Escape acquires 2216 hectare claim block north of Tortigny project, Chibougamau, Quebec
October 28, 2010 - Toronto, Ontario, Canada. President and CEO, T. John Magee is pleased to announce that Escape Gold Inc. ("Escape") has acquired claims covering 2216 hectares approximately 7 km North East of the Tortigny deposit of Beaufield Resources Inc. ("Beaufield"). Beaufield recently released the results of hole TO-10-19 which was drilled parallel to the hinge of the fold of the Tortigny deposit. In Beaufield’s September 30th, 2010 news release they reported intersecting 322.15 metres of 4.2% Zinc, 2.72% Copper, 72.02g/t Silver, 0.53 g/t Gold and 500.93g/t Cobalt. Beaufield further clarified that the deposit forms a "V" shape fold and reference to this hinge relates to the base portion of the "V" shape and that for this reason the intersection represents a portion of the length of the deposit rather than the width or thickness.
The new claim blocks are located 105 km north of the mining town of Chibougamau with easy access via "La route du Nord" and the property is well covered by an existing network of logging roads. The block is approximately 3km x 7km and is believed to be on the same stratigraphic package as Tortigny. Numerous regional AEM conductors extend from the Tortigny deposit and remain untested. The property has seen only limited exploration drilling by Selco in the past and Escape is currently undertaking a compilation of the previous drilling and exploration data.
Transaction terms
Escape acquired the claims from Les Ressources Tectonic Inc., a privately owned exploration company offering grass root exploration services to mining companies. The terms of transaction will be the reimbursement of all staking costs to Les Ressources Tectonic Inc. plus the issuance of 50,000 common shares of Escape Gold Inc., subject to regulatory approval.
Escape Gold is a junior exploration company exploring for precious and base metals and seeking opportunities for acquisition or joint venture.
For further information contact:
"T. John Magee"
T. John Magee, P.Geo.
President and CEO Tel: 647-436-0093 Website: www.escapegold.com
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 news release.
Certain statements presented herein may constitute "forward looking statements". Such forward-looking statements may include potential mineralization, resources and reserves, conclusions of prefeasibility and feasibility studies, estimates of future production, capital and operating costs, prices of metals and other unknown risks. These and other factors and uncertainties may cause material differences from future results as expressed or implied by these forward looking statements. These risks, uncertainties and other factors include but are not limited to the risks involved in the exploration, development and mining business.
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