Orestone Mining Receives Additional Permiting for Captain Project
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 5, 2012) - Orestone Mining Corp. (TSX VENTURE:ORS) is pleased to report that it has received approval of an amended Mines Permit from the B.C. Ministry of Energy and Mines covering an additional 30 line kilometres of Induced Polarization (IP) and an additional eight drill hole locations on the Company's Captain gold-copper porphyry project. The 100% owned Captain project is located 43 kilometers north of Fort St. James, British Columbia and approximately 30 kilometers south of the Mt. Milligan copper-gold deposit. The Mt. Milligan deposit has proven and probable reserves of 532 Mt grading 0.20% copper and 0.38 g/t gold (Thompson Creek Metals website) and is currently under construction by Thompson Creek Metals Company Inc. as a large open pit mine and processing facility.
The new IP grid and drill hole locations cover extensions to the east and west of the previous grid where anomalous chargeability, resistivity and magnetic anomalies are open along strike. The project area features relatively flat terrain, moderate tree cover and an extensive network of logging and Forest Service roads suitable for exploration all year.
Combining core drilling data and previous data generated through 31 line kilometers of Ground Magnetometer and Induced Polarization geophysical surveys Orestone has interpreted a zone of intense alteration and disseminated sulphides associated with altered monzonite intrusive centers over an area of approximately 50 square kilometers. Three large, distinct drill target areas are indicated that measure one by two and a half kilometers, one by three kilometers and one by four and a half kilometers in size (1x2.5 km, 1x3 km and 1x4.5 km).
Over this immense area one of the four diamond drill holes completed in early 2012 intercepted a tenor of mineralization similar to that of the Mt. Milligan deposit; hole C11-01 returned an intercept of 87 metres grading 0.230 g/t gold and 0.03% copper from a depth of 127 metres, including 43 metres grading 0.298 g/t gold and 0.09% copper, as well as 16 metres grading 0.434 g/t gold and 0.133% copper (See Company news release dated February 23, 2012).
The Company has all permits in place to facilitate the next several phases of exploration; 30 line kilometers of geophysics and 38 sites approved for drilling by the B.C. Ministry of Energy and Mines.
Within British Columbia, Canada, Orestone has recently discovered the above described large copper/gold porphyry system on the 100% owned Captain Project and is seeing increased interest in the Stewart Mining Camp where the Company's 50 square kilometer Todd Creek (51%) asset is located. In addition, the Company has initiated a global project search focused on the acquisition of high potential assets to compliment the Company's current portfolio. For additional information please visit www.orestone.ca.
ON BEHALF OF ORESTONE MINING CORP.
David Hottman, President and CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Orestone Mining Corp.
President & CEO