Blue Vista Technologies Acquires Hurdman Property
TORONTO, ONTARIO -- (Marketwire) -- 09/08/11 -- Blue Vista Technologies Inc. (TSX VENTURE: BV.H) ('Blue Vista') and Eloro Resources Ltd. (TSX VENTURE: ELO) (FRANKFURT: P2Q) ('Eloro') are pleased to announce that they have entered into an arm's length agreement (the 'Agreement') whereby Blue Vista is to acquire Eloro's wholly-owned Hurdman Property, comprising 13 contiguous mining claims covering 2,944 hectares in Hurdman Township, 120 kilometres north-northwest of the city of Timmins, Ontario.
Pursuant to the Agreement and subject to regulatory approval and closing, Blue Vista will acquire a 100% interest in the Hurdman Property by issuing 5,000,000 shares and paying $40,000 to Eloro.
The Hurdman Property
The Hurdman Property has concentrations of base-metals within pyrrhotite-pyrite mineralization in biotite-garnet gneiss and pegmatites, and has been explored for base-metal mineralization since the 1960's. Mineralization consists of disseminated and massive pyrrhotite and pyrite with associated sphalerite, gahnite, silver and smaller amounts of lead and copper. The zinc-bearing zone can be followed 250 metres along strike, 125 metres down dip and over drill widths varying from 1 to 38 metres. Drilling by Eloro identified a continuous zinc-silver rich, semi-massive to massive sulphide zone. Nineteen of 25 drill holes drilled in 2007 intersected the Hurdman Sulphide Zone (HSZ). The drilling work confirmed the presence of a zinc (greater than 2%) and silver (greater than 15 g/t) corridor, which displays thicknesses varying between 1.9 and 19.95 metres. The HSZ represents a large Zn-Ag system that remains open in all directions.
About Blue Vista
Blue Vista is listed on the NEX Exchange, under the symbol BV.H. Blue Vista is in the process of applying to become a Tier 2 Resource Issuer on the TSX-V and in conjunction with this is in the process of acquiring a 100% interest in the Hurdman Zinc-Silver Property located 120 kilometres north-northwest of Timmins, Ontario.
About Eloro Resources
Eloro Resources is an exploration and mine development company with a portfolio of gold and base metal properties in northern and western Quebec. The Company is focused on expanding the historic gold resources at its wholly-owned past-producing Simkar gold mine property ('Simkar Property'). The Simkar Property consists of two contiguous mining concessions totaling 226 hectares in Louvicourt Township, approximately 20 km east of Val-d'Or, Quebec. Since 2009, Eloro has completed 15,035 m of drilling on the Simkar Property and has identified two new mineralized zones below the historic workings and two near surface zones in a diorite unit south of the historic workings.
Eloro plans to pursue exploration work at the Simkar Property with the objective to outline quality gold resources in an established mining camp.
The above technical information on the Hurdman Property has been reviewed and approved by Steve McCutcheon, P.Geo. who is a 'Qualified Person' under National Instrument 43-101.
This News Release includes certain 'forward-looking statements'. These statements are based on information currently available to the companies and the companies provide no assurance that actual results will meet expectations. Forward-looking statements include estimates and statements that describe future plans, objectives or goals, including words to the effect that the companies or their management expect a stated condition or result to occur. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.
CAUTIONARY STATEMENT: Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Blue Vista Technologies Inc.
Judy Baker
President and CEO
(416) 786-7860
Eloro Resources Ltd.
Thomas G. Larsen
President and CEO
(416) 868-9168
(416) 361-1333 (FAX)
www.elororesources.com