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Christopher James Gold Corp (“the Company”) is pleased to announce that it has signed a Letter-of-Intent (LOI) with Rio Fortuna Exploration (U. S.) Inc., a wholly owned subsidiary of Fortune River Resource Corp (FRX: TSX.V) to option an additional project in western Nevada known as the Buz project. The Buz project is located approximately three kilometers northeast of the Highland project, which is subject to a separate agreement between the companies announced on July 14, 2009 (see July 14, 2009 News Release ). Both projects are low-sulphidation gold/silver properties in the Walker Lane Gold trend of western
The Buz project consists of 30 lode mining claims covering approximately 240 hectares on land managed by the Bureau of Land Management. Under the terms of the LOI Christopher James Gold will acquire an option to earn a 51% interest in the Buz project by spending $2,000,000 (USD) over a six-year period, including paying underlying annual minimum option payments and claim-holding fees. Annual expenditure commitments are as follows: $50,000 (USD) for Year 1, $125,000 (USD) in each of Years 2 & 3, $500,000 (USD) in Year 4 and $600,000 (USD) in each of Years 5 & 6. Christopher James Gold can earn a further 19% interest, for a total of 70%, upon production of a bankable feasibility study by the end of Year six. This option may be extended for up to two years by paying
Company President Max Baker comments, “The joint ventures of the Highland and the Buz properties with Fortune River Resource Corp mark the start of a concerted effort on Christopher James Gold’s part to actively explore for low-sulphidation epithermal gold systems outside of BC. The Company considers the Buz, and the adjacent Highland property, to be highly prospective for a sizable bonanza-grade low-sulphidation system; the properties are located on the margin of a Tertiary Caldera, have produced bonanza-grade samples both from surface and drilling, and show textural evidence suggesting that only the upper level of the system is exposed. To date, drilling has been shallow (less than 200m) and limited in extent, with the only systematic exploration to date immediately surrounding the old Highland shaft.”
The initial exploration program will consist of completing geologic mapping, constructing a 3D geologic model, and generating drill targets. Mapping indicates gold-bearing veins formed in a small graben and a related volcanic eruptive center that has been minimally eroded. Grab samples of vein material from dumps of small historic workings contain anomalous gold values up to +10 g/t, with relatively low concentrations of silver, very low concentrations of base metals, and vein mineralogy and textures that are typical of the top of such low-sulphidation gold systems. Typically, economic accumulations of gold lie deeper in these systems than erosion has currently exhumed at Buz. Only one drill-hole has been found on the property and this drill- hole appears to have been very shallow and immediately adjacent to one of the small historic shafts.
About Christopher James Gold
Christopher James Gold Corp continues to actively pursue exploration opportunities in
About Fortune River
Fortune River Resource Corp. is exploring for high-grade gold deposits within two prolific gold producing geologic provinces,
Christopher James Gold Corp. is a reporting issuer in British Columbia and Alberta, and trades on the TSX Venture Exchange under the ticker symbol CJG.
Please visit www.christopherjamesgold.com
E. Max Baker B.Sc. (Hons) Ph.D., Member AustIMM is the Qualified Person as defined by National Instrument 43-101, and is responsible for the preparation of this News Release, which is based on information obtained from the Joint Venture Partner.
On behalf of the Board,
E. Max Baker, President, CEO Christopher James Gold Corp.
FURTHER INFORMATION
Christopher James Gold Corp.
Investor Relations
Tel: 604 408 8829
Email: info@christopherjamesgold.com
This news release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results. Readers are referred to the sections entitled “Risk Factors” in the Company’s periodic filings with the British Columbia Securities Commission, which can be viewed at www.SEDAR.com.
The TSX Venture Exchange does not accept responsibility
for the adequacy or accuracy of this release.
