VANCOUVER, British Columbia, Nov. 19, 2007 (PRIME NEWSWIRE) -- Consolidated Spire Ventures Ltd. ("Cons. Spire") (TSX-V:CZS) is pleased to announce it has signed a letter of intent with Terra Firma Resources Inc. ("Terra Firma"), whereby Terra Firma can acquire up to a 70% interest in Cons. Spire's Buenavista Property project in Mexico. The Buenavista Property is one of four new properties, recently acquired by Cons. Spire, of prime exploration ground on a recently recognized epithermal gold/silver district, which are located in the north and northwest of the El Oro-Tlalpujahua Gold/Silver Belt in the states of Guanajuato and Michoacan, Mexico.
Under the terms of the agreement, Terra Firma can acquire the 70% interest in the project by issuing an aggregate of 500,000 shares of Terra Firma and undertaking a work program on the property aggregating $1,450,000. Cons. Spire will act as operator for the initial six-month period and Terra Firma will reimburse Cons. Spire for all costs incurred in the 2007/2008 exploration program. Exploration expenditures, including the applicable administration fee associated with general property and claim maintenance, will be for a minimum of $100,000.00 for the first six months. A finder's fee will be paid in conjunction with the transaction, subject to Exchange approval.
"We are very pleased to be partnered with Terra Firma Resources to develop our Mexico Buenavista Property project, which has the potential to host a significant gold deposit," commented R. Brian Buchanan, President and CEO of Cons. Spire.
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.
Cons. 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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