Caracara Silver Inc. Announces Start of Field Programs on Princesa-Pilunani Silver Projects, Peru
29 9월 2011 - 5:30AM
Marketwired
Caracara Silver Inc. (TSX VENTURE: CSV) ("Caracara" or the
"Company") is pleased to announce the start of a regional scale
geophysical program on its Princesa-Pilunani project located 850
kilometres south-east of Lima, in southern Peru.
The Company has engaged Valdor Geofisica del Peru to conduct an
Induced Polarization geophysical survey totalling a minimum of 60
line kilometres over Caracara's properties. This field program is
under way and is expected to be completed by the end of
November.
The current field program will also include mapping, trenching
and sampling in order to define areas of mineralization on surface
prior to testing with drilling, anticipated to begin in the late
second quarter of 2012.
Caracara's projects are divided into three work areas known as
Princesa, Pilunani and Potoni and total 24,600 hectares of land in
34 concessions. The map below outlines the three concession working
areas.
On the main Princesa project, more than 6,889 metres of core has
been relogged in order to better understand controls on
mineralization and deposit geology. Princesa was the subject of an
exploration program from 2004-2007 which included mapping and
surface sampling, IP surveys and 64 diamond drill holes. The
Princesa project hosts NI 43-101 complaint inferred resources
totalling 4.6 million tonnes grading 90.88 grams silver per tonne
and 1.69% zinc and 1.61% lead. Princesa remains open at depth and
along strike. The Princesa Technical Report can be found on the
Company's website www.caracarasilver.com and on www.sedar.com
(Independent 43-101 Technical Report, Princesa Project, DEPARTMENT
OF PUNO, PERU. Authored by SERVICES GEOLOGIQUES, A. Vachon, 35 Du
Parc des Erables, Laprairie, QC, J5R 5J2, dated January 15th,
2011.
Community Relations
Caracara has implemented a community relations program and
maintains excellent relations with all the communities in its
operating area. The Company is working to conclude a working
agreement with each of the communities and expects to have these
agreements completed sometime in the fourth quarter of this
year.
Other Business
The Company's board of directors has approved the grant of stock
options to directors, officers, employees and consultants of the
Company to acquire an aggregate of 2,900,000 common shares. Each
option granted to directors, officers, employees and consultants
can be exercised to acquire one common share at a price of $0.50
per share over a five year period. The option grants remain subject
to vesting restrictions of one-quarter on each of the grant date, 6
month, 12 month and 18 month anniversaries from the date of the
option grant.
Qualified Person
Mr. Alain Vachon, P.Geo, Caracara Silver's Vice President
Exploration and the Company's Qualified Person as defined by
National Instrument 43-101, has reviewed and approved the contents
of this press release.
About the Company
Caracara Silver Inc. is focused on acquiring, exploring and
developing silver, zinc and lead resources to meet the world's
growing demand. The Company holds 34 concessions totalling 24,600
hectares in Southern Peru and is actively exploring its holdings in
Peru and assessing new projects.
Caracara has 50,821,167 shares issued and outstanding and trades
on the Toronto Stock Exchange Venture under symbol: CSV.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE
ACCURACY OR ADEQUACY OF THIS RELEASE.
This news release may contain forward-looking statements that
are based on Caracara Silver Inc.'s expectations, estimates and
projections regarding its business and the economic environment in
which it operates. These statements are not guarantees of future
performance and involve risks and uncertainties that are difficult
to control or predict. Therefore, actual outcomes and results may
differ materially from those expressed in these forward-looking
statements and readers should not place undue reliance on such
statements. Statements speak only as of the date on which they are
made, and Caracara Silver Inc. undertakes no obligation to update
them publicly to reflect new information or the occurrence of
future events or circumstances, unless otherwise required to do so
by law.
To view the image associated with this release, please visit the
following link:
http://media3.marketwire.com/docs/CaracaraSilver_map.pdf.
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 and has in no way passed upon the merits
of the qualifying transaction and has neither approved nor
disapproved of the contents of this press release.
Contacts: Caracara Silver Inc. Nick Tintor President and CEO
416-987-0855 ntintor@rgmi.ca Caracara Silver Inc. Leslie Haddow
Corporate Secretary 416-637-3523 lhaddow@rgmi.ca
www.caracarasilver.com
Caracara Silver Inc. (TSXV:CSV)
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