Fortune Valley Identifies El Penon Structural Trend on the Anillo Project
20 8월 2008 - 10:00PM
Marketwired
Fortune Valley Resources Inc. ("Fortune Valley" or the "Company")
(TSX VENTURE: FVX) reports it has recently completed a detailed
ground magnetic geophysical survey along the southwestern boundary
of the Anillo property immediately north and along strike of
Angosta vein discovery at Yamana Gold's El Penon gold/silver mine
complex in northern Chile. The interpretation of the geophysical
survey shows the extension of the Angosta vein structure on to
Fortune Valley's Anillo property. In addition, the survey data
shows an intense magnetic low suggesting favorable alteration along
the defined structural trend. The altered zone may represent one of
the flow-banded rhyolite domes intricately associated with gold and
silver vein mineralization at El Penon.
As indicated in Yamana's December 2, 2007 exploration overview
presentation, Yamana considers the Angosta Norte gold-silver vein
located in the Bloque Norte to be a high priority area for
additional vein discovery. Fortune Valley's geologic team has
documented that Yamana trenched and drilled up to the boundary of
the Anillo property. The Company's overall property interest totals
31,200 hectares and flanks Yamana Gold's El Penon Mine to the north
and east.
The Anillo project is located in the Atacama Desert in Region II
of northern Chile. It is approximately 160 km southeast of the port
city of Antofagasta, and 40 km west from the massive Escondida
copper mine at an elevation of 1,800 meters above sea level. The
property is within the Paleocene gold belt and is contiguous on the
north and east with Yamana's El Penon mine property. Based on
Fortune Valley's geologic evaluation, the Anillo project contains
the geologic setting of El Penon and is on strike extension of the
vein controlling structures, thus making the Anillo project highly
prospective for a new gold-silver discovery.
The Company has a drill targeting budget of US$250,000 budget to
identify and refine drill targets on the Anillo property. The
project will be drill ready this fall. At that time, additional
funds will be approved for the drill program.
Mr. William C. (Bill) Howald, AIPG, Certified Professional
Geologist # 11041, Fortune Valley Resources' VP Exploration &
Corporate Development, is the Qualified Person as defined under
National Instrument 43-101 responsible for the scientific and
technical work on the exploration program and is responsible for
reviewing the technical disclosure in this press release and has
approved of this press release.
About Fortune Valley
Fortune Valley Resources Inc. is a Canadian mining exploration
company focused on creating shareholder wealth through the
acquisition, exploration and development of high quality gold and
silver projects in Chile and Argentina. The Company's Board of
Directors and management team has proven technical and commercial
successes at some of the major gold mines and projects in North and
South America, including Yanacocha, Cortez, Voisey's Bay, Zaldivar,
Turquoise Ridge, Fort Knox, La Coipa, Pueblo Viejo and Cerro
Casale. Management has good understanding of how to do business in
Latin America gained from living and working in the region, and
extensive skills in exploration, feasibility work, business and
corporate development, gold trading, finance and executive
management of public companies. Fortune Valley holds ownership
interests in approximately 54,000 hectares exploration concessions
in Chile.
On behalf of the Board of Directors
Michael J. Gingles, President and CEO
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Fortune Valley Resources Inc. (604) 637-1268 (604)
637-1269 (FAX) Email: info@fortunevalleyresources.com Website:
www.fortunevalleyresources.com CHF Investor Relations Mr. Robin
Cook Senior Account Manager (416) 868-1079, Ext. 228 (416) 868-6198
(FAX) Email: robin@chfir.com
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