Astral Reverts to 60%/40% Joint Venture on Jumping Josephine, Begins Small Phase 2 Drilling Program on "Cedar Zone"
27 November 2010 - 10:39AM
Marketwired
Astral Mining Corporation (TSX VENTURE: AA)(TSX VENTURE:
AA.WT)(PINK SHEETS: AAMJF)(FRANKFURT: A7DA) ("Astral" or "the
Company") announces that it has elected not to exercise its option
to earn a 100% interest in the Jumping Josephine Property from
Kootenay Gold Inc. ("Kootenay"). By the terms of the option
agreement dated December 14th 2009, Astral could earn Kootenay's
40% share of the property over two years (Astral Mining News
release dated December 16, 2009). Astral has given notice that it
will not proceed with the agreement and the companies will form an
Astral 60% and Kootenay 40% Joint Venture. Going forward the Joint
Venture partners will contribute relative to their percentage
holding or dilute their interests.
The Company has initiated a small follow up program to the 2010
program which successfully extended known mineralization along the
JJ Main structure to a total known length of 2.25km and intercepted
a potential parallel mineralized zone "Cedar zone" 250m to the
northwest of the original JJ Main discovery (see Astral news
release dated 4th November 2010 for details and results). Drilling
of six HQ diameter diamond core holes for a total of 500m at the
Cedar zone is now underway.
Technical details contained in this news release have been
reviewed by Dale Brittliffe, P.Geo., a Qualified Person as defined
in National Instrument 43-101 and Astral's Exploration Manager.
Astral Mining Corporation is a Canadian company engaged in the
exploration and development of precious metal properties in the
Americas. By focusing on exploration in mining-friendly districts,
the Company minimizes the political and social risks encountered in
many other parts of the world. With a new gold discovery at the
Company's Jumping Josephine Gold Project in Southern British
Columbia and an experienced technical team and seasoned management,
Astral is poised to leverage this expertise into early exploration
success. Further details on Astral Mining Corporation and its
high-quality portfolio of exploration projects can be found at
www.astralmining.com.
ON BEHALF OF THE BOARD
Mr. Manfred Kurschner, President & CEO
Astral Mining Corporation
Cautionary Note to US Investors: This news release may contain
information about adjacent properties on which we have no right to
explore or mine. We advise U.S. investors that the SEC's mining
guidelines strictly prohibit information of this type in documents
filed with the SEC. U.S. investors are cautioned that mineral
deposits on adjacent properties are not indicative of mineral
deposits on our properties. This news release may contain
forward-looking statements including but not limited to comments
regarding the timing and content of upcoming work programs,
geological interpretations, receipt of property titles, potential
mineral recovery processes, etc. Forward-looking statements address
future events and conditions and therefore involve inherent risks
and uncertainties. Actual results may differ materially from those
currently anticipated in such statements.
2010 Number 22
Shares outstanding - 17,277,400
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or the accuracy of this
release.
Contacts: Astral Mining Corporation Manfred Kurschner President
& CEO 604-641-1315 info@astralmining.com
www.astralmining.com
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