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CRANBROOK, BRITISH COLUMBIA - Dec. 18,
2007 - Chapleau Resources Ltd. (TSX VENTURE:CHI)
has commenced the 1,500
m, 7 hole drill program on the La Yegua
porphyry copper (+/- gold and molybdenum) project in southern Peru (see map
on website www.chapleauresources.com for location of drill holes). La Yegua
consists of 4,100 ha
of claims located only 20
km northeast of the Los Chancas
porphyry copper deposit with a reported 4.4 billion pounds of copper and 771,600 oz of gold
(200 million tonnes @ 1 % Cu, 0.12 g/t Au and 0.08 % Mo). Los Chancas which is owned by Southern Copper Corporation
is currently nearing completion of the pre-feasibilty
study.
Chapleau has recently completed a ground magnetic
survey (64 line-km) over the main anomalous copper zone, with outcropping
porphyry rocks and a geophysical anomaly of approximately 800 m x 400 m has been identified
(see map on website www.chapleauresources.com for ground magnetic survey). This
geophysical anomaly is semi co-incident in the west with intense stockworking veining and alteration (secondary biotite, silicification and sericite) characteristic of porphyry copper systems
which are known to host multi billion pounds of copper both in Peru and Chile.
Chapleau signed a Letter of Intent with Bear
Creek Mining Corporation in February 2007, regarding an option to acquire
up to a 75% interest in the La
Yegua porphyry copper (+/- gold
and molybdenum) project over a 4 year period.
No previous drilling has been undertaken by Bear Creek on the La Yegua
property and initial rock sampling by them returned highly anomalous copper
(200 ppm to 1.2 % Cu), and molybdenum (100 to 424
ppm Mo) in the main zone together with gold (0.3
to 5.32 g/t Au) on the peripheral part of the copper anomaly. La Yegua
has the potential for bulk-tonnage, disseminated copper (+/-gold and
molybdenum) mineralization with excellent location, good infrastructure and
only 250 km
from the Pacific coast.
The Board of Directors of Chapleau Resources is
pleased to announce that Mr. Ian Gendall, with an
M.Sc in Exploration Geology, accepted an
appointment to the Presidency of the Company and to the Board of Directors.
Mr. Gendall will replace Mr. Eric Wiltzen as President effective of this date. Mr. Wiltzen will remain as Chief Financial Officer and a member
of the Board of Directors.
The Company has granted Mr. Gendall an incentive
option to purchase an additional 1,000,000 shares in the capital stock at a
price of $0.42 exercisable until December 18, 2017. The options are issued
pursuant to the Company's option plan and are subject to the approval of
the TSX Venture Exchange.
This press release was prepared by Ian Gendall,
Pr. Sci. Nat., a qualified person in compliance
with National Instrument 43-101.
For technical information regarding this press release, kindly contact Ian Gendall at 604 669 8511.
This press release is available on the Chapleau
Resources IR HUB for investor commentary, feedback and questions. Investors
are asked to visit http://www.agoracom.com/IR/Chapleau.
BY ORDER OF THE BOARD OF DIRECTORS
Signed:
CHAPLEAU RESOURCES LTD.
Jim Stypula, Chief Executive Officer
This news release may contain forward-looking statements including but
not limited to comments regarding the timing and content of upcoming work
programs, geological interpretations, receipt of property titles, potential
mineral recovery processes, etc. Forward-looking statements address future
events and conditions and therefore, involve inherent risks and
uncertainties. Actual results may differ materially from those currently
anticipated in such statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contact:
Ian Gendall
Chapleau Resources Ltd.
(604) 669-8511
Website: http://www.chapleauresources.com
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