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TSXV:DUN | TSX Venture | Common Stock |
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Dundee Mines Ltd. (TSX VENTURE:DUN) reported today that it has changed its name to "Duncastle Gold Corp." pursuant to a resolution passed by directors on May 5, 2008. Effective at the opening of trading on May 28, 2008, the common shares of Duncastle Gold Corp will commence trading on the TSX Venture Exchange, and the common shares of Dundee Mines Ltd. will be delisted. There is no consolidation of capital, and the Company will retain the symbol "DUN". Acquisitions Porphyry Creek Property, Rocher Deboule Mountains, British Columbia Duncastle Gold (formerly Dundee Mines Ltd.) also reported today that it has optioned the right to acquired a 100% interest in the Prophyry Creek property comprising 21 mineral claims totaling approximately 7,216 hectares and located in the Rocher Deboule mountains 10 km south of Hazelton BC and 20 km northwest of Smithers. Six claims totaling 2,221 hectares were acquired directly by the company. The remaining 15 claims and 4,995 hectares were acquired from a group that includes Vancouver businessman John Norton and Duncastle Gold directors Michael Rowley and Doug Warkentin for $300,000 cash payable over 6 years with $30,000 in the first year, and a royalty being 2% of Net Smelter Returns. The Porphyry Creek area is highly prospective for gold, copper, molybdenum, silver and other minerals, and includes eleven large porphyry or porphyry-style copper-gold, copper-molybdenum, molybdenum, and molybdenum-tungsten deposits within a 150km radius. These deposits range from 20.6 million tonnes to perhaps 250,000,000 tonnes, with grades ranging from 0.30 to 0.48% copper, 0.03 to 0.8 grams per tonne gold, 0.013 to 0.192% molybdenum and 0.041% tungsten (1). Mineral resources and/or reserves are reported for all these properties as a result of years of systematic exploration. The deposits include: Bell-Granisle (copper-gold), Berg (copper-molybdenum), Big Onion (copper-molybdenum), Endako (molybdenum), Huckleberry Main & East Zones (copper-molybdenum-gold), Kitsault (molybdenum), Louise Lake (copper-molybdenum), Poplar (copper-molybdenum), and York Hardy (molybdenum-tungsten). Two of these, Huckleberry and Endako, are currently in production. The Endako mine is Canada's largest molybdenum producer. One small past producer lies within the claim boundaries, and three more significant past producers lie just outside the claim boundaries. Regional stream sediment samples show the property to be among the highest potential in BC for an 'Olympic Dam' or Iron Oxide Copper Gold (IOCG) type deposit. In addition a large magnetic anomaly is shown in a government geophysical survey. No significant exploration work has been done to investigate the potential of either IOCG or porphyry-related deposits on the Property. The Porphyry Creek area has a long history of exploration and development from high-grade vein systems, dating back to at least 1910. Between 1915 and 1954 the area saw substantial production from the nearby Rocher Deboule and Red Rose mines, as well as lesser production from the Victoria, Cap and Highland Boy mines. Exploration has been intermittent since the closure of these mines, with the most substantial work occurring in the 1980's on the Rocher Deboule/Victoria, Red Rose and Killarney/Jones prospects. Of the above mines, the Cap mine occurs within the claim boundaries and produced 26 tonnes grading 301 grams per tonne silver, 5.9% copper and 3.6 grams per tonne gold, based on publicly available government (Minfile) data. Minefile also lists samples from an adit at the Brunswick prospect on the Porphyry Creek property: a composite sample taken from thirty bags of selected ore from the upper adit graded 3,802 grams per tonne silver, 1 gram per tonne gold, 1.91% copper, 17.27% lead and 28.4% zinc, while a second sample, also from the upper adit, assayed 3.65 per cent lead, 4.05 per cent zinc, 1,288.93 grams per tonne silver and 0.446 gram per tonne gold. The acquisition of the Porphyry Creek project provides the Company with a significant land package in a second highly prolific mineral district in British Columbia. Initial surface work on the property will commence in late July - early August and will involve assessment of the known mineral occurrences and expansion of the property-wide database through a reconnaissance rock sampling and stream sediment sampling program. Property Acquisitions - Ymir Duncastle Gold continues to consolidate the Ymir camp