Conway Resources Identifies Several New Potential Structures and Begins a New Exploration Program on Its Belleterre Mine Propert
09 August 2010 - 12:00PM
Marketwired
Conway Resources Inc. ("Conway" or the "Company") (TSX VENTURE:
CWY) is pleased to report positive results from geophysical surveys
on its wholly-owned Belleterre Mine property, located in Guillet
Township, in the Temiscamingue region of Quebec. The geophysical
surveys consisted of ground magnetometry, Very Low Frequency (VLF)
and Induced Polarization (IP) surveys on 18 line-km of grid, as
well as IP surveying in some diamond drill holes to test the
conductivity of the mineralized zones.
In addition to confirming the presence of the known veins, the
surveys indicated the existence of a number of conductor axes
parallel to veins 12 and 16, ranging in length from 100 metres to
more than 600 metres. Indeed, the vein 16 intercept in Hole
B-03-13, which returned 26.35 g/t Au over 2.61 m (at a depth of
70.54 m), hosts an excellent conductor traced over 500 metres on
surface, to the east of the zone previously traced by drilling over
300 metres, meaning that the structure can now be traced over a
distance of more than 800 metres. All the structures lie outside
the historical work area, and could reflect as many potential new
mineralized structures. These structures will first be tested by
soil sampling starting in August.
A map of the survey results can be found on the Company's
website at:
www.ressources-conway.com/en/documents/CWY_CartePP_en_Aout2010.pdf.
The surveys were conducted by the Quebec City firm Geosig in
December 2009 to meet statutory requirements, and covered just
one-third of the Belleterre Mine property. While the work was done
in 2009, the Company was only in a position to announce the results
once the property acquisition was completed in July 2010. In light
of the positive survey results, Conway will carry out IP surveys on
the rest of the property in the coming months.
Laurent Beaudoin, President and Chief Executive Officer of
Conway, stated: "The drill and geophysical survey results for the
Belleterre Mine property, as well as historical production of over
800,000 ounces of gold from the Belleterre mine, are an indication
of the enormous exploration potential of our flagship property. We
now plan to explore the newly-identified targets in preparation for
drilling. Our goal is to develop the gold potential of the
Belleterre Mine property with a view to commercial production."
Jean-Louis Robert, D.Sc. Geol., Vice President, Exploration of
Conway and a qualified person under National Instrument 43-101, has
reviewed the contents of this press release.
About Conway Resources Inc.
Conway is a mining exploration company with four gold properties
and one rare metals property in Quebec. Its main asset is the
Belleterre Mine property. The property is the site of the old
Belleterre mine, which produced 350 tonnes per day from four shafts
between 1936 and 1959. A total of 2.18 million tonnes of ore at an
average grade of 10.73 g/t Au were extracted from the mine,
primarily from vein 12 (95% of production). Earlier reports
indicate the presence of at least 21 veins on the property.
More information can be found on Conway's website at
www.ressources-conway.com.
Forward-Looking Statements
This press release contains certain forward-looking statements
that might involve uncertainty, time frames, and/or known and
unknown risks beyond the Company's control. The Company's actual
results, performance and achievements may differ materially from
the results, performance and achievements implied by such
forward-looking statements. Factors that could cause actual results
to differ from those implied by forward-looking statements include,
in particular, changes in the market gold price, the value of the
Canadian dollar or the grade of the ore mined and unanticipated
difficulties in mining activities that could have an impact on
operating revenues and costs, as well as uncertainty regarding
government regulations.
Neither TSX Venture Exchange Inc. nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange Inc.) accepts responsibility for the adequacy or
accuracy of this press release.
Contacts: Conway Resources Inc. Laurent Beaudoin President and
Chief Executive Officer 418-871-3334 conway@ressources-conway.com
www.ressources-conway.com Conway Resources Inc. Francois Kalos
Director 450-993-0828 kalos@solak.ca
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