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Levon announces first bulk tonnage resource from Cordero project

Published: 13:54 21 Jun 2011 BST

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Levon Resources (CVE:LVN) announced Tuesday its first bulk tonnage NI 43-101 compliant resource report from its Cordero project in the Chihuahua province of Mexico, defining multiple silver, gold, zinc, and lead deposits.

At a net smelter return (NSR) cutoff of $6/tonne, indicated resources stood at 521.6 million tonnes, containing 310.9 million ounces of silver, 908,000 ounces of gold, 5.3 billion pounds of zinc and 2.9 billion pounds of lead.

Inferred resources at the same NSR cutoff found 200.9 million tonnes, containing 139.9 million ounces of silver, 229,000 ounces of gold, 2.2 billion pounds of zinc and 1.2 billion pounds of lead.

A subset of the open pit resource, at a $15 NSR cutoff, estimated indicated resources of 170.7 million tonnes, containing 173.9 million ounces of silver, 466,000 ounces of gold, 2.7 billion pounds of zinc and 1.7 billion pounds of lead, plus inferred resources of 65.5 million tonnes containing 88.4 million ounces of silver, 94,000 million ounces of gold, 1.2 billion pounds of zinc and 700 million pounds of lead.

"Discovery of multiple bulk tonnage Ag, Au, Zn, Pb deposits that can be mined by open pits has been the exploration focus and goal of Levon, since we started 27 months ago," said director and vice president of exploration, Vic Chevillon.

"We believe this first mineral resource is leading us to a major new mining district in Mexico."

The Cordero Porphyry Belt is about 15 kilometres long and between three and five kilometres wide. Drilling at the 20,000 hectare project began in July 2009, and 70,000 metres in 168 holes have been completed to date, of which 160 were used for the estimate.

The junior gold and precious metals exploration company, whose stock on the TSX Venture Exchange has more than doubled since the end of May, and closed on Monday at $1.69, is currently conducting a 59,000 metre, four phase core drilling program, focused on exploration at the La Ceniza Porphyry zone.

Holes at La Ceniza are being drilled to depths over 1,000 metres to test a chargeability anomaly on the property, with most assay results still pending.

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