Hinterland Acquires Mozart Gold Property in Quebec
Tuesday, November 29, 2011
VAL D'OR, QUEBEC--(Marketwire - Nov. 29, 2011) - Hinterland Metals Inc. (TSX VENTURE:HMI) is pleased to announce that it has entered into an option agreement with a locally based prospecting syndicate whereby Hinterland may earn a 100% interest in the 20-claim (692-hectare) Mozart property located 50 kilometres northeast of Val d'Or, Quebec. Gold mineralization related to sulphide-bearing quartz veins has been identified on the Mozart property at several locations exposed by hand trenching. The mineralization appears to be associated to two parallel northwest-trending zones. Assay values up to 10.4 grams tonne gold (gpt Au) have been obtained from grab samples taken at the more easterly zone whereas values up to 1.2 gpt Au have been returned from grab samples taken at the more westerly zone.
Under the terms of the option agreement, Hinterland may earn a 100% interest in the Mozart property by paying $36,000 cash, issuing 650,000 shares and doing $350,000 of exploration work over a three year period. The property will be subject to a 2.5% royalty interest. Hinterland will have the right to purchase 1.5% of the royalty interest for $1 million and will have a right of first refusal on the remaining 1%. The agreement is subject to approval by regulatory authorities in compliance with applicable securities legislation. Hinterland intends to start exploration work immediately with line cutting and geophysical surveys followed by diamond drilling.
The analytical results referred to in this release were determined at Bourlamaque Assay Laboratories ("Bourlamaque") in Val d'Or, Quebec by fire assay, atomic absorption technique for gold. Bourlamaque is not accredited but it is independent of Hinterland, maintains an internal quality control program and participates annually in CANMET round-robin proficiency testing. Mark Fekete, P.Geo., a "qualified person" as defined in Section 1.2 in and for the purposes of National Instrument 43-101, reviewed the technical content of this release.
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This release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in the Company's periodic reports including the annual report or in the filings made by the Company from time to time with securities regulators. The Company undertakes no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of an unanticipated event.
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