#2009-5
ON BEHALF OF THE BOARD OF DIRECTORS
"Donald G. Moore"
Chairman & CEO
Neither the 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 News Release.
#2009-4
In conjunction, Kermode has appointed Jonathon Richards as Chief Financial Officer of Kermode. Mr. Richards was previously an audit manager at a premier Canadian Chartered Accountant firm. Mr. Richards specialized in the mining industry and has significant experience on mineral exploration and development companies in Canada and throughout the world. Mr. Richards gained his membership of the New Zealand Institute of Chartered Accountants in 2005 and holds a Bachelors of Management Studies degree with first class honors from the University of Waikato, New Zealand.
Management is actively seeking new projects and looks forward to working with David and Jonathon as they bring their expertise and new ideas to the company.
Kermode also announces that Bryan Slusarchuk has resigned as a director. The company thanks him for his hard work and dedication to Kermode during his tenure. Mr. Matousek will be stepping down as Chief Financial Officer of Kermode.
ON BEHALF OF THE BOARD OF DIRECTORS
"Donald G. Moore"
Chairman & CEO
Neither the 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 News Release.
#2009-3
The Mercator report states that the total combined Inferred Resource for all three deposits is 18,310,000 tonnes at an average grade of 0.84 grams per tonne ('gpt') at a 0.50 gpt cutoff. Gold grade outliers were capped at 4.00 gpt in the Road and Apsy models and a restricted range approach was used to limit outlier effect in the Beaver Dam model. Three dimensional deposit models indicate that gold mineralization in the Beaver Dam and Apsy deposits show reasonably well defined grade-shoot trends while the Road deposit appears to be more complex. The table below details the Inferred Mineral Resource at various cut-off classifications for the three individual gold deposits.
Gold Cut-off Grade (gpt) |
Rounded Tonnes |
Gold Grade (gpt) |
Total Grams Gold (Rounded) |
Total Ounces Gold (Rounded) |
Road Zone |
|
|
|
|
0.50 |
9,880,000 |
0.76 |
7,509,000 |
241,000 |
0.75 |
3,810,000 |
0.98 |
3,734,000 |
120,000 |
1.00 |
1,400,000 |
1.22 |
1,708,000 |
55,000 |
Apsy Zone |
|
|
|
|
0.50 |
7,410,000 |
0.95 |
7,040,000 |
226,000 |
0.75 |
5,040,000 |
1.11 |
5,594,000 |
180,000 |
1.00 |
2,760,000 |
1.30 |
3,588,000 |
115,000 |
Beaver Dam Zone |
|
|
|
|
0.50 |
1,020,000 |
0.85 |
867,000 |
28,000 |
0.75 |
440,000 |
1.16 |
510,000 |
16,000 |
1.00 |
200,000 |
1.52 |
304,000 |
10,000 |
*Combined Inferred Resources |
|
|
|
|
0.50 |
18,310,000 |
0.84 |
15,380,000 |
495,000 |
0.75 |
9,290,000 |
1.06 |
9,847,000 |
317,000 |
1.00 |
4,360,000 |
1.28 |
5,581,000 |
179,000 |
Gold mineralization on the property occurs in association with disseminated sulphides in fractured and hydrothermally altered granodiorite of Upper Proterozoic age and within stratabound zones hosted by unconformably overlying Cambro-Ordovician quartzite and limestone. On the district scale, mineralization is associated with major northeast trending shear zones.
Kermode Chairman Don Moore states, "The Jackson's Arm project has required an incredible amount of persistence, technical acumen and geological interpretation to reveal the first 500,000 ounces of its gold potential. Additional drilling is highly likely to add to this resource should the company decide to expend additional time and money to pursue the further investigation of this large mineralizing system. Initial indications of a high grade component to the deposit to enhance overall grade have not yet developed a meaningful contribution to overall grade. It is time to reflect on the potential at Jacksons Arm while the company reviews numerous opportunities that are developing in the mineral 'space' as a result of the recent market turmoil. The treasury is in good shape and new projects are being accessed and assessed. This has the making of a turnaround year for Kermode."
The Jackson's Arm project resource estimate was independently prepared by Mercator Geological Services Limited of Dartmouth, Nova Scotia under supervision of Senior Geologist Michael Cullen, P. Geo. and Senior Project Geologist Chrystal Kennedy, P. Geo., both 'Qualified Persons' as defined under National Instrument 43-101.
Diamond drilling data from Kermode and historic BP-Selco Inc diamond drilling data were used to create separate three dimensional block models for the deposits. Models were developed using Surpac(r) Version 6.1 modelling software and incorporated inverse distance squared interpolation methodology. Block size was 5 metres x 5 metres x 5 metres with sub-blocking at 2.5 metres x 2.5 metres x 2.5 metres. Grade interpolation was fully constrained within wire-framed peripheral deposit solids and separate interpolation domains were assigned to distinguish stratabound and/or tabular style mineralization from cross-trend or root-zone style mineralization. Spherical variogram models were developed to guide range and orientation values in grade continuity assessments. Three-dimensional geological solids were developed for the granite and quartzite units and a specific gravity of 2.7 g/cm3 was used, based on analysis of mineralized drill core samples.
Mercator Geological Services Limited is a Canadian geological consulting firm that has served the domestic and international exploration community for over 12 years. The company offers project design/management, resource modeling and NI 43-101 reporting services for assessment of precious metals, base metals, industrial minerals and specific energy commodities.
Michael Moore, P.Geo is the Qualified Person who has reviewed the technical information contained in this News Release on behalf of Kermode. As required by NI 43-101 regulations, the resource estimate report will be filed in its entirety on SEDAR within 45 days. Visit our website for more information.
ON BEHALF OF THE BOARD OF DIRECTORS
"Donald G. Moore"
Chairman & CEO
Neither the 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 News Release.
Closing of Non-Brokered Private Placement
All securities issued in connection with this private placement are subject to a hold period expiring on September 29, 2008.
The funds will be used towards property acquisitions and working capital.
Visit our website at www.kermode.com for more information.
ON BEHALF OF THE BOARD OF DIRECTORS
"D. Neil Briggs"
DIRECTOR
Non-Brokered Private Placement
Kermode will pay a finder's fee of 6% of funds raised payable either in cash or shares. Completion of this financing is subject to TSX Venture Exchange acceptance. All of the securities issued pursuant to this offering will have a hold period expiring four months from the closing date
The funds will be used towards property acquisitions and working capital.
Visit our website at www.kermode.com for more information.
ON BEHALF OF THE BOARD OF DIRECTORS
"D. Neil Briggs"
PRESIDENT and DIRECTOR