Rio Cristal Resource Begins Drilling Condor Gold Project
November 02 2010 - 8:30AM
Marketwired Canada
Rio Cristal Resources Corporation (TSX VENTURE:RCZ)(BVLAC:RCZ) ("RCR" or the
"Company") announces that drilling has begun at its Condor gold project.
Thomas Findley, President and CEO of Rio Cristal, said, "We are pleased to have
begun our initial drilling program at our Condor gold project. Four platforms
have been constructed and we will drill seven holes totaling approximately 1,000
meters. We expect to have the program complete and laboratory results in hand by
the end of December. During drilling, field crews will continue mapping and
sampling to generate additional targets within the Company's 2,543 hectare land
position."
He continued, "The $3.2 million of financing we raised in Lima in September
allows us to start the Condor drilling program and to begin planning a second
drilling campaign at our flagship Bongara zinc project for next April when the
rain season ends."
Drilling will take place principally in Zone 2 of the Condor project. Earlier
this year, the Company reported excellent results from its bulk sampling program
in Zone 2 where gold assays from five bulk samples range from 1.12 to 6.82 grams
per tonne ("g/t") and averaged 3.25 g/t. See news release dated March 15, 2010.
In 2009 continuous channel sampling along a shallow-dipping, approximately 8-10
meter-thick sandstone containing abundant quartz-sulfide veins reported a
section of 54 meters assaying 1.16 g/t gold, including a section of 3 meters of
7.69 g/t gold, also in Zone 2. See news release dated Oct. 28, 2009.
The principal economic targets at Condor are gold-mineralized, potentially
bulk-mineable zones hosted in sandstone and volcaniclastic sequences of
Cretaceous to Lower Tertiary age.
The 2,543 hectare Condor gold-silver-base metals prospect is located 375
kilometers southeast of Lima, in the department of Ayacucho on the western
slopes of the Andes. The property comprises 12 contiguous mining claims situated
in the traditional artisanal mining district of Otoca.
As required by the National Instrument 43-101, Rio Cristal Resource's designated
Qualified Person is John Brophy, who has verified the technical information
reported in this news release.
About Rio Cristal Resources Corporation
Rio Cristal Resources is a Canadian corporation focused on the discovery and
further development of gold, copper and zinc deposits in Peru. The Company's
most advanced exploration project is the 18,000 hectare Bongara zinc claim block
located in northern Peru. Outstanding initial drilling results confirm that the
project is within an important emerging Mississippi Valley-type zinc district.
The Company expects to begin a second drill campaign at Bongara in April, 2011.
In addition to drilling the Condor gold project, the Company has signed a
letter-of-intent to acquire an option on the 4,500 hectare La Cumbre copper
project near Chala, Peru. La Cumbre is believed to have significant potential
for low-cost, leachable copper minerals. Additionally, sulphide mineralization
at the bottom of the oxidation zone has also been reported and requires follow
up exploration work.
Information about Rio Cristal Resources Corporation can be found on the
Company's website, www.riocristalresources.com.
This news release includes certain "forward-looking statements" under applicable
Canadian securities legislation. All statements other than statements of
historical fact included in this release, including, without limitation,
statements regarding intended use of proceeds, potential exploration results and
future plans and objectives of the Company are forward-looking statements that
involve various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future results,
events and objectives could differ materially from those anticipated in such
statements. Important factors that could cause actual results to differ
materially from Rio Cristal's expectations include exploration and other risks
detailed from time to time in the filings made by the Company with securities
regulators.
This news release does not constitute an offer to sell or solicitation of an
offer to sell any securities in the United States. The securities have not been
and will not be registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities laws and may not be
offered or sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.
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