Balmoral Acquires New Property Along Casa Berardi Gold Corridor
VANCOUVER, BRITISH COLUMBIA–(Marketwired – July 16, 2013) – Balmoral Resources Ltd. (“Balmoral” or the “Company“) (TSX VENTURE:BAR)(OTCQX:BALMF) today reported that it has acquired a 100% interest, by staking, in a new property asset located proximal to the Company’s existing N2 property and the now producing Vezza gold deposit in Central Quebec. The new N1 Property is located 10 kilometres west of the N2 Property and 9 km west of the Vezza gold deposit along the projection of the horizon hosting the South Gold Zone on the N2 Property. The N1 Property straddles the southern boundary of the Casa Berardi deformation zone which hosts the operating Casa Berardi and Vezza gold deposits to the west and east respectively. Acquisition costs for the property were $325.
“The N1 acquisition represents a very low cost, prospective acquisition located along a major gold bearing structure in the Abitibi,” said Darin Wagner, President and CEO of Balmoral. “The new property shares logistical synergies with our N2 property which is located adjacent to Quebec’s newest gold mine.”
Accessible from regional highway 109, and located between the Vezza gold deposit and the Sleeping Giant mill complex, the N1 Property has a very limited exploration history with available assessment records indicating the presence of only three drill holes on/near the property. A map showing the location of the new property is available at www.balmoralresources.com.
Exploration Update
On the Company’s Detour Gold Trend Project, located approximately 100 kilometres northwest of the N1-N2 area, line cutting has been completed on the Martiniere grid expansions and geophysical surveying is now underway. Drilling is anticipated to resume within the next 2-3 weeks, once the first portion of the Bug Lake area geophysical survey has been completed. Drilling will initially target expansions to the high-grade Hanging Wall, Footwall and Bug Lake Gold Zones.
In addition to a major expansion of the Martiniere geophysical grid, specific targets on the Doigt, Harri and Grasset properties will also see geophysical coverage during the summer program prior to first pass, or follow-up, drill testing. On-going geochemical sampling is targeting portions of these same properties, as well as the large Detour East Property, as Balmoral continues its target generation program across the wholly owned, 600+ square kilometre Detour Gold Trend Project.
Mr. Darin Wagner (P.Geo.), President and CEO of the Company, is the non-independent qualified person for the technical disclosure contained in this news release.
About Balmoral Resources Ltd. – www.balmoralresources.com
Balmoral is a Canadian-based precious metal exploration and development company focused on high-grade gold discoveries along the Detour Gold Trend in Quebec, Canada. With a philosophy of creating value through the drill bit and with a focus on proven productive precious metal belts, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery and definition of high-grade, Canadian gold assets.
On behalf of the board of directors of BALMORAL RESOURCES LTD.
Darin Wagner, President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This press release contains forward-looking statements and forward-looking information (collectively, “forward looking statements”) within the meaning of applicable Canadian and United States securities laws. All statements, other than statements of historical fact, included herein, including statements regarding the anticipated content, commencement, duration and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the timing of the receipt of assay results, and business and financing plans and trends, are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions or are those which, by their nature, refer to future events. Although the Company believes that such statements are reasonable, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results may differ materially from those in forward-looking statements. Important factors that could cause actual events and results to differ materially from the Company’s expectations include those related to weather, equipment and staff availability; performance of third parties; risks related to the exploration stage of the Company’s projects; market fluctuations in prices for securities of exploration stage companies and in commodity prices; and uncertainties about the availability of additional financing; risks related to the Company’s ability to identify one or more economic deposits on the properties, and variations in the nature, quality and quantity of any mineral deposits that may be located on the properties; risks related to the Company’s ability to obtain any necessary permits, consents or authorizations required for its activities on the properties; and risks related to the Company’s ability to produce minerals from the properties successfully or profitably. Trading in the securities of the Company should be considered highly speculative. All of the Company’s public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the latest technical reports filed with respect to the Company’s mineral properties.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
John Toporowski
Manager, Corporate Development
(604) 638-5815 or Toll Free: (877) 838-3664
jtoporowski@balmoralresources.com
www.balmoralresources.com
