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Cartier grows gold resources to 2Moz at Mine Chimo

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(Kitco News) - Today, Cartier Resources (TSX-V: ECR) announced the results of its third mineral resource estimate for the Mine Chimo property, located 45 km east of Val-d'Or, Quebec.

The company said that the new resource estimate consists of 6,616,000 tonnes at an average grade of 3.21 g/t Au for a total of 684,000 ounces of gold in the Indicated category, and 15,240,000 tonnes at an average grade of 2.77 g/t Au for a total of 1,358,000 ounces of gold in the Inferred category. The majority of resources are located near existing underground openings.

Cartier noted that the potential to increase resources below and peripheral to the areas in the eastern sector of the property is significant. In addition, the potential to increase resources below and peripheral to all of the gold zones on the property remains open.

"These significant resources of the Chimo Mine property will be accessible via the restoration of existing underground infrastructure located within trucking distance to several mills. The Val-d'Or area infrastructures and its qualified work force constitute a considerable advantage for the rapid start of this mining project. Finally, the historic metallurgical and mining experience of the project will facilitate designs," commented President and CEO Philippe Cloutier.

Cartier holds a 100% interest in the Chimo Mine for which a 1% NSR has been granted to IAMGOLD. The property, accessible year-round, is located near 6 ore processing mills in the Val-d'Or area. Fourteen gold zones were exploited by three producers between 1964 and 1997 for a production of 376,217 ounces of gold.
The mining infrastructure consists of a network of drifts over 7 km, distributed over 19 levels and connected by a 5.5 m x 1.8 m three-compartment shaft for a depth of 914 m. The headframe and surface installations were dismantled in 2008, but the 25 kV power line and sandpit are still in place.

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