HONG KONG and BELLINGHAM, Wash., March 6, 2012 (GLOBE NEWSWIRE) -- Asia Properties, Inc. (API) (OTCQB:ASPZ) today released excerpts from API's geological consulting firm RDF, on the King's Point report to the Newfoundland Department of Natural Resources, Minerals and Mines Division.
"PREVIOUS EXPLORATION WORK
Exploration in the area during the early 1900's led to the discovery of the Rendell-Jackman deposits in 1906. Two massive sulphide lenses were discovered on the prospect and shafts were sunk into the mineralization with limited mining occurring. The majority of the exploration work performed within the claims held under the mineral licenses relating to this report, was performed between 1986 to 1996 by Noranda Exploration Company and Major General Resources Ltd. These exploration activities led to the discovery of the Hammerdown Gold Deposit. Numerous other discoveries, prospects and showings were also found during this period of time including Lochinvar, Orion, Muddy Shag, Rumbullion, Batter's Brook, Golden Anchor and Beetle Pond.
CONCLUSIONS AND RECOMMENDATIONS
The 2011 program on the King's Point Property proved to be extremely successful. The induced polarization technique worked very well in delineating the known zones of mineralization in the Rendell-Jackman, Beetle Pond and Golden Anchor areas. The survey was also successful in indentifying several other high priority anomalies of interest. Sampling of the Rendell-Jackman Mine area also confirmed the presence of high grade gold and base metals. Prospecting has identified anomalous gold and another potential area of interest requiring follow-up work.
It is concluded that the area has significant potential to host an economic mineral deposit and that additional detailed work is warranted on claims."
CEO, Daniel Mckinney commented "Our 2011 geological work exceeded our best expectations for the property and achieved our goal of identifying a viable high grade gold resource and creating value for the shareholders. Unfortunately, this value has not been reflected in the OTC market place and as a result our management team is exploring listing on other exchanges. "
The Company plans to continue it's geological work towards a full NI 43-101 report, at which time management will decide on either mining or selling the claim.
You can download the entire report at: http://www.asiaprop.com/wp-content/uploads/2012/03/Assessment_Report-_Kings_Point_Property_FINAL.pdf
Please see video clips of our geologist working the claims:
http://dl.dropbox.com/u/53876702/IP%20Survey_%20Beetle%20Pond.MOV
http://dl.dropbox.com/u/53876702/Rendell-Jackman.MOV
ASPZ currently trades at just $0.085 per share with a market cap of only $3.24 million.
About Asia Properties, Inc.: is a Nevada corporation and trades on the OTCQB under the symbol "ASPZ." The transfer agent is Transfer Online, Inc. of Portland, Oregon. Please visit our website: www.asiaprop.com
The Asia Properties, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=1733
About RDF Consulting Ltd.: is a Canadian geological and geophysical consulting firm that specializes in surveys, data processing and integrated interpretations to their clients in the mineral exploration industry for over 15 years. www.rdfconsulting.ca/
This press release contains forward-looking statements based on management's expectations and beliefs, and may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Readers are cautioned not to place undue reliance on the forward-looking statements made in this press release.