ST. JOHN'S, NEWFOUNDLAND -- (Marketwire) -- 01/16/13 -- Canada Fluorspar Inc. (TSX VENTURE: CFI) ("CFI" or the "Company") is pleased to announce an update of its exploration activities on the Director and Grebes Nest Veins located on the Company's 100% owned mineral properties at St. Lawrence, Newfoundland.
On January 15, 2013, the Company commenced a 13,000 meter (approximately 35 holes) drilling program on its 100% owned Director Vein fluorspar property. The first phase of the program will include 3,000 meters to be drilled as part of northern extension of the old Alcan workings at greater depths than the previously drilled by Alcan. Historical mining operations by Alcan on the property produced in excess of 4.2 million tonnes of fluorite from 1942 to 1977, with the Director vein having an average 60% CaF2. The first phase of the drilling program will also include a further 5,000 meters to be drilled on the Director South Extension area based on the vein identified in the 2012 trenching program.
In addition to drilling the Director prospect, the Company plans to carry out surface trenching on its Grebes Nest property in St. Lawrence during the first half of 2013. Pending these trenching results, the Company plans to drill approximately 5,000 meters on the Grebes Nest property in the second half of 2013.
"We are very encouraged by the results of the 2012 Director Vein trenching program, a vein that has a history of significant high grade fluorspar," stated Lindsay Gorrill, President & CEO of the Company. He also added that, "We have long been aware of the 41 identified veins of fluorspar on our exploration licenses and are looking forward to trenching programs at Grebes Nest, Scrape, Church and Black Duck to help us better understand these other prospects and, together with our Newspar partnership, to get us closer to our goal of becoming a major player in the fluorspar industry."
About the Company
The Company is a specialty mineral resource company engaged in the development of fluorspar deposits located in St. Lawrence, Newfoundland, Canada, and is reactivating the existing Blue Beach North and Tarefare underground fluorspar mines, expanding the existing mill, constructing a new, environmentally-sound Tailings Management Facility through Newspar, which it's a 50/50 joint venture with Arkema. The Company is also building a new deep-water marine terminal in the outer St. Lawrence Harbour for the export of fluorspar concentrate product.
Mr. James H. Reeves, Senior Geologist with CFI, who is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Properties, reviewed and approved the technical content of this news release. The information regarding historic production has not been verified by the Company and is provided for reference only.
Cautionary Statement on Forward Looking Statement
Certain information contained in this news release, including information as to our strategy, projects, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward looking statements". Actual results may differ materially from those indicated by such statements. All statements, other than historical fact, included herein, including, without limitations statements regarding future production, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
The historic production information provided has not been verified by the Company and is provided for reference only.
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.
Canada Fluorspar Inc.
President and CEO
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