VANCOUVER, British Columbia, April 17, 2007 (PRIME NEWSWIRE) -- Consolidated Spire Ventures Ltd. ("Spire") (TSX-V:CZS) is actively exploring gold/silver projects in North America: the Prospect Valley Gold Property near Merritt, British Columbia, Canada; the Yago Gold/Silver Property in the state of Nayarit, Mexico; and the Campanario Gold/Silver Property, in Oaxaca State, Mexico.
The Prospect Valley Gold Property
The 100% Spire-owned Prospect Valley Gold Property ("PV") is road-accessible from Merritt, BC, which is a regional transportation and supply centre. The Prospect Valley Gold Property is part of the Spences Bridge Gold Belt located south of the large Highland Valley porphyry copper district and immediately west of the Craigmont iron-copper skarn deposit. The newly discovered gold zone on the PV is part of a low sulphide epithermal system and is a primary open pit gold/silver target.
Field work is expected to resume in late May 2007. The early part of the field work is expected to focus on and around the approximate 3,500m by 400m RM/RMX gold soil anomaly. The work will entail a sizable mechanical trenching and sampling program. The newly discovered (fall 2006) zone to the north of the RM gold zone and the possible parallel zone to the southeast of the RMX gold zone are expected to see similar work.
Diamond drilling contracts have been signed for a June/July drill program. The early part of the field work will define the 2007 drill targets. The previous 2006 drilling was successful (over 1.5kms) in intersecting significant lengths of lower grade gold and silver mineralization in the upper portions of the epithermal gold system. The focus of the 2007 deeper drilling will be on targeting the "bonanza and feeder zones" associated with epithermal gold systems. Drilling and field work results will establish the exploration programs for the rest of the year.
The Yago Gold/Silver Property
The newly acquired Yago Gold/Silver Property is located in the state of Nayarit, Mexico, on the Pacific coast approximately 50kms north of the city of Tepic. Currently this property is the subject of an option agreement with Almaden Minerals Ltd. ("Almaden") (TSX-V:AMM), whereby Spire can earn a 60% interest. The property comprises 16 claims that total 2,731 hectares. The drill-ready property lies within the coastal lowlands of the west coast of Mexico.
Victor Jaramillo, P.Geo., Exploration Manager for Consolidated Spire Ventures is currently on site supervising and organizing geological field work. Trenching and sampling has recently exposed new quartz veins with widths of up to 3m on surface. Previous sampling in the Yago vein system showed fairly consistent grades of approximately 10g/t gold and 100g/t silver over average widths of 1.25m. These grades are based on previous work done by Mr. V. Jaramillo, P.Geo. on the property during 2005. These grades are only provided as a reference, as further work, such as drilling, is required in order to establish a resource in compliance with 43-101 standards and CIMM guidelines.
The Magnolia Vein has now been extended by approximately 500m in a northeastern direction by surface trenching. A detailed topographic survey of the north veins (La Sarda, Esperanza and Magnolia) has now been completed and permitting is underway. A drill contractor has been retained for the drill program at Yago. The first phase of diamond drilling (2,000m) is scheduled to begin in approximately two weeks. Sampling results on the trenching are expected shortly.
The main focus of the drilling is to drill below known gold/silver ore shoots to test their continuity to depth where "bonanza zones" associated with epithermal gold systems are expected to be found in the boiling zone and also to test laterally along new areas recently discovered in the Magnolia Vein. Other drilling will target newly discovered veins in the southern area of the property.
The Campanario Gold/Silver Property
The Campanario Gold/Silver Property is a bulk tonnage gold target located approximately 25kms east of Oaxaca City, Mexico. Currently this property is the subject of an option agreement with Almaden Minerals Ltd. ("Almaden") (TSX-V:AMM), whereby Spire can earn a 60% interest. At present, due to a political disruption in Oaxaca, exploration of the area has been put on hold.
Other Exploration Areas of Interest
The Company is actively pursuing other gold/silver, 100% Spire-owned, exploration properties in several Mexican states, with a plan to offset the exploration costs by joint venturing the properties with other exploration companies. Once acquisitions are complete, the location and size of the properties will be disclosed.
The Qualified Person for the technical portion of this news release is Mr. Victor Jaramillo, P.Geo.
On Behalf Of The Board
"Brian Buchanan"
President and Director
The TSX Venture exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
This Press Release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.