Citation Resources Inc. announces preliminary results of its airborne versatile time-domain electromagnetic (“VTEM“) survey completed in October 2012 over a substantial portion of the Biricu Gold Project located within Mexico’s Guerrero gold belt.

The VTEM survey was conducted by Geotech Ltd. and covered approximately 1,400 line kilometres at 150 metre spacing over three specific high-priority areas of the concession within a broader survey coverage at 200 metre spacing. Condor Consulting Inc. experts in the field of airborne electromagnetics, has been retained to perform a detailed interpretation of the results and their final report regarding the significance of the survey is still pending.

The preliminary interpretation by Condor has identified 19 potential target zones as defined by conductivity and magnetic geophysical anomalies on the Biricu Project. Six of these target zones are aligned along a 5 kilometer northeast trending corridor, which to date has only been partially ground tested. A field crew has been mobilized to conduct further mapping and sampling over the geophysical anomalies in order to prioritize areas for possible drill testing. Upon receipt of the final geophysical interpretation, the results will be integrated with the analysis of the field work completed and drill targets will be prioritized. The details of the final results will be presented in a future news release.

Bellhaven Copper & Gold Inc. reports the commencement of the previously announced ZTEM (airborne electro-magnetics) survey over the entire La Mina property (1,800 Ha). The survey is also being extended to include an adjacent concession, which the Company is currently in discussions to acquire. The work is contracted to Geotech Ltd., a Canadian geophysical survey company specializing in leading edge airborne technology. The survey is designed to help refine the targets at La Mina, with a particular emphasis on the Garrucha and Cristalina target areas.

The helicopter-borne geophysical survey will result in approximately 132 line kilometres of data along east-west lines, spaced at 200 metres. The Z-TEM Electromagnetic (EM) system is an innovative technique making use of naturally occurring or passive EM fields from worldwide thunderstorm activity as the source of transmitted energy. The passive source combined with a proprietary receiver design, advanced digital electronics, and signal processing results in low noise levels, exceptional resolution, and unparalleled depth penetration. It has been used successfully to identify and map porphyry style mineral systems from Alaska to Chile.

Patrick Highsmith, Bellhaven’s CEO, commented on the program: “We are pleased to bring the ZTEM technology to the Middle Cauca Belt for the first time. It is a proven technique for porphyries in the Americas. This will enable us to prioritize existing geochemical and magnetics anomalies, including on concessions that we are in negotiations to acquire. This is a very cost effective tool that adds immediate value in an emerging mineral district such as La Mina. By sharing the mobilization and some of the administrative costs with neighboring explorers, we have made it even more cost effective.”

Discussion of ZTEM Survey

The survey is expected to identify conductive and resistive features that are associated with large mineral systems such as gold-copper porphyries from surface to considerable depth. The electromagnetic data is sensitive to sulfide minerals, as well as silicification and clay alteration; all of which are associated with the porphyry and epithermal deposits in the Middle Cauca Belt. This will be an important addition to the magnetics data that drove the initial discoveries. The EM data will advance the geologists’ knowledge of the known resource areas, particularly at depth, but it will also upgrade the targeting arsenal elsewhere on the property. This work will also enhance understanding of large structures in the district. Many of these structures have previously been mapped from both surface exposures and drill intercepts; and the Bellhaven team is focused on their importance in controlling mineralization.

The survey crew arrived on site November 17, and began conducting reconnaissance flights a few days later. They are currently flying the survey as cloud cover permits. It is expected that a total of 6 to 8 days of favorable conditions is needed to complete data collection, so the survey should be completed before the end of December.

La Mina Porphyry Gold Copper Project

La Mina is a resource stage porphyry gold-copper project located in the Middle Cauca volcano-plutonic belt in the Department of Antioquia about 45 km southwest of Medellin. The Middle Cauca belt is known to host large porphyry gold deposits such as AngloGold’s La Colosa Deposit (24 Moz Au) and Sunward Resources’ Titiribi Project (11 Moz Au).

