VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 26, 2008) - Cross Lake Minerals Ltd. ("Cross Lake" or the "Company") (TSX: CRN.TO) is very pleased to announce that underground development and mining of the Midwest Zone has commenced. This marks the start of mining from underground as all previous mill feed has been from the open pit Northwest Zone. The existing development of the Midwest Zone was completed during the previous operations and most of the rehabilitation work necessary to commence mining operations in the Midwest Zone was completed by the Company in the fall of 2007. As a result, there has been very little additional development necessary before ore can be transported to the mill for processing.
At the Northwest Zone, the push back of the pit wall that was necessary due in part to an expansion of the ore zone and ongoing changes in the requirements under the operating permits has been completed. This resulted in some curtailment of mining with the mill operating on stockpiled ore. Mining of the ore now continues with the Northwest Zone ore blended with ore from the Midwest Zone. Over the balance of 2008, an increased percentage of ore will be sourced from the Midwest Zone. In addition, planning is underway to commence further underground work on the West Zone, which is scheduled to be the next source of ore for ongoing mining at QR.
Throughout the spring, mill operations have continued to improve. The Company has been working with independent metallurgical consultants to maximize the performance of the mill. With further experience with mill operations, mine management, supervisors and operators continue to become more experienced and, as a result, the efficiency of operations continues to improve. Due to the push back of the pit wall, the grade of feed to the mill has been slightly lower than was projected over the past two weeks, but with a recommencement of mining from the Northwest Zone and initial production from the Midwest Zone the grade has improved and operations are returning to those production levels projected by the Company's management team.
While the focus of the operating group has been towards ongoing operations, the future development of the North Zone is being evaluated and planning continues. The recent drill results have served to confirm the development potential of the North Zone that was predicted from historic surface drilling. Currently plans are underway for infill drilling and initial development and testing through bulk sampling from underground. The decline, which was developed to allow for further exploration and evaluation of the Zone is only 50 to 75 meters from the North Zone and can be reached with a minor decline extension. The cost to benefit analysis of the options for detailed drilling and bulk sampling and testing from underground will be evaluated and the most technically and financially sound program will be followed. The North Zone is the largest known zone on the property and is expected to be a longer term source of ore for future operations of the QR Mine.
The QR Project is being supervised by Tom Colbourne P.Eng., Vice President of Mining, who is the designated Qualified Person and who has reviewed the contents of this news release.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.
12(g) No. 82-2636
Contacts
Gordon A. Keevil Cross Lake Minerals Ltd. President (604) 687-2038 (604) 687-3141 (FAX) Website: www.crosslakeminerals.com
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