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VANCOUVER, BRITISH COLUMBIA–(Marketwire – March 1, 2012) – Kivalliq Energy Corporation (TSX VENTURE:KIV) today announced the completion and filing of a revised National Instrument 43-101 independent technical report updating the Company’s Lac Cinquante Uranium Deposit at the Angilak Property, Nunavut, Canada.
The independent Technical Report was prepared by Apex Geoscience Ltd. with the updated Mineral Resource estimate for the Lac Cinquante Deposit contained therein prepared under the direction of SIM Geological Inc., following the guidelines of the Canadian Securities Administrators National Instrument 43-101 and Form 43-101F1.
The report titled “Technical Report and Resource Update for the Angilak Property, Kivalliq Region, Nunavut” will be filed on SEDAR and can be viewed on the SEDAR website, www.sedar.com, and/or the Kivalliq website, http://kivalliqenergy.com/projects/angilak/.
The information in this release related to the independent Technical Report and the Mineral Resource estimate has been approved by Michael Dufresne, P.Geol., of Apex Geoscience Ltd., Robert Sim, P.Geo., of SIM Geological Inc. and Bruce Davis, FAusIMM of BD Resources Consulting Inc., who are independent Qualified Persons as defined under National Instrument 43‐101. Jeff Ward, P.Geo., President of Kivalliq and a Qualified Person for the Company, has reviewed and approved the information contained in the Technical Report.
About Kivalliq Energy Corporation
Kivalliq Energy Corporation is a uranium exploration and development company and the first company in Canada to sign a comprehensive agreement to explore for uranium on Inuit Owned Lands in Nunavut.
Kivalliq’s 252,830 acre Angilak Property hosts the high-grade Lac Cinquante deposit, along with multiple highly-mineralized target areas. With an NI 43-101 Inferred Mineral Resource of 1,779,000 tonnes grading 0.69% U3O8, totalling 27.13 million pounds U3O8, (15.2 pounds U3O8/tonne) at a 0.2% U3O8 cut-off grade, the Lac Cinquante Deposit is Canada’s highest grade uranium deposit outside of the Athabasca Basin.
Since acquiring the Angilak Property in 2008, Kivalliq has invested approximately $30 million conducting systematic exploration, including ground and airborne geophysics, geological mapping, prospecting and approximately 48,000 metres of RC and diamond drilling.
On behalf of the Board of Directors
James R. Paterson, CEO
Kivalliq Energy Corporation
For further information about, Kivalliq Energy Corporation or this news release, please visit our website at www.kivalliqenergy.com(m.kivalliqenergy.com).
Kivalliq Energy Corporation is a member of the Aurora Resource Group of companies. For more information please visitwww.auroraresource.com.
Certain disclosures in this release, including management’s assessment of plans and projects and intentions with respect to use of proceeds, future exploration programs and the completion of financings, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Kivalliq’s operations as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including risks as to the completion of the plans and projects. Readers are cautioned not to place undue reliance on forward-looking statements. Other than as required by applicable securities legislation, Kivalliq expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.
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 release.
