Orestone Options Gold Property from Kootenay Silver
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 20, 2014) - Orestone Mining Corp. (TSX VENTURE:ORS) ("the Company") is pleased to announce that it has signed a five year option agreement ("the Agreement") with Kootenay Silver Inc. (TSX VENTURE:KTN) to earn a 60-per-cent interest in the 700 hectare Estrella de Oro gold exploration property located in Sonora State, Mexico approximately 200 kilometers southeast of the city of Hermosillo.
Mapping and sampling by Kootenay Silver has outlined an intrusive hosted gold vein stockwork system in numerous dry placer pits over an area measuring 500 meters by 1000 meters. A total of 391 selected grab quartz vein samples were taken from placer pits with 277 samples grading greater than 500 ppb gold and 160 samples greater than 1000 ppb gold with values up to 260 grams per tonne gold. Exposed bedrock in pits on the southern portion of the zone indicate a flay lying sheeted stockwork vein system.
Terms of the Agreement are as follows: (i) issue 200,000 shares upon regulatory approval; (ii) cash payments in the amount of US$150,000 as follows: US$25,000 on or before the second anniversary; US$50,000 on or before the third anniversary; and US$75,000 on or before the fourth anniversary; and (iii) cumulative exploration expenditures of US$2,000,000 as follows: US$50,000 on or before the second anniversary; US$250,000 on or before the third anniversary; US$350,000 on or before the fourth anniversary; and US$1,350,000 on or before the fifth anniversary.
The Company believes there is potential on the Estrella de Oro project to outline an oxidized, bulk tonnage stockwork gold system in a region of good infrastructure for project development.
A detailed soil geochemical survey followed by backhoe trenching is planned as a first phase to test the system.
Further information will be released as available.
Orestone Mining Corp. is a Canadian based company that controls a portfolio of gold and gold-copper exploration projects in British Columbia, Canada and Sonora, Mexico. For more information please visit: www.orestone.ca
ON BEHALF OF ORESTONE MINING CORP.
David Hottman, President and CEO
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. This news release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein.