Morumbi to Begin Exploration Program on the Popondetta Property, Papua New Guinea
18 October 2011 - 3:54AM
Marketwired
Morumbi Oil & Gas Inc. (TSX VENTURE:MOC) ("Morumbi" or the
"Company") announced today that it is to begin an exploration
program at its Popondetta property in Papua New Guinea. The
Popondetta property consisting of 341 sq km has tremendous
exploration potential and is in the highly prospective Owen Stanley
Range of Papua New Guinea. The Owen Stanley Range is host to a
number of world class gold-copper porphyry and high level
epithermal gold deposits. The property is almost totally surrounded
by Goldminex Resources Limited which has recently completed an
option agreement with Vale to advance their property. The same
structures rock types and alteration has been found on the
Popondetta property as well and will be the focus and attention of
the exploration program.
A team is being assembled to begin working immediately on the
property. The initial exploration program includes geological
mapping, prospecting, soil and lithogeochemical sampling and ground
geophysical surveys (magnetic and IP).
Morumbi is also proud to announce that Mr. Robert Campbell,
M.SC., P.Geo., has agreed to join the Board of Directors of
Morumbi. Mr. Campbell is a seasoned geologist with over 30 years
experience in mining and exploration in the America's and
Austral-Asia. Mr. Campbell is currently the senior geological
executive at Largo Resources and has also worked at Lac Minerals
and Noranda.
Mr. Robert Campbell, a Director of the Company, is the Qualified
Person as defined under National Instrument 43-101 responsible for
the scientific and technical disclosure in this press release.
About Morumbi
Morumbi Oil & Gas Inc. is a public company with attractive
near-term light oil exploitation opportunities in northwest
Alberta, and, through its recent acquisition of Rockwell, it is
actively undertaking programs to develop existing assets and
conducting activities to acquire additional high impact Oil/Gas and
Mineral assets. The Company trades on the TSX Venture Exchange
under the symbol "MOC". For more information about Morumbi and the
Company's McKinley Property and plans visit our website at
www.morumbi.ca.
Disclaimer
Certain statements contained in this news release may contain
forward-looking information within the meaning of Canadian
securities laws. Such forward-looking information is identified by
words such as "estimates", "intends", "expects", "believes", "may",
"will" and include, without limitation, statements regarding the
company's plan of business operations (including plans for
developing assets) and projected expenditures. There can be no
assurance that such statements will prove to be accurate; actual
results and future events could differ materially from such
statements. Factors that could cause actual results to differ
materially include, among others, commodity prices, risks inherent
in the oil & gas industry, financing risks, labour risks, title
disputes, regulatory risks, currency fluctuations, competition,
unexpected decline rates in wells, changes in taxation or royalty
regimes and environmental concerns. Most of these factors are
outside the control of the company. Investors are cautioned not to
put undue reliance on forward- looking information. Except as
otherwise required by applicable securities statutes or regulation,
the company expressly disclaims any intent or obligation to update
publicly forward looking information, whether as a result of new
information, future events or otherwise.
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 release.
Contacts: Morumbi Oil & Gas Inc. Mark Brennan Chief
Executive Officer 416-364-2266 or 1-(877)
954-6327mbrennan@morumbi.ca
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