Camino Minerals Corporation: Drilling Underway at El Secreto Gold, Silver and Copper Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/19/12 -- Camino Minerals Corporation ("Camino" or the "Company") (TSX VENTURE: COR) is pleased to announce that drilling is underway at the El Secreto Gold, Silver and Copper Project ("El Secreto" or the "Project"), located in Sinaloa State, Mexico. The 2,000 metre reverse circulation drill program commenced over the weekend and is expected to take up to four weeks to complete. This is the first ever drill program to be carried out at El Secreto.
Drilling initially will focus on two target areas: the El Secreto Zone and the Carrizal Area. The El Secreto Zone, located in the northeastern part of the property, was delineated by a soil geochemical survey, which outlined a 1.5 km by 2 km area of anomalous gold and silver values. Rock samples collected from the El Secreto Zone have returned values as high as 13.3 g/t gold and 187 g/t silver. The Carrizal Area, located 6-km to the west of the El Secreto Zone, contains a number of mineralized veins. Rock samples collected from the Carrizal Area have returned values as high as 8.8 g/t gold, 316.0 g/t silver and 5.1% copper. Northeast-trending epithermal veins that cross cut granodioritic intrusions are present at both the El Secreto Zone and the Carrizal Area. The veins vary from one to five metres in thickness and from several hundred metres to more than one kilometre in length.
El Secreto is situated along the western edge of the Sierra Madre Occidental in a structural setting similar to Primero Mining Corporation's San Dimas Mine, located 40-km to the east. San Dimas produced 102,000 gold equivalent ounces in 2011. Primero recently announced plans (see Primero's news release dated October 15, 2012) to increase mine throughput from the current 1,925 tonnes per day to 2,500 tonnes per day by the end of the first quarter of 2014. This expansion will allow for an average production target of 160,000 gold equivalent ounces per year over the next five years. The San Dimas district, which has been mined since 1757, contains a series of epithermal gold-silver veins. Historical production from the San Dimas district is estimated at 11 million ounces of gold and 582 million ounces of silver.
"The structural setting, proximity to San Dimas and exploration results received to-date have only reinforced our belief that El Secreto is highly prospective for the discovery of epithermal vein systems," said Gordon Davis, Camino's Chairman and CEO. "We look forward to reporting the results of the drill program in the new year."
About the El Secreto Gold, Silver and Copper Project
Recently consolidated by Arcelia Gold Corp. ("Arcelia"), a private BC company, through staking and the acquisition of privately held claims, El Secreto consists of three mineral concessions encompassing over 12,000 hectares (49 square miles). The Project is located approximately 100 km northeast of Mazatlan, Sinaloa State, and is accessible by paved and gravel roads. The geology and mineralization obtained to date suggests that El Secreto is highly prospective for the discovery of epithermal gold-silver vein systems. The Project has never been subject to modern exploration techniques or drilling. Camino has an option to earn up to an 80-per-cent interest in El Secreto from Arcelia.
About Camino Minerals Corporation
Camino is a discovery-oriented mineral exploration company formed in connection with Goldcorp's C$300-million acquisition of Canplats Resources Corp. Camino is led by Canplats' former management and is focused on precious and base metal projects located in Mexico. For more information on Camino's projects, please refer to the Company's website at www.caminominerals.com.
The technical information contained in this news release has been reviewed and approved by Richard Dufresne, P.Geo., Camino's V.P., Exploration, a "Qualified Person" as defined under NI 43-101.
To receive Camino's news releases, contact Blaine Monaghan, V.P., Corporate Development, at info@caminominerals.com or (866) 338-0047.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States, The securities of Camino described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Cautionary Note Regarding Forward-Looking Statements
Statements contained in this news release that are not historical fact are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 and forward-looking information under the provisions of Canadian securities laws (collectively, "forward-looking statements"). Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties include, but are not limited to, the company's ability to raise sufficient capital to fund exploration, changes in economic conditions or financial markets, changes in prices for the company's mineral products or increases in input costs, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments in Mexico, technological and operational difficulties or inability to obtain permits encountered in connection with exploration and development activities, labour relations matters, and changing foreign exchange rates, all of which are described more fully in Camino's filings on SEDAR. The company undertakes no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events or other factors, except as required by law. Readers are cautioned not to place undue reliance on forward-looking statements.
Neither the 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:
Camino Minerals Corporation - Corporate Information
R.E. Gordon Davis
Chairman and C.E.O.
(604) 629-8292
Camino Minerals Corporation - Investor Inquiries
Blaine Monaghan
V.P., Corporate Development
(604) 629-8294 or Toll-Free: (866) 338-0047
info@caminominerals.com
www.caminominerals.com