Bridgeport Acquires Soesmi Copper-Gold Property in Chile
January 08 2010 - 9:00AM
Marketwired
Bridgeport Ventures Inc. (TSX VENTURE: BPV) ("Bridgeport") is
pleased to announce that it has concluded an agreement to acquire a
100% interest of the Soesmi property through its Rio Condor
subsidiary.
The 156 hectare property is located in Region 111 of Chile, near
the mining centre of Copiapo. It is adjacent and to the west of
Bridgeport's Rosario and Tamara properties and is located in a
similar geological environment. Copper oxide ores have been mined
on the Soesmi property. Exploration conducted in 2008 for an
extension of the copper-oxide mineralization encountered sulphide
mineralization in a diamond drill hole grading of 4% copper over 13
metres commencing at a depth of 40 meters.
Hugh Snyder, Chairman of Bridgeport, stated, "Mineralization on
the Soesmi property confirms westward extension of copper
mineralization from Rosario, and represents an important step
towards increasing the company's land position in the Copiapo
region."
Under the terms of the agreement with the property owners,
Bridgeport will pay 1 million U.S. dollars over four years to
acquire a 100% interest in the Soesmi Property, of which 75,000
U.S. dollars was paid on closing. The Soesmi property is subject to
a 2% net smelter royalty fee. The royalty may be purchased for 1
million U.S. dollars. Exploration on the Soesmi property will
commence later this month.
About Bridgeport Ventures
Bridgeport Ventures (TSX VENTURE: BPV) is a Canadian mineral
exploration company with operations in Latin America. Its strong
technical team with local experience has a solid record of
discovery and a proven history of mining success. Additional
information on Bridgeport Ventures can be found at:
www.bridgeportventures.net.
Potential quantity and grade are conceptual in nature. To date,
there has been insufficient exploration drilling to define a
mineral resource on the properties referenced above, and it is
uncertain if further exploration drilling will result in a mineral
resource being defined in this area.
Certain information set forth in this news release may contain
forward-looking statements that involve substantial known and
unknown risks and uncertainties. These forward-looking statements
are subject to numerous risks and uncertainties, certain of which
are beyond the control of Bridgeport, including, but not limited
to, the impact of general economic conditions, industry conditions,
volatility of commodity prices, risks associated with the
uncertainty of exploration results and estimates, currency
fluctuations, dependence upon regulatory approvals, the uncertainty
of obtaining additional financing and exploration risk. Readers are
cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Bridgeport Ventures Hugh Snyder Chairman (416)
350-2356 investorrelations@bridgeportventures.net
www.bridgeportventures.net
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