Announces Issuance of New Stock Options
posted on Apr 24, 2009 05:45AM
Exploration, and development of geothermal and mineral properties in British Columbia.
|April 24, 2009|
|Christopher James Announces Issuance of New Stock Options|
|VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 24, 2009) - Christopher James Gold Corp. ("the Company") (TSX VENTURE:CJG) is please to announce that at its Annual General Meeting of shareholders E. Max Baker, Ian D. Robertson, John F. Morgan, and Joseph Monette were re-elected for another term as directors of the Company. The directors of Christopher James Gold Corp. would like to take this opportunity to, thank the Company's shareholders for their continued patience and support during these trying times and to provide an update as to the Company's ongoing strategy and progress.
Until current downturn, Christopher James Gold Corp. has focused on drill testing advanced projects that had potential to add additional ounces or grade to its current projects and investigating conceptual projects which management believed had a chance of developing into major discoveries. Starting in 2006 (when current management took control of the Company), the Company drilled over 10,000 metres across five projects, two in Nevada, two in British Columbia and one in Mexico. Four of these projects initially returned encouraging results. After further drilling or consideration it was decided that the probability of these projects turning into mines was too remote to warrant further expenditure.
In addition, the Company undertook two wide airborne geophysical surveys, one on Big Kidd and the other on Little Fort, with the aim of better understanding the geology and generating untested areas. With respect to Big Kidd, a follow-up geochemical and mapping survey is planned for 2009 to determine whether limited outcrops of high-grade alkali-type epithermal mineralization extends out under cover along a series of structures defined by the airborne magnetic survey. Compilation of previous work on the Craigmont Mine continues when time permits. While this is a low priority task, the ongoing reinterpretation of the geology and structural controls on the known mineralization will hopefully lead to a new discovery at Craigmont in the future.
In 2008 the Company acquired the Copper Creek projects which cover the northern extension of the structure which hosts the Ajax porphyry Cu-Au deposits. An area of anomalous geochemistry, interpreted as the roof-zone of a buried intrusive has been identified by the Company and further mapping and surface sampling is planned for 2009.
In mid 2008, seeing a window of opportunity in the push for sources of greener energy, the Company acquired an option to purchase the Canoe Reach Geothermal Project and undertook an extensive Titan-24 resistivity survey which defined a large but structurally complex reservoir below the lake. In view of the complexity of the reservoir and the indications from geothermometry that the reservoir temperature was unlikely to be above 200C, it was decided that the inherent risk did not justify the purchase of the project for $1M, particularly in the economic climate. While the Company continues to look for other geothermal opportunities in Canada, it is not in a position to undertake any major programs as it did at Canoe Reach.
The aggressive exploration schedule up until mid to late 2007 contrasts somewhat with the lack of any drilling since then has led some to ask whether or not the Company is still actively exploring. Management would like to take the opportunity to reassure its shareholders that it is still actively seeking out quality projects. In response to the difficult times, the Company's primary focus is to identify and acquire less advanced projects showing surface or early drill hole indications of potentially economic grade mineralization and which are situated in geological environments favourable for the development of sizable orebodies, while not being situated in zones of political or environmental contention. Based on recent discussions, management is confident that additional funds will be available to the Company when identifies and begins drilling such projects.
In an effort to ensure the Company emerges from the current downturn in a strong position, the Company has cut back from five full-time employees to three and moved to smaller and less expensive premises. Based on these changes the Company has cut its current burn-rate to approximately $45,000 per month, and is therefore confident it can fulfill its exploration objectives, while surviving the current downturn and emerging from the recession with ongoing drill programs and a minimum of dilution. The Company has $2.3 million in available funds, 55 million shares outstanding with a share price that is usually around $0.03, giving the Company a market cap $650,000 below its cash position.
About Christopher James Gold Corp.
Christopher James Gold Corp. presently has five exploration properties situate in British Columbia known as the Big Kidd, Brassie, Little Fort (formerly Worldstock & Portage Lake), Craigmont and Copper Creek projects. The Company has also entered into an Option Agreement to acquire up to 70% interest in the Valle Grande property; a polymetallic vein system in Catamarca, Argentina.
The Company is a reporting issuer in British Columbia and Alberta, and trades on the TSX Venture Exchange under the symbol CJG. You are invited to visit the Christopher James Gold Corp web site at http://www.christopherjamesgold.com.