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Vancouver, B.C. -- March 4, 2009 - Logan Resources Ltd. (TSXV:LGR) (the "Company") completed 20 drill holes totaling 6,678.9 metres on its 100%-owned Redford Property, Vancouver Island, British Columbia in December 2008. The drill program was recommended based upon the initial NI43-101 compliant resource estimate (filed on SEDAR) that was announced by the Company on September 9, 2008. The objective of the 2008 drill program was to test inferred extensions of the mineralization down dip and along strike from the measured and indicated resources defined in the September 2008 report.
The following table summarizes the updated resource estimates:
| Resource Category |
Resource |
Grade |
Iron Concentrate |
Grade |
| |
Tonnes |
% Iron |
Tonnes |
% Iron |
| Measured |
7,610,000 |
39.2% |
4,070,000 |
63.7% |
| Indicated |
4,590,000 |
35.0% |
2,200,000 |
63.7% |
| Measured plus Indicated |
12,070,000 |
37.6% |
6,270,000 |
63.7% |
| Inferred |
12,680,000 |
39.5% |
7,120,000 |
63.7% |
By comparison with the initial September 2008 resource estimate (see September 9, 2008 Press Release), the overall grade has been reduced, however, the total iron concentrate in the measured and indicated categories has increased. The Company's mining advisors recommended that the updated resource estimate be based upon the assumption that a bulk mining method would be used in any future mining project. This resulted in inclusion of more internal waste in the resource, which reduces the overall grade but optimizes the recovery of magnetite. Historic milling practice on the property used cost effective magnetic separation methods to remove waste and produce a high-grade iron concentrate, therefore the mining of additional internal waste does not have a significant economic impact on the operating costs.
Details of the updated resource estimate will be fully described in a report that will be completed during the second quarter of 2009. The updated resource estimate used the same industry standard methods as described in the September resource report, namely polygonal resource blocks on vertical, north-south drill sections. The new report will include the results of metallurgical test work and prefeasibility estimates of anticipated operating and capital costs for the project which are currently in progress.
Mr. Peter George, P.Geo., as a consultant to the Company, is the Qualified Person for the project and is responsible for the content of this press release. Mr. George is the author of the current and previous (September 2008) resource estimates.
Logan Resources Ltd. is a mineral exploration company that specializes in acquiring, exploring and advancing Canadian mineral properties. The Company has a diversified portfolio of precious metal, base metal and uranium projects. For more information on the property portfolio and the Company, please visit www.loganresources.ca, www.sedar.com and www.sec.gov websites.
ON BEHALF OF THE BOARD
"Seamus Young"
Seamus Young
President and CEO
For Further Information Please Contact:
Earl Hope, Investor Relations, 604-689-0299 x 232
Seamus Young, President and CEO, 604-689-0299 x223
Statements contained in this news release that are not historical facts are forward-looking statements, which are subject to a number of known and unknown risks, uncertainness and other factors that may cause the actual results to differ materially from those anticipated in our forward looking statements. Although we believe that the expectations in our forward looking statements are reasonable, actual results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
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 registration is available.
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