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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/01/13 -- Gunpoint Exploration Ltd ("Gunpoint") (TSX VENTURE: GUN), a Canadian resource exploration company actively engaged in mineral exploration in Nevada and Guatemala, is pleased to announce that Tetra Tech Inc. ("Tetra Tech") has completed a revised National Instrument 43-101 Resource Estimate on the Talapoosa gold-silver project located in Nevada.
Table 1: Updated Talapoosa Measured & Indicated Resource Estimate, Tetra Tech.
---------------------------------------------------------------------------- Contained ContainedCutoff Ore Grade Grade Gold SilverAu g/t Type Category Tonnes Au g/t Ag g/t (ounces) (ounces)----------------------------------------------------------------------------0.45 Oxide Measured 2,835,890 1.29 18.96 117,253 1,728,323----------------------------------------------------------------------------0.45 Sulphide Measured 12,741,180 1.22 16.50 501,215 6,760,763----------------------------------------------------------------------------0.45 Oxide Indicated 1,280,900 1.10 14.25 45,328 586,999----------------------------------------------------------------------------0.45 Sulphide Indicated 11,504,500 0.94 12.36 349,005 4,573,274----------------------------------------------------------------------------0.45 Oxide Total M&I 4,116870 1.23 17.49 162,581 2,315,321----------------------------------------------------------------------------0.45 Sulphide Total M&I 24,245,860 1.09 14.54 850,220 11,334,037---------------------------------------------------------------------------- Oxide +0.45 Sulphide Total M&I 28,362,500 1.11 14.97 1,012,802 13,649,358---------------------------------------------------------------------------- Oxide +0.45 Sulphide Inferred 10,159,000 0.72 6.65 233,532 2,172,766----------------------------------------------------------------------------1. Prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101) and the Canadian Institute of Mining, Metallurgy and Petroleum classification system.2. The 2013 resource models used ordinary kriging (OK) grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids.3. Resource estimate was completed in imperial units, with the following conversions: 1 gram/tonne = 0.0291667 troy oz/short ton 1 tonnes = 1.10231 short ton4. A base cutoff grade of 0.45 g/t Au was used for reporting resources.5. Capping was implemented for gold grades at 23.52 g/t and silver grades at 329.14 g/t.6. A specific gravity of 2.31 was applied to the altered host rock, 2.14 in the oxidized zone and 2.50 to silicified or quartz breccia material.7. The effective date of the resource is February 28, 2013.8. Numbers may not add exactly due to rounding.9. Mineral Resources that are not mineral reserves do not have economic viability.
The resource estimate by Tetra Tech, incorporates the results of Gunpoint's 2011 drill program and remodeling of the controls on the mineralization, adding approximately 380,000 ounces of gold and 5.4 million ounces of silver compared to the previous 43-101 resource estimate of September 2010. The previous NI 43-101 report included a Measured and Indicated resource of 22 million tonnes at 0.93 g/t gold and 12.24 g/t silver for a total of 632,000 ounces of gold and 8.2M ounces of silver. The updated resource has an overall 60% increase in Measured & Indicated ounces of gold and silver as well as a 20% increase in average gold and silver grades.
