Camino Minerals Corporation (TSX-V: COR) (“Camino” or the “Company”) is pleased to announce that its common shares began trading on the Toronto Venture Exchange (“TSX-V”) today under the symbol “COR”.
“Today is a very important day for Camino and its shareholders,” said Gordon Davis, Camino’s Chairman and CEO. “Although Camino is a new company, it is led by the same team that successfully shepherded Canplats Resources Corporation (“Canplats”) in the C$300-million acquisition by Goldcorp Inc. (“Goldcorp”) of Canplats. We remain focused on precious and base metal projects located in Mexico and we have a number of projects that are expected to be advanced to the drilling stage this year. With approximately C$10-million in the treasury, the Company is well funded and we look forward to a very active year of exploration.”
Camino’s exploration projects were originally obtained by Canplats through agreements with La Cuesta International, Inc. (“La Cuesta”) and subsequently transferred to Camino in connection with Goldcorp’s acquisition of Canplats. The principals of La Cuesta, Perry Durning and Frank (Bud) Hillemeyer, were recent recipients of the 2010 PDAC Thayer Lindsley International Mineral Discoveries Award, recognizing their outstanding record of grassroots discoveries in Mexico. Since 1993, La Cuesta has been directly involved in the discovery of the San Sebastian silver-gold mine (formerly in production for Hecla Mining Inc.), the San Agustin gold deposit of Silver Standard Resources Inc. (“Silver Standard”)(indicated resources of 1.59 million ounces of gold and 47.9 million ounces of silver, with additional inferred resources of 1.06 million ounces of gold and 37 million ounces of silver(i)), the Pitarrilla silver deposit of Silver Standard (measured and indicated resources of 643.6 million ounces of silver with additional inferred resources of 82.3 million ounces of silver(i)), and the Camino Rojo gold deposit of Goldcorp (measured and indicated resources of 3,445,000 ounces of gold with inferred resources of 555,000 ounces of gold(ii)).
Three of Camino’s exploration projects – El Rincon, Rodeo and Mecatona – are located within the Central Mexican Silver Belt, while the Maijoma property covers a number of new precious and base metal showings with district-scale potential in northeast Chihuahua State.
El Rincon Gold Project
The El Rincon gold project is located 120 kilometres northeast of the city of Durango, Mexico. It is comprised of one mineral claim covering 12,946 hectares (50 square miles) and is accessed by paved highway.
The El Rincon property is located along the same northeast-trending structural corridor as the El Castillo gold mine, located 10 kilometres to the west and currently in production for Argonaut Gold Inc., and Silver Standard’s San Agustin deposit, located 30 kilometres to the southwest. Initial work at El Rincon has identified ground magnetic geophysical anomalies and major structural corridors which are coincident with gold biogeochemical anomalies.
The El Rincon project holds the potential for the discovery of bulk-tonnage gold mineralization. Initial exploration activities will include detailed geophysical and geochemical surveys.
Rodeo Gold Project
The Rodeo gold project is located 150 kilometres north of the city of Durango, Mexico and is comprised of two claims covering 13,099 hectares (51 square miles). The property is accessed by paved highway.
The Rodeo property hosts gold and silver mineralization related to a high-level epithermal system that is controlled by a major northwest-trending fault system. A reverse circulation drilling program carried out by Canplats in 2004 confirmed the presence of near-surface gold mineralization over significant intervals, including 5.94 grams of gold per tonne over 27 meters in drill hole BR-06.
To date, drilling has only sparingly tested the near-surface Rodeo epithermal system, which has been traced at surface for 4 kilometres and remains open for further expansion. Most of the previous drilling was shallow, and has yet to evaluate the potential for bonanza Au-Ag-Cu-Zn-Pb veins, replacement and manto-style mineralization at depth. Initial exploration activities will include property-wide sampling and detailed geophysics.
Mecatona Gold Project
The Mecatona gold project is located 20 kilometres south of the city of Parral, a historic precious metals mining district. The property is comprised of 7 mineral claims covering 5,300 hectares (20.5 square miles) and is accessed by paved and gravel roads.
In the Mecatona district, basal Lower Cretaceous sediments are overlain by Tertiary volcanic and associated minor granitic intrusive rocks. The property geology is dominated by Tertiary flow-banded rhyolites (rhyodacites) with minor rhyolitic flow breccias.
Preliminary mapping and rock sampling on the Mecatona property have outlined a broad north-northwest trending vein swarm and alteration corridor which has yielded strong silver and base metal lithogeochemical anomalies.
Mecatona holds the potential for the discovery of bulk-tonnage gold/silver mineralization. Initial exploration activities will include geophysical surveys, surface sampling, mapping and trenching.
Maijoma Claim Group
The Maijoma claim group is located 65 kilometres southeast of Ojinaga in northeast Chihuahua State. The property is comprised of three contiguous claim groups (Maijoma, Agua Loca/Los Volcanes, and El Alamo) that cover 83,985 hectares (324 sq. miles). The project is accessed by gravel roads.
The Maijoma property covers the recently-recognized “Maijoma Structural Break” for more than 60 kilometres. Initial work has identified several large-scale areas of alteration and mineralization, thought to represent the high-level portions of major hydrothermal systems cutting a thick, favourable sequence of Cretaceous limestones. Initial geochemical sampling has returned elevated base and precious metals values, while preliminary IP surveying has outlined several chargeability anomalies.
Maijoma holds the potential for the discovery of carbonate replacement mineralization and/or high-grade veins and skarns. Initial exploration activities will include surface sampling, mapping and geophysical surveys.
About Camino Minerals Corporation
Camino is a new mineral exploration company that was formed in connection with Goldcorp Inc.’s acquisition of Canplats Resources Corp. (“Canplats”). Camino is led by Canplats’ former management, has approximately C$10-million in the treasury and is focused on precious and base metal projects located in Mexico.
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 National Instrument 43-101
- Silver Standard’s website: www.silver-standard.com
- Goldcorp’s website: www.goldcorp.com
For further information, contact:
Camino Minerals Corporation
R.E. Gordon Davis
Chairman and C.E.O.
Direct: (604) 629-8292
V.P., Corporate Development
Direct: (604) 629-8294
Toll-Free: (866) 338-0047
http://www.caminominerals.comTo receive Camino’s news releases, contact Blaine Monaghan, V.P., Corporate Development. at email@example.com or (866) 338-0047.
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.
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.