Hunter Bay Minerals Exercises Initial 30% Interest and Commences Soil Sampling Program on Sela Creek Project
LONDON, UNITED KINGDOM -- (Marketwire) -- 07/13/11 -- Hunter Bay Minerals plc ('Hunter Bay') (TSX VENTURE: HBY) is pleased to announce that it has exercised its option to acquire an initial 30% interest in the Sela Creek Project in accordance with the terms and conditions of the option agreement dated December 21, 2010 among Hunter Bay, Kudray S.A. (the 'Optionee'), a wholly owned subsidiary of Hunter Bay, and Selakriki Okanisi Resources N.V. (the 'Owner'). In exercising this interest, the Optionee paid to the Owner USD $100,000, Hunter Bay issued to the Owner 250,000 ordinary shares and the Optionee incurred USD $765,482 in exploration expenditures, of which USD $365,482 in exploration expenditures will be carried over to the next option period to acquire an additional 21% interest in the Sela Creek Project.
Hunter Bay is also pleased to announce that it has commenced a soil sampling program at the Sela Creek Project. Phase One of the soil sampling program will involve 200 m by 100 m spaced soil grids over the Central Ridge, Jons Pit-Texas Trend and Eastern Anomaly prospects for approximately 1,500 samples (To view Figure 1 associated with this release, please click the following link: http://media3.marketwire.com/docs/HBY%20Figure%201.pdf). Hunter Bay anticipates that this initial phase will be completed within the next three months. Phase Two of the soil sampling program, being a 400 m by 100 m spaced grid for 2,100 samples, will be completed over the inferred strike extensions of known mineralization and geophysical anomalism. Phase Two will be conducted while the results of the Phase One 200 m by 100 m grid are compiled. In the event that the results warrant further exploration, tighter spaced soil grids and trench sampling will follow up anomalies from the initial phase of soil sampling.
In total, the phased soil sampling program will cover an area of approximately 115 square kilometres and will include areas under cover along strike from saprolite workings which occur on a 5 km long, northwest striking zone called the Jons Pit-Texas Trend. Saprolite workings in the Jons Pit-Texas Trend are exploiting quartz vein zones at the contacts between intrusive and metasedimentary rocks, and are coincident with magnetic lows and potassium highs, indicative of hydrothermal alteration.
The program will also test the Central Ridge prospect, a 5 km long, east-west trending ridge coincident with a magnetic low. The Central Ridge prospect is located at the centre of numerous north and south draining creeks which have been extensively mined for alluvial gold, and is also located at the northern end of the Jons Pit-Texas Trend.
Eastern Anomaly is a 2 km long, coincident magnetic low and potassium high adjacent to a linear magnetic high. Eastern Anomaly is a new target generated from the airborne geophysical program, with a similar geophysical signature to the area of saprolite workings at the Jons Pit-Texas Trend.
Christopher Wilson, PhD, FAusIMM (CP), FSEG, Chief Executive Officer and a director of Hunter Bay, is a Qualified Person as defined in National instrument 43-101 - Standards of Disclosure for Mineral Projects is responsible for the work program on the Sela Creek Project. Dr Wilson has supervised and approved all technical information contained in this news release.
About Hunter Bay
Hunter Bay is engaged in the acquisition, exploration and development of mineral resource properties located in Canada and South America. Hunter Bay currently owns a one-hundred percent (100%) interest in the Great Bear Lake Properties located in the eastern side of Great Bear Lake NWT, has an option to acquire up to an eighty percent (80%) interest in the Sela Creek Project located in Suriname and has an option to acquire a forty five percent (45%) interest in the net profits of the Fortuna Project located in the Nambija Gold District, Ecuador.
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Hunter Bay cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Hunter Bay's control. Such factors include, among other things: risks and uncertainties relating to Hunter Bay's ability to complete the proposed soil sampling program on the Sela Creek Project, Hunter Bay's limited operating history; the need to comply with environmental and governmental regulations; and potential defects in title to Hunter Bay's properties. Accordingly, actual and future events, conditions and results may differ materially form the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Hunter Bay undertakes no obligation to publicly update or revise forward-looking information.
Neither 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:
Hunter Bay Minerals plc
Christopher Wilson
CEO and President
(+44) 207-127-9125