 | | | Publié le 01 mai 2007 | Announces New Acquisition in Southeastern Peru, Vetaspata -- Advanced High Grade Gold Property |
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Re: News Releases - Tuesday, May 01, 2007
Title: Announces New Acquisition in Southeastern Peru, Vetaspata -- Advanced High Grade Gold Property
Vancouver, B.C., May 1st, 2007 - High Ridge Resources Inc. ("High Ridge") (TSX.V: HRR) today announced that it was granted an option to acquire a 100% interest in 11 mining concessions comprising the Vetaspata gold property covering approximately 42.5 square kilometres in the Puno region of southeastern Peru. The property is located approximately 850 kilometres southeast of the capital, Lima, and 160 km northeast of Juliaca.
The Vetaspata property is located in the eastern part of the Cordillera Oriental (Eastern Cordillera) of southeastern Peru. Gold mineralization on the property is confined to a stacked series of up to seven stratabound, stratiform, pyritic quartz arenite horizons, called locally "mantos", typically about 1.0 metres thick and present over an area of approximately 850 metres by 750 metres within a Paleozoic sedimentary sequence.
Work on the Vetaspata property was carried out by International Minerals Corp. (IMC) between 1998 and 2004 and included geological mapping, surface rock sampling and underground adit sampling and core drilling. The exploration program took place under the supervision of then IMC's Qualified Person, Dr. Barry Rayment. In April 2005, Ventura Gold Corp. (then joint venture partner of IMC) carried out detailed surface geological mapping, trenching and surface and underground rock panel and chip samples. In 2006, Ventura, focused on its three other projects, terminated the option agreement with IMC, which returned the property to the original owner.
The following is based upon a Technical Report prepared by W. Pratt (2004) in accordance with the requirements of NI 43-101 for Ventura Gold Corp. Of note in this report:
• The initial work in 1998 resulted in 130 rock grab and panel samples with the average value of 16.6 g/t gold.
• In late 1999, IMC completed a drill program of 19 core drill holes totaling 1,728 metres over a target area covering approximately 750 metres by 550 metres. Data from this initial drill program did not provide sufficient information for IMC to calculate an inferred mineral resource estimate.
• During 2000, 233 rock panel samples were collected from a series of adits excavated by local miners and combined with the 34 underground rock panel samples that had been collected by IMC.
• The overall, average uncut gold grade obtained for the full set of these samples is 12.8 g/t with a sample value range of 0.2 to 184.0 g/t gold.
Based on the encouraging sample and drill results to date, High Ridge believes that the high grade gold Vetaspata project deserves further investigation, exploration and development work. Both the nuggety gold and bonanza values found in the panel samples can significantly add to the overall average grade of the deposit. Vetaspata is an apparently unique stratiform deposit that appears to be laterally extensive and the structure of the property provides abundant opportunities for additional, unrecognized resources (Pratt, 2004).
Payments in consideration of the concessions
As consideration for the Vetaspata concessions, High Ridge must pay the aggregate sum of US $250,000 to the vendors. High Ridge is obligated to make the payments of cash over 4 ½ years. One time finders' fees, payable in cash and stock, are US $10,000 and 25,000 High Ridge shares respectively.
About High Ridge Resources Inc.:
High Ridge is focused on large scale exploration projects in Peru and Canada. In addition to the recent Peruvian acquisitions, that also include the gold - polymetallic Chanape and Rosicler-Domo properties and the Germania and Pacococha claims, all located in the San Mateo area east of Lima. High Ridge has three advanced exploration projects in British Columbia. These properties include the Chuchi property (Cu-Au porphyry), 30 kilometres northwest of Terrane's Mt. Milligan project; Newton Mountain (Au-Cu porphyry), 35 kilometres north of Taseko Mine's Prosperity project - formerly Fish Lake (Au-Cu porphyry); and the Silver Bay (Ag, Pb, Zn, and Cu porphyry) project, 10 kilometres south of Cominco's former Bluebell mine.
Adam Szybinski, Ph.D. (Geology), the Vice President of Exploration of High Ridge, is responsible for the contents of this news release.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Forward Looking Statements: The above contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
For investor inquiries, contact:
Gary Anderson
President & CEO
High Ridge Resources Inc.
Telephone: 604-689-9195 x222
Toll-free: 1 + 800-689-9195
corporate@highridgeresources.ca
info@highridgeresources.ca
www.highridgeresources.ca
Shelley Kirk
High Ridge Resources Inc.
604-689-9195 X223
888-689-9195 X223
info@highridgersources.ca
Tracy Weslosky and/or Fred Cowans
Managing Partners
pro-edge consultants inc.
Telephone: 416-581-0177
Toll-Free: 866-544-9622
info@pro-edge.com
www.pro-edge.com
Copyright © 2007 HIGH RIDGE RESOURCES INC. (HRR) All rights reserved. For more information visit our website at
http://www.highridgeresources.ca/
or send email to
info@highridgeresources.ca
..
Message sent on Tue May 1, 2007 at 6:49:51 AM Pacific Time
Données et statistiques pour les pays mentionnés : Canada | Tous Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous
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High River Gold est une société de production minière d'or basée au Canada. High River Gold est productrice d'or, d'argent au Burkina Faso et in Russia, en développement de projets d'or au Burkina Faso, et détient divers projets d'exploration au Burkina Faso. Ses principaux projets en production sont BURYATZOLOTO (ZUN-HOLMA), BEREZITOVY, SOMITA et IROKINDA in Russia et TAPARKO au Burkina Faso, son principal projet en développement est BOUROUM au Burkina Faso et ses principaux projets en exploration sont NOVOPHIRSOVSKOYE et PROGNOZ in Russia et BISSA GOLD au Burkina Faso. High River Gold est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 1,2 milliards CA$ (1,1 milliards US$, 882,8 millions €). La valeur de son action a atteint son plus haut niveau récent le 07 mars 2008 à 3,50 CA$, et son plus bas niveau récent le 14 novembre 2008 à 0,04 CA$. High River Gold possède 840 219 000 actions en circulation. |
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