through the acquisition of a 100% interest in eight claims totaling 884 hectares from a company insider. The claims are contiguous with the company's current holdings which include most of the historically successful mines within the Ymir Camp near Trail, BC in the Nelson Mining District. The claims were acquired from Crucible Resources, a company owned by Doug Warkentin, PEng, a Director and shareholder of Duncastle Gold, for a cost of $2,478 being the costs incurred in acquiring and maintaining the claims. The claims strengthen the company's land position in the area. Exploration Update - Ymir A 3,000-plus meter core hole drill program is planned for summer 2008 to continue to evaluate the mineralized extensions of historic workings found in 2007 including four holes planned to test the up- and down-dip potential of the Yukon ore-shoot where previous drilling returned values of up to 6.7 metres of 4.6 g/t Au, 46.5 g/t Ag, 1.2% Pb and 3.4% Zn from drill hole 07YG-15 (see NR-01-08). Several targets, identified mainly through historical research, will be tested in this round in order to identify addition undeveloped ore-shoots along the Yankee Girl vein, other parallel high-grade veins and structural intersections. Snow clearing of access roads has started and crews are scheduled to mobilize in early June with anticipated drill start-up by mid June. Corporate Update The Company is pleased to announce the addition of Mr Derek Page to replace outgoing director Lance Morginn. Mr Page obtained a Bachelor of Business Administration degree from Simon Fraser University in 1989, and a Master of Business Administration degree from the University of British Columbia in 1992. From 1989 to 1994 Mr. Page was active in the mineral exploration industry in Canada, conducting extensive field work in such areas as Eskay Creek and Bronson Creek in Northwest British Columbia, and the Lac de Gras region of the Northwest Territories. In 1994 Mr. Page joined Colliers International, where he worked until 1997 as a Commercial Real Estate Broker. In 1997 Mr. Page joined Oxford Properties Group, where he is currently Director, Real Estate Management. In this capacity he manages the Vancouver office of the company, overseeing 25 staff and the operations and financial performance of a $500 million commercial real estate portfolio. Mr. Page is currently President of Sombrio Capital Corp., an OTCBB listed mineral exploration company, and a Director of Valterra Resource Corporation, a CNQ listed mineral exploration company. The company thanks Mr Morginn for his service during its formative period. Company Overview Duncastle Gold Corp. is a mineral exploration company based in British Columbia, Canada with projects in both central and southeastern BC. In central BC the Company has the 7,216 hectare Porphyry Creek property in the Rocher Deboule mountains near Smithers BC with a porphyry or IOCG copper-gold target. In southeastern BC the company holds 26 crown grants under a 100% option agreement and owns 89 tenured mineral claims totaling approximately 5,376 hectares in the Nelson Mining District, located three kilometres northeast of the town of Ymir in southern British Columbia. Gold mineralization was first reported near Ymir in the late 1800s, with much of the mining taking place at the Yankee Girl, Dundee and Ymir mines during the period 1907 to 1951. Historical records indicate that a total of 375,000 tonnes grading 9.9 g/t Au and 57 g/t Ag were mined from the Yankee Girl vein during this time. Exploration by the company is targeting high-grade Au-quartz veins throughout the Ymir district which historically, together with the adjacent Sheep Creek district is reported to have produced more than 1 million ounces of Au (2). Duncastle Gold Corp. is a Manex Resource Group company. Rob Macdonald, (P.Geo.), is the Qualified Person responsible for reviewing the technical results reported in this release. On behalf of the Board of Directors, Lawrence Page, Q.C., President, Director Duncastle Gold Corp. (1) Size and tonnage data was compiled from government sources (Minfile) and other public documents and has not been independently verified by the current operators of the project. (2) Production data from the Ymir and Sheep Creek districts was obtained from historical government records and has not been independently verified by the current operators of the project. This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Duncastle Gold Corp relies upon litigation protection for forward looking statements.
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