Canadian Shield Updates on Exploration Plans
May 20 2009 - 9:10AM
Marketwired
Canadian Shield Resources Ltd. (TSX VENTURE: EXP) ("Canadian
Shield" or the "Company") announces its exploration plans after the
successful reorganization of its share structure and conversion of
$617,715 of its debt to 3,985,261 shares subject to a long-term
lock-up & leak-out agreement. Canadian Shield now has 6,587,534
shares issued. "We have successfully transitioned Canadian Shield
from a capital-challenged company to an investment opportunity by
re-structuring debt and maintaining our quality exploration
property portfolio", said Bernard Kraft, Chairman of Canadian
Shield. The Company now plans to actively explore its existing
properties and generate new targets from its proprietary geological
database for future exploration work.
Colpayoc Gold-Copper-Silver Prophyry-Skarn Property
Canadian Shield's primary focus is to advance the exploration of
the Colpayoc Gold-Copper-Silver Porphyry-Skarn Property in Peru's
most prolific gold district. Colpayoc is located 15km southwest of
Yanacocha, the western hemisphere's largest gold mine, which
produced 1.89 million ounces of gold in 2008.
Previous work by Newcrest Mining, Granges Resources and
Balaclava Resources in the 1990s encountered economically
significant gold and copper mineralization in drill holes. The
mineralization is comprised of porphyry style stockwork and sheeted
quartz veins bearing magnetite, pyrite and chalcopyrite. The
association of mineralization with magnetite has helped delineate
excellent drill targets, which are defined by geophysical magnetic
highs covered by weakly marblized, pyritic limestone, de-calcified
calc-arenite and skarn. In addition, epithermal style
mineralization crops out to the north and peripheral to the
porphyry style mineralization. This high grade gold-silver
mineralization runs up to 10 grams per tonne gold with 912 grams
per tonne silver from rock grab samples, is hosted in limestone and
continues for 500m along a regional structure and synclinal axis as
reported in the prior press release of November 28, 2008. Canadian
Shield plans a 6-8-hole 2,500 metre drill program which it will
plans to fund through an equity financing.
La Estrella Silver-Gold-Base Metal Property
In November 2007, Canadian Shield successfully completed a
11-hole 2,018 metre Phase I drilling program at the La Estrella
Property located in Huancavelica, Central Peru. The Company
followed up with a 10-hole 1,807 metre Phase II diamond drill
program, which ended in March 2008. All but one of the 21 holes
drilled by Canadian Shield intersected significant mineralization.
Drilling to date indicates a potentially bulk-mineable, west
dipping tabular body that could host a silver resource of major
scale with gold credits as last reported in prior press release of
April 24, 2008. The Company plans to continue advancing the
property with a Phase III drill program which it plans to fund
through an equity financing or with a joint venture partner.
Project Generation
Through the acquisition of Gallant Minerals Peru Ltd. S.A.
("Gallant Peru") in September 2004, Canadian Shield owns an
extensive digital exploration database, which covers 250,000 square
km in southern Peru. Gallant Peru used Landsat color anomaly
interpretation of the world-class Pierina and Yanacocha gold
deposits to develop targeting criteria for the identification of
economic deposits. This led to the acquisition of the four Gallant
Peru exploration properties. Canadian Shield will use the database
to identify new properties within the region and enhance its
portfolio of properties. The database provides the technical
foundation for the Company to continue to generate a pipeline of
quality exploration projects in Southern Peru. Canadian Shield
plans an exploration program to generate new projects using its
database which it plans to fund by entering into a joint
venture.
For more detailed information on Colpayoc and La Estrella,
please visit the Company website where technical information and
past press releases detailing work and results relating to these
properties can be reviewed.
Phil Anderson, a "Qualified Person" as defined by National
Instrument 43-101, supervised exploration programs and approved the
technical aspects of this press release.
Investors are invited to visit the Canadian Shield IR Hub at
http://www.agoracom.com/IR/CanadianShield where they can post
questions and receive answers or review questions and answers
already posted by other investors. Alternatively, investors may
e-mail all questions and correspondence to CSP@agoracom.com where
they can sign up for the investor e-mail list to receive press
releases and updates in real time.
About Canadian Shield Resources Ltd. (TSX VENTURE: EXP)
Canadian Shield acquires and explores strategically-located
precious and base metal properties in South America. The Company
currently controls a portfolio of eight exploration properties
located in Peru and Chile. Canadian Shield will continue to focus
on project generation and joint venture opportunities to provide
shareholders with interests in a broad portfolio of South American
mineral properties. The Company's shares are listed on the TSX
Venture Exchange (Trading Symbol TSX VENTURE: EXP). Further
information is available at Canadian Shield's website:
www.canadianshieldresources.com.
To learn more visit: www.canadianshieldresources.com
STATEMENTS IN THIS PRESS RELEASE, OTHER THAN PURELY HISTORICAL
INFORMATION, INCLUDING STATEMENTS RELATING TO THE COMPANY'S FUTURE
PLANS AND OBJECTIVES OR EXPECTED RESULTS, MAY INCLUDE
FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ON
NUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS AND
UNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS
A RESULT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED
IN THE FORWARD-LOOKING STATEMENTS.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Contacts: Canadian Shield Resources Ltd. Bernard Kraft Chairman
& Interim CEO Toll Free Tel: (888) 927-0025 or (416) 927-0025
Ext. 30 (416) 927-1222 (FAX) investor@canadianshieldresources.com
Canadian Shield Resources Ltd. Phil Anderson VP Exploration Tel
(VoIP Line): (416) 907-5690 or (511) 719-6152 (511) 446-1194 (FAX)
panderson@canadianshieldresources.com
www.canadianshieldresources.com Investor Relations: AGORACOM
Investor Relations CSP@Agoracom.com
www.agoracom.com/IR/CanadianShield
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