Northwestern Quebec with Rencore Resources-Initial Airborne Geophysical Survey Underway
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TORONTO, ONTARIO--(Marketwire - Nov. 1, 2011) -
Bold Ventures Inc. (TSX VENTURE:BOL) ("Bold" or the "Company") is pleased to announce that it has entered into a joint venture agreement with Rencore Resources Ltd. (CNSX:RNC) to carry out mineral exploration in Northwestern Quebec.
Rencore Resources Ltd. has recently staked four large claim groups in Orvillier, Montgolfier, Grasset, Subercase, Sainte Helene, La Gauchetiere, Poirier, Dieppe and Collette Townships in Quebec. In total 497 mining claims, comprising 27,650 hectares, were staked. Any claims that are determined to exist on designated Reserve Lands will be subject to provincial rules and regulations relating to those Lands and the company will negotiate directly with the affected native communities. The claim areas were selected to cover favourable geologic trends.
Under the terms of the joint venture agreement, Bold will fund the initial airborne survey and each company will fund their 50% share of the exploration budget and expenses.
To begin the program, selected areas with favourable geology will be surveyed with an airborne geophysical system operated by Geotech Ltd. of Aurora. The airborne survey crew has mobilized to the area to begin the survey. Initially, new targets from the helicopter-supported VTEM surveys will be investigated on the ground by prospecting and/or diamond drilling to ascertain their economic potential. At this time the companies are not aware of any historical significant mineralization on the staked properties.
On behalf of the board of directors of Bold Ventures Inc.
Richard E. Nemis, President and Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT: Richard E. Nemis
Bold Ventures Inc.
President and Chief Executive Officer
416 864 1456
