Alder Updates Program at La Montanita and Provides Corporate Update
April 19 2011 - 4:05PM
Marketwired
Alder Resources Ltd. ("Alder" or the "Company") (TSX VENTURE: ALR)
announces that it has concluded Phase I of drilling at its La
Montanita gold project near Medellin, Colombia. While drill holes
6-10 have not intersected significant mineralized intervals, only a
small percentage of the property has been tested. Artisanal mining
is present in more distant locations to the current drilling
indicating potential mineralization in areas other than the primary
target area.
Drill holes completed to date have intersected sub-economic
portions of the historically mined gold zones suggesting that the
likelihood of intersecting a large high grade gold system in the
drilled tested area is low. Alder is in the progress of evaluating
its options with the intention of finding additional targets in the
La Montanita area. In addition, Alder is actively pursuing further
acquisitions in Colombia in order to maximize shareholder
value.
Alder has spent approximately $955,000 on the exploration
program at La Montanita, and has a current cash position of
approximately $2,252,000. Management intends to use the remaining
funds to ensure that projects with multimillion ounce potential are
sourced in addition to fully unlocking the value of the La
Montanita Project.
The Company also reports that it will not pursue its option on
the property it was analyzing as per the press release dated
January 27, 2011 as a result of unsatisfactory due diligence
related to the potential mineralization of the property.
In addition, the Company would like to announce that subsequent
to entering into the option agreement with Castillian Resources
Corp. ("Castillian") with respect to the Canadian Creek property
located in the Yukon, Alder now holds approximately 1,562,000
shares of Castillian, with an approximate market value of $296,875.
Furthermore, the Company recently received the first payment from
Castillian in the amount of $50,000 as per the terms of the
assignment agreement for the Canadian Creek property.
About Alder Resources
Alder Resources is a Colombian-based company focused on gold
development at its La Montanita property 40 km northeast of
Medellin, as well as accretive acquisitions in the area. The La
Montanita property is approximately 80 km from Continental Gold's
Buritica asset.
Cautionary Note Regarding Forward-looking Information
Will Randall, a Director of the Company and a qualified person
under NI 43-101, has reviewed and approved the scientific and
technical information in this press release.
This press release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation.
Forward-looking information includes, without limitation,
statements regarding the anticipated results with respect to the La
Montanita property, the timing with respect to further drill
programs proposed for the La Montanita property, the ability and
availability of securing additional property acquisitions in
Colombia, mining in Colombia, statements with respect to the
development potential and timetable of the property of the Company;
the potential to identify mineral resources; the timing and amount
of estimated future exploration, success of mining activities; and
receipt of government approvals. Generally, forward-looking
information can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". Forward-looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking information, including but not limited to: general
business, economic, competitive, geopolitical and social
uncertainties; the actual results of current exploration
activities; risks associated with operation in foreign
jurisdictions; ability to successfully integrate the purchased
properties; foreign operations risks; and other risks inherent in
the mining industry. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking information,
there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that
such information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
Neither 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.
Contacts: Alder Resources Ltd. Paula Paez Marketing Director
416-309-2698 ppaez@alderresources.ca www.alderresources.ca
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