TORONTO, ONTARIO--(Marketwire - March 12, 2010) - BE Resources Inc. (TSX VENTURE:BER) ("BE" or the "Company") is pleased to provide a corporate update of project developments at its 100% owned Warm Springs Beryllium Property in New Mexico, U.S.A.
BE is currently in the final stage of the process of obtaining drill permitting for its Warm Springs project. The initial phase of drilling will consist of a 5 hole program (1,500 metres) designed to confirm the outer dimensions of the beryllium bearing zone and determine the extent and size of beryllium mineralization. This initial Phase I program is expected to be followed by a 20 hole program to begin tonnage delineation of beryllium mineralization and establish an initial NI 43-101 resource calculation. Drilling at the Warm Springs is subject to the issuance of an exploration permit.
"Historical exploration results at the Warm Springs project point to substantial ore thickness," said Mr. David Tognoni, President & CEO of BE Resources. "We are excited to be advancing this project toward delineation drilling based on encouraging Landsat, ground geophysics and positive historical exploration activities. We hope the proposed drill program will give BE the foundation to rapidly establish a NI 43-101 compliant resource."
BE has submitted a Subpart 4 Application for a Non-Minimal Impact Exploration Permit to the Mining and Minerals Division (MMD) in New Mexico to drill 5 exploratory boreholes for bertrandite at the Sullivan Ranch (Warm Springs) site. BE held a public hearing, as required by the permitting process, in December 2009. The New Mexico Office of the State Engineer has approved BE's permit to drill and BE's plan to plug and abandon the boreholes; and the MMD has deemed the Subpart 4 application administratively and technically complete. Currently, BE is awaiting approval of the permit by the MMD.
David Tognoni, PE Geological, BE's President & CEO, is the Qualified Person as defined under National Instrument 43-101 and is responsible for the scientific and technical information discussed and has reviewed this press release.
About Beryllium
Beryllium is a lightweight, high value metal possessing unique mechanical and thermal properties. According to the U.S. Geological Society, the global beryllium market is estimated at $2 billion+ annually. World beryllium consumption has grown 90% since 2005 and has a very large unrealized potential for growth. Beryllium is 1/3 lighter than aluminum, 6 times stronger than steel, has a very high melting point of 2349 degrees F or 1287 degrees C and is an excellent conductor of electricity. Commercial uses of beryllium include aircraft and military weapons and mass market consumer electronics such as cell phones, ipods and HD televisions.
The U.S. Govt. has classified beryllium as a 'Strategic and Critical' metal as it is used in many domestic military and commercial high performance applications. There is a U.S. government recommendation to ensure long-life domestic supplies and development of domestic processing facilities for beryllium.
About BE Resources Inc.
BE Resources Inc. is a junior mineral exploration company focused on advancing the exploration and development of its Warm Springs beryllium project in New Mexico. In October 2009 BE completed an initial public offering on the Toronto Venture Exchange, raising a total of C$1,725,000 and currently has 32,945,000 outstanding shares. For more information please visit the BE's website at www.be-res.com.
Cautionary Statements
Certain statements contained in this news release may contain forward-looking information within the meaning of United States and Canadian securities laws. Such forward-looking information is identified by words such as "estimates", "intends", "expects", "believes","may", "will" and include, without limitation, statements regarding the Company's plan of business operations (including plans for progressing assets), and expectations of being able to establish NI 43-101 compliant mineral resources and projections regarding mineralization. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral resource estimates, equipment and supply risks, title disputes, regulatory risks and environmental concerns and other factors identified in regulatory filings, including the Company's initial public offering prospectus. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
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.