King's Bay Gold Commences Drilling Program at Phyllis Lake, Now Drilling Three Projects
WINNIPEG, Manitoba, Jul 24, 2008 (PrimeNewswire via COMTEX News Network) --
King's Bay Gold Corporation (TSX.V:KBG) and Mainstream Minerals Corporation (TSX.V:MJO) are pleased to announce that a Phase 1 diamond drill program has commenced at their joint-ventured Phyllis Lake Project located near Ignace, Ontario.
Summary of the Phyllis Lake Project
The Phyllis Lake high-grade Molybdenum / Copper / Cobalt Project is comprised of 12 claims totalling 64 claim units (2,560 acres) and is located near the Town of Ignace, Ontario. The property is accessible via the TransCanada Highway and a logging road.
The companies have also decided to increase their land position in the area and are in the process of staking more claims immediately adjacent to the existing land package.
Surface sampling of this project has yielded results as high as:
0.690% Molybdenum (Mo), 2.192% Copper (Cu), 0.415% Cobalt (Co), 0.393% Nickel (Ni), 0.100% Zinc (Zn), 9.60 g/t Silver (Ag), 2.81 g/t Gold (Au), 2.50 g/t Palladium (Pd) and 1.20 g/t Platinum (Pt). A 3 metre channel sample from a zone with a strike length of approximately 500 metres returned high-grade values of 0.677% Molybdenum.
The partners are excited with the commencement of a 3,000 metre Phase 1 diamond drilling program at this project which is host to numerous minerals. King's Bay Gold is extremely pleased with the fact that it is presently drilling three projects at this time and the company feels it has an excellent chance at exploration success this year.
Projects Currently Being Drilled
1) 15,000 metre Phase 2 diamond drilling program at the Bobjo Mine Project;
2) 10,000 metre Phase 1 diamond drilling program at the Sakoose Gold Mine Project; and
3) the commencement of a 3,000 metre Phase 1 diamond drilling program at this Phyllis Lake Project.
Andrew Gracie, Ph.D, P.Eng, P.Geo is the Qualified Person under National Instrument 43-101 for the Phyllis Lake Project.
About King's Bay Gold
King's Bay Gold is unique in the industry in that it owns most of the equipment required to carry out the various phases of exploration. This includes diamond drills, bulldozers and other exploration equipment, which gives the company the ability to quickly adjust work programs as exploration results are realized and company strategies change. The Corporation is a very active and well financed Canadian mineral exploration company with mineral projects strategically located in Canada's gold camps. Strategic properties include - (i) a property located directly adjacent to Canada's richest gold mine, (ii) two past producing gold mines, and (iii) other locations that are in very close proximity to either past producers and / or recent discoveries.
KBG Shares Outstanding: 41,242,900
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe KBG's future plans, objectives or goals, including words to the effect that KBG or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.
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SOURCE: King's Bay Gold Corporation
King's Bay Gold Corporation Richard Rivet, President & CEO (204) 253-4653 info@kingsbaygold.com www.kingsbaygold.com
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