VANCOUVER, British Columbia, Oct. 9, 2007 (PRIME NEWSWIRE) -- Consolidated Spire Ventures Ltd. ("Spire") (TSX-V:CZS) is pleased to announce that the first hole in a series of diamond drill holes, DDH-2007-01, has now been completed at the Prospect Valley Property, Merritt, BC, Canada. Diamond drilling has intersected a 64m wide quartz mineralized zone. The mineralized zone is silicified with stringers and veinlets of quartz and fine grained disseminated pyrite. This drill hole is currently being logged and sampled. Analytical results will be reported once received. Drill hole DDH-2007-02 is underway.
The drilling of hole DDH-2007-01 was drilled approximately 85m NW from last year's drill hole DDH-2006-21 which intersected a very similar quartz veinlet stockwork zone that returned 50.6m of 1.36g/t gold, including 24.4m of 2.03g/t gold.
The initial drill program in the Discovery South Zone has targeted a wide mineralized gold zone that was discovered and outlined by trenching. The Company is very excited about drilling into these new untested areas where it is believed most of the mineralization is hosted.
Drill Core samples will be prepped and analyzed at the Eco Tech Laboratory in Kamloops, B.C., Canada. Eco Tech Laboratory is an ISO 9001 certified and accredited facility. All work is being conducted following the procedures and standards outlined under NI 43-101. All sample batches sent to the lab include standards, blanks and duplicate samples.
A quality assurance and quality control (QA/QC) program is in place. The Qualified Person for this news release is Mr. Victor Jaramillo, P.Geo. and Exploration Manager for Consolidated Spire Ventures Ltd.
Expenditures for the Prospect Valley Gold Property project were partially funded through a private placement by MineralFields Group (a division of Pathway Asset Management) a Toronto-based mining fund. Information about MineralFields Group is available at www.mineralfields.com.
Spire currently has several active projects in Canada and Mexico.
The 100% Spire owned Prospect Valley Gold Property is a large gold open pit and vein type target located near Merritt, BC, Canada. It is in close proximity to good infrastructure and is located south of the Highland Valley porphyry copper district and immediately west of the Craigmont copper skarn deposit. Geological field work indicates that there has been little erosion on the property.
The recently 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. (TSX:AMM), whereby Spire can earn a 60% interest. The property comprises 16 claims that total 2,731 hectares and lies within the coastal lowlands of the West Coast of Mexico.
Other Mexico projects.
Spire has recently staked four new properties of over 76,800 hectares of prime exploration ground on a recently recognized epithermal gold/silver district. The staked ground comprises four properties that are located in the north and northwest of the El Oro-Tlalpujahua Gold/Silver Belt in the states of Guanajuato and Michoacan, Mexico. Spire intends to initially explore these properties and farm out the properties to joint venture partners to offset further exploration costs.
In the State of Oaxaca Mexico, 25kms east of the city of Oaxaca, the Campanario Gold/Silver Property, subject of an option agreement with Almaden Minerals Ltd. (TSX:AMM) ("Almaden"), is currently on hold.
For Information Or Investor Relations
Contact The Company At (604) 662-7455
Website www.spireventures.com
On Behalf Of The Board
"Brian Buchanan"
President and Director
This Company 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.
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