Exploration Targets

The La Mina concession includes almost 2,000 hectares. A number of anomalous features are evident from the initial airborne magnetic survey, completed by AngloGold. As surface sampling and drilling progressed, a number of multi-faceted targets emerged. Through the first half of 2012, a total of four known mineralized porphyry systems have been identified; two of these deposits are host to NI 43-101 compliant inferred mineral resources. The two remaining known porphyries will be the focus of future drilling, meant to advance these prospects to the resource stage as well. The exploration pipeline at La Mina includes a number of other targets that, based on geology, geochemistry and geophysics, have characteristics similar to porphyry or porphyry related deposits. There are at least 7 of these discrete targets undergoing additional work, but they have not yet been drilled. The figure below shows total magnetic intensity (reduced to pole) from an airborne magnetics survey. Many of the targets are identified on this map; and more detailed information is available below.

Premium Exploration Inc.  reports that a ground-based Induced Polarization (“IP”) geophysical survey at the Idaho Gold Project (“IGP”) has successfully outlined a new target at the X Zone. This new IP target exhibits coincident highly anomalous gold-in-soil and airborne mag/EM signatures. These characteristics are similar to those associated with the three known deposits along the IGP and suggest potential for the discovery of new gold mineralization at the Idaho Gold Project. Details.

This is the 12^th advanced target identified on the project. These twelve targets all exhibit highly anomalous geochemical signatures associated with strong airborne magnetic and electromagnetic and ground IP geophysical anomalies. The majority of the targets are yet to be drill tested.

For maps of the coincident X Zone IP and Soil targets, please click: http://bit.ly/XZone_IPTarget and http://bit.ly/XZone_GoildinSoils.

VMS Ventures Inc.  announces plans for a 2013 winter drilling program on its 100% owned Manitoba properties.

Neil Richardson, VMS Ventures COO states: “We have many quality targets this winter, but we are particularly excited to get the drills turning on our newly acquired Reed East and Reed West properties. We consider them highly prospective as they cover a large area of the same volcanic rock package that hosts our high grade Reed Copper Deposit and Reed North base metal occurrences. VMS deposits tend to occur in clusters, within a specific package of these types of volcanic rocks.”

Diamond drilling is scheduled to begin in February and is expected to continue through April. Plans call for a budget of approximately $1.2 million which includes drilling 3,000 to 3,400 metres in 16 to 20 diamond drill holes. All target areas are within the Flin Flon – Snow Lake VMS greenstone belt of Manitoba.

Reed East and Reed West are adjacent to our Joint Venture property with Hudbay Minerals, which hosts the Reed Copper Deposit, currently being developed into a mine. These properties include targets with coincident Mobile Metal Ion (MMI) zinc anomalies and VTEM anomalies. Details.

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–             The other winter 2013 targets on VMS Ventures’ 100% owned properties vary in their specific characteristics, but all are associated with geophysical EM conductors generally with associated magnetic anomalies and within interpreted volcanic host rocks. More detail will be provided on these targets in the New Year.

Applications for drill permits have been submitted to the Manitoba government. After drilling is concluded, holes with favourable mineralization, alteration or geology, will be surveyed with down the hole TEM using Koop Geotechnical. Koop will utilize borehole pulse electromagnetic equipment manufactured by Crone Geophysics.

Spruce Ridge Resources Limited reports that the Company has received results of an airborne VTEM(R) time-domain electromagnetic survey over the Fletcher Junction property in the Walker Lake mining area of Nevada. Interpretation of the survey results has defined a series of targets, and diamond drilling to test selected targets is planned to start in October. The company is currently evaluating bids from drill contractors.

