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Message: To Earn Production Revenue From High-Grade Espanola Copper-Silver-Gold Property
| March 24, 2009 | ||
| Grenville to Earn Production Revenue From High-Grade Espanola Copper-Silver-Gold Property | ||
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 24, 2009) - Grenville Gold Corporation ("Grenville" or "the Company"), (TSX VENTURE:GVG)(PINK SHEETS:GVLGF)(FRANKFURT:F9I)(WKN: A0KELU) announces that Minera Espanola S.A.C., Grenville's 99.99% owned subsidiary, has registered with the Peruvian Government an agreement to assign mining rights of the Alternativa I (200 Ha) and Alternativa II (200 Ha) Claims. There is no Net Smelter Royalty payable to any other party.Sample Highlights ------------------------------- Sample Au Ag Cu # g/t g/t % ------------------------------- 1451 1.61 22.4 8.93 1453 0.33 103.7 6.85 ------------------------------- 1454 0.53 20.0 7.27 ------------------------------- 1455 1.33 10.8 12.24 ------------------------------- 1456 0.76 5.6 11.68 ------------------------------- 1457 1.67 27.8 12.96 1463 0.07 139.0 6.49 These Claims are part of a 3,600 Ha block, one of the seven claim blocks making up the 7,129 Ha Espanola Property located 100 km South of Lima, Peru. A map displaying the Claim blocks forming Grenville's Espanola Property is located under the property section at www.grenvillegoldcorp.com. Grenville will receive 7% Gross Over Riding Revenue (GORR) from operations for the 10 year period of the mining assignment. Grenville has appointed the local company American Silver (AS) as the Operator. AS will pay for all costs of exploration, development, mining operations, transportation, mining permits, and associated equipment and labour costs during the assignment period. AS plans to remove bulk samples from existing workings to determine the average metal content and recoveries. Recently, road access and two portals have been rehabilitated for development purposes. Mining activity in the area has occurred for the last 30 years. Iberian Minerals Corp. owns approximately 92% of Compania Minera Condestable S.A., owner of the Raul and Condestable Mines located roughly 15 kms from the Espanola Property. The Raul Mine is in production and in 2007 produced 76,028 DMT of concentrates containing 19,204 FMT payable copper, 13,539 oz gold and 206,406 oz silver.(1) AS has also been granted the right of first refusal to match any offer which includes the two Alternativa claims should an offer be tendered by a third party. Should AS not exercise its right of first refusal, Grenville will have the right to purchase any NI43-101 Compliant Reserves identified for a maximum of $100 USD/tonne. In addition, should shipment of material not proceed 6 months from the official registration with the Peruvian government, AS must pay $5,000 USD per month or forfeit the mining assignment. Economic mineralization on the Property is related to NNW striking steeply dipping quartz + carbonate + chalcopyrite+ bornite +/- sphalerite +/- magnetite veins hosted within well-defined fracture zones that formed in response to regional scale tectonism. The Rosa Maria vein, which was exploited for over 20 years, is 0.5 m to 3.0 m wide. The upper level of the mine is located within the oxidized level which is characterized by the presence of copper oxides and carbonates such as tenorite, malachite, chrysocolla and cuprite. Results from a 2007 exploration program give copper contents that vary from 0.03% to 12.96% and average 4.25% (n equals 49). Silver concentrations vary between 0.3 to 139.0 g/t and average 16.10 g/t (n equals 49). Mineralization is locally gold anomalous with concentrations reaching up to 1.67 g/t. ---------------------------------------------- Sample Easting Northing Au Ag Cu Zn # PSAD56 PSAD56 g/t g/t % % ---------------------------------------------- 1451 348100 8609070 1.61 22.4 8.93 0.02 ---------------------------------------------- 1452 348309 8609204 0.15 4.1 2.51 0.03 ---------------------------------------------- 1453 351332 8609156 0.33 103.7 6.85 0.03 ---------------------------------------------- 1454 351196 8609392 0.53 20.0 7.27 0.06 ---------------------------------------------- 1455 351202 8609402 1.33 10.8 12.24 0.05 ---------------------------------------------- 1456 351184 8609440 0.76 5.6 11.68 0.16 ---------------------------------------------- 1457 350870 8609758 1.67 27.8 12.96 0.05 ---------------------------------------------- 1458 350103 8608504 0.17 7.7 1.64 0.02 ---------------------------------------------- 1459 349884 8608516 0.10 40.6 6.68 0.05 ---------------------------------------------- 