PINNACLE MINES AND MOUNTAIN BOY MINERALS RAMP UP FOR A RECORD YEAR OF EXPLORATION AT THE SILVER COIN PROJECT BRITISH COLUMBIA
Vancouver, B.C. - Pinnacle Mines Ltd. and Mountain Boy Minerals Inc. are pleased to announce that the exploration season at the Silver Coin project has commenced with preliminary road preparations to enable the movement of drill rigs and other equipment to the property. This year $2.5 million will be spent on exploration and related studies on the property, including 10,000 meters of core drilling. At the end of the exploration year the total number of meters drilled starting from 1982 to 2008 will be over 67,000. Snowden Mining Group in Vancouver has worked with Pinnacle geologists to design a dual purpose program that is intended to upgrade the resource confidence categories and to increase the resources overall. The property consists of 25 claims comprising approximately 1,500 hectares with a structurally controlled deposit already greater than 800 meters long, up to 300 meters wide and approximately 100 meters in thickness. Measured and indicated in-pit resources at a 0.75 gpt gold cutoff grade are shown in thechart below. These resource estimates are NI 43-101 compliant.
In-pit mineral resource by category above 0.75 g/t Au-Equivalent
Silver Coin 43-101 Technical Report Minefill Services Inc. April 27, 2007
| Class |
Tonnes |
Au-Eq |
Au |
Ag |
Zn |
Au |
Au-Eq (oz) |
|
Measured |
1,010,474 |
4.754 |
3.721 |
14.487 |
0.448 |
120,880 |
129,844 |
|
Indicated |
7,884,484 |
1.922 |
1.167 |
10.367 |
0.298 |
295,811 |
345,865 |
|
Total M+I |
8,894,958 |
2.244 |
1.457 |
10.835 |
0.315 |
416,691 |
475,709 |
In addition MineFill Services has calculated an inferred resource as follows:
| Inferred |
13,214,809 |
2.737 |
2.149 |
5.927 |
0.276 |
912,992 |
960,955 |
The drill program is also intended to identify areas of potential underground mining. This new drilling will be incorporated into an updated data base and a new NI 43-101 technical report at the end of the exploration season.
The Silver Coin project and associated mineral claims is presently a 51-49% joint venture between Pinnacle Mines and Mountain Boy Minerals except for the Kansas claim which is owned 70.2% by Pinnacle and 29.7% by Mountain Boy.
Pinnacle is also evaluating what work it may carry out this year on the Summit Lake property which was acquired as part of the transaction in which Pinnacle acquired Tenajon’s interest in the Silver Coin project.
Pinnacle Mines is a Canadian based mineral exploration and development company with assets in Canada and Mexico. In Canada, Pinnacle holds the Silver Coin property in near proximity to Barrick Gold’s Eskay Creek Mine and borders on the Silbak-Premier Mine which produced 1.8 million ounces of gold and 40.7 million ounces of silver. In Mexico, Pinnacle has options to acquire and is currently exploring two copper-gold-silver targets located within the state of Oaxaca.
Mr. Jeffrey Wilson and Mr. Alex Walus are the Company’s qualified persons under NI 43-101.
For further information contact Paul Saxton, President, or John Van Duzen at 604-688-7377 or visit Pinnacle’s website at www.pinnaclemines.com.
On behalf of the Board of Directors
“Paul Saxton”
President & CEO
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.