Astral Signs Option on Barriere Ridge Silver-Gold Project, Southern British Columbia
09 March 2011 - 1:00AM
Marketwired
Astral Mining Corporation (TSX VENTURE: AA)(TSX VENTURE:
AA.WT)(PINK SHEETS: AAMJF) ("Astral" or "the Company") is pleased
to announce that on March 2nd, 2011 it signed an Option Agreement
"the Option" by which the company may acquire a 100% interest in
the 8,304 hectare Barriere Ridge Property located 80km
north-northeast of Kamloops in southern British Columbia. Company
management believes the property is prospective for polymetallic
vein and VMS style copper-gold-silver and zinc mineralization.
The Barriere Ridge project is located 20km south of Yellowhead
Mining Inc's Harper Creek Copper Deposit that contains an estimated
Indicated Resource of 569 million tonnes containing 4,010 million
lbs Cu(i). Past producing mines in the immediate area include
Samatosum Mountain (Minfile 082M 244), and the historic Homestake
(Minfile 082M 025) and Windpass (Minfile 092P 039) mines(ii).
The property is underlain by rocks of the Paleozoic Eagle Bay
Assemblage in close proximity to the Mid-Cretaceous Baldy
Batholith. The property hosts known mineral occurrences including
the polymetallic Silver Minnow showing (Minfile 082M 069) that
returned 925.7 g/t silver and 0.69 g/t gold over 0.61m from vein
material hosted by limestones and schists of the Lower Eagle Bay
Formation (historical values - EMPR Annual Report 1925).
The terms of the Option give Astral the exclusive right to
acquire 100% interest in the Barriere Ridge property by making cash
payments totaling $75,000, issuing 300,000 common shares and
incurring exploration expenditures of $1,000,000 over a period of
five years.
Barriere Ridge will add to Astral's claim holdings in the area
which, when combined with the nearby Honeymoon Project brings the
total in the district to 27,065 hectares in 61 claims.
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, but
should be viewed as historical as the work was carried out by
previous parties.
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, the promising early stage Los Crestones gold-silver
project in Sinaloa state, Mexico, 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
(i) www.yellowheadmining.com
(ii) Taken from BC Minfile production summaries
http://minfile.gov.bc.ca
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.
2011 Number 5
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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