Orsa Ventures Corp. (TSX VENTURE:ORN) ("Orsa" or the "Company")
announced today that it has launched its new website:
www.orsaventures.com.
The Company has also received conditional approval from the TSX
Ventures Exchange for the previously announced option agreement
(the "Agreement") with Seabridge Gold Inc. ("Seabridge")
(TSX:SEA)(NYSE Amex:SA) whereby a wholly-owned subsidiary of
Seabridge ("SGC") has granted Orsa the exclusive option to earn a
100% interest in the Quartz Mountain Gold Property ("Quartz
Mountain") and all of SGC's undivided 50% beneficial joint venture
interest in the adjacent Angel's Camp Gold Property ("Angel's
Camp"), together, the "Properties"). Both properties are located in
Lake County, southern Oregon on the northern extension of the Basin
and Range Province of Nevada. Both properties are subject to
underlying royalties and Angel's Camp is subject to the 50% joint
venture interest of Golden Predator Corp. ("Predator")
(TSX:GPF).
Quartz Mountain
The Quartz Mountain Property, consisting of 86 unpatented lode
mining claims, is a volcanic-hosted, hot-spring gold deposit. Gold
mineralization occurs extensively within late Miocene rhyolite
porphyry domes and adjacent basaltic flows, tuffs and
volcaniclastic rocks.
An April 12, 2002 National Instrument 43-101 compliant report on
Quartz Mountain (the 43-101 Report) prepared by Winters, Dorsey
& Company resulted in an historical resource estimate as
follows(i):
Measured & Indicated Inferred
Deposit Tonnes Au gpt Au ounces Tonnes Au gpt Au ounces
Crone Hill 47,666,000 0.90 1,378,000 27,098,000 0.63 551,000
Quartz Butte 10,146,000 0.99 323,000 17,701,000 0.86 492,000
Total 57,812,000 0.92 1,701,000 44,799,000 0.72 1,043,000
(i)While the foregoing mineral resource estimate was completed
in accordance with the requirements of NI 43-101 as of the date of
publication, the Company cautions that an Orsa engaged qualified
person has not done sufficient work to classify the historical
estimate as current mineral resources or mineral reserves, and
therefore, the historical estimate should not be relied on as
actual resources or reserves.
Angel's Camp
The Angel's Camp Property consists of 158 unpatented lode mining
claims and is contiguous with the Quartz Mountain Property.
Mineralization at Angel's Camp is part of the large, district-scale
epithermal mineralizing system associated with Tertiary volcanic
activity. The bonanza vein system is hosted within late Miocene,
rhyolite, porphyry domes and adjacent tuffs and volcaniclastic
rocks.
Drilling at Angel's Camp, to date, has focused on high grade
veins with five of nine holes drilled in 2004 returning gold assays
of greater than 3.42 gpt. The highest grade intercept of a 2009
drill program completed was 17.11 gpt over 4.6 metres (true width
not identified). Both drill programs confirmed the existence of
bonanza-style gold mineralization within broad intercepts of lower,
potentially bulk mineable, grades within surrounding volcanic and
volcaniclastic rocks such as occurs at Quartz Mountain.
Angel's Camp will be operated under a joint venture agreement
(the "JV Agreement") between Predator and SGC, with Orsa being
responsible for SGC's obligations under the JV Agreement, and is
required to maintain SGC's percentage interest, during the term of
the option in respect of the Angel's Camp property. Under the terms
of the JV Agreement, Predator is the operator on Angel's Camp.
The properties have significant exploration upside for both high
grade vein systems and lower grade bulk mineable
mineralization.
About Orsa
Orsa Ventures Corp. is a junior company focused on the
exploration for, and development of, gold-silver-copper properties
in the western United States. In addition to the Quartz Mountain
and Angel's Camp properties, Orsa has options to earn a 51%
interest in the Ashby Gold Property, Nevada through an agreement
with Bridgeport Ventures and to earn a 100% interest in the Coal
Canyon Gold Property, Nevada. The Company continues to actively
seek new acquisitions to expand its precious metal holdings.
On behalf of the Board of Directors,
Linda Thorstad, President and Chief Executive Officer
Linda Thorstad, P. Geo., a Qualified Person as defined by
National Instrument 43-101 and President and Chief Executive
Officer of the Company, has read and approved the technical
information in this news release.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements that are
based on the Company's current expectations and estimates.
Forward-looking statements are frequently characterized by words
such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate", "suggest", "indicate" and other similar
words or statements that certain events or conditions "may" or
"will" occur, and include, without limitation, statements regarding
the Company's plans with respect to the closing of the Financing
and the use of proceeds thereof. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors
that could cause actual events or results to differ materially from
estimated or anticipated events or results implied or expressed in
such forward-looking statements. Any forward-looking statement
speaks only as of the date on which it is made and, except as may
be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or
otherwise. Forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on
such statements due to the inherent uncertainty therein.
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: Orsa Ventures Corp. Linda Thorstad President and Chief
Executive Officer 604.608.6680 604.558.0087
(FAX)www.orsaventures.com
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