PINNACLE EARNS 51% OF SILVER COIN
Vancouver, BC Pinnacle Mines Ltd.reports that over the last two exploration seasons, 2004 and 2005, it has spent approximately $1,950,000 on the Silver Coin group of properties, completing the option and earning a 51% interest one year ahead of schedule. Under the terms of the option agreement with Mountain Boy Minerals Ltd., Pinnacle could earn a 51% interest in the project by spending $1,750,000 over a 3 year period. An additional 9% interest can be earned on by bringing the project to production.
Pinnacle is now having a 43-101 compliant technical report completed on Silver Coin and is planning its exploration program for the 2006 field season. The 2006 exploration program is expected to have a heavy concentration of drilling to better define and add to the resource on the property.
In addition, Pinnacle reports that it has ended the year in strong financial condition with in excess of $1.8 million in working capital.
Pinnacle Mines Ltd. is a Canadian based mineral exploration and development company whose primary assets are located in both Canada and China. In Canada, Pinnacle holds several properties in Northwestern British Columbia, in proximity to numerous past and producing mines including the Silbak-Premier Mine and Barrick Gold’s famed Eskay Creek Mine. In China, Pinnacle’s current focus is in Southeast Yunnan, an area being increasingly considered for its potential to host significant mineral resources including “Carlin” style gold deposits.
For further information contact Andrew Bowering, President, at 604-688-7377 or visit Pinnacle’s website at http://www.pinnaclemines.com.
On behalf of the Board of Directors
“Andrew W. Bowering”
President and CEO
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