TORONTO, ONTARIO--(Marketwire - Oct. 24, 2007) - Garrison ("Garrison")(TSX VENTURE:GAU) is pleased to announce that recent drill results from the first 57 diamond drill holes have confirmed that good resources exist at the Tovshiir project. Plans are currently underway to commence a feasibility study on open cut gold production for the Tovshiir Project.
Highlights
- Drilling at Tovshiir returns high grade drill intersections up to 33 g/t Au over 1.5 m including 99.25 g/t Au over 0.5 m
- Drilling results of the first 57 shallow diamond holes confirms a shallow resource exists at the surface (within top 3-5m) in the Tovshiir Project which is suitable for open cut mining
- Garrison plans to commence feasibility studies on open cut gold production while continuing to drill out high grade resources to depth
- A resource estimate will be calculated over the next two months and submitted for approval to the Mongolian Government as part of the approval process of a feasibility study on the project and as required to issue mining permits
- Garrison Board has given approval to commence Feasibility Studies for Tovshiir Project on the basis of an initial 30,000 oz per annum gold project
The Consulting Engineering Firm Balchuluu Co. Ltd has been appointed to manage the Feasibility Study for the project with a target of 500 tonne per day plant throughput.
Erchim Environmental Group, who have managed environmental studies for many resource companies in Mongolia including Boroo Gold, have been contracted to complete environmental base line studies and the Environment Impact Statement reports. These reports are required to grant the Environmental Permits necessary to operate a CIP plant at the Tovshiir Project.
Social Impact studies of the mine will be handled by Asia Intercept Mongolia LLC and will include formation of a Tovshiir landowner association and social impact analysis for utilizing local contractors and implementing local procurement procedures.
Submission of the studies is expected in Mid January with construction target date expected in 2nd quarter, 2008.
Drilling and sampling was undertaken under strict NI43-101 guidelines, supervised by Mr. Tony Bainbridge B.Sc. Ausimm, AIG, a Qualified Person under Canadian Securities guidelines.
Garrison is a tier 2 junior resource company on the TSX Venture Exchange, trading symbol GAU, with 63,438,057 shares issued to date.
Investors are invited to visit the Garrison International Ltd. Resources IR Hub at www.agoracom.com/IR/Garrison where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to GAU@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.
ON BEHALF OF THE BOARD OF DIRECTORS
Blair Krueger, President and Chief Executive
Officer
Appendix A. - Drill results of Tovshiir Project
To view table click here
Forward-Looking Statements
All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding the future plans and objectives of Garrison. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Garrison assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
Shares Outstanding - 63.438.057
FOR FURTHER INFORMATION PLEASE CONTACT:
Garrison International Ltd.
Blair Krueger
(416) 524-8150
Email: bkrueger@garrison-intl.com
Website: www.garrison-intl.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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