Bold begins phase 1 exploration at Causas project
2009-06-04 13:18 ET - News Release
Mr. Gary Zak reports
SAN DIMAS MEXICO GOLD/SILVER EXPLORATION UPDATE
Bold Ventures Inc. has started the exploration program on the recently announced Causas gold and silver project located in the San Dimas district. The Causas project is located in the state of Durango in Mexico and is contiguous (southeast along strike) to the San Dimas gold and silver mine complex that is owned and operated by Goldcorp. The San Dimas gold silver deposit is one of the most significant precious metal deposits in Mexico.
Geologic work has started off and on site. Off site, historical data are being collected and IP and satellite images of the project area are being evaluated. In the field, crews have started to map and collect channel samples of surface outcrops and structures. The large area, over 28,000 ha, is being worked systematically from the east side near the small town San Jose de Causas to the west, south and north. The goal of this Phase 1 program is to identify and evaluate gold and silver bearing veins that are extending from Goldcorp's world class San Dimas mine, directly adjacent in the north-west to the Causas claims.
The Causas project has never systematically been explored according to available records. The current exploration program underway will focus on 10 identified zones of interest, in one, an over 1,000m long structure has produced channel samples of 39.9 g/t Au and 1,135 g/t Ag over 1.2 m. A second sample on the same structure 1,000m away has also produced samples highlighted by 20.4 g/t Au and 861 g/t Ag over 1.6 m. The assays were carried out by SGS Durango in January 2008.
Phase 1 Exploration
Upon conclusion of the Phase 1 exploration program designed to collect 600 assays from channel samples and to form the basis for a NI 43-101 Technical Report, this Technical Report is expected to be concluded by September of 2009.
The Company previously announced and entered into an agreement Kingside Management to provide Investor Relations. The agreement was subsequently re- negotiated for a thirty day period for the month of May and therefore the stock option incentive will not apply. The Company is in discussions with Investor Relations organizations at this time.
Private Placement
The Company is pleased to announce the first tranche closing of $100,000, dollars of the previously announced non-brokered private placement of up to 2,000,000 units (each unit consisting of one share and one full warrant) at a price of $0.10 per unit. Each warrant will be exercisable into one share at 0.15 cents per share for a period one year after closing and 0.20 cents per share for the second year after closing. The funds raised pursuant to the offering will be used for the Causas Gold and Silver Project.
Qualified Person
This news release has been read and approved by John D. Jenks, P.Geo., a Qualified Person under NI 43-101 Technical Report.
