Geo. Executive Vice President, Exploration
commented: "For a deposit that was previously in production, there
has been remarkably little exploration done outside the main
Mojon-Crimea area. The excellent success of 2008 in outlining new
resources in the San Juan structure demonstrates the strong
exploration potential elsewhere on the property on which
mineralized structures are known to extend over a strike length of
at least 20 kilometres. The geological database was considerably
improved in 2008 and a number of targets were outlined for further
work in 2009. The engineering department is completing an economic
evaluation of the San Juan zone as it may be attractive to
'definition-drill' this zone in 2009 and if successful, implement a
plan to bring it into production because of the higher grades in
this zone as well as the good potential of outlining additional
higher grade resources in the area."
Mestiza-La India Area
At Mestiza-La India, no drilling was completed in 2008.
Geological mapping indicates that it is likely that a complete
epithermal system is exposed from the lower intrusive at La India
10 kilometres to the southeast to high level quartz veins at
Mestiza. Vertically, the system appears to extend from about 500
metres to perhaps as much as 900 metres. Historic production from
1938 to 1955 at La India was 576,000 ounces of gold recovered from
1.7 million tons grading 0.39 ounces per tonne (13.4 g Au/t) The
Tatiana vein on the Mestiza property contains an inferred mineral
resource of 558,000 tonnes at 8.80 g Au/t containing 158,600 ounces
of gold as previously reported (see technical report dated March
31, 2008 posted on SEDAR).
Significantly higher resistivity anomalies are associated with
all the major veins that are known on the property, with the
strongest resistivity high having a strike length of over 800 m
associated with the Guapinol vein in the middle of the Mestiza-La
India property. This anomaly persists to the maximum depth sampled
in both the resistivity and chargeability data. This and other
anomalies identified will be drill tested in the 2009 exploration
program.
QUALIFIED PERSONS
The mineral reserve and mineral resources estimates for the
Limon mine, excluding the Santa Pancha South zone, were prepared
using conventional polygonal methods by CSM mine personnel under
the supervision of Dr. William (Bill) Pearson, P.Geo. and Mr.
Graham Speirs, P.Eng., both of whom are qualified persons as
defined under National Instrument 43-101. The mineral resource
estimate for the Santa Pancha South zone was prepared using a block
model and ordinary kriging by CSM exploration personnel in Managua
and Mr. Farshid Ghazanfari, an experienced GEMCOM resource
specialist based in Toronto under the supervision of Dr. Pearson.
An updated NI 43-101 technical report outlining the updated
estimates for Limon and Orosi will be filed on SEDAR within 10 days
of this release.
The mineral reserve and mineral resources estimates for the
Orosi mine, excluding the San Juan zone, were prepared using block
models by Scott Wilson RPA as outlined in their NI 43-101 technical
report dated June 26, 2008 filed on Sedar. The mineral resource
estimate for the San Juan zone was prepared using a block model and
ordinary kriging by CSM exploration personnel in Managua and Mr.
Farshid Ghazanfari, an experienced GEMCOM resource specialist based
in Toronto under the supervision of Dr. Pearson. An updated NI
43-101 technical report outlining the updated estimates for Orosi
has been filed on SEDAR.
SAMPLING, ASSAYING AND QUALITY CONTROL
The core (NQ - 47.6 mm diameter) for the 2008 drilling program
for both Limon and Orosi was logged, photographed and then sawn
lengthwise in half with one-half sent to the laboratory for
analysis and the other half retained and stored on site. All core
samples were prepared and assayed at the Company's Limon Mine
laboratories. This laboratory has a dedicated preparation circuit
for exploration samples so that they are prepared and analyzed
separately from run-of-mine samples.
