2013-01-16 19:24:44 -
Vancouver, British Columbia CANADA, January 16, 2013 /FSC/ - Newton Gold Corp. (NWG - TSX Venture), is pleased to announce that it has added Ian Flint, PhD.,P.Eng. to the Company's advisory board to help the Company advance with a commercially viable extraction method for the alumina, titanium and silica contained in the Sibley Road property located in Halifax County, Nova Scotia.
Dr. Flint is a well-regarded consultant to the mining industry based in Halifax. He achieved his PhD in Mining and Mineral Processing Engineering from the University of British Columbia and spent ten years as a professor in the Faculty of Engineering, Dalhousie University. His academic work has focused on independent industrial process design including chemical separations. Dr. Flint worked
for Cominco Engineering Services Ltd ("CESL") from 1989 to 1993 and then from 1997 to 1999. While employed by CESL he worked on the design and commercialization of floatation column solutions for the mining industry.
"Dr. Flint's years of work developing alternative extractive techniques will be applied to the alumina, titanium and silica within the Sibley Road Property. Having an expert of Dr. Flint's calibre to be the first to join the Company's advisory board speaks volumes to the quality of the Sibley Road deposit", stated Mark McLeary, president of Newton Gold. "We anticipate that Dr. Flint will be the first of several experts that the Company will bring on in an advisory capacity as this project advances."
The Sibley Road property, host to a kaolin clay and silica sand deposit with potential economic products including alumina, titanium, and white silica sand. The property covers 648 hectares and is immediately north of, and contiguous with, the Chaswood property that was recently acquired by Orbite Aluminae Inc. (TSX-ORT).
Highlights of the Sibley Road property are:
- an advanced stage property with over $12 million in previous exploration with over 400 drill holes and 14 line kilometers of high resolution reflection seismic data
- a deposit model with greater than 160 million tonnes (non 43-101 historic resource) created using only 40 % of drill data and without incorporating the seismic data.
- a majority of drill holes require analyses for alumina, silica and titanium
- an environmental scoping study is in place
- excellent access and close to existing natural gas pipeline
- neighbour is a recognized industry leader in alumina exploration and extraction
The property's excellent access combined with its strategic location (being near a natural gas pipeline and a nearby railway right of way in proximity to the Port of Halifax) add to the economic potential of the Sibley Road deposit.
Newton Gold has agreed to a two stage option in order to acquire a 100% undivided interest in the Sibley Road property. Newton must pay $150,000 on signing of the definitive agreement and spend $12,000,000 over four years to earn an initial 50% and then issue $12,000,000 in capital stock in Newton to earn the remaining 50%, for a total of 100%. The Option Agreement remains subject to the approval of regulatory authorities, including the TSX Venture Exchange.
Although the Company intends to calculate a new resource estimate, there is insufficient NI 43-101 compliant data to define a NI 43-101 compliant mineral resource at this time. The grades provided in this news release may not represent the entire deposit and should be considered preliminary in nature. All data for this news release are taken from the report "NI 43-101 Technical Report: Evaluation of Kaolin, Silica Sand and Titanium Resources in the Musquodoboit Valley of Nova Scotia" authored by Dr. Rudolf Stea, P.Geo.
About Newton Gold Corp
Newton Gold Corp. is an exploration company with advanced exploration projects and a royalty interest in a further project. The Company has an experienced management team with a growth strategy to develop a diversified portfolio of exploration projects that can be taken into production. The Company's main objective is to add shareholder value through cost efficient exploration, strategic acquisitions, joint ventures, and effective marketing while maintaining a lower risk profile through project diversification and sound financial management.
Dr. Rudolf Stea, P.Geo, is Newton Gold's Qualified Person, according to National Instrument 43-101, for the Sibley Road Property and has reviewed the technical data contained in this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
"Mark A. McLeary"
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements: The above contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
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Source: Newton Gold Corp. (TSXV: NWG) www.newtongold.com
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