Chairman’s Message - Brilliant Mining 2007 Year in Review
January 15, 2008
Brilliant Mining Corp. (BMC: TSX-V) achieved many key corporate, exploration, and production milestones in 2007, setting the stage for extensive growth through 2008. This past year has consisted of aggressive exploration programs in both Australia and Canada, coupled with significant investments in capital development to advance the Company’s producing assets. In addition, Brilliant Mining was recognized as one of the leading companies listed on TSX Venture Exchange in 2007.
2007 MAJOR ACHIEVEMENTS
Strengthened balance sheet; added to corporate treasury and eliminated all senior bank debt
Increased mine life; upgraded Probable Ore Reserves by 222% from 19,000 to 61,300 tonnes Ni metal
Expanded production; commenced mining the high-grade Winner ore body
Delivered successful exploration results; validated overturned dome model
Corporate Development Highlights
Added CDN $9.0 million to treasury from warrant and option exercises
Repaid CDN $3.5 million senior bank debt
Commenced un-hedged production as of August 1, 2007
Named to the 2007 TSX Venture 50TM, a ranking of Canada’s top emerging public companies listed on TSX Venture Exchange
Asset Growth
Drill delineation programs successfully added multiple years of mine life by increasing nickel reserves and resources at the Deacon, Winner and Lanfranchi ore deposits within the Lanfranchi Nickel Mine.
Tripled Proven and Probable Reserves from 19,000 to 61,300 tonnes of nickel metal*
Increased Measured and Indicated Resources from 53,350 to 98,700 tonnes of nickel metal*
Estimated Deacon’s Probable Reserve at 1,695,400t at 2.54% Ni for 43,009 tonnes of Ni metal
Identified a strong geophysical conductor extending 50 metres down-plunge of the Deacon resource, suggesting future exploration potential
Increased Winner Probable Reserve to 144,000t at 4.26% Ni for 6,139t Ni metal*
Increased Winner Indicated Resource to 111,680t at 6.16% Ni for 6,879t Ni metal*
* Comparison of Lanfranchi Nickel Mine Reserves and Resources between Company’s March 2006 and August 2007 NI 43-101 technical reports.
Production Increased
Intensive capital development during 2007 has positioned the Company for a substantial ramp-up in production at the Lanfranchi Nickel Mine. In April, a third mining crew was added to complement the two existing crews, increasing available operational productivity by 50%. The three crews focused on continued production at Helmut South and development of the high-grade Winner and Deacon ore bodies.
Winner commenced production in October 2007 and is the second of five ore bodies planned to come online within the next 12 months
Winner boosts monthly mine production to a record 22,680 tonnes at 2.75% Ni for 623 tonnes of Ni metal in October
Winner ore deliveries total 4,670 tonnes at 5.37% Ni for 251 tonnes of Ni metal in the first month of operation
The Deacon ore body is currently being developed and is scheduled for production in March 2008
Exploration Success
During the 2007 exploration season Brilliant Mining delivered positive results at both the 25% owned Tramways Tenements, host to the producing Lanfranchi Mine in the world class Kambalda nickel district, Western Australia, and the 100% owned Michikamau property in Central Labrador, Canada.
Tramways Tenements, WA
In late 2007, the Company further validated the “Tramways Overturned Dome Model” through drilling. Eight out of the last eight holes intersected the overturned and the unexplored ultramafic-mafic target horizon associated with Kambalda Ni channels, a discovery which essentially doubles the prospective area of the property to host Ni channels. One drill hole intersected 7.76% Ni over 0.88m within the overturned ultramafic sequence approximately 20 metres below the overturned contact horizon, demonstrating the potential to host high grade massive Ni sulphide mineralization.
Michikamau Project, Central Labrador, Canada
Eleven drill holes were completed totaling 1,100 metres during the 2007 exploration program. Multiple near surface nickel-copper-cobalt sulphide drill intersections were encountered and highlighted by a 21.7m intersection grading 0.51% Ni, 0.36% Cu and 0.09% Co at the Juno target; and including 1.3m at 0.71% Ni, 0.45% Cu and 0.12% Co. Early stage exploration to date points to a large and complex mineralizing environment with clear indications for nickel enrichment in the system.
Both project areas are highly prospective for additional discoveries and definitely warrant a significant exploration focus for 2008.
Summary
Our efforts over the past 12 months have laid a solid foundation for growth. 2008 promises to be an exiting and profitable year for Brilliant shareholders as the Company: reaches targeted annualized production rates as the Deacon, Lanfranchi and Schmitz ore bodies are brought on stream; continues exploration programs at Lanfranchi and Michikamau; and pursues other corporate opportunities.
About Brilliant Mining Corp.
Brilliant Mining Corp. is focused on the production, development, and exploration of nickel opportunities world wide. The Company currently has a 25% interest in the producing Lanfranchi Nickel Mine in Western Australia and has 3 active nickel projects in Canada, including the Michikamau property in central Labrador.
On behalf of the Board of Directors
“John Robins”
John Robins, P.Geo.
Chairman
Brilliant Mining Corp.
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