VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 11,
2010) - Fortress
Minerals Corp. (TSX VENTURE:FST) ("Fortress") is pleased to announce that it
has received the Exploration and Mining License for the Svetloye Gold Deposit
valid until December 31, 2030. This license will allow Fortress to begin
production at Svetloye following completion of pre-production exploration works
and a Russian technical feasibility study (TKO).
In
April 2009 (see Press Release dated April 23, 2009), Fortress reported a 43-101
compliant inferred resource for the Elena, Amy, and Tamara zones of 20.103
million tonnes of ore grading 2.21 grams/tonne (g/t) gold containing 1.428
million ounces of gold. Since that time Fortress has completed 9,577 metres of
drilling in 56 diamond drill holes focused primarily on infill drilling at the
Amy, Tamara, and Elena targets in preparation for completion of the Russian
technical feasibility study. Significant results from this 2009 drilling
program are in the attached table.
The
Svetloye Project consists of nine zones of mineralization that occur over a
linear distance of 8 kilometres. Gold is associated with extensive zones
of vuggy silica, quartz-alunite and quartz-dickite-kaolinite alteration. This
style of mineralization is common to Pierina, Veladero and other high
sulphidation epithermal deposits.
Lukas
Lundin, President of Fortress, commented, "The receipt of this Exploration
and Mining license is a key achievement for the Company and will enable the
Company to advance the Svetloye Deposit to the production stage. The Company
continues to expand aggressively into the Russian Far East, which we believe to
be one of the most prospective regions in the world for precious and base metal
deposits."
Fortress
now controls a 100% interest in the Svetloye Deposit where winter road
mobilization to support the 2010 program is currently underway. In addition,
through a Joint Venture acquisition with Freeport-McMoRan Exploration Corporation
("FMEC"), the Company is currently completing a 6,000-metre drill
program as part of earn-in requirements to obtain a 51% interest in three
copper and copper-gold projects in the Russian Far East (see Press Release
dated September 29th, 2009).
The technical information contained in this news release
was reviewed by James
C. Ashleman, Chief Geologist, P.Geo., and a Qualified Person as defined by
National Instrument 43-101. A rigorous quality
control program has been instituted involving insertion of certified standards
and duplicate sampling. Samples are crushed and split on site with final sample
preparation at the Irgiredmet Laboratory of Irkutsk, Russia (accredited by the
State Committee of the Russian Federation for Standardization and Metrology
"Gosstandart" of Russia). Assaying by fire assay is performed by the
Irgiredmet Laboratory.
ON BEHALF OF THE BOARD
Lukas H. Lundin, President and CEO
This news release contains forward-looking statements
concerning the Company's plans for its properties. These forward-looking
statements are subject to a variety of risks and uncertainties which could
cause actual events or results to differ materially from those reflected in the
forward-looking statements, including, without limitation, risks and
uncertainties relating to political risks involving the Company's exploration and
development of its properties, the inherent uncertainty of cost estimates and
the potential for unexpected costs and expenses, commodity price fluctuations,
the inability or failure to obtain adequate financing on a timely basis and
other risks and uncertainties, including those described in the Company's
periodic filings with the British Columbia Securities Commission. Such
information contained herein represents management's best judgment as of the
date hereof based on information currently available. The Company does not
intend to update this information and disclaims any legal liability to the
contrary.
