CNEX news out: Cannon Exploration Resumes Work on 'Queen Alexandra' Gold Property
PHOENIX, AZ--(Marketwire - March 15, 2010) - Cannon Exploration (PINKSHEETS: CNEX). The past year has been a challenging one for the junior resource exploration companies. The overall economic slowdown, fiscal tightening, decrease in the availability of cash and inherent slowdown in the equity financing arena, has made it difficult to attract the required funds needed for companies to continue with their exploration programs. As a result, the management of Cannon had suspended work on the Queen Alexandra for much of 2009.
Cannon is pleased to announce that we have now restarted work on the Queen Alexandra, and provide this update on the outstanding results from last year, and work ahead.
The results of the work program from October 2008 were, in the opinion of management, encouraging and positive. The work performed included completion of the grid over the entire property, and the conducting of an Electro Magnetic survey (EM) over the area, as well as the continued prospecting of the property, in and around the mineralized zone.
The entire property area was covered by the EM survey, with results of the survey confirming several "target" areas around the known gold showing, along the conductor axis of the zone. The company has greatly improved their understanding of the gold showing along the conductor axis and its relationship to the geology of the area, and the ability for the geology of the area to host gold deposits.
Additionally, rock samples were collected for assay from the known gold showing. Assays of the rock samples collected were split and sent to two different labs for assay.
Unfortunately the samples at one of the labs had been compromised, through no fault of the company (Cannon). As a result, these assays could not be reconciled or relied upon. The company has decided to throw out the results from both sets of samples and go back to the property to collect a new set of rock samples to re assay. Only then can the company confidently and accurately release the values to the shareholder.
Cannon has recently begun a limited sample collection program for the Queen Alexandra, in an effort to complete the initial program, more specifically the rock samples that were compromised. The crew has already mobilized to the property and is expected to be finished this week. The new samples will then be sent to the lab for assaying, and results will be made public as soon as they are made available to the company.
Cannon would like to thank our shareholders for their support this past year and now look forward to continuing with the task at hand of discovering and ultimately proving up an economically feasible gold deposit at the Queen Alexandra gold mine.
About Cannon: Cannon Exploration is positioning itself to emerge as a quality mineral resource Exploration Company in the North American mining industry, focusing primarily on properties located in preferred mining districts in Canada.
Forward-Looking Statements: The statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including but not limited to, the effect of economic conditions, the impact of competition, the results of financing efforts, changes in consumers' preferences and trends. The words "estimate," "possible," and "seeking" and similar expressions identify forward-looking statements, which speak only to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated by, or underlying the forward-looking statements.
Contact: Investor Relations: 1-866-365-4724 Website: http://www.cannon-exploration.com Click here to see all recent news from this compan
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