West Kirkland Updates Prefeasibility Study

VANCOUVER, BC - West Kirkland Mining Inc. reported an update to its prefeasibility study information for a revised project model that optimizes and reduces peak funding for the Hasbrouck Project. The Hasbrouck Project is planned to be built in phases with Three Hills, a run-of-mine open pit heap leach, to be mined first, followed by the larger Hasbrouck crushed heap leach mine. The revised scenario delays construction of the Hasbrouck mine from the prefeasibility base case, allowing more time for gold to come off the Three Hills heap leach and generate cash flow to be used for the construction of Hasbrouck. By doing so, the overall total funding for the project is reduced from US $89 million to US $54 million.

Processing is planned at an average 6.1 million ore tons per year for 71,000 ounces annual gold production for eight years. In the revised scenario, delaying the Hasbrouck construction by four months eliminates the need for an additional $35 million to construct the Hasbrouck pit and infrastructure, while only slightly reducing after-tax IRR from 26% to 24% and NPV from $75 million to $71 million.

R. Michael Jones, P.Eng. and co-founder of West Kirkland said, "The opportunity to reduce total funding by allowing the first pit to pay for the second larger mine area makes sense in the current adverse market conditions. The next important milestone is a permit decision on the first pit and recovery facilities at Three Hills under an Environmental Assessment review process conducted by the Bureau of Land Management."

Located near Tonopah, Nevada, the Hasbrouck Project consists of two oxidized gold deposits eight kilometers apart, Three Hills and Hasbrouck. West Kirkland has a 75% controlling interest in the project. The Company has been informed that a portfolio company of Waterton Precious Metals Fund II Cayman, LP has bought the 25% interest in the Hasbrouck Project and other exploration assets from Allied Nevada for US $17.5 million.