TintinaGold Mobilizes Two Additional Diamond-Drill Rigs to Its Sheep Creek Copper-Cobalt-Silver Property in Montana, USA
February 22 2011 - 9:00AM
Marketwired
TintinaGold Resources Inc. ("TintinaGold" or the "Company") (TSX
VENTURE: TAU) is pleased to announce that it has mobilized two
additional diamond drill rigs to its Sheep Creek
Copper-Cobalt-Silver project in Montana, USA.
The two additional drill rigs will expedite the current winter
in-fill drill campaign for the Upper Copper Zone. The addition of
these rigs will allow the company, by year-end, to advance the
status of the resource from Inferred to Measured and Indicated in
the Upper Copper Zone and establish a resource in the Lower Copper
Zone.
"Now that the Company is well financed (Company will raise 35.75
Million Dollars - see Press Release dated February 10, 2011) we
will focus on in-fill drilling the Upper Copper Zone of the
Strawberry Butte target and completing a Preliminary Economic
Assessment to evaluate developing this high quality ore body. In
addition, we will also expand on exploration drilling on the Lower
Copper Zone of the Strawberry Butte Target and the Strawberry East
target area, where we will offset thick zones of mineralization
identified in the Middle Zone (2.56% Cu over 46.6 meters - see
Press Release January 12, 2011)" said Rick Van Nieuwenhuyse,
Chairman of the Board of Directors.
Qualified Person
Jerry Zieg, Vice President of Exploration for the Company is a
Qualified Person for the purposes of National Instrument 43-101 and
has reviewed and approved the information of a scientific nature
contained in this news release.
About Sheep Creek
The Sheep Creek deposit is located about 27 km north of White
Sulphur Springs along a well maintained gravel road and within two
miles of U.S. Highway 89. The Sheep Creek property consists of
approximately 5,775 acres of fee simple lands and mining claims in
central Montana. The property contains sediment hosted zones of
massive sulfide mineralization originally explored by Cominco
American Inc. and BHP during the 1980's and early 1990's. The
drilling undertaken by Cominco American Inc. and BHP had
encountered significant zones of strata-bound copper sulfide with
cobalt in multiple bedded pyrite zones in the lower part of the
Precambrian Belt Supergroup; this same stratigraphic unit hosts the
Sullivan zinc-lead-silver deposit. The company in a short time has
been able to complete an Inferred Resource on the Upper Copper
Zone.
About TintinaGold
TintinaGold is a growth company focused on the exploration and
development of precious and base metal properties around the world.
The Company's experienced management team has assembled an
impressive portfolio of gold and base metal projects in North
America, including the advanced Sheep Creek copper-cobalt-silver
property in Montana. The company's Alaska projects include the
Colorado Creek gold project, located in interior Alaska
approximately 125miles northeast of the 40 million ounce Donlin
Creek project, the Kugruk copper project located 70 miles north of
Nome in the northern Seward Peninsula, Alaska. The Company, in a
short period of time, has successfully established itself in
several of the most prolific mineral belts in North America.
The Company, as announced in the News Release dated September
22, 2010, is proceeding with the spin-out of its Colorado Creek
mineral exploration property located in Alaska, U.S.A., to a new
company under a statutory plan of arrangement (the "Arrangement")
in order to pursue the creation of a company focused on precious
metals.
Under the proposed terms of the Arrangement, the shareholders of
TintinaGold will retain their common shares in TintinaGold and will
be entitled to receive one common share of the new company for
every share of TintinaGold held on the record date for the
Arrangement. The completion of the Arrangement will be subject,
among other things, to TSX Venture Exchange, court and shareholder
approval.
Further details regarding the Arrangement are set out in an
Information Circular that has been mailed to the shareholders
(available on SEDAR) in advance of the annual and special
shareholders meeting that is to be held on March 15, 2011 to seek
approval for the Arrangement and routine annual business.
Website: www.tintinagold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Raj Chowdhry, C.A., President & CEO
Cautionary Note Regarding Forward-Looking Statements: Certain
disclosure in this release, including statements regarding the
Company's plans for and intentions with respect to exploration of
the Company's Sheep Creek property, constitutes "forward-looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and Canadian securities
legislation. In making the forward-looking statements in this
release, the Company has applied certain factors and assumptions
that the Company believes are reasonable, including that the
Company is able to obtain any government or other regulatory
approvals and any financing required to complete the Company's
planned exploration activities, that the Company is able to procure
equipment and supplies in sufficient quantities and on a timely
basis, that the Company's exploration activities on the Sheep Creek
property will not be affected by actions of environmental activists
or other special interest groups, and that actual results of
exploration activities are consistent with management's
expectations. However, the forward-looking statements in this
release are subject to numerous risks, uncertainties and other
factors relating to TintinaGold's operation as a mineral
exploration company and the Sheep Creek property that may cause
future results to differ materially from those expressed or implied
in such forward-looking statements. Such uncertainties and risks
include, among others, actual results of the Company's exploration
activities being different than those expected by management,
uncertainties involved in the interpretation of drilling results
and geological tests, delays in obtaining or inability to obtain
required government or other regulatory approvals or financing,
interference with TintinaGold's exploration activities by
environmental activists or other special interest groups, inability
to procure equipment and supplies in sufficient quantities and on a
timely basis, equipment breakdowns and bad weather. There can be no
assurance that such statements will prove to be accurate, and
actual results and future events could differ materially from those
anticipated in such statements. Readers are cautioned not to place
undue reliance on forward-looking statements. TintinaGold does not
intend, and expressly disclaims any intention or obligation to,
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise, except as required
by law.
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.
Contacts: TintinaGold Resources Inc. Philippe Van Nieuwenhuyse
604-628-1162 ext. 236 604-628-1163 (FAX) philvann@tintinagold.com
www.tintinagold.com
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