TintinaGold Mobilizes Two Additional Diamond-Drill Rigs to Its Sheep Creek Copper-Cobalt-Silver Property in Montana, USA
Companies:TintinaGold Resources, Inc.
TAU.V 1.17 0.00
Press Release Source: TintinaGold Resources Inc. On Tuesday February 22, 2011, 9:00 am
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 02/22/11) - TintinaGold Resources Inc. ("TintinaGold" or the "Company") (TSX-V:TAU - News) is pleased to announce that it has mobilized two additional diamond drill rigs to its Sheep Creek Copper-Cobalt-Silver project in Montana, USA.
The two additional drill rigs will expedite the current winter in-fill drill campaign for the Upper Copper Zone. The addition of these rigs will allow the company, by year-end, to advance the status of the resource from Inferred to Measured and Indicated in the Upper Copper Zone and establish a resource in the Lower Copper Zone.
"Now that the Company is well financed (Company will raise 35.75 Million Dollars - see Press Release dated February 10, 2011) we will focus on in-fill drilling the Upper Copper Zone of the Strawberry Butte target and completing a Preliminary Economic Assessment to evaluate developing this high quality ore body. In addition, we will also expand on exploration drilling on the Lower Copper Zone of the Strawberry Butte Target and the Strawberry East target area, where we will offset thick zones of mineralization identified in the Middle Zone (2.56% Cu over 46.6 meters - see Press Release January 12, 2011)" said Rick Van Nieuwenhuyse, Chairman of the Board of Directors.
Qualified Person
Jerry Zieg, Vice President of Exploration for the Company is a Qualified Person for the purposes of National Instrument 43-101 and has reviewed and approved the information of a scientific nature contained in this news release.
About Sheep Creek
The Sheep Creek deposit is located about 27 km north of White Sulphur Springs along a well maintained gravel road and within two miles of U.S. Highway 89. The Sheep Creek property consists of approximately 5,775 acres of fee simple lands and mining claims in central Montana. The property contains sediment hosted zones of massive sulfide mineralization originally explored by Cominco American Inc. and BHP during the 1980's and early 1990's. The drilling undertaken by Cominco American Inc. and BHP had encountered significant zones of strata-bound copper sulfide with cobalt in multiple bedded pyrite zones in the lower part of the Precambrian Belt Supergroup; this same stratigraphic unit hosts the Sullivan zinc-lead-silver deposit. The company in a short time has been able to complete an Inferred Resource on the Upper Copper Zone.
About TintinaGold
TintinaGold is a growth company focused on the exploration and development of precious and base metal properties around the world. The Company's experienced management team has assembled an impressive portfolio of gold and base metal projects in North America, including the advanced Sheep Creek copper-cobalt-silver property in Montana. The company's Alaska projects include the Colorado Creek gold project, located in interior Alaska approximately 125miles northeast of the 40 million ounce Donlin Creek project, the Kugruk copper project located 70 miles north of Nome in the northern Seward Peninsula, Alaska. The Company, in a short period of time, has successfully established itself in several of the most prolific mineral belts in North America.
The Company, as announced in the News Release dated September 22, 2010, is proceeding with the spin-out of its Colorado Creek mineral exploration property located in Alaska, U.S.A., to a new company under a statutory plan of arrangement (the "Arrangement") in order to pursue the creation of a company focused on precious metals.
Under the proposed terms of the Arrangement, the shareholders of TintinaGold will retain their common shares in TintinaGold and will be entitled to receive one common share of the new company for every share of TintinaGold held on the record date for the Arrangement. The completion of the Arrangement will be subject, among other things, to TSX Venture Exchange, court and shareholder approval.
Further details regarding the Arrangement are set out in an Information Circula