1460 349860 8608590 0.07 13.1 3.92 0.04 ---------------------------------------------- 1461 349954 8608378 0.01 12.1 1.40 0.03 ---------------------------------------------- 1462 349921 8608442 0.01 26.1 3.67 0.04 ---------------------------------------------- 1463 349986 8608464 0.07 139.0 6.49 0.07 ---------------------------------------------- 1464 349541 8608270 0.07 13.7 1.83 0.04 ---------------------------------------------- 1465 349438 8608200 0.39 38.1 4.30 0.03 ---------------------------------------------- 1466 349440 8608416 0.24 13.3 4.09 0.05 ---------------------------------------------- 1467 349610 8607392 0.01 0.8 1.91 0.05 ---------------------------------------------- 1468 349755 8607538 0.42 21.8 3.79 0.02 ---------------------------------------------- 1469 349935 8607754 0.60 12.5 4.95 0.02 ---------------------------------------------- 1470 349935 8607754 0.35 16.1 1.43 0.01 ---------------------------------------------- 1471 350040 8607750 0.20 6.9 3.23 0.02 ---------------------------------------------- 1472 350693 8606942 0.20 74.6 7.52 0.04 ---------------------------------------------- 1473 350534 8606880 0.24 8.3 0.30 0.01 ---------------------------------------------- 1474 350150 8607245 0.06 31.5 9.77 0.06 ---------------------------------------------- 1475 350170 8607355 0.12 15.6 2.27 0.01 ---------------------------------------------- 1476 351649 8607314 0.04 3.6 0.49 0.01 ---------------------------------------------- 1477 351860 8607380 0.08 3.0 0.47 0.00 ---------------------------------------------- 1478 352017 8607334 0.03 2.0 3.36 0.01 ---------------------------------------------- 1479 353910 8605348 0.41 1.8 3.48 0.05 ---------------------------------------------- 1480 353409 8605510 0.49 1.6 6.90 0.03 ---------------------------------------------- 1481 353200 8605660 0.74 1.3 3.97 0.02 ---------------------------------------------- 1482 353439 8605923 0.22 3.8 1.98 0.01 ---------------------------------------------- 1483 353326 8605928 0.83 2.9 5.29 0.01 ---------------------------------------------- 1484 353075 8605866 0.21 1.6 2.28 0.02 ---------------------------------------------- 1485 352351 8605770 0.33 3.3 2.60 0.06 ---------------------------------------------- 1486 352017 8605864 0.82 27.0 4.47 0.03 ---------------------------------------------- 1487 351921 8606149 0.46 8.8 7.30 0.06 ---------------------------------------------- 1488 351639 8606574 0.09 0.8 1.31 0.01 ---------------------------------------------- 1489 349128 8612380 0.04 2.8 4.56 0.04 ---------------------------------------------- 1490 349089 8612353 0.60 1.9 7.57 0.10 ---------------------------------------------- 1491 349137 8612242 1.15 9.0 6.29 0.15 ---------------------------------------------- 1492 350760 8607235 0.19 2.5 0.91 0.01 ---------------------------------------------- 1493 350760 8607235 0.42 7.6 7.44 0.02 ---------------------------------------------- 1494 350540 8607150 0.16 16.5 4.89 0.31 ---------------------------------------------- 1495 350371 8607198 0.52 5.0 4.17 0.22 ---------------------------------------------- 1496 350340 8607262 0.44 8.8 0.50 0.01 ---------------------------------------------- 1497 350260 8607480 0.16 0.4 0.37 0.01 ---------------------------------------------- 1498 352600 8608480 0.02 1.6 0.03 0.00 ---------------------------------------------- 1499 352400 8608540 -0.01 0.7 0.04 0.01 ---------------------------------------------- 1500 352160 8608610 -0.01 0.3 0.04 0.01 ---------------------------------------------- About Grenville Gold Corporation (www.grenvillegoldcorp.com) Grenville's strategy is to focus on two key properties in Peru, with past production, with both high grade and disseminated mineralization. Grenville's Silveria Silver-Zinc-Lead Project covers a total of 6,122 Hectares and is located approximately 80 kilometers east of Lima, Peru near the town of San Mateo and 30 kilometers south-west of Peru Copper's Toromocho property and Pan American Silver's Morococha Mine. The Silveria Claims encompass parts of the high grade, past producing Pacococha, Millotingo, Silveria and Germania Mines. This News Release has been reviewed by Luc Pigeon, M.Sc., P. Geo and Qualified Person in the sense of NI 43-101 for the Espanola Property. (1) The Qualified Person has been unable to verify the information. The information is not necessarily indicative of the mineralization at Espanola. The source is "Compania Minera Condestable S.A. Annual Report 2007, March 2008". On behalf of the Board of Directors, A. Paul Gill, President & Director |
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