TTM Resources Inc

Well this will put us on the moly radar map. Excellent.....

TTM estimates 140 M t measured at 0.061% Mo for Chu

TTM Resources Inc (C:TTQ)
Shares Issued 48,136,489
Last Close 2/26/2009 $0.13
Friday February 27 2009 - News Release

Mr. Crichy Clarke reports

TTM RESOURCES INC CHU MOLYBDENUM PROJECT UPDATED RESOURCE ESTIMATE AND DRILL RESULTS

TTM Resources Inc. has received an updated resource estimate from GH Giroux P. Eng MASc of Giroux Consultants Inc., of Vancouver, B.C., for its 100-per-cent-owned Chu molybdenum project, 75 kilometres (km) southwest of Vanderhoof, B.C., Canada. The resource estimates will be included in a revised National Instrument (NI) 43-101 report to be filed within 45 days.

At a cutoff grade of 0.04% Mo there are an estimated 139.9 million tonnes grading 0.061% Mo (188.2 million lbs. Mo), 173.3 million tonnes grading 0.060% Mo (229.3 million lbs. Mo), and 84.4 million tonnes grading 0.058% (107.9 million lbs. Mo) in the Measured, Indicated, and Inferred Categories respectively.

Measured Resource - 140 Million Tonnes of 0.061% Mo (0.040% cutoff)

Indicated Resource - 173 Million Tonnes of 0.060% Mo (0.04% Mo cutoff)

Inferred  Resource - 84 Million Tonnes of 0.058% Mo (0.04% Mo cutoff)



High Grade Molybdenum in Hole 2008 CHU-E046 - 0.188 % Mo Over 16.96 meters 

High Grade Molybdenum in Hole CHU-E050 - 0.127 % Mo over 93 meters including 

18.29 meters of .215% Mo

High Grade Molybdenum in Hole 2008 CHU-W022 - 0.10 % Mo over 72 meters and 

18.51 meters of .210% Mo

High Grade Molybdenum in Hole 2008 CHU-W023 - 0.12 % Mo over 42.7 meters

CHU PROJECT - MEASURED RESOURCE	

					

Mo Cutoff	Tonnes> Cutoff	Grade  > Cutoff	 

(%)	(tonnes)	Mo %	Cu (%)	Million lbs Mo	Million lbs Cu

0.02	237,200,000	0.048	0.034	251.1	177.8

0.04	139,920,000	0.061	0.036	188.2	111.1

0.05	90,240,000	0.070	0.036	139.3	71.6

0.08	19,710,000	0.100	0.039	43.5	16.9

0.09	12,160,000	0.110	0.042	29.5	11.3

					

					

CHU PROJECT - INDICATED RESOURCE	

					

Mo Cutoff	Tonnes> Cutoff	Grade  > Cutoff	 

(%)	(tonnes)	Mo %	Cu (%)	Million lbs Mo	Million lbs Cu

0.02	410,160,000	0.042	0.034	379.8	307.5

0.04	173,340,000	0.060	0.037	229.3	141.4

0.05	102,710,000	0.070	0.037	158.5	83.8

0.08	26,130,000	0.097	0.039	55.9	22.5

0.09	14,840,000	0.106	0.041	34.7	13.4

					

					

CHU PROJECT - INFERRED RESOURCE	

					

Mo Cutoff	Tonnes> Cutoff	Grade  > Cutoff	 

(%)	(tonnes)	Mo %	Cu (%)	Million lbs Mo	Million lbs Cu

0.02	220,200,000	0.040	0.036	194.2	174.8

0.04	84,400,000	0.058	0.043	107.9	80.0

0.05	50,040,000	0.068	0.046	75.0	50.8

0.08	12,420,000	0.093	0.051	25.5	14.0

0.09	4,580,000	0.103	0.051	10.4	5.2

					

					

CHU PROJECT - MEASURED PLUS INDICATED RESOURCE	

					

Mo Cutoff	Tonnes> Cutoff	Grade  > Cutoff	 

(%)	(tonnes)	Mo %	Cu (%)	Million lbs Mo	Million lbs Cu

0.02	647,330,000	0.044	0.034	628.0	485.3

0.04	313,250,000	0.060	0.037	414.4	255.6

0.05	192,950,000	0.070	0.036	297.8	153.2

0.08	45,840,000	0.098	0.039	99.1	39.4

0.09	26,990,000	0.108	0.041	64.3	24.4

Resource Criteria; The mineral resources mentioned above are defined in terms of the NI 43-101 regulations and their estimation was carried out using industry standard practices using ordinary kriging of blocks 20 x 20 x 10 m high. The mineral resources are undiluted and a total of 10 assays were capped at 0.54 % Mo. Measured mineral Resources were produced using a search ellipse with dimensions equal to ¼ the semivariogram range, Indicated Mineral Resource estimates were produced using a search ellipse with dimensions equal to ½ the semivariogram range. A specific gravity based on 328 measurements of 2.69 was used for tonnage calculations. Assay results from 121 diamond drill holes totaling 64,610 meters were used. A total of 22,170 Mo assay and 20,917 Cu assay intersections made up the resource database.

