Southern Energy Corp press release
Armistice Resources releases Scott Wilson RPA review supporting deep drilling program at McGarry project
TSXV - TSX Venture Exchange · Natural Gas · Natural Gas Liquids · Oil · Canada
Issued and Outstanding common shares: 66,367,770
TORONTO, July 29 /CNW/ - Armistice Resources Corp. (TSX: AZ) ("Armistice") is pleased to report the results of an independent review (the "Project Review") from consultants Scott Wilson Roscoe Postle Associates Inc ("Scott Wilson RPA") confirming the exploration potential on the McGarry gold project at depth for "Kerr Addison type mineralization."
The McGarry gold project adjoins to the west of the past producing (11 million ounces at 0.25 oz/ton gold average) Kerr Addison Mine property.
The Project Review confirms that "Armistice has identified a mineralized system at a depth of 2,200 feet on the McGarry Project which is similar to that of the adjacent Kerr Addison property." Scott Wilson RPA supports Armistice's plans to commence with a $2 million drill program. The program will include:
Shallow drilling from surface to test the area west and east of the shaft from surface to the 1250 level where relatively little drilling has been done in the past.
Deep drilling from surface to test the potential for Kerr Addison type mineralization at a depth of about 5,000 feet below surface.
One 2,000 foot underground hole from the 2250 level to test below an area of numerous surface showings and shallow drilling which returned anomalous gold values.
According to Scott Wilson RPA, previous drilling between 2,250 ft and 5,000 ft was wide spread and the proposed deep drilling should also give extensive additional stratigraphic information to Armistice.
The Project Review is complementary to the positive 43-101 compliant Technical Report including the scoping study received from Python Mining Consultants Inc. (April 14, 2009 Press Release) which projects an initial capital cost for mine development of $15 Million.
The full Project Review can be viewed on SEDAR at www.sedar.com and the Armistice website at www.armistice.ca.
The qualified persons from Scott Wilson RPA who signed the Project Review are Bernard Salmon, Ing., General Manager, Quebec and Deborah McCombe, P.Geo., Executive Vice President.
The qualified person who signed the Technical Report is Erik Andersen, P.Eng., Vice President and COO of Armistice. Mr. Andersen has reviewed and approved this release.
Armistice is a Canadian exploration company that owns the McGarry Mine at Virginiatown in North-eastern Ontario located on the prolific Larder Lake-Cadillac Break which extends 200 km east-west straddling the Ontario-Quebec border, and has produced 95 million ounces of gold. The McGarry Mine consists of 33 contiguous patented mining claims including 3 licences of occupation totaling 484 hectares which adjoins the former producing Kerr Addison gold mine which produced 11 million ounces of gold.
ARMISTICE RESOURCES CORP.
"Todd J. Morgan"
Todd J. Morgan President, CEO and Chairman of the Board
CAUTIONARY STATEMENT:
This news release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Armistice, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Armistice's expectations are exploration risks detailed from time to time in the filings made by Armistice with securities regulators.