The Fletcher Junction property covers the northern extension of a mineralized trend that produced over 1.9 million ounces of gold in the Aurora mining district. However, bedrock on the property is covered with gravel, which is in turn covered with basaltic lavas that were erupted about 250,000 years ago from the Aurora Crater. Nevada Exploration Inc., the optionee of the property, from which Spruce Ridge can earn up to 85% interest by making $300,000 in payments, funding $2,600,000 in exploration over a 4-year period, and completing a feasibility report, recognized the potential of the property due to highly anomalous gold contents of water in natural springs seeping out from under the lava cover. Nevada Exploration Inc. has developed sophisticated sampling and analytical techniques to analyse natural waters for gold, and has used this technology to assemble a portfolio of properties on the basis of gold-in-water anomalies. In addition to the gold anomalies in water the Fletcher Junction property, mineralized, angular quartz float was found on the gravel terrace along the western edge of the lavas, which yielded assays of up to 90.5 grams per tonne (g/t) of gold and 324 g/t silver. A limited amount of reverse-circulation drilling by Nevada Exploration has intersected bedrock and confirmed the presence of alteration and anomalous gold, silver and pathfinder element values.

The first target to be drill tested is an interpreted paleo-hill, or bedrock high that appears to rise above the gravel layer, although it is still covered by lava. It has clearly been resistant to erosion, possibly due to silicification, which may be related to mineralizing processes. A 600 metre (2,000 feet) deep inclined diamond drill hole will test this intriguing target.

Another result of interpreting the VTEM(R) survey that was unexpected is that there is a continuous resistivity low in the bedrock running in a northerly direction from the Aurora mining district all the way through the Fletcher Junction property. It was initially anticipated that Fletcher Junction might be host to a mineralized cluster similar to that at the Aurora mining district. However, it now appears, on the basis of the geophysics, that there may be one continuous alteration system extending over 11 kilometres from the Aurora mining area to the north end of the Fletcher Junction property. Drill testing will of course be necessary to determine if this interpreted alteration system is associated with mineralization.

Anglo Swiss Resources Inc. has announced plans to commence an airborne electromagnetic (EM) survey over its Blu Starr Flake Graphite Property located near Nelson in southeastern BC. The property adjoins Eagle Graphite Corporation’s flake graphite operation which is one of only two natural flake graphite mines in North America. Next to Eagle Graphite, Anglo Swiss holds the largest land package covering 6,473 hectare (~65 sq. km) in the southern part of the favourable Valhalla Metamorphic Complex (see attached maps).

The planned ~550 line-kilometre survey will complete EM geophysical coverage over the entire property expanding on the 2010 survey completed by the Company. The earlier survey outlined a three kilometre long, shallow south-dipping conductor on the north side of Perry Peak which correlates well with numerous outcrops of large flake graphite occurrences known as the Tedesco showing. At this time the total thickness of the graphite bearing units is unknown as this conductor has not been drill tested. The new EM survey will cover the southern half of Perry Peak and central part of the property with the goal of identifying the possible southern extension of Tedesco as well as new large EM conductors. Aeroquest Airborne Limited will be conducting the EM survey utilizing the AeroTEM IV system.

Geology – Property

The varied geology of the property has been extensively mapped. Metamorphic rocks of the Valhalla Complex in the Passmore Dome area belong to the “upper sheet,” lying between the Airy quartz monzonite sheet dated at 62 Ma and the underlying Mulvey granodioritic gneiss sheet dated at 100 Ma. Graphite and minor sulphidebearing carbonate and calc-silicate layers lie at a structurally higher level in the the upper sheet, than that of the cordierite (iolite) and corundum (sapphire) bearing lenses that appear to lie within or near to the Gwillim Creek shear zone.

The Tedesco area geological map units cannot be directly correlated with other areas of the Slocan property. The Tedesco area hosts distinctive graphitic marble layers not known to occur on other areas of the property. During mapping and surveying, five distinct rock unites were observed.

Research –  Geophysical Survey

IP surveys of this property have identified a pronounced anomalous chargeability, possibly attributed to flat-lying marble or calc-silicate horizons containing concentrations of conductive graphite, possibly with other associated sulphide minerals such as pyrrhotite and pyrite.

The total magnetic field survey produced dissimilar but conspicuous magnetic features that might be attributed to either magnetite or pyrrhotite in the host rock.

CuOro Resources Corp. announces that Geotech Ltd. of Aurora, Ontario (“Geotech”) has been engaged to complete a 416 line-kilometre, helicopter-borne versatile time-domain electromagnetic (“VTEM”) survey of the Santa Elena Copper-Gold Project, in Antioquia Department, Colombia.

