TSX Venture
Exchange - "TM"
Frankfurt
Exchange - "TUY"
OTC
Bulletin Board - "TUMIF"
VANCOUVER, Nov. 16 /PRNewswire-FirstCall/ - Tumi Resources (TSXv - TM;
OTCBB - TUMIF; Frankfurt - TUY). David Henstridge, President, is pleased to
announce that an independent report for its Cinco Minas property in Mexico has
determined indicated and inferred silver and gold resources as follows:
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Ag Avg. Avg.
Cut-off Tonnes Grade Grade Ounces Ag Ounces Au
Category (g/t) (millions) Ag (g/t) Au (g/t) (millions) (thousands)
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Indicated 30 2.27 171.9 1.22 12.5 89.1
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Inferred 30 0.4 137.9 1.07 1.8 13.8
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The Author of the Report, Mr. John Nebocat, P.Eng., is an independant
qualified person pursuant to National Instrument 43-101 and the consulting
geologist for Tumi. The information disclosed in this press release is
extracted from the Report dated October 29, 2004, whereby Mr. Nebocat has
updated the resource estimate following the completion of the drilling program
proposed by Behre Dolbear (See press releases dated June 9, 2004).
The classical "method of sections" technique was used and the salient
parameters used in deriving the resource estimate were as follows:
- A 30 g/t Ag, stand-alone cut-off was used; gold was not converted to
a silver-equivalent grade. Management has determined that at this
time no additional meaningful information would be derived from
calculating the resource utilizing a range of silver cut-off grades.
- Polygonal resource blocks were extrapolated midway between adjacent
sections but not exceeding 25 metres from the section.
- Polygonal resource blocks that extend outside the mineralized envelope
were extrapolated midway between the section contained within the
mineralized envelope and the nearest section outside the mineralized
envelope, again not exceeding 25 metres from the section.
- Where applicable, polygonal resource blocks within a section were
extrapolated to a line that forms a symmetrical angular, or parallel,
bisector between adjacent non-parallel or parallel drill holes,
respectively.
- An indicated resource block is defined as one not exceeding 25 metres
from either side of the mineralized intercept(s) along the section
line and not exceeding 25 metres perpendicularly from either side of
the section line.
- An inferred resource block is defined as one that occurs between
25 metres from, but not exceeding 50 metres from, a mineralized drill
intercept. The inferred resource will be contiguous with an Indicated
Resource block and will not exceed 25 metres perpendicularly from
either side of the section line.
- If a defined, or interpreted, structure offsets projected mineralized
blocks between adjacent drill holes in a section, the polygons are
ended at the structural break instead of the angular or parallel
bisector.
- If the maximum distance between adjacent mineralized drill holes in a
section did not exceed 55 metres, then the extra 5 metres was included
in the indicated resource category.
- A density of 2.6 grams/cubic centimetre was used for calculating the
tonnages of the mineralized, in situ vein/rock matter.
- A density of 2.2 grams/cubic centimetre was used for calculating the
tonnage of the mineralized backfill.
- Forty-three drill holes, totaling 3,637.5 metres, and twelve
underground workings, totaling 115.05 metres, and a total of
835 samples, averaging 2 metres in width, were used in the resource
estimate.
The resource estimate contained in this independent report derives from
the study of data from three drilling campaigns undertaken by Tumi between
March 2003 and July 2004. The first phase program consisted of a total of
1,941 metres drilled, which included 1,688 metres of reverse circulation (RC)
and 253 metres of diamond drilling (DD). 450 drill core and chip samples, 37
check standards and 42 duplicates check samples, were analyzed. The second
phase of the drilling campaign included 14 RC holes totaling 1,411 metres, 213
drill chip samples were analyzed, including 14 check samples and 20 check
standards. The third and last drill program to date totaled 1,604.8 metres
using redrilling and from the 22 drill holes completed in this drill program,
404 drill chip samples, 43 standards and 99 check samples, were analyzed.
All the samples are sent to GM LACME Laboratories in Guadalajara for
preparation and sent to IPL (International Plasma Laboratories) in Vancouver
for Au and Ag analysis by fire assay-atomic absorption method. Sample results
greater than 1 g/t gold and silver values greater than 100 g/t were check
assayed. During the first drill program two analytical sample standards, a
gold standard and a silver standard, were introduced in the sample shipment
sequence as roughly every tenth sample as well as duplicate check samples for
each hole on average. For the second drill program approximately one duplicate
check sample per drill hole was introduced in the sample shipment, and for the
third drill programs there were a few more check samples introduced.
The historic El Abra mine area lies within a granted mining lease under
the laws of Mexico and, at this time, Tumi does not anticipate that the area
surrounding Cinco Minas will be materially affected by any known
environmental, permitting, legal, title, taxation, socio-political, marketing
or other relevant issues.
Through an agreement with Minera San Jorge S.A. de C.V., Tumi is earning
a 60% interest and has the right to purchase the remaining 40% interest in the
Cinco Minas tenements.
Tumi Resources Limited, incorporated in British Columbia, Canada, trades
on the TSX Venture Exchange under the symbol "TM" (TM.v for quotes through
yahoo.com), on the Frankfurt Exchange under symbol "TUY" and on the OTCBB
under symbol "TUMIF". The Company recognizes the importance of branding its
name in the investment community and has an active public relations and market
awareness program focused on North America and Europe. To accommodate the
European financial markets, its website http://www.tumiresources.com has been
translated into German. The Company's directors are experienced in the
resource sector and are focused on enhancing shareholder value by building a
large portfolio of silver-based assets. Management aims to identify
exploration projects of high merit and quickly complete confirmation
exploration enabling Tumi to confirm the potential of a project and reach
advanced project status by the most cost effective and shortest time possible.
On behalf of the Board Investor information contact:
Mariana Bermudez at 604-699-0202
or email: mbermudez@chasemgt.com
website: http://www.tumiresources.com
"David Henstridge"
--------------------------
David Henstridge, President & CEO
Forward Looking Statements
--------------------------
This Company Press Release contains certain "forward-looking" statements
and information relating to the Company that are based on the beliefs of the
Company's management as well as assumptions made by and information currently
available to the Company's management. Such statements reflect the current
risks, uncertainties and assumptions related to certain factors including,
without limitations, competitive factors, general economic conditions,
customer relations, relationships with vendors and strategic partners, the
interest rate environment, governmental regulation and supervision,
seasonality, technological change, changes in industry practices, and one-time
events. Should any one or more of these risks or uncertainties materialize, or
should any underlying assumptions prove incorrect, actual results may vary
materially from those described herein.
The TSX Venture Exchange and the Frankfurt Deutsche Borse have not
reviewed and do not accept responsibility for the adequacy or the
accuracy of this release.
SOURCE Tumi Resources Limited
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CONTACT:
Investor information contact, Mariana
Bermudez at (604) 699-0202 or email: mbermudez@chasemgt.com;
website: http://www.tumiresources.com
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