| |
|
|
|
|
|
Gold |
Silver |
| Hole |
Area |
TD |
From |
To |
Width |
Grade |
Grade |
| |
|
(m) |
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
| PDSC-243 |
Amy |
219.4 |
20.4 |
60.4 |
40 |
3.68 |
8.0 |
| |
|
Including |
20.4 |
38.6 |
18.2 |
3.70 |
5.5 |
| |
|
And including |
48.4 |
56.3 |
7.9 |
9.57 |
25.8 |
| PDSC-244 |
Amy |
220.5 |
6.2 |
36.2 |
30 |
1.54 |
3.5 |
| |
|
Including |
23.2 |
34.2 |
11 |
3.02 |
8.1 |
| |
|
And |
42.8 |
142.2 |
99.4 |
1.03 |
<1.0 |
| |
|
Including |
82.3 |
104.1 |
21.8 |
1.53 |
2.0 |
| |
|
And including |
116 |
120.8 |
4.8 |
4.81 |
1.7 |
| |
|
And |
205 |
220.5 |
15.5 |
1.45 |
<1.0 |
| PDSC-247 |
Amy |
220 |
18 |
91 |
73 |
1.51 |
1.5 |
| |
|
Including |
18 |
27.2 |
9.2 |
5.00 |
6.3 |
| |
|
And including |
81.4 |
88.6 |
7.2 |
3.55 |
1.8 |
| PDSC-249 |
Amy |
224 |
16.6 |
168.7 |
152.1 |
0.52 |
<1.0 |
| |
|
Including |
97.1 |
110.6 |
13.5 |
1.40 |
1.1 |
| |
|
And including |
117.4 |
122 |
4.6 |
4.10 |
1.7 |
| PDSC-250 |
Amy |
233 |
108.4 |
185.8 |
77.4 |
1.33 |
3.3 |
| |
|
Including |
79.7 |
84.2 |
4.5 |
1.35 |
1.4 |
| |
|
And including |
112.4 |
128.8 |
16.4 |
1.06 |
1.4 |
| |
|
And including |
151.6 |
154 |
2.4 |
29.60 |
80.4 |
| |
|
And |
202.5 |
206.9 |
4.4 |
0.90 |
<1.0 |
| PDSC-252 |
Amy |
224 |
14.4 |
75.2 |
60.8 |
2.62 |
~1.0 |
| |
|
Including |
36.2 |
45.8 |
9.6 |
8.56 |
1.7 |
| |
|
And including |
50 |
68.5 |
18.5 |
3.37 |
1.6 |
| |
|
And |
91.7 |
177 |
85.3 |
0.37 |
<1.0 |
| |
|
And |
211.6 |
224 |
12.4 |
4.77* |
82.1 |
| |
|
Including |
211.6 |
216.9 |
5.3 |
10.36* |
191.4 |
| PDSC-262 |
Amy |
161 |
0 |
75.5 |
75.5 |
1.31 |
2.6 |
| |
|
Including |
10.8 |
50.4 |
39.6 |
1.71 |
3.9 |
| |
|
And including |
62 |
75.5 |
13.5 |
1.65 |
<1.0 |
| |
|
And |
83.9 |
92.8 |
8.9 |
0.53 |
<1.0 |
| PDSC-264 |
Amy |
149 |
8 |
137.4 |
129.4 |
1.04 |
<1.0 |
| |
|
Including |
28.7 |
58.6 |
29.9 |
1.42 |
<1.0 |
| |
|
And including |
69.8 |
131 |
61.2 |
1.18 |
<1.0 |
| PDSC-281 |
Amy |
221 |
0 |
62.1 |
62.1 |
2.13 |
2.7 |
| |
|
Including |
25.1 |
51 |
25.9 |
3.33 |
3.3 |
| PDSC-269 |
Elena |
50 |
0 |
38.9 |
38.9 |
3.41 |
10.5 |
| PDSC-271 |
Elena |
123.6 |
0 |
27.3 |
27.3 |
3.61 |
2.0 |
| |
|
Including |
0 |
23.2 |
23.2 |
4.19 |
2.2 |
| PDSC-273 |
Elena |
150.1 |
11.6 |
62.1 |
50.5 |
4.50* |
4.0 |
| |
|
Including |
32.9 |
59.4 |
26.5 |
7.59* |
6.5 |
| PDSC-276 |
Elena |
70.5 |
7.5 |
61.5 |
54 |
1.61 |
2.4 |
| |
|
Including |
21.3 |
51.5 |
30.2 |
2.42 |
3.9 |
| PDSC-278 |
Elena |
218 |
0 |
87.4 |
87.4 |
2.55 |
4.8 |
| |
|
Including |
0 |
37.6 |
37.6 |
4.67 |
4.0 |
| PDSC-284 |
Elena |
161 |
0 |
122.5 |
122.5 |
1.76 |
<1.0 |
| |
|
Including |
0 |
12.3 |
12.3 |
4.54 |
<1.0 |
| |
|
And including |
61 |
108.7 |
47.7 |
2.68 |
10.9 |
| PDSC-289 |
Elena |
100.8 |
6 |
80.2 |
74.2 |
1.77 |
8.3 |
| |
|
Including |
18.1 |
80.2 |
62.1 |
2.02 |
9.8 |
| PDSC-293 |
Elena |
102.6 |
0 |
71.8 |
71.8 |
1.88 |
15.0 |
| |
|
Including |
0 |
50.6 |
50.6 |
2.44 |
17.4 |
| PDSC-294 |
Elena |
102.6 |
0 |
81.8 |
81.8 |
2.66 |
4.4 |
| |
|
Including |
0 |
20.3 |
20.3 |
6.48 |
8.8 |
| |
|
And including |
50.6 |
56.8 |
6.2 |
7.31 |
19.3 |
| * values >30 g/t have been cut to 30 g/t |
Note: All intercepts are core length and do not necessarily represent true widths of mineralization. Cut-off grade for the intercepts vary to illustrate general zones of mineralization within holes. A 30 g/t cap grade is used.
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.