Geotech’s VTEM system has been shown to be excellent at identifying conductive, massive-sulphide bodies as well as mapping lateral and vertical variations in resistivity. The VTEM system is also equipped with a high sensitivity magnetometer which can aid in mapping geologic structure and lithology.

The survey is expected to be completed during October 2012. The Company will immediately investigate any targets generated by the survey with exploration and drilling.

Santa Elena Overview

Santa Elena is classified as a bimodal-mafic VMS deposit. This type of deposit is similar to that found in many of the major district of the Precambrian Shields of Canada, Western Australia, and Scandinavia, as well as the Urals and in the Cretaceous of Peru. The latter is comprised of the giant Tambo Grande deposits; TG1 and TG3, adjacent deposits comprising a single ore system contain a non 43-101 compliant resource of over 138 MT of 1.3% Cu and 1.1% Zn. The Tambo Grande deposits are in a very similar setting to the Santa Elena occurrence, and given that both are in what appears to be an oceanic back-arc setting, this district may be a model for Santa Elena. It is important to note that VMS deposits almost always occur in districts, and that their sizes are log-normally distributed.

The concessions contain 1,287.5 hectares near the north end of the Antioquia batholith, at the intersection between the San Pablo formation (Cretaceous marine sediments) located to the north, the basaltic volcanic flows located to the west, and the Antioquia batholith quartz-diorite complex to the east.

The infrastructure is excellent and includes paved road access, two hydroelectric plants within 5 km, and abundant water supply.

Geological mapping and sampling has identified 3 VMS areas of outcropping (TEM-1, TEM-2, and TEM-3) all of which coincide with historical geophysical anomalies. Several new mineralized outcrops have been located recently south of the known VMS outcrops.

Recently completed geophysical surveys have validated the historical data, as well as produced many new targets which will be drill tested.

Summary of Geophysics

A surface geophysical TEM survey at 50 m intervals was conducted on a selected area of the property where outcropping mineralization was visible. The survey was conducted by VAL D’OR Geophysics for Noranda Mining and Exploration Inc in 1996-1997.

The historical ground geophysics had identified 4 strong conductors with good vertical extent, 3 of which are coincident with the TEM-1, TEM-2, and TEM-3 outcrops.

An airborne magnetometer and radiometric survey was flown in August 2011. These surveys were followed-up by ground based induced polarization and resistivity surveys. These surveys validated the original survey data, and also generated several new drill targets which are currently being drill tested.

The company plans to initiate down-hole TEM surveys along with additional induced polarization and resistivity surveys in January 2012.

Silver Spruce Completes Airborne Survey and Receives Check Assays for the Big Easy Gold/Silver Property, Eastern Newfoundland

Silver Spruce Resources Inc. announces that the high resolution magnetic / VLF-EM airborne survey has been completed and preliminary results received on the road-accessible, Big Easy gold/silver property in eastern Newfoundland. The Big Easy prospect is a large, altered (silicified) system that covers an area of approximately 1.7 kilometres by up to 300 metres wide.   The prospect was drilled in 2011 and 2012 — a total of 12 holes over a 1.2 km strike length, giving significant gold (Au) and silver (Ag) values in a number of the drill holes (news releases September 18, 2012, August 16, 2012 and June 7, 2011).

Airborne Survey
The airborne, high resolution magnetic / VLF-EM survey was carried out in late September by Terraquest Ltd. of Mississauga, ON.    The aim of the survey was to improve the understanding of the geological setting of the area by a lithological/structural interpretation based on the survey results, drilling and surface geology.

The preliminary magnetic data shows a broad, NNE (025 degrees) magnetic high trending through the main portion of the claim group with narrow linear, NNE trending magnetic lows within the overall magnetic high.   The magnetic  lows are offset by linear zones and possible dikes / faults, trending NNW (340 degrees). A sinuous magnetic  low joins the BE and ET zones, continuing to the south of the ET zone.    The preliminary VLF-EM data shows NNE and NNW trending, as well as a number of E-W to ENE-WSW trending conductive zones cutting through the property.

