InvestorsHub Logo
Post# of 99
Next 10
Followers 35
Posts 12463
Boards Moderated 8
Alias Born 12/17/2002

Re: None

Friday, 02/17/2006 9:15:53 AM

Friday, February 17, 2006 9:15:53 AM

Post# of 99
Pathfinder Resources Ltd., Gold-Ore Resources Ltd. and Santoy Resources Ltd.: Uranium Syndicate Commences Exploration Program in Guatemala

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 17, 2006) - Pathfinder Resources Ltd. (TSX VENTURE:PHR), Gold-Ore Resources Ltd. (TSX VENTURE:GOZ) and Santoy Resources Ltd. (TSX VENTURE:SAN) (the Syndicate) report that a uranium exploration program has commenced on recently acquired mineral concessions in Guatemala. The two contiguous concessions cover 169 square kilometres.

The Phase I program is underway and consists of prospecting and geochemical sampling in areas of known uranium mineralization. The prospective areas within the concessions have seen two uranium exploration programs starting with the United Nations Development Program in the early 1980's. During the period 1987 to 1991, the Mining Technical Mission from Taiwan completed detailed programs that culminated in the drilling of five diamond drill holes. A number of uranium occurrences were located.

The Syndicate has approved a program that will allow a geological prospecting team to carry out a first pass review of the known showings and prospect for new occurrences. Fieldwork by the Syndicate in 2005 verified the location of some of the documented occurrences of uraniferous outcrops and boulders. Samples collected by the Syndicate from boulders of petrified wood returned values of 0.19% and 0.22% U3O8. An outcrop sample from a conglomerate unit returned a grade of 0.13% U3O8.

The uranium occurrences in Guatemala belong to the class "sediment-hosted" uranium similar to the Blizzard deposit in southern British Columbia and the Honeymoon deposit in South Australia. In this model, ground waters leached uranium from surrounding and overlying uranium rich volcanic rocks and deposited it in porous and permeable sedimentary units, where a reducing environment was created by organic material. Deposits formed by these processes are often amenable to in-situ leaching which significantly decreases the cost of production and the environmental impact of mining.

Under terms of the Syndicate Agreement, Santoy and Pathfinder can each earn a 33.33% interest in the property by spending CDN$500,000 each over a 4 year period. Gold-Ore holds 100% interest and is carried until the CDN$1,000,000 is spent and then a joint venture will be formed. Gold-Ore is operator for the Syndicate and all programs are subject to approval by a management committee. Robert S. Wasylyshyn, P. Geo. is the Qualified Person for the Syndicate.

ON BEHALF OF THE BOARDS OF DIRECTORS

Victor A. Tanaka, President

Pathfinder Resources Ltd.

Glen Dickson, Chairman

Gold-Ore Resources Ltd.

Ron Netolitzky, President

Santoy Resources Ltd.

Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.


Ed

Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.