June 24 - 2008 - Gravity West Mining Corp. (TSX-V: GRW) is pleased to announce that it has signed an agreement (the “Agreement”) to acquire a 100% interest in the Saint Hyppolyte Iron & Titanium Project (the "Property"), consisting of 27 contiguous lots and 3 mineral claims (polygons) covering approximately 900 hectares in Wexford Township, Quebec. The mineral claims were staked on May 08, 2008 and are pending for issuing certificate of registration.
The Property has historical estimated resource of 34.8 million short tons based on 89 drill holes grading 17% TiO2 and 20% Fe in the Northern Hemo-Ilmenite Zone and the potential to host over 500 Million tons Grading 6-8 % TiO2 and 20-22% Fe in 5 Southern Titaniferous-Magnetite Occurrences located over an eight kilometre strike length within the Property limits. The titanium mineralization is hosted by a gabbroic phase of the Morin anorthosite complex which covers a roughly circular area of 50 kilometres in diameter and is intruded into Granville series gneiss, schist, marble, quartzite, metamorphic pyroxenite and amphibole.
The Property is located in the Laurentian Mountains approximately 45 miles (72 km) northwest of Montreal and only four miles (6 km) east of the Laurentian Autoroute (Route 15) from which a paved road crosses the south end of the mineralized zone on the Property. The CPR line from Montreal to Ste-Agathe passes within 3 miles (5 km) of the Property. Electricity and water is also available locally. Rio Tinto’s ilmenite smelter in Sorel with a reported capacity of 1,100,000 tonnes per year titanium dioxide slag, 900,000 tonnes per year iron is located approximately 50 miles (80 km) to the east of the Property.
For the period from 1953 to 1981, various operators had carried out exploration work including drilling, sampling, dip needle surveys and metallurgical testing on the Property. These operators included Laurentian Titanium Mines (1953-55), Ethyl Corp. (1969), International Titanium Ltd. (1974) and Canico, a subsidiary of Inco Ltd (1976-80). The most recent report available on the Property was a study carried out by C. Salamis and Associates in September 1981 which summarized the historical work, and metallurgical testing, mining and milling estimates.
Northern Hemo-Ilmenite Zone
The Northern Hemo-Ilmenite Zone is well defined through 89 drill holes on 60 m (200-foot) section with estimated resources of 34.8 million tons grading 17% TiO2 and 27.6% Fe (hematite) over a strike length of about 1,700 metres and varying in width from 50 m to 150 m. This tonnage was calculated to a depth of 91 m and the deposit is reportedly open to depth and further to the north. A beneficiation test on bulk samples from three Canico drill holes carried out by Lakefield Research in august 1981 returned 36.1% TiO2, 43.15% Fe, 1.59% SiO2, 0.68% Al2O3, 0.135 CaO, and 1.435 MgO with a recovery of 77.88% TiO2 and 73.85% Fe. The zone is open pit minable with an ore to waste ratio of 1:1 to a pit floor depth of 91 metres. Based on these results, a one million ton per year mill feed was estimated to produce 444,800 metric tons of concentrate per year.
Southern Titaniferous- Magnetite Occurrences
South of the above zone are five Titaniferous- Magnetite occurrences where much of the historical work was confined to dip needle surveys and surface sampling with only limited drilling. A tonnage in excess of 500 million tons was estimated from five different zones. Many beneficiation tests on bulk samples were carried out in these areas. A test carried out on October 16, 1981 indicated that a head sample assaying 19.9% Fe and 8.35% TiO2 produced a final ilmenite concentrate grading 42.04% TiO2 and 35.2% Fe. Based on the testing results, a one million ton per year mill feed was estimated to produce 137,389 tons magnetite concentrate assaying 67.3% Fe and 1.56% TiO2, and 55,226 tons ilmenite concentrate assaying 35.2% Fe and 42.04% TiO2. A historical estimated tonnage potential for each zone is provided in the following table.
Qualifying statement on historical resource estimate
The historical resource estimate cited in this press release was prepared by Laurentian Titanium Mines in 1981, and is found in a report submitted for statutory work requirements with the Quebec Ministry of Natural Resources in 1982. The resource estimate was stated to be a "drill-proven tonnage”. Details of the calculations are not included in the report; therefore it is not possible to compare the categories of resource with those required by NI 43-101. The company believes that the estimate is relevant to an appraisal of the merits of the property because the estimate was based on all drill data available at the time, and because there is no evidence of any subsequent work on the property. No more recent data or resource estimates are available in the public domain. No work has been done by a qualified person to classify the historical resource estimate as a current resource or reserve. The company is not treating the historical resource as a current mineral resource or reserve. The historical resource estimate should not be relied on.
Qualifying statement on historical potential mineral deposit
The historical potential mineral deposit estimate cited in this press release was prepared by Laurentian Titanium Mines in 1981, and is found in a report submitted for statutory work requirements with the Quebec Ministry of Natural Resources in 1982. The potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the targets being delineated as a mineral resource.
Livio Susin, President of Gravity West, says: “We, as a team, are proud to acquire such an advance project close to Montreal and all necessary infrastructures. The project will provide our company a stable platform for further growth with a significant asset.”
Under the terms of the Agreement, Gravity West will acquire 100% interest on the Saint Hyppolyte Iron and Titanium Deposits Claims from Felex Reyes by paying $525,000 cash and issuing 5,000,000 common shares as per the following schedule:
- $50,000 cash within 7 days and 500,000 shares within 60 days of the Effective Date;
- $75,000 cash and 1,000,000 shares on or before the first anniversary;
- $150,000 cash and 1,000,000 shares on or before the second anniversary; and
- $250,000 cash and 2,500,000 shares on completion of drill proven reserve estimates.
The Agreement is subject to 1.5% NSR payable to the owner at the time of production and can be purchased for $10,000,000.
Technical information in this news release has been reviewed by Afzaal Pirzada, P.Geo., VP Exploration of the company and a Qualified Person as defined in NI 43-101.
About Gravity West Mining Corp.
Gravity West Mining Corp. is a publicly traded Canadian company focused on creating shareholder value through taking early stage positions, primarily in uranium properties, but also in selected other high value minerals such as nickel, copper, PGE, titanium and gold.
Currently, Gravity West holds key land positions in Canada's Ontario Sibley Basin (uranium, copper, nickel, and PGE prospect), Great Bear Magmatic Zone and Hornby Bay Basin in the Northwest Territories (IOCG and uranium prospect), Northern British Columbia's Red Chris Mine area (copper/gold porphyry prospect), South Maverick Property in Athabasca Basin (unconformity type uranium prospect), and Saint Hyppolyte Iron and Titanium Deposits in Quebec.
ON BEHALF OF THE BOARD OF DIRECTORS
President and Director
For more information, please contact:
Livio Susin, President & Director