CXO Colorado Resources Ltd

COLORADO RESOURCES LTD. (TSX VENTURE:CXO) ("Colorado" or the "Company") is
pleased to announce it has completed $500,000 of expenditure requirements under
the terms of an Exploration Agreement with Kinross Gold Corporation
(TSX:K)(NYSE:KGC), one of the world's leading senior gold producers. Based on
the results of the exploration conducted under the terms of the agreement,
Kinross has elected to opt-in as a 50 - 50 Joint Venture partner with the
Company on the Red Sky property.


The Red Sky property ("Red Sky" or the "Property") is located south of the
community of Redstone approximately 150 kilometres by road west of Williams
Lake, BC. The Property has the potential to host copper-gold porphyry style
mineralization similar to Taseko's Prosperity deposit as well as bulk tonnage
gold mineralization similar to that found on Amarc's Newton property located
approximately 30 kilometres southeast of Red Sky.


The work program funded by the Company consisted of geological mapping, till and
rock chip sampling, induced polarization and magnetometer geophysical surveying
and 628 metres of diamond drilling in four widely spaced holes. The drilling was
undertaken to test a partially open, 600 x 1,000 metre chargeability anomaly in
an area covered by glacial overburden that is up-ice from copper, zinc, gold and
silver geochemical anomaly defined by detailed till sampling.


The drilling intersected mainly andesitic volcanic rocks cut by multiple
intrusive bodies. Numerous faults with associated clay alteration, variable
sulphide accumulations, minor silicification and potassic alteration were
observed within broader zones of weak to moderate propylitic alteration. This
type of alteration pattern is typically observed on the margins of porphyry
copper systems. Analytical results were also consistent with the geochemical
signature often observed on the margins of porphyry copper systems, where the
central copper mineralization is commonly surrounded by a halo of elevated zinc
values. In particular, Hole RS11-04 returned a 101.4 m intercept grading 0.26%
zinc. A more detailed summary of the results of the 2011 exploration program can
be found on the Company's website at www.coloradoresources.com. 


Company President Adam Travis states, "I am very pleased that within one field
season we were able to use focused geochemical and geophysical techniques in an
area of extensive overburden cover to identify and initially evaluate a drill
target. We look forward to working together with Kinross in 2012 to further test
the Property with a program of geophysics and drilling." 


About Colorado

Colorado is currently engaged in the business of mineral exploration for the
purpose of acquiring and advancing mineral properties located in British
Columbia and the Yukon and is also aggressively seeking properties in Latin
America. Colorado's primary focus is on the Oro Property located in the
MacMillan Pass area of the Yukon, in which it has the option to acquire a 100%
interest.


This scientific and technical information contained in this news release has
been reviewed by Greg Dawson, P.Geo. of the Company, and a Qualified Person
("QP") as defined by National Instrument 43-101 (Standards of Disclosure for
Mineral Projects).


ON BEHALF OF THE BOARD OF DIRECTORS OF COLORADO RESOURCES LTD.

Adam Travis, President and Chief Executive Officer

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking information within the meaning of
Canadian securities laws. Such information includes, without limitation,
information regarding proposed exploration activities. Although the Company
believes that such information is reasonable, it can give no assurance that such
expectations will prove to be correct. Forward-looking information is typically
identified by words such as: believe, expect, anticipate, intend, estimate,
postulate and similar expressions, or are those, which, by their nature, refer
to future events. The Company cautions investors that any forward-looking
information provided by the Company is not a guarantee of future results or
performance, and that actual results may differ materially from those in
forward-looking information as a result of various factors, including, but not
limited to, the state of the financial markets for the Company's equity
securities, the state of the market for gold or other minerals that may be
produced generally, recent market volatility; variations in the nature, quality
and quantity of any mineral deposits that may be located, the Company's ability
to obtain any necessary permits, consents or authorizations required for its
activities, to raise the necessary capital or to be fully able to implement its
business strategies and other risks associated with the exploration and
development of mineral properties. The reader is referred to the Company's
prospectus dated September 16, 2010 for a more complete discussion of such risk
factors and their potential effects, a copy of which may be accessed through the
Company's page on SEDAR at www.sedar.com.

Colorado Resources (TSXV:CXO)
Historical Stock Chart
From Jun 2024 to Jul 2024

Colorado Resources (TSXV:CXO)
Historical Stock Chart
From Jul 2023 to Jul 2024