The Limon Mine laboratory uses normal industry procedures for
sample preparation and fire assaying. The entire half-core samples
are crushed to pass 10-mesh-size sieve, a 1/4 split is then
pulverized to have greater than 90% passing the 200-mesh-sized
sieve to produce a 100 gram homogenized sub-sample. A one-assay ton
aliquot (a 29.2 gram sub-sample) of this homogenize sample is used
for fire assaying with an atomic absorption (AA) or gravimetric
finish to determine gold concentration. Internal quality control
includes the use of blanks, duplicates and standards in every batch
of samples. The Company also conducts internal check assaying.
Regular external check assays are performed at a certified Canadian
commercial laboratory and certified external reference standards
are inserted into each batch.
About Central Sun
Central Sun is a gold producer with mining and exploration
activities focused in Nicaragua. Central Sun operates the Limon
Mine in Nicaragua and is converting the Orosi Mine in Nicaragua to
conventional milling to increase the annual gold output. It also
holds a 60% interest in the Cerro Quema Project in Panama, a 100%
interest in La India property and an option to acquire a 100%
interest in the Mestiza gold property both of which are located 70
kilometres by road east of its operating Limon Mine. The Company is
focused on efficient and productive mining practices to establish
high quality and cost effective operations. Central Sun is
committed to growth by optimizing current operations, expanding
mineral reserves and resources at existing mines, exploring its
extensive land holdings and seeking strategic mergers or
acquisitions in the Americas.
Cautionary Note Regarding Forward-Looking Information: This
press release contains "forward-looking information" within the
meaning of applicable Canadian securities legislation.
Forward-looking information includes, but is not limited to,
statements regarding the terms of the proposed business
combinations with Linear Gold and B2Gold and the benefits of each
respective combination, any election by Linear Gold to exercise its
right to match and the consequences of such election; the terms of
the proposed loan from B2Gold and the repayment of the loan from
Linear Gold, the conclusions of fairness opinion of Macquarie, its
underlying assumptions and parameters and the receipt of a written
fairness opinion and regulatory matters. Generally, forward-looking
information can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved".
Forward-looking information is based on various assumptions and
on the best estimates of CSM as of the date hereof, and is subject
to known and unknown risks, uncertainties and other factors that
may cause the actual results, level of activity, performance or
achievements of CSM to be materially different from those expressed
or implied by such forward-looking information, including but not
limited to: transaction risks; risks relating to the completion of
the transaction with B2Gold and the integration of the two
companies following combination; general business, economic,
competitive, political and social uncertainties; the actual results
of current exploration activities; delay or failure to receive
board or regulatory approvals; timing and availability of external
financing on acceptable terms; conclusions of economic evaluations;
changes in project parameters as plans continue to be refined;
future prices of mineral prices; failure of plant, equipment or
processes to operate as anticipated; accidents, labour disputes and
other risks of the mining industry; and, delays in obtaining
governmental approvals or required financing or in the completion
of activities, and as well as those risks identified under "Risk
Factors" disclosure sections in the documents filed under the
profile of CSM on SEDAR from time to time. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information. The Company
does not undertake to update any forward-looking information,
except in accordance with applicable securities laws.
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Table 1: Central Sun Mining Inc.
Mineral Reserves and Resources as at December 31, 2008
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Mineral Reserves
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Gold Grade Contained
Zone Tonnes g/t Gold Ounces
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LIMON(2)
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Proven 68,600 5.38 11,900
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Probable 1,089,400 4.63 162,300
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Total 1,158,000 4.68 174,100
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OROSI(4)
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Probable 11,017,000 1.44 509,500
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Total 11,017,000 1.44 509,500
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Total Proven and Probable
Mineral Reserves 12,175,000 1.75 683,600
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Measured and Indicated Mineral Resources (excludes Mineral Reserves)
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Gold Grade Contained
Zone Tonnes g/t Gold Ounces
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LIMON
----------------------------------------------------------------------------
Measured 237,900 7.25 55,400
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Indicated 325,500 4.54 47,500
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Total 563,400 5.68 102,900
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OROSI(4)
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Indicated 4,126,000 1.51 200,400
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Total 4,126,000 1.51 200,400
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Total Measured and
Indicated Mineral
Resources 4,689,400 2.01 300,300
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Inferred Mineral Resources
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Gold Grade Contained
Zone Tonnes g/t Gold Ounces
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LIMON Mine(2) 1,408,000 5.61 253,700
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Santa Pancha South(3) 1,033,000 4.99 165,600
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Total 2,441,000 5.34 419,300
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OROSI Mine(4) 3,370,000 0.76 82,600
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San Juan(5) 2,221,000 1.98 141,400
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Total 5,591,000 1.25 224,000
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MESTIZA-LA INDIA(6) 558,000 8.80 158,600
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Total 558,000 8.80 158,600
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Total Inferred Mineral
Resources 8,590,000 1.38 802,000
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1. The mineral reserves and resources reported herein are based on the CIM
Definition Standards for Mineral Resources and Mineral Reserves adopted
by the CIM Council on December 11, 2005 ("CIM Standards"). Mineral
Resources that are not mineral reserves do not have demonstrated economic
viability. Mineral resources are in addition to Mineral Reserves.
