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Fox Molybdenum Project Review

February 17, 2006

Newmac Resources Inc. (TSX-V: NER; Frankfurt: N3M) is currently preparing to commence the 2006 exploration program on the Crazy Fox molybdenum project located 20 kilometres north-northwest of the village of Little Fort, BC.  Molybdenum has been explored for on the Crazy Fox property since 1938 but with recent renewed effort following the discovery of high-grade boulders in 2005 found as new logging roads were being constructed. One of these boulders, (A quartz-feldspar porphyritic rock with disseminated MoS²,) which are typically angular, and up to 50 kilograms in weight, was recently assayed and returned an analysis of 7.29% molybdenum and 1.583 grams per tonne rhenium. The current price for molybdenum, in the range of $20 to $30 US dollars per pound and for rhenium recently quoted at $US 1,050 per ounce, make the source of these boulders a compelling target.

The Crazy Fox property is located 70 kilometers south-southeast of the Boss Mountain molybdenum mine. Boss Mountain, owned by Noranda Mines was in production from 1965 to 1983 during which time it processed 6,570,000 tonnes of ore with an average grade of 0.22% molybdenum, mined by both surface and underground methods. Both the Crazy Fox property and the Boss Mountain properties are located within the Triassic-Jurassic aged Quesnel Terrane and each property is proximal to a Cretaceous age (approx.102 my) intrusive. At Boss Mountain, mineralization occurs in quartz stock work veins, larger veins and in higher-grade breccia bodies related to the Cretaceous intrusive. Molybdenum production in the western world’s economies is currently dominated by US based Phelps Dodge Corporation who operates the world’s largest primary molybdenum mine at Henderson Colorado. Henderson, which began production in 1976, produced 160 million tons of ore to 1992 (date of statistic) grading 0.24% Mo (similar to Boss Mountain) and remains in production today. British Columbia has also been a significant producer of molybdenum since 1965 with the Endako Molybdenum Mine having produced 422 million pounds of molybdenum since then. Endako had published reserves at the end of 2004 of 80.7 million tonnes grading 0.063% Mo with mining completed using open pit methods.

At the Crazy Fox property, molybdenite (MoS2), (often simply referred to as ‘moly’) has been recognized in quartz stock work veins, larger veins, in pegmatite (very coarse grained rocks) and as disseminated mineralization (in float). The moly is variably associated with tungsten minerals and fluorite.

Recent Exploration by Newmac to the east and southeast of the focus of previous exploration efforts on the property in the 1960’s to early 80’s has revealed a somewhat clustered group of newly discovered molybdenite occurrences which include localized high grade mineralization in pegmatitic sections. The pegmatitic rocks are apparently related, proximally and genetically, to dikes of fine grained, quartz- feldspar porphyry.

Four selected grab samples from local pegmatite or ‘open space filling’ in trenches 4, 5, and 6 are as follows:

A505335 from Trench 4       = 2.810% Mo

D63425 from Trench 5         = 0.761% Mo

D63421 from Trench 6         = 0.449% Mo

D63423 from Trench 6         = 0.278% Mo

Results of the November 2005 trenching program are as follows:

TRENCH #

INTERVAL (m)

LENGTH (m)

% MoS2

% Mo

OT-1

10-69

59

.060

.036

 

75-85

10

.037

.022

 

 

 

 

 

6

28-40

12

.050

.030

 

 

 

 

 

8

0-70

70

.025

.015

Includes

 

 

 

 

 

0-30

30

.035

.021

 

40-70

30

.022

.013

 

 

 

 

 

8

100-125

25

.040

.024

 

 

 

 

 

12

34-35

1

.032

.019

 

39-51

12

.018

.011

 

 

 

 

 

25

41-46

6

.094

.057

 

57-100

43

.036

.021

Assays performed by Acme Analytical Laboratories Ltd. Vancouver BC

The results show the persistence of mineralization across local widths in excess of 125m within a local area approximately 200m x 300m in extent and open to extension to the north and west towards areas of previously identified mineralization. The ability of the system to generate much higher grades when the ‘plumbing system’ is in place is illustrated by the higher grade samples associated with pegmatitic textures and open space fillings.  The results are comparable to historical results reported from the 1960’s through 1980’s elsewhere on the property.

Taken together, the molybdenite mineralization is now recognized over an area approximately 1,200m wide. Company geologists believe the modes and styles of the moly occurrences and the mineral associations may be indicative of a relatively high level within the mineralizing system.  

One of the objectives of the planned program at Crazy Fox will be to target the potentially highly mineralized contact zone and to locate favorable areas in and adjacent to, the intrusive stock where breccia bodies and related open space filling would be expected to occur. Drilling is scheduled to start in late February and will be accompanied with additional mechanical trenching. Three thousand metres (10,000 feet) of diamond drilling is anticipated to be completed in this program.

Technical content of this news release has been reviewed by W.A. Howell P.Geo., a qualified person within the definitions of national instrument 43-101.

Respectfully submitted
ON BEHALF OF THE BOARD

“David Hjerpe”

David Hjerpe
President

This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Newmac Resources Inc.’s results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks.  These forward-looking statements speak only as of the date hereof. 

THE TSX VENTURE EXCHANGE DOES NOT TAKE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

For Further Information Contact David Hjerpe, President at: (604) 461-7211,
email: info@newmacresources.com, www.newmacresources.com