“We are pleased with the resolution of both the magnetic and VLF-EM data.    Based on what we are able to tie into our existing geological and structural compilation, the final results should enable us to better target continued exploration, including drilling,” states Peter Dimmell, President and CEO of Silver Spruce Resources.

Line spacing was 200 m in the known mineralized areas (Big Easy and ET) and 300 m over the rest of the property, at a mean terrain clearance of approximately 70 m. The survey was flown using E-W lines and N-S tie lines for a total of 349 line km. The VLF-EM used two orthogonal receivers, with the main transmitter Cutler, ME.

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Southern Geoscience Consultants have released the results of the BH, ground and Airborne EM over the two, discrete and varying bedrock conductors.

The Forrestania EM Test Range is situated approximately 85km by road/track east of Hyden and ~155km by road/track SSE of Southern Cross . The test range is well positioned and provides easy access if traveling from Perth or Kalgoorlie (~4-5hrs).

The Forrestania EM Test Range has been designed to allow testing/trialling of various electromagnetic methods (surface, airborne and downhole techniques) over two, discrete and varying bedrock conductors defined during previous geophysical exploration completed on behalf of Image Resources NL. The two bedrock conductors defined and drilled by Image Resources successfully tested these targets, intersecting barren, semi-massive to massive sulphides (po-rich).
The western conductor (IR2) is of limited areal size (<75x75m), shallow depth <100m, high conductance >7000S and dips northward ~30-40 degrees. This conductor is strongly defined by surface and downhole TEM and makes for an interesting airborne TEM target.

The eastern conductor (IR4) is extensive in strike/plunge extent (~500-600m+) and reasonably well constrained in depth extent (~100-150m). The conductive source is situated at considerable depth ~300-325m (western side) to ~400m+ (eastern side), is highly conductive ~5000-10000S and dips northward ~30-40 degrees. IR4 is a more challenging conductive target for surface TEM methods with smaller transmitter loops.

The local electrical environment is characterized by the presence of a conductive overburden (~10-20S), highly resistive bedrock units and lack of any other bedrock conductors in the immediate area other than the IR2 and IR4.

Dalradian Resources Inc. has received final assays from hole 12-CT-162, which was drilled to test a geochemical anomaly from a recently released survey. The hole is located approximately 1700 metres along trend from the Company’s wholly owned Curraghinalt deposit in Northern Ireland.

From previous news about the property:

The recently-completed 1,034.3 line kilometre VTEM and magnetics survey that was flown along 10 km of the Curraghinalt Trend, which is both over and along strike from the Curraghinalt gold deposit. The tightly spaced survey (50m line spacing) will assist with targeting further drilling based on an improved three dimensional understanding of the geology, structure and alteration zones associated with mineralization.

The Curraghinalt Deposit is a mesothermal gold system consisting of a series of approximately east-west trending gold bearing high grade narrow veins in meta-sedimentary host rocks.

Purepoint Uranium Group Inc. has released the results of this summer’s geophysical survey at its 100% owned Turnor Lake Project in Saskatchewan’s Athabasca Basin. The induced polarization survey has moved the exploration of this property further north, covering the high-priority Anvil South uranium target area.

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-     The induced polarization (IP) survey was conducted over the Anvil South grid with the purpose of outlining possible low apparent resistivity chimneys (LARCs) in the sandstone. LARCs are considered to be excellent drill targets when found within a favourable geologic setting as they represent potential zones of hydrothermal alteration.

“The IP survey data is of high quality, free of noise and aligns well with historic drilling data, unconformity depth, and overburden thickness,” said Roger Watson, Purepoint’s Chief Geophysicist. “Numerous geophysical LARCs have now been interpreted; many of them correlating with an untested, well-defined electromagnetic conductor.”

Highlights:

• Low apparent resistivity chimneys (LARCs), possible zones of hydrothermal alteration, have been outlined within the Anvil South zone and correspond with untested EM conductors;
• The resistivity survey successfully identified a LARC that corresponds with altered sandstone intersected by historic hole OD-1 that also returned 468 ppm U over 3.4 m;
• The geophysical results collected by Purepoint at Anvil South, which includes resistivity, gravity, and highly detailed airborne electromagnetics and magnetics, have been compiled with all available historic data identifying five new high priority drill targets;
• A strong geochemical anomaly of uranium, nickel and cobalt was outlined at the Klaproth South target in 2011 and verified by re-sampling in 2012.

