VANCOUVER, British Columbia, Nov. 1, 2007 (PRIME NEWSWIRE) -- Consolidated Spire Ventures Ltd. ("the Company") (TSX-V:CZS) announces that, to date, a total of five diamond drill holes have been completed on the Discovery South Zone at the Prospect Valley Property, Merritt, BC, Canada. Drilling has now started at the Discovery North Zone. In all drill holes, significant quartz stockwork veining has been intercepted. The mineralized zones are silicified with stringers and veinlets of quartz and fine grained disseminated pyrite. All core samples from the five Discovery South Zone drill holes and the first hole in the Discovery North Zone are being analyzed at Eco Tech Laboratories. Due to heavy volumes at Eco Tech Laboratories, the expected analytical results for the first group of holes have not yet been received by the Company.
The initial diamond 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.
The drilling of holes DDH-2007-01, DDH-2007-02 and DDH-2007-03 in the Discovery South Zone were drilled North and 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 diamond drilling in the Discovery North Zone has targeted similar mineralized gold zones to the Discovery South Zone.
Drill Core samples are being 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.
Investors are invited to visit the Consolidated Spire Ventures Ltd. hub at www.agoracom.com/ir/Consolidatedspire where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to CZS@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.
Consolidated Spire currently has several active projects in Canada and Mexico.
The 100% Consolidated Spire-owned Prospect Valley Gold Property is a low sulphidation gold epithermal system, with quartz vein stockwork type mineralization, located near Merritt, BC, Canada. A diamond drill program is currently under way along the main mineralized zones. Previous drilling at Prospect Valley intersected mainly the western edge of this mineralized system. Recent trenching and drill results have confirmed wide anomalous gold zones typically found near surface and along a northeast trend for over 3kms. The Company feels that the current exploration program and the planned drilling on the Prospect Valley Gold Property are extremely important toward outlining this large mineralized trend with excellent potential to become an open pit -- low cost target.
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. (AMM-TSX), whereby Consolidated 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.
The Company has 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, which are located in the north and northwest of the El Oro-Tlalpujahua Gold/Silver Belt in the states of Guanajuato and Michoacan, Mexico. Consolidated 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. (AMM-TSX) ("Almaden"), is currently on hold.
FOR INFORMATION OR INVESTOR RELATIONS
CONTACT THE COMPANY AT (604) 662-7455
OR SHAWN VAN DAMME AT 1-877-700-1644
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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