Velocity Minerals Ltd. Announces Completion of Staking of 40 Additional Claims at Orogrande
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/08/11 -- Velocity Minerals Ltd. (TSX: VLC) is pleased to announce that a company field crew has completed staking 40 additional claims to the east of the original 60 'A' claims staked by the Company in the Orogrande mining district in Idaho County, Idaho in late 2010.
In November thru December 2010, a field crew collected over 300 hundred soil samples from a 8.4 line-km grid centered on the A claims. The 2010 geochemical survey results showed two separate anomalous areas for gold. The ground north of the past producer Penman-Homestake mine was the larger of the two at 700 meters in length and up to 500 meters wide. This zone runs in a northwest to southeast direction near the center of the claim block and the anomaly is open to the north and also to the southeast. Following the plotting of the survey results, the Company engaged the field crew to stake 40 additional claims to the east of the original 60 'A' claims to insure that the open geochemical anomaly was contained in the claim group. The addition of 40 claims to the 60 original A claims enlarges the claim area from 1,240 acres to approximately 2,000 acres.
While the ground covered by the 'A' claims has received relatively little recent exploration, the district is known to contain multiple gold occurrences with some grades running as high as 0.8 ounce (22.7 grams) per ton. The claims completely surround two small patented claims that contain the previously mined (1896 to 1941) Homestake Mine.
The information that forms the basis of this News Release has been prepared under the supervision of David S. Boyer, MSc., CPG, an independent professional geologist engaged by the Company and a Qualified Person (as defined in NI 43-101). However, some of the data referred to herein was obtained from government files, other historical sources and third party news releases, all of which are believed to be reliable but which have not and cannot be verified.
Velocity Minerals Ltd. is a public company dedicated to the acquisition, exploration and development of molybdenum, gold and other mineral resources. In addition to the Company's two Cassiar, B.C. area properties and its Idaho claims, several other opportunities in the mining industry in North America and elsewhere are actively being pursued.
On behalf of the Board of Directors,
Kenneth R. Holmes, Chairman.
Forward-Looking Information
This release includes certain statements that may be deemed 'forward-looking statements'. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words 'expects', 'plans', 'anticipates', 'believes', 'intends', 'estimates', 'projects', 'potential' and similar expressions, or by words indicating that events or conditions 'will', 'would', 'may', 'could' or 'should' occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
The TSX has neither approved nor disapproved of the information contained herein.
Contacts:
Velocity Minerals Ltd.
Jeremy Yaseniuk
Investor Relations
(604) 689-7411 or Toll Free: (866) 920-0567
info@velocityminerals.com
www.velocityminerals.com