VANCOUVER, British Columbia, Nov. 28, 2007 (PRIME NEWSWIRE) -- Consolidated Spire Ventures Ltd. ("Spire") (TSX-V:CZS) is pleased to announce, along with Terra Firma Resources Inc. ("Terra Firma"), that a geological field program is underway at the Buenavista Gold Property in Mexico. Initial fieldwork will include detailed geological mapping, rock sampling and trenching.
The Buenavista Property is located at the border between the Mexican states of Guanajuato and Michoacan. The property covers an area of approximately 9,200 hectares and is owned 100% by Compania Minera Spire S.A. de CV, the Mexican subsidiary of Consolidated Spire Ventures. The property can be readily accessed from the city of Acambaro by driving on paved and gravel roads for approximately 30 minutes.
Preliminary exploration work has identified several areas with strong hydrothermal alteration. This includes areas of vuggy silica, opaline quartz and advanced argillic alteration. Also, quartz stockwork veining and quartz veins have been observed. These geological characteristics may indicate the Buenavista Property has excellent potential to host a precious metal high sulphidation epithermal system.
Quartz veins with fine disseminated pyrite and iron oxides, such as hematite and limonite, have been observed. Some outcrops exhibit zones of crackle type breccia close to the vein structures. These types of precious metal deposits are generally low grade, but may contain very large volumes.
The Buenavista Gold Property lies in the northwestern area of the El Oro-Tlalpujahua Gold/Silver Belt where high sulphidation gold occurrences have just recently been identified. Most gold produced in the past from this gold/silver belt has come from low sulphidation deposits found mainly in the southeast area near the town of El Oro (which means gold in Spanish).
The Qualified Person for this news release is Spire's Exploration Manager, Mr. Victor Jaramillo, P.Geo.
The Buenavista property in Mexico is subject to option terms whereby Terra Firma can acquire up to a 70% interest. Spire will act as operator for the initial six-month period and Terra Firma will reimburse Spire for all costs incurred during the 2007/2008 exploration program. Exploration expenditures, including the applicable administration fee and any taxes or other costs associated with general property and claim maintenance, will be for a minimum of $100,000.00 for the first six months.
Investors are invited to visit the Consolidated Spire Ventures Ltd. Investor 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.
Spire currently has several active projects in Canada and Mexico.
The 100% 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 zone. 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. (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, which are located in the north and northwest of the El Oro-Tlalpujahua Gold/Silver Belt in the states of Guanajuato and Michoacan, Mexico. Cons. 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), 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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