Astral Reverts to 60%/40% Joint Venture on Jumping Josephine, Begins Small Phase 2 Drilling Program on 'Cedar Zone'
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/26/10 -- 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