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June 15, 2011
 

COGITORE INCREASES MINERAL RESOURCES ON SCOTT LAKE PROJECT BY 47 PERCENT

Cogitore Resources Inc. (the "Company") (TSX VENTURE:WOO) is pleased to report a material increase in the NI43-101 compliant resource estimate for its copper, zinc, gold and silver project in Scott Township, Chibougamau, PQ. The mineral resource estimate was prepared by Bernard Salmon, ing., of Roscoe Postle Associates Inc. ("RPA"). A Technical Report in compliance with National Instrument NI-43-101 will be filed on SEDAR within 45 days of this release.

Mineral resources have been classified as Inferred. Highlights include:

5.3 million tonnes of 1.1% copper, 4.7% zinc, 0.3 g/t gold and 35 g/t silver using a $80 NSR cut-off grade *.

  • 47% tonnage increase over initial 2010 resource estimate
  • 53% increase in contained pounds of copper metal of 46 million pounds for a total of 133 million pounds of copper
  • 34% increase in contained pounds of zinc metal of 142 million pounds for a total of 554 million pounds
  • 43% increase in contained ounces of silver of 1.7 million ounces for a total of 5.9 million ounces

* Assumptions made by RPA for the determination of the $80 NSR cut-off include a US$1.00 Canadian dollar and the following metal prices: copper - US$3.25/lb, zinc - US$1.00/lb, gold - US $1000/oz, and silver - US $20/oz.

The recently updated resource includes mineralization in eight volcanogenic massive sulphide (VMS) lenses and two stringer mineralized zones located over a 1.4 kilometre strike length. All lenses range in depth from about 250 metres to 900 metres below surface. Increases in resources attributable to higher value massive sulphide-type (MS) mineralization are offset by lower tonnage (66% of total tonnage in 2010 versus 49% in 2011) of lower value footwall stringer and disseminated sulphides. Stringer-type mineralization is particularly sensitive to a high Canadian dollar, smelter terms and commodity prices, especially for zinc.

An historic non-compliant resource of 0.7M tonnes of 0.4% copper and 6.9% zinc from bedrock surface to a depth of 400 metres for the Selco-Scott Lens is NOT included in the updated NI43-101 compliant resource. Further exploration is required to upgrade or verify this historic resource estimate as a current mineral resource.

The current mineral resource estimate was done by block modeling techniques, using a minimum horizontal width of 2.0 metres and a Net Smelter Return cut-off of $80 per tonne. All technical parameters will be fully disclosed in the RPA report, which will also be posted on Cogitore's web site when received.

Potential for Additional Resources

There is potential to increase the resource base at Scott Lake. Target areas include:

  1. A new copper zone discovered in hole SC-61 (2.8% copper over 3.1m of massive sulphide (MS) within a broader interval of MS and stringer-type sulphides averaging 0.9% copper over 21.0m – press release of May 18, 2011)
  2. Underexplored sections also remain associated with the Selco Rhyolite. A 300+ metre 'gap' occurs between the still open Central Lens and still open '34' Zinc Lens at relatively shallow depth (less than 400 metres below surface).
  3. A modest diamond drill program consisting of duplicate and infill drill holes would also allow mineralization in the Selco-Scott Lens to become NI43-101 compliant.

The potential to add significantly more tonnes to the current mineral resource base is best exemplified by the dramatic increase in tonnes and grade in the Central Lens in 2011, which is indicative of the remaining potential to add material quantities of mineralization within 'gaps' of relatively short trend lengths within longer stretches of sparsely drilled or undrilled favourable trends.

Dr. Gérald Riverin, Company President and CEO, commented: "This new mineral resource estimate is yet another key milestone for the Company and we are keen now to get back to our interpretation work and design drilling programs that will continue to increase mineral resources."

Work is carried out by technical personnel of Cogitore Resources Inc., under the supervision of Gérald Riverin, PhD, P.Geo, who prepared this release. He is a qualified person (as defined by National Instrument 43-101) and has more than 31 years of experience in mineral exploration.

Cogitore explores for VMS-type deposits in areas where mineralization has been found and mined before. Exploring in such areas is preferred because of existing infrastructure, knowledgeable local workforces and broad public support for mining. Collectively, these are major competitive advantages for logistics and economics.

http://www.cogitore.com/

For more information please contact:

Gérald Riverin
President & CEO
Telephone: 819-764-6666 or

Mark Goodman
Executive Chairman
Telephone: 416-924-9893, ext. #1

 

Forward Looking Statements

Certain statements contained in this news release may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to our future outlook and anticipated events or results and may include statements regarding the expected infilling of intervening intercepts and the timing of the updated report. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue", "does not expect", "budget", "scheduled", "forecast" or other similar expressions concerning matters that are not historical facts. These statements are based on certain factors and assumptions regarding expected developments. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect.

Forward looking-information involves known and unknown risks, uncertainties and other important factors that could cause actual results, performance or achievements of the Company to differ materially from the future results, performance or achievements expressed or implied by such forward looking information. Such risks, uncertainties and other important factors include, without limitation: general economic conditions; access to skilled consultants; the possibility that future exploration results will not be consistent with the Company's expectations; uncertainties involved in interpreting drilling results; unanticipated costs and expenses; timing and availability of external financing on acceptable terms; dependence on key personnel; future prices of precious and base metals; failure of equipment or processes to operate as anticipated; and risks inherent in mining exploration and development including, but not limited to, unusual or unexpected geological formations. Such factors are also described or referred to under the headings "Property and Financial Risk Factors Affecting Financial Instruments" and "Other Risk and Uncertainties" of the Company's Management's Discussion and Analysis for the quarter ending September 30, 2009, all of which are incorporated by reference herein and are available at SEDAR at www.sedar.com. We caution that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on Cogitore's forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail.

You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events except where required by applicable laws.

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.