Anvil South

The Anvil South grid covers over four kilometers of electromagnetic (EM) conductors that were outlined by a VTEM airborne survey in 2006. The EM conductors show significant offsets interpreted to be caused by faulting. Purepoint conducted a gravity survey over the Anvil South grid in 2008 but has not yet drill tested geophysical targets in this area.

During August 2012, over thirty line-kilometers of IP surveying was completed at Anvil South by Peter E. Walcott & Associates Ltd. of Vancouver, BC. The data was inverted by Purepoint using IP inversion software developed by the University of British Columbia. The IP survey was successful in that well defined resistivity “chimneys” (LARCs) were identified in the sandstone. The Anvil South LARCs have now been plotted in relation to resistivity, gravity, EM conductors and magnetics and five priority drill targets have been identified.

The historic drill hole OD-1, drilled at Anvil South by the Saskatchewan Mining Development Corp. in 1985, intersected 3.4 m of 468 ppm U within a highly altered graphitic pelite immediately below the unconformity. Anomalous concentrations of arsenic, nickel and cobalt were associated with the alteration encountered in the OD-1 drill hole.

Turnor Lake

The Turnor Lake Project is 100% owned by Purepoint. This 9,705 hectare property covers graphitic electromagnetic (EM) conductors that are directly associated with high grade uranium showings on adjoining properties, namely Cameco’s La Rocque occurrence (up to 33.9% U3O8 over 5.5 m) to the west and Areva’s HLH-50 intercept (5.2% U3O8 over 0.38 m) located to the south. The project lies in close proximity to several uranium deposits, including Roughrider, Midwest Lake, McClean Lake and Eagle Point, and has a shallow depth to the unconformity of less than 200 metres in most areas.

A series of detailed geophysical surveys have been conducted on the property since November 2006 and numerous drill targets, including EM conductors and structurally complex areas having evidence of intersecting structures, remain untested. Drill targets have now been prioritized with the completion of the 3D Targeting Workflow Process by Mira Geoscience.

North American Nickel Inc. reports that it has completed its first drill campaign at its 100% owned Maniitsoq project. Drilling commenced on August 26 and was completed on September 16. Nine diamond drill holes totalling 1,550 metres were drilled.

All nine holes have been logged and all mineralized intersections have been sampled. A total of 531 samples have been collected for assay. The samples are now on their way to Activation Laboratories for analysis and results are expected in four to eight weeks.

The holes tested electromagnetic (EM) anomalies associated with noritic rocks and nickel sulphide showings. The anomalies were outlined by SkyTEM and VTEM helicopter-borne, time domain, EM surveys flown by the company in 2011 and 2012. Crone Geophysics Ltd of Mississauga, Ontario surveyed eight of the holes with their 3-component borehole pulse EM (BHEM) system. Preliminary analysis has been completed and final analysis will be done before assay results are received.

Results from the drilling and BHEM surveys will be merged with the Company’s existing exploration database which will allow the NAN geological team to finalize its plans for the 2013 drill season at Maniitsoq.

The Maniitsoq property in Greenland is a district scale project. It comprises a 4,983 square km mineral exploration licence covering numerous high-grade nickel-copper sulphide occurrences associated with norite and other mafic-ultramafic intrusions. The 70km plus long belt is situated along, and near, the southwest coast of Greenland, which is ice free year round. The Maniitsoq area is underlain predominantly by highly deformed and metamorphosed Archean gneisses. Supracrustal rocks comprise about 10% of the area and consist mainly of amphibolite (metamorphosed and deformed volcano-sedimentary sequences). Most of the nickel discovered to date is associated with younger, undeformed norite intrusions that are concentrated in (but not restricted to) a 15 km wide by 75 km long “J”-shaped belt, referred to as the Greenland Norite Belt (GNB), that rims a large, complex known as the Finnefjeld gneiss complex.

