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JOGMEC Confirms Cu-Au Resources in Chile

May 17, 2011

 Japan Oil, Gas and Metals National Corporation (JOGMEC, President Hirobumi Kawano) has confirmed prominent copper-gold mineralization at Los Helados in Chile from the additional drilling surveys JOGMEC has conducted jointly with NGEx Resources Inc., headquartered in Vancouver, Canada. From these favorable results, hopes are raised that it is highly likely the area hosts economically minable copper-gold deposits. The drill core assays show the following positive results: 701 meters of 0.67% copper and 0.30 g/t gold (hole LH-16), 575 meters of 0.59% copper and 0.33 g/t gold (hole LH-17), and 312 meters of 0.73% copper and 0.35 g/t gold (hole LH-20). Further drilling surveys are necessary for highly accurate calculation of provable reserves in the area but such significant results from this year's drilling have hightend expectations for discoveries of more mineralization in the extended area. 
 
 The detailed survey results from this drilling campaign will be presented in the JOGMEC's second metal resources briefing (conducted in Japanese) at its headquarters in Tokyo on June 3 rd , 2011. 
 
 The Andean Cordilleras is considered as one of the last frontiers where large-scale copper mines could be developed. However, due to its inaccessible location, it has not been sufficiently explored in spite of its high potential for the existence of mineral deposits. JOGMEC has focused attention on its potential and has conducted exploration since the initial phase of 2004 even when drilling had not yet begun.
  • Location map of the Frontera Project

  • Drilling Survey in Los Helados (hole LH-19)

(REFERENCES)
  • Outline of the Frontera Project
    The Frontera area is located in the Andean Cordillera straddling the border between Chile and Argentina, covering part of the Region III in Chile, northwestern San Juan and southwestern La Rioja in Argentina. JOGMEC signed a Joint Exploration Agreement over Frontera with NGEx Resources Inc.(then Suramina Resources Inc.) and its subsidiary companies in Chile and Argentina on 1 February, 2008. JOGMEC has a right to acquire its 40% equity interest. In addition to Los Helados, it consists of promising properties like Filo del Sol

  • Results of Drilling Surveys in Los Helados
    The drilling surveys, with ten drill holes completed with a total of 7,404m, were carried out in Los Helados, located on the Chilean side of the JV property, from December, 2010 to April, 2011 as a part of the surveys in the Frontera project area which straddles theArgentina –Chile border.

  • NGEx Resources Inc.
    NGEx Resources Inc. based in Vancouver, Canada is a publicly traded resource company listed on the Toronto Stock Exchange.

  • Mineral Exploration and Development Projects in the Andean Cordilleras extending across Chile and Argentina
    a) Pascua-Lama gold-silver project by Barrick Gold (ore reserves: 620 million tons of 1.25g/t gold)
    b) El Pachon copper-molybdenum project by Xstrata (ore reserves: 1,790 million tons of 0.51% copper and 0.013% molybdenum with 0.2% copper cut-off).

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