Kola Mining Corporation: Bogunay Gold Prospect Update
06 October 2009 - 9:00PM
Marketwired
Kola Mining Corporation ("Kola Mining, the Company") (TSX VENTURE:
KM)(FRANKFURT: C8M) is pleased to announce that it has completed a
Due Diligence study (TEO Konditsiy) at the Bogunay Gold Prospect.
The Company holds a 100% interest in the Bogunay Gold Property in
Krasnoyarsk Territory, South Siberia, Russia. Since April, when the
Company acquired its interest in the Bogunay Gold Prospect, the
Company has been working on baseline geological works. The
objective of the work program was to meet the work requirements of
the license agreement.
Mr. Mikhail Yuryev, Chairman of the Board, commented, "We are
pleased with the ongoing progress at Bogunay and that we completed
necessary work to meet the requirements of the license agreement.
This allows us to continue exploration work on the other target
areas of the Bogunay gold Prospect such as the Bogunay mine area;
the old mine tailings; the Krasnoyarsk mineralized zone; the
Ivanovskaya zone; and other exploration targets within the property
boundary."
Based on non-compliant (and therefore not disclosable) Russian
resource estimates and other historic information the Company has
estimated a potential target ranging in tonnage from 5,800,000 to
9,400,000 tonnes, at grades ranging from 2 to 10 g/t Au, for total
contained gold ranging from 22.2 tonnes to 40.1 tonnes or 648,000
ounces to 1,171,000 ounces. The area includes the Bogunay mine
area, old mine tailings and other exploration targets within the
property boundary.
Investors are cautioned that the potential quantity and grade is
conceptual in nature and that there has been insufficient
exploration to define a mineral resource. It is uncertain if
further exploration will result in the confirmation or discovery of
a mineral resource. In addition, Kola cautions investors that the
Soviet classified resources are not NI 43-101 compliant and that
CIMM and JORC resource categories do not directly conform to, nor
recognize the Soviet A, B, C1, P1 and P2 resource categories. A
Qualified Person as defined by NI 43-101 has not done sufficient
work to classify the estimates as current mineral resources and the
estimates should not be relied upon. Kola does not consider the
estimates to be current mineral resources, but it does consider the
estimates to be a significant indication of the overall mineral
potential, as discussed above.
Kola Mining has hired a local geological exploration firm to
prepare an exploration program and budget, respectively for ongoing
work at the Bogunay Prospect. As well, APEX Geoscience Ltd. has
been retained to complete a National Instrument 43-101 compliant
report specific to the Bogunay Gold Prospect.
Kola Mining's disclosure of a technical or scientific nature in
this news release was prepared under the supervision of Dean
Besserer, P.Geol., of APEX Geoscience Ltd., Edmonton, Alberta, who
is a Qualified Person under the definition set out in National
Instrument 43-101. APEX Geoscience Ltd. is an independent Canadian
geological consulting firm with offices in both Canada and
Australia.
KOLA ACQUISITION UPDATE
Kola Mining is continuing with its review of acquisition
opportunities in Russia and has commenced detailed due diligence on
a significant developed tin property located in Russia. The
property is an advanced near term production opportunity and has
had significant expenditures in exploration and development over
the past several years. Negotiations with the vendors have
commenced but at this time no agreement has been concluded.
As part of its due diligence, Kola has retained Mr. Dean
Besserer of APEX Geoscience Ltd. to complete a comprehensive
National Instrument 43-101 compliant report specific to the tin
property under negotiation, who has already visited the Bogunay
Gold Prospect, as referenced above.
For further information on Kola Mining Corp., please visit the
company website at www.kolamining.com.
On behalf of the Board of Directors of KOLA MINING CORP.
Victor Tskhovrebov, President & C.E.O.
Forward Looking Statements
This Company Press Release contains certain "forward-looking"
statements and information relating to the Company that are based
on the beliefs of the Company's management as well as assumptions
made by and information currently available to the Company's
management. Such statements reflect the current risks,
uncertainties and assumptions related to certain factors including,
without limitations, competitive factors, general economic
conditions, customer relations, relationships with vendors and
strategic partners, the interest rate environment, governmental
regulation and supervision, seasonality, technological change,
changes in industry practices, and one-time events. Should any one
or more of these risks or uncertainties materialize, or should any
underlying assumptions prove incorrect, actual results may vary
materially from those described herein.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Contacts: Kola Mining Corp. Victor Tskhovrebov President &
C.E.O. 604.694.1600 www.kolamining.com
(TSXV:KM)
Historical Stock Chart
From Jun 2024 to Jul 2024
(TSXV:KM)
Historical Stock Chart
From Jul 2023 to Jul 2024