South American Silver Corp. announces the results of a 5 hole diamond drilling program and the interpretation of the ZTEM Conductivity and Magnetic geophysical surveys at the Escalones copper-gold project, approximately 100 km southeast of Santiago, Chile and 35 km east of El Teniente, the world’s largest underground copper mine. Escalones, as previously announced and supported by a NI 43-101 technical report, contains a defined Inferred Resource of 420 million tonnes of mineralized material containing 3.8 billion lbs of copper, 56.9 million lbs of molybdenum, 610,000 ozs of gold and 16.8 million ozs of silver using a 0.2% Cu Equivalent cut-off grade (see December 19, 2011 News Release). The detailed NI 43-101 Technical Report is available on SEDAR under the Company’s profile and on the Company’s website at www.soamsilver.com.

The Escalones property lies within the well-known central Chilean porphyry copper belt that runs north-south through Chile in the central Andes Mountains. It is located approximately 100 km southeast of Santiago and 35 kilometers due east of El Teniente, the world’s largest underground copper mine. The project has excellent infrastructure including road access and a gas pipeline that crosses the 70 square kilometer property.

The Escalones project hosts a four-square-kilometer area of hydrothermal alteration with coincident geophysical anomalies that has demonstrated significant grades of copper, gold and silver in replacement-style “skarn” mineralization hosted in limestones and in porphyry related mineralization.

Diamond drill hole ES-35, located 300 metres E of ES-24, intersected 71 metres of near surface, oxide copper mineralization averaging 0.64% copper equivalent (“CuEq”). This near surface mineralization correlates with a ZTEM conductivity anomaly which is approximately 500 metres wide and at least one km long. Drill testing, starting when the snow clears in November, will further test this target. ZTEM is a geophysical tool that helps to identify mineralized areas that are conductive.

Diamond drill hole ES-35 also intersected high grade skarn mineralization at 456 metres intercepting 4.5 metres of copper mineralization averaging 4.32% CuEq within a 9.25 metres zone averaging 2.39% CuEq. A copper skarn is a carbonate rock that has been “cooked” and mineralized by the heat and fluids from nearby copper bearing intrusions. Examples of copper porphyry plus skarn deposits include the well-known Bingham Canyon Mine in Utah and the Twin Buttes Mine in Arizona.

The skarn at Escalones has now been traced by drilling approximately 1.7 km horizontally and 1.1 km vertically. A large magnetic anomaly is associated with much of the known skarn mineralization and this anomaly extends several hundred meters further to the north of the drilled area, at least 500 meters to the south and approximately 500 metres further east. The anomaly also extends to a depth of several km, many hundreds of metres below the level of current drilling.

Ralph Fitch, Executive Chairman, stated “This is the first time we have located a good thickness of near surface copper oxide mineralization at Escalones. The importance of this type of mineralization is that it is often the least expensive type of copper to recover because it is typically heap leachable. If future drilling shows that this zone is extensive it will be an important new body of mineralization that is not in the present resource. This new zone combined with that found on the west side of the property in holes ESC-26 (46m@0.53% copper) and ESC-28 (34m@0.52% copper) represents an important part of the mineralized system found to date at Escalones because of its likely low cost leachability. Also, the deep skarn intercept is important, both because of its grade and also because it demonstrates the huge column of copper mineralization present at Escalones which extends from surface to depths of greater than one kilometer. Our upcoming drill program will start to convert this vast column of mineralization into a resource.”

Upcoming Drilling Campaign

Up to 30 holes are planned to confirm and expand the resource in the 3 categories reported previously, oxide/sulphide, skarn and porphyry. The results from this drilling will be combined with earlier results and an updated resource will be developed and reported in compliance with NI 43-101.

The true thickness of the intercepts reported is not known at this time.

Magnetic susceptibility anomalies are only an indication of the presence of the skarn mineralization and the reader should not assume that “ore grade” mineralization will be intersected.

ZTEM conductivity anomalies are only an indication of the presence of mineralization and the reader should not assume that “ore grade” mineralization will be intersected.

