Reservoir Minerals Inc. Reports Exploration Progress at the Deli Jovan Project in Serbia
20.12.2011 | Marketwire
VANCOUVER, Dec. 20, 2011 - Reservoir Minerals Inc., (“RMC“ or the “Company“) (TSX VENTURE: RMC) (PINKSHEETS: RVRLF) (BERLIN: 9RE) is pleased to provide an update on progress in the re-opening of access to historical Rusman and Gindusa underground workings at its Deli Jovan Gold Project in eastern Serbia with partner Orogen Gold Plc (AIM: ORE, “Orogen“).Working access has been gained to the 30 and 50 metre levels of the historical Rusman underground workings and the 30 metre level at the Gindusa underground workings. The Gindusa exploration adit has been stabilized in areas requiring new timber work. Geodetic surveying and geological mapping is being undertaken on the accessible levels. Further dewatering of the lower levels continues at both mines to enable access for surveying, mapping and sampling. Geological mapping is nearing completion at the 30 metre working level of the Rusman workings and will be followed by underground channel sampling. The channel sampling results should be available in the first quarter of 2012 and will be used to assist in targeting future drilling.
A surface exploration diamond drilling program of up to 7,500 metres is planned to commence in April 2012 to test the strike and depth extensions as well as the continuity of the gold mineralization identified by the underground workings and recent soil sampling program.
Orogen completed a Share Placing to raise 1.16 million British Pounds (approximately $1.86 million) in late November 2011 which will enable Orogen to continue with its funding of the Deli Jovan project under the terms of the Earn in Agreement with the RMC.
“We are pleased with the progress in accessing the historic mining levels at the at the Deli Jovan gold project. We are also encouraged that Orogen was recently successful in raising new funds that will support continued exploration expenditures at Deli Jovan. We look forward to the results of the underground sampling program expected early 2012,“ stated Simon Ingram, President and CEO of RMC.
Work at Deli Jovan is funded by Orogen, which can earn up to a 75% interest in the project by completing $3.5 million in exploration expenditures within 42 months.
Quality Control:
The Company and Orogen follow industry standard quality assurance and quality control procedures for all samples. The QA/QC program includes the insertion of blanks, duplicates and certified standards into the sample stream. Gold and multi-element analysis is undertaken by ALS Chemex at its laboratories in Romania and Vancouver.
Dr. Duncan Large, Chartered Engineer (UK) and Eur. Geol., a Qualified Person as defined by National Instrument 43-101 and consultant to the Company, is responsible for the preparation of the technical information in this release.
About the Company
Reservoir Minerals Inc. is an international mineral exploration and development company run by a seasoned technical and management team, with a portfolio of precious and base metal exploration properties in Serbia.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this news release.
Contact Information
Reservoir Minerals Inc.
Chris MacIntyre, VP Corporate Development
+1.416.703.0010
chris@reservoirminerals.com
www.reservoirminerals.com