EXPLORATION AND CORPORATE UPDATE
Vancouver, BC - Pinnacle Mines Ltd. announces that diamond drilling at the La Calavera property in Oaxaca, Mexico is well underway with two holes near completion. The Company’s initial drill program is slated for 14 holes, each 300-400 meters in depth. Targets for all holes have been identified based on geophysical and geochemical data compiled in September. The Company has requested a rush on assays. On February 21, 2008, a US$430,000 option payment is due to the original concession (claim) holders.
The Company is currently seeking to acquire additional poly-metallic properties in both Mexico and Canada. To date, management has had discussions and been approached by several companies and individuals with properties of interest in both countries. Company geologists recently visited a gold-silver property with possible near-term production potential in the State of Jalisco, Mexico. Rock chip samples were collected and are currently being analyzed. Management will review the data and information received over the coming weeks and will decide on the validity of the property. If the results are favourable, the Company will conduct an environmental impact study to see if early production is viable.
Jeffrey L. Wilson is the qualified person under National Instrument 43-101 who is charge of the exploration program on behalf of Pinnacle. In Mexico, all core samples from La Calavera are assayed by ALS Chemex based in Guadalajara, Jalisco. The aforementioned rock chip samples are being assayed by Assayers Canada of Vancouver, BC.
Recently, Andrew Bowering stepped down as the Company’s Vice President of Finance. Mr. Bowering will remain on as a director of the Company and in that capacity will help assist and advise management with its future endeavours. The Company’s current board is comprised of Gerald Sneddon, Bradford Cooke, Susan Li, Andrew Bowering, Paul Saxton and Fu Shen Lan.
Pinnacle Mines Ltd. is a Canadian based mineral exploration company with assets in Canada and Mexico. In Canada, Pinnacle holds 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. In Mexico, Pinnacle has an option to acquire up to 70% of the Rio Minas and La Calavera projects in the state of Oaxaca and is actively working these properties.
For further information about this news release contact John Van Duzen at 604-688-7377 or visit Pinnacle’s website at www.pinnaclemines.com for further information.
On behalf of the Board of Directors,
“Paul Saxton”
President & CEO
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