VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 9, 2006) - Global Hunter Corp. (TSX VENTURE:BOB) is pleased to announce the results of a recently completed mineral resource estimate on its Las Posadas prospect. The estimate was prepared by Micon International Limited using a Whittle optimized pit shell at various copper prices. Results are as follows:
Mineral Resources: $1.61 /lb copper at a cutoff of 0.16% Cu Sol:
- Indicated 8,490,000 tonnes grading 0.614% Cu Sol (0.73% Cu TTL) containing 114,900,000 pounds of soluble copper
- Inferred 4,600,000 tonnes grading 0.489% Cu Sol (0.561% Cu TTL) containing 49,400,000 pounds of soluble copper
In addition to the base case mineral resource the Company requested Micon to conduct further studies to determine sensitivity to US$2.00, $2.50, and $3.00 copper prices. These results are summarized below:
Sensitivity Analysis: $2.00 /lb copper at a cutoff of 0.13% Cu Sol:
- Indicated 11,980,000 tonnes grading 0.512% Cu Sol (0.629% Cu TTL) containing 135,200,000 pounds of soluble copper
- Inferred 6,850,000 tonnes grading 0.417% Cu Sol (0.494% Cu TTL) containing 62,800,000 pounds of soluble copper
Sensitivity Analysis: $2.50 /lb copper at a cutoff of 0.10% Cu Sol:
- Indicated 14,250,000 tonnes grading 0.455% Cu Sol (0.576% Cu TTL) containing 143,000,000 pounds of soluble copper
- Inferred 9,290,000 tonnes grading 0.366% Cu Sol (0.440% Cu TTL) containing 74,200,000 pounds of soluble copper
Sensitivity Analysis: $3.00 /lb copper at a cutoff of 0.085% Cu Sol:
- Indicated 15,490,000 tonnes grading 0.429% Cu Sol (0.552% Cu TTL) containing 146,500,000 pounds of soluble copper
- Inferred 10,470,000 tonnes grading 0.342% Cu Sol (0.423% Cu TTL) containing 79,000,000 pounds of soluble copper
NOTE: Global Hunter and Micon make no predictions as to the future price of copper
Cu Sol equals Acid soluble copper, Cu TTL equals Total copper.
See Appendix I for detailed charts or visit www.globalhunter.ca.
The Whittle optimizing software develops a series of increasing size pit shells over a range of copper prices and determines the maximum net present value utilizing mining, processing and G&A costs. The optimum pit shell is evaluated for the tonnage and grade of material that lies above the cash cost cut-off grade.
"The Whittle system is an engineering-based system that provides a realistic calculation of the recoverable resource based on economic criteria such as the price of copper, mining, processing and general and administrative costs," said Mickey Fulp, Global Hunter's Chief Geologist.
"Given these parameters we are excited by this resource estimate and the economic viability at Las Posadas. Our 2006 exploration program will provide the information necessary to complete a pre-feasibility study. Our mission at La Corona de Cobre is to establish a bulk-mineable, heap leach, SX-EW copper oxide mine/mill complex 100% owned by Global Hunter."
The Phase II program at Las Posadas will include infill and step out drilling to upgrade and increase the resource, bulk acid leach metallurgical testing, engineering, environmental baseline, permitting and infrastructure relocation studies.
Las Posadas is one of 15 mineralized shear zones identified on La Corona de Cobre property, 70 km north of La Serena, Chile. Mapping and sampling of additional copper oxide-bearing shear zones is on-going at the property. Two highly prospective prospects, El Vino Fino and La Copa, will be drill tested in the next phase. In addition, detailed mapping is in progress at El Manto, La Poderosa and La Abesinia. Large-scale iron-oxide-copper-gold alteration targets exist at El Tazon and Cerro Borracho and evaluation will be initiated in Phase II.
The exploration model being followed at Las Posadas is that of Phelps Dodge's Candelaria (470 million tonnes of 0.95% copper) and Anglo American's Manto Verde mine (120 million tonnes @ 0.72% Cu). These mines, also located within Chile's Atacama Fault System (300 km and 400 km north of La Corona de Cobre respectively), have a reported ratio of sulphide to oxide ore of between 3 and 4:1. Previous drilling at Las Posadas has identified sulphide mineralization below the oxide zone and provides an ongoing target for future exploration.
The 2006 resource estimate at Los Posadas prospect was based on Global Hunter's Phase I program of 14 reverse-circulation drill holes totaling 2,838 metres and 5 diamond-drill holes totaling 1,046 metres, and 39 drill holes by previous operators totaling 6,829 metres. The resource was estimated using a two-year trailing average price for copper (US$1.61 /lb), recent operating costs and metallurgical performance for an open pit mine with SX-EW copper recovery and a Whittle optimized pit shell.
The company's independent consultant, Mr. B. Terrence Hennessey, P. Geo., Vice President of Micon International Limited, is preparing a comprehensive NI 43-101 technical report detailing the mineral resource pursuant to the CIM "Standards on Mineral Resource and Reserves" and will be filed on SEDAR within 45 days.
Additional project information is available for viewing in map and tabulated form on the Company's website at www.globalhunter.ca.
B. Terrence Hennessey, P.Geo, Vice President, Micon International, and Michael S. (Mickey) Fulp, M.Sc., C.P.G, were the Qualified Persons that reviewed and approved this news release.
On Behalf of the Board of Directors
GLOBAL HUNTER CORP.
Rod Husband, P.Geo, President
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Global Hunter Corp.
(604) 681-4653 or 1-866-282-8398
(604) 683-6557 (FAX)