VANCOUVER, British Columbia, Jan. 30, 2008 - Consolidated Spire Ventures Ltd. (“Spire”) (TSX-V:CZS) announces that, as a result of a review by the British Columbia Securities Commission, it is issuing the following news release to clarify its previous disclosures concerning the geological potential in the Prospect Valley Property near Merritt, BC.
The Company, as such, retracts its previous disclosures of potential exploration targets, which includes all potential of contained ounces based on drill hole data from 2006 and 2007, trench data, geological and alteration mapping, geochemical and geophysical anomalies. The retraction includes the following statement: “a low grade gold bulk mineable target of considerable size that may range between 500,000 to 6 million ounces of gold”.
At this time, the BC Securities Commission believes the above disclosure is overly positive and can appear misleading. Particularly as there are insufficient drill holes with average grades above 1.4g/t gold to sustain the upper limit geological potential provided by the Company. As such, the Company wishes to retract all the statements of estimated potential as requested by the BC Securities Commission.
The public should not rely on those estimates, as further geological data is required in the opinion of the BC Securities Commission. Attached to this news release is a map showing the location of drill holes along the Discovery South and North Zones.
In some cases, data from previous years’ drill programs show the mineralization to be continuous from surface down to a depth of 96.52m with an average grade of 0.74g/t gold (DDH-2007-05), 66.82m with an average of 0.90g/t gold (DDH-2007-02) and 50.6m with an average grade of 1.36g/t gold (DDH-2006-21). The true width (thickness) of this mineralized belt will be determined shortly. This recognized mineralized gold quartz stockwork target area, named the Discovery South and North Zones, has a NNE strike of at least 1,500m and a surface width that ranges from 50m to 150m, as indicated by geological mapping, sampling, trenching, 43 drill holes, soil geochemistry, mag, IP and resistivity geophysical surveys. This mineralized elongated zone dips approximately 55 to 65 degrees to the west as determined from drill cross-sections and surface geological mapping.
A NI 43-101 report is in process. It will be completed once all analytical results are received from the five remaining holes drilled last year. The Company will be providing investors and the BCSC with detailed data and/or any additional clarification that may be requested.
A quality assurance and quality control (QA/QC) program was in place during the field program at the PV Property. The Qualified Person for this news release is Spire’s Exploration Manager, Mr. Victor Jaramillo, P.Geo.
FOR INFORMATION OR INVESTOR RELATIONS
CONTACT THE COMPANY AT (604) 662-7455
WEBSITE www.spireventures.com or
www.agoracom.com/ir/Consolidatedspire
ON BEHALF OF THE BOARD
“Brian Buchanan”
President and Director
This Company Press Release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