Samples were analyzed by Andes Analytical Assay Laboratory located in Santiago, Chile. Gold was analyzed using fire assay and the AA (Atomic Absorption) method while silver, copper, gallium, indium, molybdenum and 38 additional elements were analyzed by ICP AES HF43 method with a four-acid digestion. The copper equivalent has been calculated using the following prices: copper $3.50/lb, gold $1,600/troy oz, silver $30.00/troy oz, molybdenum $11.00/lb, lead $0.90/lb and Zinc $0.90/lb. Values have not been adjusted for metallurgical recoveries.

RAB drilling at Dam South was designed to broadly test a series of VTEM anomalies situated along strike from mineralisation to the north. Significant gold assays returned included 12m @ 0.24g/t Au from 44m in hole MFRB037, and 4m @ 0.27g/t Au from 16m in hole MFRB043. These results confirm the potential source of the VTEM anomaly and warrant further drill testing.

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IMX Resources Limited reports the identification of twenty-five new high priority VTEM anomalies from the recently completed airborne magnetic and versatile time-domain electromagnetic (VTEM) survey over selected areas within the Nachingwea Nickel-Copper JV Project located in southeast Tanzania.

Exploration activity at Nachingwea has identified several zones of nickel sulphide mineralisation, at Ntaka Hill, where a combined Measured and Indicated Resource of 12.79 million tonnes (Mt) grading 1.21% Ni (using a 0.2% Ni cut-off) has been announced. The resource equates to an estimated 154,700 tonnes of contained nickel.

In addition, an Inferred Mineral Resource of 45.04Mt @ 0.3% Ni (using a 0.2% Ni cut-off) has been identified at Ntaka Hill.

A positive scoping study for an open pit mining operation means that the Nachingwea project is now advancing towards a potential production commencement date in 2015.

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Pelangio Exploration Inc. announces a new gold discovery resulting from nine additional diamond drill holes totaling 1,891 metres in a newly drilled area of the Manfo Property in Ghana. Highlights of the results reported today include:

Nkansu Gold Discovery

• 0.57 grams per tonne (g/t) gold over 70 metres (including 1.00 g/t gold over 12 metres) in SGDD-201 from 39 metres downhole;
• 0.77 g/t gold over 23 metres (including 1.06 g/t gold over 12 metres) in SGDD-203 from 42 metres downhole.

“Gold bearing intersections in this series of nine diamond drill holes indicate an area of mineralization along a 700 metre distance, on the north and south peripheries of a well-defined high resistivity induced polarization (“IP”) anomaly,” stated Warren Bates, Senior Vice President Exploration. “The new discovery between the Pokukrom East and Nfante West zones was made in an area of hardpan cover, or duricrust, where the geochemical response is very weak. The results of these holes, which were spotted based on high resolution airborne magnetic data and early-on orientation resistivity surveying, confirm that geophysical data coupled with rock properties gleaned from our drilling program is a viable targeting method. Based on the more extensive IP surveying that we completed early this year, we believe that we have only drilled the periphery of this new discovery. Our program is already paying dividends as we have more than 15 targets for further testing with drilling and surface work going forward.”

The newly discovered gold mineralization is associated with sericite and hematite altered granitoid rocks, just as at Pokukrom East which is 2.5 km to the northeast and Nfante West, 1.3 km to the southwest. The mineralization has been intersected along a distance of approximately 700 metres.

Plan views, and cross sections illustrating the Nkansu drill holes and intersections discussed above are available at http://www.pelangio.com/Projects/Ghana/Manfo/Exploration-Results/Nkansu.aspx.

The Manfo Property is predominantly a “cover” play, with geochemical anomalies occurring with erosional “windows” through the material overlying bedrock and into the underlying mineralization. In areas of cover, geochemical response is weak. Airborne magnetics, coupled with responses to IP and resistivity surveys will be key to discovering mineralization in these blind areas. The surveying has identified more than 15 new targets exhibiting such resistivity highs in areas where cover may mask geochemical anomalies. The Company has drill tested nine of these targets for new discoveries and has begun an exploration program which will consist of surface work or drilling on the remainder in the coming months.