Astral Signs LOI on Los Crestones Property, Sinaloa, Mexico
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/09/10 -- Astral Mining Corporation (TSX VENTURE: AA)(TSX VENTURE: AA.WT)(PINK SHEETS: AAMJF)(FRANKFURT: A7DA) ('Astral' or 'the Company') is pleased to announce the signing of a Letter of Intent whereby Astral can acquire an undivided 100% interest in three (3) mineral exploitation claims covering approximately 4,196 hectares, collectively known as the Los Crestones Property, located within the prolific Sierra Madre gold-silver belt, 100km north of the Sinaloa state capital, Culiacan. Never drilled, the property hosts numerous mineralized showings and small scale workings and is prospective for vein and breccia hosted low sulphidation epithermal gold and silver.
Astral may earn a 100% interest in the property by making payments totaling US$750,000 over a period of four years. The vendors retain a 0.5% NSR royalty, which may be purchased by Astral for US$400,000 at any time. On closing the agreement a finder's fee is payable.
Subject to due diligence, Astral intends to sign a formal agreement with the claim owners before January 12th, 2011. As part of Astral's review, company geologists have undertaken a property visit which included sampling of exposed veins and historical underground workings. In preparation of exploration activities, the company has initiated consultation with local stakeholders from the surrounding area. Astral considers ongoing consultation with local residents a critical factor in ensuring that all parties benefit from future developments on the project.
Samples collected by Astral's team were shipped to Acme Laboratories' sample preparation facility in Guadalajara, Jalisco state. The company will announce these results once received and compiled.
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 23
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