Lateegra Gold Corp.: Drilling Underway at DeSantis
24 Juin 2010 - 3:30PM
Marketwired
Lateegra Gold Corp. (the "Company") (TSX VENTURE: LRG)(FRANKFURT:
LTGB) is pleased to announce that drilling is now underway on the
recently acquired DeSantis Mine project in the West Timmins area,
Ontario. The originally scheduled drilling was postponed several
weeks due to extremely dry conditions and forest fire hazard in the
area. The Company is proceeding with its planned initial 10,000
meter diamond drill program and it is anticipated that drilling
will continue throughout the summer and into the fall of 2010.
The DeSantis mine lies immediately north of the famous Destor
Porcupine and hosts at least 5 known gold bearing zones including:
the Contact Zone; Hydrothermal Zone; Albitite Zone, Arsenopyrite
Zone; and East Pit area. Subsequent to surface and underground
exploration in the 1980's, previous operators, Noranda Exploration
and Stan West Mining Corp., reported reserve estimates for two of
the mineralized zones (the Hydrothermal and Albitite zones). The
reserve estimate for the Albitite Zone (between the 715' to 1,175'
levels), as calculated by Stan West and classified as "probable"
stood at 72,212 tons with an averaged grade of 0.229 oz Au per ton
(Derry, Michener, Booth & Wahl, 1988). In 1989, Stan West (van
Hees, E. H., 1989) calculated a reserve estimate for the
Hydrothermal Zone of 129,000 tons with a cut grade 0.265 oz Au per
ton (cut to 1 ounce), or 334,308 tons grading 0.19 opt (cut to 3.50
ounces).
The above reserve estimates are historic in nature and do not
have currently demonstrated economic viability. Although the
reserve estimates are relevant, a qualified person has not done
sufficient work to classify the historical estimates as current
mineral resources or mineral reserves. The Company is not treating
the historical estimates as current mineral resources or mineral
reserves and therefore the historical estimates should not be
relied upon.
The Company has been compiling data from the greater than 300
historic drill holes, along with shafts and drift development down
to the 1175 foot level, into a 3D model now viewable on the Company
website, www.lateegra.com. The first series of drill holes are
designed to help interpret and confirm the historical drilling
(drilling conducted over 25 years ago) on the Albitite Zone.
Drilling commenced last week and the initial hole is on target
at this time, progressing below the deepest mine workings of the
1175 foot level. Initial core inspection confirms local geology
being typical of the other mines nearby.
The exploration program is being led by Professional Geologist
Robert Duess, Senior Technical Adviser and consultant to the
Company. Bob has extensive experience in the Timmins Gold Camp
extending back to the discovery of the Golden River Deformation
Zone for Band-Ore Resources in 1996. Bob, former Vice President of
exploration for Band-Ore Resources, more recently held the role of
senior technical consultant to West Timmins Mining Inc. which
amalgamated with Lake Shore Gold Ltd. in a deal valued at
$424-million during November, 2009.
President and CEO, Christopher Verrico, states: "Having Bob lead
our exploration team provides us with decades of experience in the
prolific Timmins gold belt and couldn't come at a better time for
the shareholders of the company. Mr. Duess has successfully guided
millions of dollars worth of exploration programs in the camp that
preceded several successful public company mergers. An experienced
management team, an advanced mining project with a world class
address and a well financed exploration budget are all
prerequisites for success in this prolific gold camp."
The technical information in this news release has been prepared
in accordance with the Canadian regulatory requirements set out in
National Instrument 43-101 and reviewed on behalf of the Company by
Robert Duess, P.Geo., a qualified person.
ON BEHALF OF THE BOARD OF DIRECTORS
Christopher Verrico, President and CEO
Cautionary note: This report contains forward looking
statements, particularly those regarding cash flow, capital
expenditures and investment plans. Resource estimates, unless
specifically noted, are considered speculative. The company has not
filed a National Instrument 43-101 report on any property, but will
do so as soon as the information is available. Any and all other
resource or reserve estimates are historical in nature, and should
not be relied upon. By their nature, forward looking statements
involve risk and uncertainties because they relate to events and
depend on factors that will or may occur in the future. Actual
results may vary depending upon exploration activities, industry
production, commodity demand and pricing, currency exchange rates,
and, but not limited to, general economic factors.
Cautionary Note to US investors: The U.S. Securities and
Exchange Commission specifically prohibits the use of certain
terms, such as "reserves" unless such figures are based upon actual
production or formation tests and can be shown to be economically
and legally producible under existing economic and operating
conditions.
Neither 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.
Contacts: Lateegra Gold Corp. Christopher Verrico President and
CEO 604-669-9330 or Toll Free: 1-866-669-9377 604-669-9335 (FAX)
info@lateegra.com www.lateegra.com
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