Forest Gate Energy Inc. (TSXV:FGE)
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CALGARY, April 20 /CNW/ --
SYMBOL & EXCHANGE: FGE-V
CALGARY, April 20 /CNW Telbec/ - Forest Gate Energy Inc. (TSXV: FGE)
-reports that its gold group has completed its preliminary diamond
drilling program at its 100%-owned Pershing gold property located near
Val d'Or, Quebec.
Five holes were completed on its Pershing gold property for a total of
1570 metres of drilling. Four holes were drilled to targeted depths
but, the last hole was abandoned after 354m depth due to technical
problems. Due to early spring melt and rain it was not possible to
access the final hole that had been planned. This hole will be
completed in the next drill campaign.
Forest Gate's Exploration Manager of Minerals, Edward Procyshyn, is
presently in Val d'Or to begin and coordinate the process of geological
logging, sampling and analysis of selected core samples. Mr. Procyshyn
has engaged the services of a highly experienced geologist to ensure
that geological analysis of the core samples is conducted with the
greatest of rigour with strong emphasis on alteration, veining and
structures associated with mineralized intervals. This work is expected
to take three weeks.
The core intervals selected for assaying and chemical analysis will be
cut and sent to an analytical laboratory, ALS Global, located in Val
d'Or for assaying. The first batch should be sent by the end of April
and Forest Gate expects to receive the analysis by mid May. The final
analysis should be completed by the the end of May depending on the
availability of service. A field mapping, excavation and trenching
exploration program is being planned for the Pershing property during
summer.
"The one thing that we would really like to do this summer is to
complete a helicopter bourne combined VTEM-magnetometer geophysical
survey," said Mr. Procyshyn. "We need better control in identifying
fault structures in the area and the VTEM surveys have been fairly
successful in accomplishing this task in other areas where
Au-mineralization is associated with iron formation units."
Added Mr. Procyshyn: "Furthermore, the results from the recently
completed drill program will also help us better understand the
alteration patterns related to gold mineralization that appear
associated with these structures."
The Pershing gold property consists of 2736 hectares and 196 contiguous
unpatented mining claims.
With regards to Forest Gate's energy group, the TSX Venture Exchange
approved the company's acquisition, as previously announced in the
Company's news release dated March 24, 2011, of the Divide, Rangeview
and Katherine oil and gas assets located in southwest Saskatchewan from
a private, Calgary-based company.
The terms of the transaction were as follows: 7,980,000 common shares
were issued to a private company in addition to a cash payment of
$75,000. Forest Gate also paid Trafina Energy Ltd., the Operator of
the property, $177,000 for its participation in an Upper Shaunavon
horizontal oil well at its southwest Saskatchewan oil property. This
well was drilled, completed and tied-in, and has been producing
approximately 44 (9 net) boe/day since January 1, 2011 (according to
Trafina Energy's April 11, 2011 Operations Update news release). An
additional five similar wells are planned for drilling on the property.
The technical content of this news release pertaining to the Pershing
Gold Property has been approved by Edward Procyshyn P.Geo, Mineral
Geologist, Forest Gate Energy Inc., who is a Qualified Person as
defined in National Instrument 43-101 - Standard of Disclosure for
Mineral Projects.
About Forest Gate
Forest Gate Energy Inc. is a publicly listed oil and gas exploration and
production, and non-energy resource company trading on the TSX Venture
Exchange under the symbol FGE. The Company is seeking to increase
shareholder value through participation and development of energy and
other resources in Canada and internationally.
FORWARD-LOOKING STATEMENTS
BOEs may be misleading, particularly if used in isolation. A BOE
conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead. In addition, the
estimated values disclosed in this release do not represent fair market
value.
Certain statements regarding Forest Gate, including management's
assessments of future plans and operations and Forest Gate's
anticipated financial performance, may constitute forward-looking
statements under applicable securities laws and necessarily involve
known and unknown risks and uncertainties, most of which are beyond
Forest Gate's control. These risks may cause actual financial and
operating results, performance, levels of activity and achievements to
differ materially from those expressed in, or implied by, such
forward-looking statements.
Such factors include, but are not limited to: the impact of general
economic conditions in Canada and the United States; industry
conditions including changes in laws and regulations including adoption
of new environmental laws and regulations, and changes in how they are
interpreted and enforced; competition; the lack of availability of
qualified personnel; fluctuations in commodity prices; the results of
exploration and development drilling and related activities;
imprecision in reserve estimates; the production and growth potential
of Forest Gate's various assets; fluctuations in foreign exchange or
interest rates; the ability to access sufficient capital from internal
and external sources; and obtaining required approvals of regulatory
authorities.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The
securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act"),
or any state securities laws and may not be offered or sold within the
United States or to United States Persons unless registered under the
U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.
This news release is not for distribution to United States newswire
services or for dissemination in the United States.
Neither TSX Venture Exchange nor its Regulation Service Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or the accuracy of this
release.
To view this news release in HTML formatting, please use the following URL: http://www.cnw.ca/en/releases/archive/April2011/20/c5729.html
p ROBERT KRAMBERGER, V-P, INVESTOR RELATIONSbr/ 1-866-666-3040br/ ua href="mailto:rkramberger@forestgate.ca"RKRAMBERGER@FORESTGATE.CA/a/ubr/ ua href="http://www.forestgate.ca"WWW.FORESTGATE.CA/a/u /p