Fronteer Development Group Inc.: Ongoing Drill Results Strengthen Significance of Halilaga Copper-Gold Porphyry
November 23 2007 - 10:30AM
Marketwired
VANCOUVER, BRITISH COLUMBIA (AMEX: FRG) ("Fronteer" or
"Company") is pleased to announce that new drilling at its 40%
owned Halilaga porphyry copper-gold deposit in northwestern Turkey
continues to strengthen the economic potential of this significant
discovery.
Results from drill hole HD-16 returned:
- 0.35% copper and 0.48 grams per tonne gold over 116.9 metres,
including 0.54% copper and 0.72 grams per tonne gold over 30.8
metres (see table below for complete drill results).
HD-16 is the last hole from this year's Halilaga exploration
program, which consisted of 6,346 metres of drilling. Twelve drill
holes have defined an area called the Central Zone, measuring at
least 1,000 metres in length and up to 400 metres in width, with
average mineralized intervals of greater than 200 metres in
thickness (see Fronteer press release 07-40).
The Central Zone is open to the north, south and east. The zone
is one of several targets on the Halilaga property which have
similar geochemical and geophysical signatures as the Central
Zone.
"Halilaga has many of the hallmarks of a world-class porphyry
deposit in terms of size, grade and continuity," says Fronteer
President and CEO Mark O'Dea. "Ongoing drill results continue to
build on the economic significance of this copper-gold
property."
HD-16 drill results:
-------------------------------------------------------------------
Hole From To Interval(i) Au Cu
No. Zone (m) (m) (m) (g/t) %
-------------------------------------------------------------------
HD-16 Kestane 0.0 314.2 314.2 0.29 0.24
-------------------------------------------------------------------
Including 0.0 190.2 190.2 0.38 0.29
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Including 54.9 171.8 116.9 0.48 0.35
-------------------------------------------------------------------
Including 54.9 133.6 78.7 0.55 0.40
-------------------------------------------------------------------
Including 54.9 85.7 30.8 0.72 0.54
-------------------------------------------------------------------
(i) Note: The true width of the mineralized zones is estimated to be
approximately 90% of those stated.
For a map showing the distribution of drill holes at Halilaga,
please use the following link:
www.fronteergroup.com/i/IR/HalilagaHD16.jpg
Halilaga is located along the same 30-km-long mineral belt as
Agi Dagi and Kirazli, anchor assets in Fronteer's copper-gold
portfolio in northwestern Turkey. Teck Cominco Limited's Turkish
subsidiary ("TCAM") recently earned-back a 60% interest in
Halilaga, Agi Dagi and Kirazli (see Press Release 07-43). TCAM may
elect to earn an additional 10% interest in Halilaga by completing
a feasibility study within the next four years. If a production
decision is made, TCAM will use its best efforts to arrange project
debt financing for at least 60% of the capital costs and offer to
loan Fronteer the remaining equity component of project financing
at commercial lending rates.
Assay results have been prepared under the guidance of Ian
Cunningham-Dunlop, P. Eng, Vice President, Exploration, who is
designated as a Qualified Person with the ability and authority to
verify the authenticity of and validity of this data. All samples
were analyzed by ALS Chemex, North Vancouver, BC. The orientation
of mineralized zones is interpreted to be near horizontal and true
widths are approximately 90 percent of those stated.
LIQUIDITY
Fronteer is not invested in any short term commercial paper or
asset-backed securities. The Company has approximately C$98.5
million in cash that is fully liquid and held with a large
commercial bank.
ABOUT FRONTEER
Fronteer is an exploration and development company with a track
record of making big discoveries. Fronteer has a 40% interest in
three world-class gold and copper-gold projects in Turkey, an
extensive portfolio of advanced stage gold projects in Nevada, and
a 46.7% interest in Aurora Energy Resources Inc. (TSX: AXU), a
leading Canadian uranium company.
Except for the statements of historical fact contained herein,
certain information presented constitutes "forward-looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements, including but not limited to, those with respect to
potential expansion of mineralization, future plans for resource
estimation and exploration involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievement of Fronteer to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. Such factors include,
among others, risks related to international operations, the actual
results of current exploration activities, conclusions of economic
evaluations, uncertainty in the estimation of ore reserves and
mineral resources, changes in project parameters as plans continue
to be refined, future prices of gold and copper, economic and
political stability in Turkey, environmental risks and hazards,
increased infrastructure and/or operating costs, labor and
employment matters, and government regulation as well as those
factors discussed in the section entitled "Risk Factors" in
Fronteer's Annual Information form and Fronteer's latest Form 40-F
on file with the United States Securities and Exchange Commission
in Washington, D.C. Although Fronteer has attempted to identify
important factors that could cause actual results to differ
materially, there may be other factors that cause results not to be
as anticipated, estimated or intended. There can be no assurance
that such statements will prove to be accurate as actual results
and future events could differ materially from those anticipated in
such statements. Fronteer disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. Accordingly,
readers should not place undue reliance on forward-looking
statements.
Contacts: Fronteer Development Group Inc. Dr. Mark O'Dea
President and CEO (604) 632-4677 or Toll Free 1-877-632-4677
Fronteer Development Group Inc. Glen Edwards Media Relations (604)
632-4677 or Toll Free 1-877-632-4677 Email: info@fronteergroup.com
Website: www.fronteergroup.com
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