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Panoramic Resources Limited

Magma Metals boosts resource to 708,000 ounces at Thunder Bay North

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Perth-based Magma Metals (ASX, TSX: MMW) has reported that AMEC Americas Limited (AMEC) has completed an independent update of the Mineral Resource Estimates for the Thunder Bay North Pt-Pd-Cu-Ni project in Ontario.

On a platinum equivalent (Pt-Eq) basis the Mineral Resources have been estimated as:

Open Pit (0.61g/t Pt-Eq cut-off)
- Indicated Mineral Resource: 8.02 Mt @ 2.29g/t Pt-Eq for 591,000 Pt-Eq ounces
- Inferred Mineral Resource: 0.05 Mt @ 2.06g/t Pt-Eq for 4,000 Pt-Eq ounces

Underground (1.94g/t Pt-Eq cut-off)
- Indicated Mineral Resource: 1.05 Mt @ 3.47g/t Pt-Eq for 117,000 Pt-Eq ounces
- Inferred Mineral Resource: 0.21 Mt @ 3.00g/t Pt-Eq for 20,000 Pt-Eq ounces

Total Mineral Resources
- Indicated Mineral Resource: 9.06 Mt @ 2.43g/t Pt-Eq for 708,000 Pt-Eq ounces
- Inferred Mineral Resource: 0.27 Mt @ 2.81g/t Pt-Eq for 24,000 Pt-Eq ounces

The open pit and underground cut-off grades are the cash-cost break-even figures for open pit and underground mining using the cost input and metal price assumptions applied in the resource estimate.

Keith Watkins, Magma’s executive chairman, said “this is a robust resource estimate update, based on nearly twice as much drilling as previously, with 97% now in the Indicated Resource category.”

“The objective of converting most of the previously defined Inferred Resources into the Indicated Resources category has been achieved. This conversion will facilitate detailed modelling of the interface between the proposed open pit and underground mines, and the design of the proposed underground mine, in the current Scoping Study, which is scheduled for completion in the December quarter, 2010."

The resource estimate is based on 528 diamond drill holes for approximately 97,000m and over 28,600 assayed samples. The estimate includes all assays received from drilling up to 31 May 2010.

Approximately 81% of the resources (by contained metal) are within the open pit, with the remainder being in the underground area.

A direct comparison with the previous resource estimate is not possible given that different metal prices and other cost input parameters were used in the updated estimate.

In addition, the updated estimate is based on nearly twice as much drilling, which resulted in significantly different geological models of the mineralized envelopes.

The previous resource estimate contained Indicated Resources of 4.6 Mt @ 2.88g/t Pt-Eq for 425,000 ounces Pt-Eq and Inferred Resources 3.6 Mt @ 2.29g/t Pt-Eq for 265,000 ounces Pt-Eq.

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