VANCOUVER, March 3 /PRNewswire/ - Guyana Frontier Mining
Corp. ("Guyana Frontier", formerly
Shoreham Resources Ltd.) is pleased to provide an update on its
current exploration programs in Guyana, South
America. Guyana Frontier has been active with camp
development and diamond drilling at the Sardine Hill Gold Project,
airborne geophysics covering five major property areas, and the
interpretation of analytical results from the extensive geochemical
sampling program in the Aunama and Arawini project areas.
Sardine Hill Diamond Drilling Program
Since October
2010, Guyana Frontier has completed road improvements,
installation of a fully-supported camp with core logging and
sampling facilities, surface mapping and diamond drilling at the
Sardine Hill Gold Project, located in northern Guyana approximately 90 kilometres from the
capital city of Georgetown. As of the end of February, 2011,
a total of 1,516 metres of diamond drilling in 8 holes has been
completed. Logging and sampling of the drill core is ongoing, and
assay results will be released after their receipt, compilation and
interpretation. A minimum of 3,000 metres of drilling is
planned to depths of 100 to 200 metres to test the saprolite and
historical shallow bedrock mineralized zones in the northwest
sector of the property. Guyana Frontier expects to complete this
drill program in April, 2011.
Guyana Frontier has the right to earn a 100%
interest in Sardine Hill from a private Guyanese corporation.
Pursuant to an option agreement between Guyana Frontier and
Mulgravian Ventures Corp. ("Mulgravian"), Mulgravian can earn a 51%
interest in the property from Guyana Frontier, with Guyana Frontier acting
as operator of the Sardine Hill work programs.
Geochemical Sampling Programs
Approximately 7,000 soil samples were taken from
September to December, 2010 in the Aunama and Arawini project
areas, which form part of Guyana
Frontier's Guiana Shield project properties.. Aunama consists of
three prospecting licences covering a total area of 14,535 hectares
(35,917 acres) and Arawini consists of five prospecting licences
covering a total area of 24,125 hectares (59,613 acres). The Aunama
and Arawini projects cover extensive and highly-prospective land
positions northwest of Guyana Goldfields' Aurora project and are
contiguous on both the east and west sides of Riva Gold Corp.'s
Noseno property.
Approximately half of the analytical results
have been received by Guyana Frontier to date. Compilation and
interpretation of the results is ongoing.
Guyana Frontier holds an option to earn a 100
percent interest in the Guiana Shield Resources property portfolio,
which consists of 5 project areas totalling approximately 211,953
acres (85,776 hectares). Pursuant to an option agreement between
Guyana Frontier and Mulgravian, Mulgravian can earn a 51% interest
in the Guiana Shield Resources property portfolio from Guyana
Frontier.
Regional Airborne Geophysical Surveys
An airborne magnetic, VLF (very low frequency)
and radiometric survey by Terraquest Ltd. has been completed on the
Sardine Hill, Otomung, Aunama, Arawini, Black Banana, Whana, Five
Star and Potaro properties. A total of 11,420 line
kilometres were flown from November 4,
2010 to March 1, 2011. The
preliminary results have been received for all of these areas, and
Guyana Frontier's technical team is working to integrate the data
sets with other geochemical and geological data in support of drill
target development.
The technical work disclosed in this document
was planned and supervised by the President and CEO of Guyana
Frontier, David Bending, M.Sc.,
P.Geo., who is a Qualified Person as defined in National Instrument
43-101, and is responsible for all technical information contained
in this news release.
Neither the 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.
FORWARD LOOKING STATEMENTS
This release contains "forward-looking
statements" within the meaning of applicable Canadian securities
legislation. Forward-looking statements are based on a number
of material factors and assumptions, including, the result of
drilling and exploration activities, that contracted parties
provide goods and/or services on the agreed timeframes, that
equipment necessary for exploration is available as scheduled and
does not incur unforeseen break downs, that no labour shortages or
delays are incurred, that plant and equipment function as
specified, that no unusual geological or technical problems occur,
and that laboratory and other related services are available and
perform as contracted. Forward-looking statements involve
known and unknown risks, future events, conditions, uncertainties
and other factors which may cause the actual results, performance
or achievements to be materially different from any future results,
prediction, projection, forecast, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include, among others, the interpretation and actual
results of current exploration activities; changes in project
parameters as plans continue to be refined; future prices of
minerals; possible variations in grade or recovery rates; failure
of equipment or processes to operate as anticipated; the failure of
contracted parties to perform; labour disputes and other risks of
the mining industry; delays in obtaining governmental approvals or
financing or in the completion of exploration, as well as those
factors disclosed in the company's publicly filed documents.
Although Guyana Frontier has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. There
can be no assurance that forward-looking statements will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements.
SOURCE Guyana Frontier Mining Corp.