Happy Creek Drills 45.0 metres of 0.48% Copper in Highland Valley B.C.
November 2, 2010 # Vancouver, British Columbia # Happy Creek Minerals Ltd. (TSX-V: ��� �(���.�$ " % �# -/��announces additional preliminary drill results and update from the on-going Phase 2 program on its Rateria property, Highland Valley area B.C.
The Company has a 100% interest in approximately 145 square kilometres of mineral claims that adjoin ��� 0'�����!�# ����!!�-�Copper (HVC) mine property ���# ���0'�!�&��'(� copper producer, located in south central British Columbia. HVC is currently mining material from three different open pits that have recently averaged approximately 0.26 percent (%) copper.
�$ # �� ��'�!$ ��(����% % &$ ,�" �(�!-� � �!$ " �(&�'�'$ )(���'(�$ ����� 0'�����" $ # (�" �# � ��# d approximately 7 to15 metres of glacial till overlies the bedrock in this area.
New preliminary results from Zone 1 include R10-18 that returned 45.0 metres containing 0.48% copper and 3.5 grams per tonne (g/t) silver within an interval of 185.0 metres containing 0.21% copper. R10-18 is located approximately 150 metres north of R10-13 (Press Release of Final Results of Phase 1 dated September 8, 2010) that are included in the following Table.
Zone 1 2010 Drill Results Summary
| Hole | From | To | Interval | Copper |
|---|---|---|---|---|
| (Metres) | (Metres) | (Metres) | % | |
| R10-11 | 10.4 | 162.5 | 152.1 | 0.25 |
| includes | 32.5 | 150.0 | 117.5 | 0.32 |
| R10-12 | 8.8 | 262.5 | 253.7 | 0.26 |
| includes | 32.5 | 152.5 | 120.0 | 0.38 |
| R10-13 | 9.8 | 155.0 | 145.3 | 0.25 |
| includes | 22.5 | 125.0 | 102.5 | 0.30 |
| R10-14 | 192.5 | 267.5 | 75.0 | 0.23 |
| R10-15 | 12.2 | 17.5 | 5.3 | 0.23 |
| And | 55.0 | 115.0 | 60.0 | 0.16 |
| R10-18 | 72.5 | 257.5 | 185.0 | 0.21 |
| includes | 147.5 | 192.5 | 45.0 | 0.48 |
David Blann, P.Eng., President and CEO of Happy Creek states: JThis phase of drilling is determining controls, configuration and extent of Zone 1, and testing new areas beyond it. Zone 1 has geology, alteration and mineralization that is similar to Lornex or Valley, the large deposits in production to the north and we have qualified for drilling three other targets in this very prospective area. The results to date suggest we are on track to outline a new deposit with Zone 1 and firmly believe there is potential for other copper deposits nearby.K
Copper mineralization in Zone 1 is comprised of dominantly bornite, chalcocite and minor chalcopyrite (copper sulphides) and trace pyrite (iron sulphide) occurs locally. This mineralization also contains some minor silver and molybdenum values and is associated with quartz and sericite alteration near the contact between the Bethsaida and Skeena Phase intrusive rocks that are also host to the Highmont, Lornex and Valley deposits currently in production to the north. Dikes of feldspar porphyry and more potassic or felsic composition also occur and are in part well mineralized, and in part weakly mineralized or barren. Drill holes R10-14 and 15 are collared along the east side of Zone 1, up to 100 metres away. These steeply west dipping holes encountered strong faulting sub parallel to the core and define part of the eastern limit to mineralization in Zone 1. R10-16 is located at the collar of R10-15 and drilled to the east returning no significant intervals. R10-17 is located approximately 1,200 metres west of Zone 1, and intersected positive alteration within strong fault zones that contains anomalous molybdenum values locally. Maps of �&�!!�# ��+�!!����% $ '(���($ �(����$ " % �# -0'�+��'�(��)% $ # ��$ " % !�(�$ # �$ ���&�!!�# ���# ��&����% (�$ �� final assays.
The Company has recently completed additional geological mapping and prospecting around Zone 1 and 2 to improve confidence and clarity of several untested copper targets. Approximately 2.0 kilometres southwest of Zone 1, stream sediment samples returned values of up to 1,625 ppm (parts per million) and 57 ppm molybdenum, and an 800 metre by 600 metre area of positive induced polarization (IP) geophysical anomaly occurs. In October 2010, prospecting and mapping in this area indicated glacial till may locally be much thinner than expected. Here, quartz vein material with significant bornite, chalcocite and chalcopyrite mineralization was located in the glacial till in proximity to the steam sediment samples and abundant angular boulders 1.5 metres or more in dimension occur. These boulders are moderately sericite altered porphyry considered favorable to host mineralization as in Zone 1, and are believed to be very close to a bedrock source. With no historical access roads visible or previously recorded work, it is thought that this area may have escaped previous exploration attention and is considered a strong candidate for another porphyry copper system to occur.
The Company has also completed more surface geology work around Zone 2, located approximately 2.0 kilometres northeast of Zone 1 and extensions to the mineralization is considered highly probable in several directions. The Company first discovered significant mineralization in Zone 2 in 2008 that is associated with slightly different geology than Zone
1. Drilling in Zone 2 has intersected positive copper, molybdenum, and locally rhenium, gold and silver values in an area approximately one kilometre by 600 metres in dimension. On February 2, 2010, the Company announced significant rhenium (Re) occurs with the molybdenum values. Rhenium is mainly used in super-alloys and catalysts with prices forecast between $6,500 to $7,500/kilogram ($6.50-7.50/gram) over the next few years*.
A portion of the results to date from Zone 2 including final 2010 results are presented below.
Zone 2 Diamond Drilling Summary
| From To | Interval Cu | Mo Ag | Au | Re | |
|---|---|---|---|---|---|
| Hole | (m) (m) | (m) % | % (g/t) (g/t) | (g/t) | |
| R08-01 | 175.0 288.0 | 113.0 0.33 0.002 | 1.5 | 0.05 | N/A |
| includes | 221.6 228.0 | 6.4 1.65 0.017 | 9.4 | 0.03 | 5.20 |
| includes | 246.0 249.0 | 3.0 0.25 0.018 | 0.1 | 0.02 | 3.21 |
| R08-05 | 53.0 179.0 | 126.0 0.46 0.008 | 1.7 | 0.10 | N/A |
| and | 206.0 209.0 | 3.0 2.00 | 9.0 | N/A | N/A |
| R09-06 | 147.5 185.7 | 38.2 0.11 0.029 | 1.2 | 0.03 | 2.14 |
| includes | 164.7 166.2 | 1.5 0.27 0.239 | 1.0 | 0.07 | 19.37 |
| R09-07 | 99.0 147.0 | 48.0 0.30 0.002 | 1.6 | 0.07 | 0.26 |
| R10-1 | 90.0 127.5 | 37.5 0.20 0.002 | 0.9 | 0.32 | |
| includes | 92.5 97.5 | 5.0 0.49 0.015 | 2.5 | 2.25 | |
| R10-4 | 135.0 212.5 | 77.5 0.18 0.002 | 0.7 | 0.18 | |
| R10-7 | 85.0 290.8 | 205.8 0.10 | 0.4 | ||
| includes | 197.5 237.5 | 40.0 0.34 0.004 | 1.2 | 0.12 | |
| R10-9 | 7.9 15.0 | 7.1 1.01 | 4.2 |
The Company has also completed three reconnaissance diamond drill holes, mapping and sampling of several prospective areas on its 100% owned West Valley property. An historical adit and other copper showings were located and sampled at the Fir prospect area. Fill-in sampling of 2010 drill core was recently performed and complete results are pending.
Happy Creek also announces changes to the executive of the Company. Charles Chebry has stepped down as Chief Financial Officer (CFO) and remains a director. We wish to thank Charles for his services as CFO, and look forward to his continuing participation and support as a director. The Company is pleased to announce the appointment of Mr. Dale Hansen as Chief Financial Officer.
Mr. Hansen has been serving as Manager, Financial Accounting for Happy Creek for the past two months, allowing him to become familiar with our business. He is a Certified Management Accountant with over 20 years of experience in the oil and gas industry. During his tenure at Suncor Energy, Dale spent two years in Fort McMurray, Alberta as Financial Accounting Manager gaining valuable exposure to the Tar Sands mining industry. He has a proven track record of performance in leading cross organizational change initiatives and system implementation projects.
��*��� !�# # ��&�'���# (�'(�(�'�.��!�0'���� �&$ )# ���# ���,% �&��# ���+�!!��!!$ +���" �($ � contribute to our business development strategy �(���% % -��&�� 0'�'�# �$ &��,��)(�*��!�*�!� and we are pleased to have him engaged in this management role.K
The Company has granted 425,000 Options of the Company at $0.41 per share to officers, employees and contractors of the Company that are exercisable for a period of two years.
An aggregate of 225,000 of the options are subject to vesting and will vest at a rate of 25% of the total number of options granted every three months.
On behalf of the Board of Directors,
� �� � ��� ��� ____________________ David E Blann, P.Eng.
President
David Blann, P.Eng. is a Qualified Person as defined by National Instrument 43-101 and is responsible for the preparation and approval of the technical information disclosed in the news release. Preliminary analyses are performed by Agat Laboratories of Ontario using a geochemical aqua regia digest and ICP-MS finish, with final results determined by four acid digestion and ICP-MS finish. Results for copper and molybdenum are provided in PPM (parts per million or grams per tonne), with values converted to percent by dividing by 10,000. N/A= Not Available. Quality control protocol includes on-site pick up of samples by the laboratory, routine insertion of blanks, standards and duplicates in addition to the laboratory internal controls. *London, July 28, 2010 /PRNewswire Roskill Information Services.
FOR FURTHER INFORMATION PLEASE CONTACT:
Corporate Office:
Phone: 604.662.8310 Email: [email protected] Website: www.happycreekminerals.com
Investor Relations:
James Berard Phone: 604-687-2767 Toll free: 1-877-459-5507
Neither 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 release. This News Release may contain statements that are forward looking and subject to risk and uncertainty more fully described ����� � ��� ����� Prospectus, Financial Statements and Public Filings located on SEDAR.