Chile, Australia & Argentina.
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Message: Acquires New Exploration Properties in Chile
| January 5, 2009 |
| Far West Mining Acquires New Exploration Properties in Chile and Terminates Option on Argentine Properties |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 5, 2009) - Far West Mining Ltd. ("the Company") (TSX:FWM) is pleased to report the acquisition of 55 additional exploration claims in Chile. The claims are located to the north and northeast of the Santo Domingo property. The acquisitions are part of a strategic decision to focus its exploration efforts in Chile and Australia following the recent successful drill programs. Accordingly, the Company has decided to terminate its option to acquire an interest in the Farallon Negro copper porphyry project in Argentina. In December, the Company completed the evaluation of the results of an induced polarization (IP) ground geophysical survey on the Farallon Negro property. The survey was designed to identify a buried world-class copper porphyry deposit and targeted disseminated sulphide mineralization and alteration that commonly envelopes copper-gold porphyry deposits. Results from the survey did not identify any large, close-to-surface anomalies that justified continuation of the program. During the end-of-year project review, it was decided to concentrate exploration efforts in Chile and Australia due to the high quality and number of targets in those project areas. Challenges in the equity markets, high operating costs in Argentina, and the relative quality of targets in Chile and Australia compared to Argentina, contributed to the decision by the Company to terminate its option to acquire an interest in the Farallon Negro project. As a result, the Company will have additional funds to devote to exploration efforts in Chile and Australia where bases of operations are already well established. The Company has acquired 55 new exploration claims in the IOCG (iron-oxide-copper-gold) belt of Chile. The claims cover an area of approximately 16,000 hectares and are located to the north and northeast of the Santo Domingo property where the Company discovered the Santo Domingo Sur, Iris, and Iris Norte deposits. The mineral resource of Santo Domingo Sur and Iris alone, is calculated to be in excess of 240Mt @ 0.54% copper and 24.3% iron - an updated resource study including Iris Norte will be available in the first quarter of 2009. The Company intends to add to its exploration properties in other areas to capitalize on the success of the Santo Domingo project which has now entered the development stage. The Company believes that it can add significant shareholder value through additional discoveries in the belt. In Australia, as a result of the recent exploration success, the Company is currently targeting prospective ground to add to its land position in Queensland and is following up on numerous untested target areas in the Georgetown area. In the news release of December 15, 2008, the Company announced the discovery of polymetallic mineralization at its Georgetown project in Queensland, Australia. The target at Georgetown is a Broken Hill Type (BHT) silver-lead-zinc mineralization such as the Cannington deposit (45Mt @ 11.9% Pb, 4.8% Zn, 520g/t Ag). In light of the current economic situation, the Company anticipates that prospective ground will become available both in Chile and Australia and intends to acquire additional claims. Australia and Chile are mining friendly countries and present an excellent opportunity to conduct mineral exploration in world class terrains. The in-house qualified person is Richard N. Zimmer, P.Eng., Chief Executive Officer, President and a director of Far West who has reviewed and approved the contents of this news release. Far West Mining Ltd. is an international mineral exploration company engaged in the evaluation, acquisition, exploration and development of mining properties. The Company has current operations in Chile and Australia. FAR WEST MINING LTD. Richard N. Zimmer, P.Eng., President and C.E.O. |
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