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Reservoir Minerals Inc.: Orogen Gold Completes 55% Earn-In to the The Deli Jovan Gold Exploration Project in Serbia
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 13, 2012) -Reservoir Minerals Inc. (TSX VENTURE:RMC)(PINKSHEETS:RVRLF)(BERLIN:9RE) ("RMC" or the "Company") is pleased to announce that Orogen Gold Plc (AIM:ORE) ("Orogen"), has completed the 55% earn-in to the Deli Jovan gold exploration project in eastern Serbia.
Dr. Simon Ingram, President and CEO of Reservoir Minerals commented: "We look forward to the results of the substantial drilling program now underway by Orogen as they continue to fund further exploration at the Deli-Jovan gold project."
Orogen has completed the 55% earn-in to the Deli Jovan gold exploration project by completing a total of $1.5 million in exploration expenditure on the project. Under the terms of the earn-in agreement with the Company, Orogen is now required to spend a further $2 million in exploration expenditure before the end of December 2013 to reach an aggregate 75% interest in the Deli Jovan project.
Deli Jovan Project
The Company's Deli Jovan Exploration Permit covers 69 square kilometers over the historic gold mines, Ginduša and Rusman, which were worked in the early 20th Century. These deposits are located on an 8 kilometer long, northwest - southeast striking and steeply dipping, shear system hosting mesothermal gold veins. Underground mapping at Ginduša identified four mineralised quartz veins within the shear corridor that is at least at least 80 meter wide. Chip sampling from levels 1 and 2 of the Ginduša historic workings confirmed the presence of high-grade gold values, ranging from trace up to 63.4 grams per tonne of gold in 130 continuous chip samples.
Orogen is prioritising exploration at Ginduša, and has commenced a 7,500 metre diamond drill program at the Deli Jovan gold exploration project.
The Company follows industry standard quality assurance and quality control procedures for all samples. The QA/QC program includes the insertion of blanks, duplicates and certified standards into the sample stream. Sample preparation and gold analysis is undertaken by ALS Chemex at its ISO 17025 accredited laboratory in Romania.
Dr. Duncan Large, Chartered Engineer (UK) and Eur. Geol., a Qualified Person as defined by National Instrument 43-101 and consultant to the Company approved the technical disclosure in this
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