BEIJING, Sept. 21, 2004 (PRIMEZONE) -- Shallbetter Industries (OTCBB:SBNS) is pleased to announce that it owns a 100% interest in three mineral exploration licenses in the Govi Altai province in the South Western region of Mongolia. These licenses cover an area of approximately 75,000 hectares. The exploration licenses (Nos. 4576, 4577 and 4578) were granted by the Mineral Resource Authority of Mongolia (MRAM website www.mram.mn).
The promising regional geological features, as well as mineral deposits in proximity to Shallbetter's property, indicate that the geological conditions on the Company's properties are conducive to holding a major hydrothermal gold deposit.
The Company's properties are located at the SE end of the famous Mongolian Altai mountain range. The property is located along the inferred trend of the Main Mongolian Lineament (MML) that marks the boundary between the North Mongolian and South Mongolian tectonic super-terrains. Shallbetter's licenses are situated on the southern section of this fault system and this fault boundary is host to major gold deposits in central Asia like Marantau and Camenco's Kumtor (288 metric tonnes of gold with average grade of 3.57g/t).
Just downhill to the SE of the Property, there are two alluvial gold ore body groups: Angangura and Nijmgtu. This leads the Company to believe that there is a major hard rock deposit within Shallbetter's Property that is the source of this alluvial gold.
To the NE of the Property is the Xi Hu Lai copper-gold porphyry belt, which is host to three mineral deposits: Bei Ta Ge Mountain, Ha Er Ta Er Mountain gold-base metals deposit (lead-zinc 3%; Ag 14.2g/t, and includes gold) and the Nuhni Mountain gold-base metals deposit (0.4% Cu, Zinc 0.38%, 20g/t Au, and 109 g/t Ag). The geological characteristics of the Xi Hu Lai copper-gold zone are very similar to those seen on Shallbetter's Property: both are from the Permian period and have a feather shaped fault structure, and the intrusive ore body has been subjected to schistostic and hydrothermal alteration.
ShallBetter Industries Inc. is publicly traded mining company engaged in the acquisition and exploration of mineral properties in Outer Mongolia. It is listed on the OTCBB under the trading symbol SBNS.
This news release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, Shallbetters analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein.