Fortress Minerals Reports Acquisition of Exploration and Mining Licence for the Svetloye Gold Project in Eastern Russia
FORTRESS MINERALS CORP. Suite #2101, 885 W. Georgia Street Vancouver, B.C. V6C 3E8 Ph. (604) 689-7842 www.fortressminerals.com
NEWS RELEASE
FORTRESS MINERALS REPORTS ACQUISITION OF EXPLORATION AND MINING LICENCE FOR THE SVETLOYE GOLD PROJECT IN EASTERN RUSSIA
February 11, 2010 (FST-TSXV) Fortress Minerals Corp. (“Fortress”) is pleased to announce that it has received the Exploration and Mining License for the Svetloye Gold Deposit valid until December 31, 2030. This license will allow Fortress to begin production at Svetloye following completion of pre-production exploration works and a Russian technical feasibility study (TKO).
In April 2009 (see Press Release dated April 23, 2009), Fortress reported a 43-101 compliant inferred resource for the Elena, Amy, and Tamara zones of 20.103 million tonnes of ore grading 2.21 gram/tonne (g/t) gold containing 1.428 million ounces of gold. Since that time Fortress has completed 9,577 metres of drilling in 56 diamond drill holes focused primarily on infill drilling at the Amy, Tamara, and Elena targets in preparation for completion of the Russian technical feasibility study. Significant results from this 2009 drilling program are in the attached table.
The Svetloye Project consists of nine zones of mineralization that occur over a linear distance of 8 kilometres. Gold is associated with extensive zones of vuggy silica, quartz-alunite and quartz-dickitekaolinite alteration. This style of mineralization is common to Pierina, Veladero and other high sulphidation epithermal deposits.
Lukas Lundin, President of Fortress commented, "the receipt of this Exploration and Mining license is a key achievement for the Company and will enable the Company to advance the Svetloye Deposit to the production stage. The company continues to expand aggressively into the Russian Far East, which we believe to be one of the most prospective regions in the world for precious and base metal deposits."
Fortress now controls a 100% interest in the Svetloye Deposit where winter road mobilization to support the 2010 program is currently underway. In addition, through a Joint Venture acquisition with Freeport- McMoRan Exploration Corporation ("FMEC"), the company is currently completing a 6,000-metre drill program as part of earn-in requirements to obtain a 51% interest in three copper and copper-gold projects in the Russian Far East (see Press Release dated September 29th, 2009).
The technical information contained in this news release was reviewed by James C. Ashleman, Chief Geologist, P. Geo., and a Qualified Person as defined by National Instrument 43-101. A rigorous quality control program has been instituted involving insertion of certified standards and duplicate sampling. Samples are crushed and split on site with final sample preparation at the Irgiredmet Laboratory of Irkutsk, Russia (accredited by the State Committee of the Russian Federation for Standardization and Metrology "Gosstandart" of Russia). Assaying by fire assay is performed by the Irgiredmet Laboratory.
ON BEHALF OF THE BOARD
Lukas H. Lundin President and CEO
This news release contains forward-looking statements concerning the Company's plans for its properties. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to political risks involving the Company's exploration and development of its properties, the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, the inability or failure to obtain adequate financing on a timely basis and other risks and uncertainties, including those described in the Company's periodic filings with the British Columbia Securities Commission. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not intend to update this information and disclaims any legal liability to the contrary.
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 release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Sophia Shane Corporate Development, Ph. 604 689 7842
Gold Silver
| Hole | Area | TD | From | To | Width | Grade | Grade | |
|---|---|---|---|---|---|---|---|---|
| (m) | (m) | (m) | (m) | (g/t) | (g/t) | |||
| PDSC‐243 | Amy | 219.4 | 20.4 | 60.4 | 40 | 3.68 | 8.0 | |
| Including | 20.4 | 38.6 | 18.2 | 3.70 | 5.5 | |||
| And including | 48.4 | 56.3 | 7.9 | 9.57 | 25.8 | |||
| PDSC‐244 | Amy | 220.5 | 6.2 | 36.2 | 30 | 1.54 | 3.5 | |
| Including | 23.2 | 34.2 | 11 | 3.02 | 8.1 | |||
| And | 42.8 | 142.2 | 99.4 | 1.03 | <1.0 | |||
| Including | 82.3 | 104.1 | 21.8 | 1.53 | 2.0 | |||
| And including | 116 | 120.8 | 4.8 | 4.81 | 1.7 | |||
| And | 205 | 220.5 | 15.5 | 1.45 | <1.0 | |||
| PDSC‐247 | Amy | 220 | 18 | 91 | 73 | 1.51 | 1.5 | |
| Including | 18 | 27.2 | 9.2 | 5.00 | 6.3 | |||
| And including | 81.4 | 88.6 | 7.2 | 3.55 | 1.8 | |||
| PDSC‐249 | Amy | 224 | 16.6 | 168.7 | 152.1 | 0.52 | <1.0 | |
| Including | 97.1 | 110.6 | 13.5 | 1.40 | 1.1 | |||
| And including 117.4 | 122 | 4.6 | 4.10 | 1.7 | ||||
| PDSC‐250 | Amy | 233 108.4 | 185.8 | 77.4 | 1.33 | 3.3 | ||
| Including | 79.7 | 84.2 | 4.5 | 1.35 | 1.4 | |||
| And including 112.4 | 128.8 | 16.4 | 1.06 | 1.4 | ||||
| And including 151.6 | 154 | 2.4 | 29.60 | 80.4 | ||||
| And 202.5 | 206.9 | 4.4 | 0.90 | <1.0 | ||||
| PDSC‐252 | Amy | 224 | 14.4 | 75.2 | 60.8 | 2.62 | ~1.0 | |
| Including | 36.2 | 45.8 | 9.6 | 8.56 | 1.7 | |||
| And including | 50 | 68.5 | 18.5 | 3.37 | 1.6 | |||
| And | 91.7 | 177 | 85.3 | 0.37 | <1.0 | |||
| And 211.6 | 224 | 12.4 | 4.77* | 82.1 | ||||
| Including 211.6 | 216.9 | 5.3 10.36* | 191.4 | |||||
| PDSC‐262 | Amy | 161 | 0 | 75.5 | 75.5 | 1.31 | 2.6 | |
| Including | 10.8 | 50.4 | 39.6 | 1.71 | 3.9 | |||
| And including | 62 | 75.5 | 13.5 | 1.65 | <1.0 | |||
| And | 83.9 | 92.8 | 8.9 | 0.53 | <1.0 | |||
| PDSC‐264 | Amy | 149 | 8 | 137.4 | 129.4 | 1.04 | <1.0 | |
| Including | 28.7 | 58.6 | 29.9 | 1.42 | <1.0 | |||
| And including | 69.8 | 131 | 61.2 | 1.18 | <1.0 | |||
| PDSC‐281 | Amy | 221 | 0 | 62.1 | 62.1 | 2.13 | 2.7 | |
| Including | 25.1 | 51 | 25.9 | 3.33 | 3.3 | |||
| PDSC‐269 | Elena | 50 | 0 | 38.9 | 38.9 | 3.41 | 10.5 | |
| PDSC‐271 | Elena | 123.6 | 0 | 27.3 | 27.3 | 3.61 | 2.0 | |
| Including | 0 | 23.2 | 23.2 | 4.19 | 2.2 | |||
| PDSC‐273 | Elena | 150.1 | 11.6 | 62.1 | 50.5 | 4.50* | 4.0 | |
| Including | 32.9 | 59.4 | 26.5 | 7.59* | 6.5 | |||
| PDSC‐276 | Elena | 70.5 | 7.5 | 61.5 | 54 | 1.61 | 2.4 | |
| Including | 21.3 | 51.5 | 30.2 | 2.42 | 3.9 | |||
| PDSC‐278 | Elena | 218 | 0 | 87.4 | 87.4 | 2.55 | 4.8 | |
| Including | 0 | 37.6 | 37.6 | 4.67 | 4.0 | |||
| PDSC‐284 | Elena | 161 | 0 | 122.5 | 122.5 | 1.76 | <1.0 | |
| Including | 0 | 12.3 | 12.3 | 4.54 | <1.0 | |||
| And including | 61 | 108.7 | 47.7 | 2.68 | 10.9 | |||
| PDSC‐289 | Elena | 100.8 | 6 | 80.2 | 74.2 | 1.77 | 8.3 | |
| Including | 18.1 | 80.2 | 62.1 | 2.02 | 9.8 | |||
| PDSC‐293 | Elena | 102.6 | 0 | 71.8 | 71.8 | 1.88 | 15.0 | |
| Including | 0 | 50.6 | 50.6 | 2.44 | 17.4 | |||
| PDSC‐294 | Elena | 102.6 | 0 | 81.8 | 81.8 | 2.66 | 4.4 | |
| Including | 0 | 20.3 | 20.3 | 6.48 | 8.8 | |||
| And including | 50.6 | 56.8 | 6.2 | 7.31 | 19.3 |
- values >30g/t have been cut to 30g/t
Note: All intercepts are core length and do not necessarily represent true widths of mineralization. Cut-off grade for the intercepts vary to illustrate general zones of mineralization within holes. A 30g/t cap grade is used.