The Company is very pleased with the result of these Independent estimates and, subject to the Conclusions and Recommendations in the upcoming NI 43-101 Report, it will use these resource estimates as a guide for the 2009 drill program and to enhance future economic development studies.

Mr. Warren Robb states: "Our current drilling will now focus on defining our highest grade molybdenum areas. This drilling will help us properly identify and define the best areas for starter pits, and enhance our overall resource model. Our dedicated geological staff remains motivated and focused on outlining BC's second largest primary molybdenum deposit."

DRILL RESULTS

The Company is also pleased to release the results from CHE-08-38 to CHE-08-52 and CHW-08-20 to CHW-08-23, completed in 2008.

Analyses of samples from the current program are completed at Stewart Group in Kamloops, BC. The Company has in place a comprehensive quality assurance/quality control program including standards, blanks and duplicate samples that form part of the sampling protocol. In addition the laboratory has its own quality assurance program.

CHU PROJECT - MEASURED RESOURCE	

					

Mo Cutoff	Tonnes> Cutoff	Grade  > Cutoff	 

(%)	(tonnes)	Mo %	Cu (%)	Million lbs Mo	Million lbs Cu

0.02	237,200,000	0.048	0.034	251.1	177.8

0.04	139,920,000	0.061	0.036	188.2	111.1

0.05	90,240,000	0.070	0.036	139.3	71.6

0.08	19,710,000	0.100	0.039	43.5	16.9

0.09	12,160,000	0.110	0.042	29.5	11.3

					

					

CHU PROJECT - INDICATED RESOURCE	

					

Mo Cutoff	Tonnes> Cutoff	Grade  > Cutoff	 

(%)	(tonnes)	Mo %	Cu (%)	Million lbs Mo	Million lbs Cu

0.02	410,160,000	0.042	0.034	379.8	307.5

0.04	173,340,000	0.060	0.037	229.3	141.4

0.05	102,710,000	0.070	0.037	158.5	83.8

0.08	26,130,000	0.097	0.039	55.9	22.5

0.09	14,840,000	0.106	0.041	34.7	13.4

					

					

CHU PROJECT - INFERRED RESOURCE	

					

Mo Cutoff	Tonnes> Cutoff	Grade  > Cutoff	 

(%)	(tonnes)	Mo %	Cu (%)	Million lbs Mo	Million lbs Cu

0.02	220,200,000	0.040	0.036	194.2	174.8

0.04	84,400,000	0.058	0.043	107.9	80.0

0.05	50,040,000	0.068	0.046	75.0	50.8

0.08	12,420,000	0.093	0.051	25.5	14.0

0.09	4,580,000	0.103	0.051	10.4	5.2

					

					

CHU PROJECT - MEASURED PLUS INDICATED RESOURCE	

					

Mo Cutoff	Tonnes> Cutoff	Grade  > Cutoff	 

(%)	(tonnes)	Mo %	Cu (%)	Million lbs Mo	Million lbs Cu

0.02	647,330,000	0.044	0.034	628.0	485.3

0.04	313,250,000	0.060	0.037	414.4	255.6

0.05	192,950,000	0.070	0.036	297.8	153.2

0.08	45,840,000	0.098	0.039	99.1	39.4

0.09	26,990,000	0.108	0.041	64.3	24.4

Mr. Clarke says, "Our goal throughout the 2008 drill program was to improve the resource classification by establishing a Measured Resource and to move most of the Inferred Resource into the Indicated Resource category. The Preliminary Economic Assessment report ("PEA") written by Moose Mountain guided these efforts. We are excited with our success. We continue to see areas of high grade Mo throughout the potential mining area and are pleased to note that our exploration efforts have identified resources below the 650-metre pit bottom identified in Moose Mountains' PEA report. Our resource continues to grow stronger at depth. This bodes well for a long profitable mining scenario for the Company, the city of Vanderhoof and its surrounding communities. Our 2009 program, with the guidance of Moose Mountain and Giroux Consultants, will be to establish suitable near-surface, high-grade zones that will allow the Company to maximize early returns in a future mining scenario. We will concentrate in the West Pit Area where indications are good for the early recovery of high-grade Mo. We will keep our shareholders informed."

NORMAL COURSE ISSUER BID

The Company has completed the purchase of 2,500,000 shares (5% of its issued and outstanding) currently leaving 48,136,489 shares issued and outstanding. The Company has applied for a continuation of this bid and has asked for approval to purchase up to an additional 1,600,000 shares. "While we are surprised at the price shareholders are prepared to sell their shares at, we continue to believe purchase and cancellation is in the best interest of all shareholders" says Mr. Clarke

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101. The technical information provided in this press release was reviewed by Warren Robb, P.Geo. and Wes Raven P.Geo., who are both qualified persons for the purposes of NI 43-101.

© 2009 Canjex Publishing Ltd.