Houston Lake Mining Inc. (TSX-V: HLM) (PINKSHEETS: HLKMF), an
advanced exploration company seeking gold, platinum group and rare
metal deposits in Ontario, today released its report for the second
quarter ended September 30, 2008.
Second Quarter Highlights
Dubenski Gold Zone
* Watts Griffis and McOuat (WGM) to complete an NI 43-101 report on the
Dubenski Shaft Zone resource by Christmas
* Matrix GeoTechnologies (Matrix) to produce 3D models of IP results over
the Dubenski Shaft, Central and East Zone
Dogpaw Gold Zone
* Reported high grade gold assays from Dogpaw Lake property (32 of 39 holes
intersected gold values of greater than 3 g/mt Au). Core length intercepts
include:
* 4.6 metres grading 10.51 g/mt Au
* 6.1 metres grading 5.09 g/mt Au
* 0.4 metres grading 53.48 g/mt Au
* Results from 8 holes pending from Dogpaw No. 1 Vein
* Completed a 14 hole, 2,062 Meter drill program to expand historical
resource along newly defined lateral extension, results pending
* Program aimed at expanding historic resource to encompass the No. 2 Vein
* Confirmed that No. 1, No. 2 and No. 4 Veins form a single gold
mineralizing system that has been traced for over 310 Metres along strike
and to depth of 210 Metres
Financings
* Raised $1,000,000 in two financings
Subsequent to Second Quarter
Dubenski Gold Zone
* Following a very successful drill program and deep IP survey conducted
earlier this year, Houston Lake commenced a new 2000 meter drill program
aimed at testing the down plunge extension of the Dubenski Shaft Zone.
* Earlier results included core lengths of:
* 38.9 metres grading 20.44 g/mt Au
* 33.0 metres grading 12.11g/mt Au
* 27.0 metres grading 12.95 g/mt Au
* Deep IP survey yielded 30 high priority targets for follow up exploration
Dogpaw Gold Zone
* Completed a stripping and channel sampling program over the Dogpaw No. 4
Vein
* Reported high grade gold assays from in channel sampling Dogpaw Lake No.
4 Vein:
* 1.8 metres grading 6.59 g/mt Au
* 2.05 metres grading 6.41 g/mt Au
* 0.5 metres grading 11.05 g/mt Au
Investor Relations
* Retained the California-based firm of Incorporated
Communications Services ("ICS") to conduct media awareness and
investor relations programs on behalf of the Company in the United
States.
"Our earlier drill results from the Dubenski property yielded
numerous wide and high-grade intercepts," said Grayme Anthony,
President & CEO. He continued, "Given these exceptional results
we started a new drill program to test the downward extension of
the Shaft Zone. We are also expecting results from 22 holes on
Dogpaw Lake. We remain focused on advancing the three main gold
zones at our West Cedartree property to the point where we can make
a decision to move forward with an on-site grinding mill."
The current programs on the Dubenski and Dogpaw Lake properties
aims at upgrading the two historic gold resources to modern
standards. Significant gold results were returned from both
properties. Drilling at Dubenski intersected some of the highest
grade drill results ever reported from the property. Drilling also
extended the known gold mineralization at the Dogpaw No. 1, No. 2
and No. 4 Veins both along strike and to depth.
Exploration expenses, salaries and other outlays were funded
from treasury. During the six months ended September 30, 2008
Houston Lake invested $1,245,859 in the mining properties. Of the
total:
* $388,335 was incurred in acquisition and exploration costs for the
Dubenski property;
* $766,192 was devoted to exploration on the Dogpaw Lake property;
* $60,736 was expended on the West Cedartree property;
* $30,596 was spent on the Pakeagama Lake and Tib Lake properties.
Expenses during the six months ended September 30, 2008
increased to $290,181 from $254,956 for the same period of the
previous year. The six month increase reflected higher shareholder
and investor relations costs, consulting expenses which included
the provision of new financial advisory services and transfer and
legal fees connected with financings. Net loss per share as at
September 30, 2008 was $0.01 which remained unchanged from the same
period of the previous year.
Houston Lake issued 3,784,135 common shares for total gross
proceeds of $1,234,800. Issuance costs were $148,078. At September
30, 2008, working capital totaled $980,638, compared to $421,516 as
at March 31, 2007. The Company's current rate of cash consumption,
excluding expenditures on work programs, is about $25,000 per
month.
E. Grayme Anthony, P. Geo., President of the Company, is the
Qualified Person under the guidelines of NI 43-101 for the
technical aspects of this news release.
Outlook
Looking into the second quarter we will continue to focus on
exploration and development of the West Cedartree Gold Project.
"We continue to take a prudent approach to financing our company
while striving to minimize exploration risk. This helps to ensure
that our dollars are spent wisely in the field to yield the best
possible results for our shareholders," commented Mr. Anthony.
Houston Lake has made considerable progress on its development
timeline, which can be viewed at www.houstonlakemining.com.
About Houston Lake Mining Inc.
Houston Lake is an advanced, vertically integrated resource
exploration company. The Company is actively exploring for gold,
platinum group metal and rare metal deposits in northwestern
Ontario with a strategic focus on the West Cedartree gold project.
Houston Lake's objective is to become a gold producer by surface
mining its West Cedartree gold project and developing its 100%
owned and optioned properties. The Company has a total of
31,148,881 common shares issued and outstanding.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. This
release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address future
production, reserve potential, exploration drilling, exploitation
activities and events or developments that the Company expects are
forward-looking statements. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward looking statements include market prices, exploitation and
exploration successes, continued availability of capital and
financing, and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees
of future performance and those actual results or developments may
differ materially from those projected in the forward-looking
statements. For more information on the Company, Investors should
review the Company's registered filings what are available at
www.sedar.com.
www.houstonlakemining.com
Distributed by Filing Services Canada and retransmitted by
Marketwire
Company Contacts Houston Lake Mining E. Grayme Anthony P.Geo.,
MBA President and CEO Tel: 705-897-7622 Fax: 705-897-7618 Email
Contact In Canada: Linx Partners Ltd. Wanda Cutler Tel:
416-303-6460 In United States: ICS George Duggan Tel:
818-542-6880
Houston Lake Mining Inc. (TSXV:HLM)
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