Orestone Options Gold Property from Kootenay Silver
January 20 2014 - 9:00AM
Marketwired
Orestone Options Gold Property from Kootenay Silver
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 20, 2014) -
Orestone Mining Corp. (TSX-VENTURE:ORS) ("the Company") is pleased
to announce that it has signed a five year option agreement ("the
Agreement") with Kootenay Silver Inc. (TSX-VENTURE:KTN) to earn a
60-per-cent interest in the 700 hectare Estrella de Oro gold
exploration property located in Sonora State, Mexico approximately
200 kilometers southeast of the city of Hermosillo.
Mapping and sampling by Kootenay Silver has outlined an
intrusive hosted gold vein stockwork system in numerous dry placer
pits over an area measuring 500 meters by 1000 meters. A total of
391 selected grab quartz vein samples were taken from placer pits
with 277 samples grading greater than 500 ppb gold and 160 samples
greater than 1000 ppb gold with values up to 260 grams per tonne
gold. Exposed bedrock in pits on the southern portion of the zone
indicate a flay lying sheeted stockwork vein system.
Terms of the Agreement are as follows: (i) issue 200,000 shares
upon regulatory approval; (ii) cash payments in the amount of
US$150,000 as follows: US$25,000 on or before the second
anniversary; US$50,000 on or before the third anniversary; and
US$75,000 on or before the fourth anniversary; and (iii) cumulative
exploration expenditures of US$2,000,000 as follows: US$50,000 on
or before the second anniversary; US$250,000 on or before the third
anniversary; US$350,000 on or before the fourth anniversary; and
US$1,350,000 on or before the fifth anniversary.
The Company believes there is potential on the Estrella de Oro
project to outline an oxidized, bulk tonnage stockwork gold system
in a region of good infrastructure for project development.
A detailed soil geochemical survey followed by backhoe trenching
is planned as a first phase to test the system.
Further information will be released as available.
Orestone Mining Corp. is a Canadian based company that controls
a portfolio of gold and gold-copper exploration projects in British
Columbia, Canada and Sonora, Mexico. For more information please
visit: www.orestone.ca
ON BEHALF OF ORESTONE MINING CORP.
David Hottman, President and CEO
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 News Release. This news release has been prepared
by management and no regulatory authority has approved or
disapproved the information contained herein.
David Hottman, President &
CEO604-629-1929info@orestone.cawww.orestone.ca
Orestone Mining (TSXV:ORS)
Historical Stock Chart
From Jul 2024 to Aug 2024
Orestone Mining (TSXV:ORS)
Historical Stock Chart
From Aug 2023 to Aug 2024