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Atna Increases Reward Gold Resource

 

GOLDEN, Colo., Feb. 27, 2012 /PRNewswire/ -- Atna Resources Ltd. ("Atna" or the "Company") (TSX:ATN / OTCBB:ATNAF) is pleased to report the results of a newly completed resource estimate for the Reward Gold Project, Nye County, Nevada. Development drilling during 2011 successfully converted zones of Inferred Resources into Measured and Indicated Resources and increased the overall mineral resource for the project. A 29 percent increase in the Measured and Indicated Resource was realized from the work. This should increase the project's proven and probable reserves as the pits are redesigned. Design engineering has commenced using the new resource model and current cost estimates will be used to estimate a revised proven and probable gold reserve.

(Photo:  http://photos.prnewswire.com/prnh/20120227/LA59791 )

"Our 2011 drilling program at Reward, with only 15 holes drilled, demonstrated that further resource expansion potential exists. Mineralization remains open for expansion both down dip along mineralized beds to the east and along strike to the south. We intend to follow this successful program with a larger drilling program in 2012 to test the full extent of mineralization at Reward", stated James Hesketh, President and CEO.

 

Cut-off

2011

2008

 

 

0.006
oz/ton Au

Short Tons

Grade
oz/ton
Au

Contained
ounces

Short Tons

Grade
oz/ton
Au

Contained
ounces

Change
Percent

 

 

Measured

4,692,000

0.023

106,400

2,086,000

0.024

49,100

116.7%

 

Indicated

13,363,000

0.019

256,200

11,803,000

0.020

232,500

10.2%

 

M & I

18,055,000

0.020

362,600

13,889,000

0.020

281,600

28.8%

 

Inferred

4,757,000

0.014

65,600

5,267,000

0.013

69,900

-6.2%

 

 

 

 

 

 

 

 

 

 

Cut-off

2011

2010

 

 

0.21 g/t Au

Metric 
Tonnes

Grade 
g/t Au

Contained
ounces

Metric
Tonnes

Grade 
g/t Au

Contained
ounces

Change
Percent

 

 

Measured

4,256,500

0.78

106,400

1,892,000

0.81

49,100

116.7%

 

Indicated

12,123,000

0.66

256,200

10,708,000

0.68

232,500

10.2%

 

M & I

16,379,000

0.69

362,600

12,600,000

0.70

281,600

28.8%

 

Inferred

4,315,500

0.47

65,600

4,778,000

0.46

69,900

-6.2%

 

Note: The numbers in the resource tables above may not precisely add up due to rounding.
Additional cut-off grade summaries are appended to this press release.

The updated resource estimate was completed by Mr. Robert L. Sandefur, P.E. of Chlumsky, Armbrust and Meyer LLC, Lakewood, Colorado and independent consulting engineer. Mr. Sandefur's work incorporates the 2011 drilling data as well as all other project information utilized in previous resource estimates completed by Mr. Sandefur in 2006-2008 (NI 43-101 Technical Report, dated March 21, 2008 and filed on SEDAR). Mr. Sandefur is an independent consulting engineer and Qualified Person, as defined in NI 43-101 who has reviewed this press release for its accuracy. Additionally, this press release was prepared under the supervision and review of William Stanley, V.P. Exploration of Atna, a Registered Member of the Society for Mining, Metallurgy, and Exploration (No. 3069054), a Licensed Geologist and Qualified Person, as defined in NI 43-101, and has verified the authenticity and validity of the technical information contained within this news release. Data developed in this study will be utilized to establish the project's new pit design and reserve base which is anticipated to be completed prior to the end of the first quarter 2012.

For additional information on Atna Resources and the Briggs Mine, please visit our website at www.atna.com.

 

This press release contains certain "forward-looking statements," as defined in the United States Private Securities Litigation Reform Act of 1995, and within the meaning of Canadian securities legislation relating to potential resource or reserve expansion at the Reward Gold Project. Forward-looking statements are statements that are not historical fact. They are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change, unless required by law. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include: gold deposit modeling, future operating costs at the Reward Gold Project, the Company might encounter problems such as the significant depreciation of metals prices; accidents and other risks associated with mining exploration and development operations; the risk that the Company will encounter unanticipated geological factors; the Company's need for and ability to obtain additional financing; the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration and development programs; and the other risk factors discussed in greater detail in the Company's various filings on SEDAR (www.sedar.com) with Canadian securities regulators and its filings with the U.S. Securities and Exchange Commission, including the Company's 2010 Form 20-F dated March 23, 2011.

 

 

Cautionary Note to U.S. Investors --- The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this report, such as "measured," "indicated," "inferred," and "resources," that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC.

FOR FURTHER INFORMATION, CONTACT:

James Hesketh, President and CEO - (303) 278-8464
Valerie Kimball, Investor Relations - toll free (877) 692-8182

www.atna.com  

2012 Mineral Resources for the Reward Gold Project, Nye County, Nevada

Imperial

cut-off
oz/ton
Au

Measured

Indicated

Measured & Indicated

 

Inferred

 

Tons

oz/ton
Au

ounces

Tons

oz/ton
Au

ounces

Tons

oz/ton
Au

ounces

Tons

oz/ton
Au

ounces

0.000

5,524,000

0.0198

109,400

102,739,000

0.0036

375,000

108,263,000

0.0045

484,300

5,604,000

0.0099

55,400

0.006

4,692,000

0.0227

106,400

13,363,000

0.0192

256,200

18,055,000

0.0201

362,600

4,757,000

0.0138

65,600

0.008

4,281,000

0.0242

103,500

11,815,000

0.0208

245,400

16,096,000

0.0217

348,900

3,358,000

0.0167

56,000

0.010

3,851,000

0.0259

99,600

10,381,000

0.0224

232,600

14,232,000

0.0233

332,100

2,560,000

0.0191

48,800

 

 

 

 

 

 

 

 

 

 

 

 

 

Metric

cut-off
g/t Au

Measured

Indicated

Measured & Indicated

Inferred

Tonnes

g/t Au

ounces

Tonnes

g/t Au

ounces

Tonnes

g/t Au

ounces

Tonnes

g/t Au

ounces

0.00

5,011,289

0.68

109,300

93,203,253

0.13

375,000

98,214,542

0.15

484,300

5,083,863

0.34

55,400

0.21

4,256,511

0.78

106,400

12,122,710

0.66

256,200

16,379,220

0.69

362,600

4,315,478

0.47

65,600

0.27

3,883,658

0.83

103,500

10,718,388

0.71

245,400

14,602,046

0.74

348,900

3,046,326

0.57

56,000

0.34

3,493,568

0.89

99,600

9,417,485

0.77

232,500

12,911,053

0.80

332,100

2,322,393

0.65

48,800

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note: The numbers in the resource tables above may not precisely add up due to rounding. Atna utilizes the 0.006 oz/ton Au cut-off (0.21 g/t Au) as the base case cut-off grade based upon Atna's Briggs Mine operating costs.

SOURCE Atna Resources Ltd

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