PINNACLE MINES ADVANCES MEXICO COPPER EXPLORATION
PINNACLE MINES LTD. (PNL:TSX-V) is pleased to report exploration progress on its Tuligtic property in the State of Puebla, Mexico and the signing of the final agreement on a joint venture with Chesapeake Gold Corp.
Tuligtic Property: Pinnacle has commenced work on the Tuligtic property in the southern portion of the Sierra Madre Oriental Province, approximately 150 km east of Mexico City. The large concession consists of 5,515 hectares located 50 air kilometers northeast of the town of Apizaco in the State of Puebla. Two target types are present on the property, a large copper porphyry target and an epithermal gold-silver target. Past exploration work was conducted by Almaden Minerals Ltd. to include an induced polarization survey and soil, rock-chip, and stream-sediment sampling. Pinnacle has conducted additional geologic work and has selected 14 prospective drill sites from the geophysical-geological data base. Acquisition of surface rights and permitting is in progress. Reverse-circulation drilling is planned to commence as soon as a suitable drill rig or rigs are contracted. Pinnacle can earn up to a 60% interest in the Tuligtic property by making US$6.0 million in expenditures and issuing 1 million shares of Pinnacle to Almaden within 6 years.
Chesapeake Gold Corp: Pinnacle has signed the final Option and Joint Venture Agreement with Chesapeake Gold Corp. to earn up to a 70% interest in its La Calavera and Rio Minas properties in Oaxaca State, Mexico. The Company also has a right of first refusal on the other Chesapeake properties in Oaxaca. Full details of the joint venture will follow once the Company has received approval from the TSX Venture Exchange.
Pinnacle Mines Ltd. is a Canadian based mineral exploration company with assets in Canada and Mexico. In Canada, Pinnacle holds several properties in Northwestern British Columbia in close proximity to numerous past and producing mines including the Silbak-Premier Mine and Barrick Gold’s famed Eskay Creek Mine.
For further information about this news release contact Andrew Bowering, VP of Finance, or John Van Duzen at 604-688-7377 or visit Pinnacle’s website at www.pinnaclemines.com for further information.
Respectfully submitted,
“Jeff Wilson”
Vice President Exploration
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or the accuracy of the content of this news release.