2. Mineral Reserve and Mineral Resource estimates for the Limon mine were
prepared by CSM mine personnel under the supervision of Dr. William
Pearson, P.Geo. and Mr. Graham Speirs, P.Eng. both of whom are qualified
persons as defined under National Instrument 43-101. Mineral reserves are
estimated at a long term gold price of US$550 per ounce. Cutoff grade was
3.8 g Au/t at a minimum mining width of 3.0m. Mineral Resources are
estimated at a long term gold price of US$800 per ounce. Cutoff grade is
3.0 g Au/t. High assays have been cut of 25 g Au/t based on established
mine practice and statistical analysis. Specific gravity is 2.6.
3. Mineral Resource estimate for Santa Pancha Sur, Limon was prepared by CSM
exploration personnel & Mr. Farshid Ghazanfari, a GEMCOM resource
specialist based in Toronto under the supervision of Dr. William N.
Pearson, P.Geo. Mineral resources have been estimated at a cutoff grade
of 3.0 g Au/t. High assays have been cut of 25 g Au/t before compositing
following established mine practice supported by statistical analysis.
Specific gravity is 2.6.
4. The Mineral Reserve and Resource at Orosi (formerly La Libertad),
excepting San Juan, was prepared as of January 31, 2008 by Scott Wilson
Roscoe Postle & Associates Ltd. (Scott Wilson RPA). Mineral reserves have
been estimated at an average long term gold price of US$625 per ounce. A
selective mining unit of 6.25 m x 6.25 m x 6.00 m was used, with grades
diluted to full blocks of that size. Block Cut off grade for mineral
reserves is 0.72 g Au/t. Mineral resources were estimated at a long term
gold price of US$800 per ounce. Cutoff grade for resource blocks is 0.56
g Au/t. High assays have been cut to 25 g Au/t before compositing.
Specific gravity was 2.3.
5. The Mineral Resource estimate for San Juan, Orosi was prepared by CSM
exploration personal & Mr. Farshid Ghazanfari, a GEMCOM resource
specialist based in Toronto under the supervision of Dr. William N.
Pearson, P.Geo. Block size is 3m by 3m by 6m. Mineral resources have been
estimated at a block cutoff grade of 0.56 g Au/t based on previous work
by Scott Wilson RPA. High assays have been cut to 25 g Au/t before
compositing based on statistical analysis. Specific gravity is 2.3.
6. The Inferred Mineral Resource for Mestiza was prepared by CSM exploration
personnel under the supervision of Dr. William Pearson, P.Geo. a
Qualified Person as defined by NI 43-101. The estimate is based on
historical drilling and trench sampling and drilling in 2007 by CSM as
reported in the NI 43-101 technical report dated March 31, 2008 filed on
Sedar.
7. Totals may not add up due to rounding.
Contacts: Central Sun Mining Inc. Peter Tagliamonte President
and Chief Executive Officer (416) 860-0919 Email: ir@centralsun.ca
Website: www.centralsun.ca
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