Animas Resources Ltd.
TSX VENTURE : ANI

Animas Resources Ltd.

November 27, 2007 17:20 ET

Animas Resources Signs Letter of Intent to Acquire the San Enrique and Greta Properties and Hires Qualified Person (QP)

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 27, 2007) - Animas Resources (TSX VENTURE:ANI) has signed a letter of intent to acquire the San Enrique and Greta Properties from MetalQuest Minerals Inc. (TSX:MQ). The San Enrique and Greta Properties are comprised of 8,500 hectares of the southern-most portion of the Santa Theresa mining district. These properties adjoin the Company's Santa Gertrudis Gold Project.

About San Enrique and Greta

The San Enrique and Greta Properties include the Greta portion comprising 954 hectares located nine kilometres southeast of the main past-producing gold properties at Santa Gertrudis. Several near-surface bulk tonnage potential gold occurrences were outlined by previous operators on the Greta property, including the La Gloria, Greta, Ontario, Tracy, and El Tigre. The Greta property is also considered to have excellent potential for hosting deeper, high-grade Carlin-style mineralization due to the spatial coincidence of several favorable geological, structural, geochemical, and geophysical criteria, including:

- Proximal intrusive bodies, as indicated by the presence of aeromagnetic anomalies with coincident, regionally developed aureoles of quartz-pyrite hornfels, marble and skarn

- Substantial thicknesses (greater than 300 meters) of favorable stratigraphy

- Clearly-defined, high-angle potential feeder structures that intersect the favorable stratigraphic units near the intrusive bodies

- The presence of distal sedimentary rock-hosted, disseminated gold occurrences at the margins of the hornfels aureoles

- Strongly anomalous gold, arsenic, mercury, silver, and copper indicated by soil geochemistry



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Historic Resources(1), Hamilton,
2003
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Grams of
Gold Per Contained Au Contained Au
Deposit Tonnes Tonne (grams) (ounces)
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Greta/Ontario 894,856 1.97 1,762,866 56,677
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Greta NE 186,550 1.26 235,053 7,557
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Tracy 245,064 3.58 877,329 28,207
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Tracy N 94,575 1.62 153,212 4,926
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El Tigre 230,889 1.6 369,422 11,877
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La Gloria 442,196 2.8 1,237,707 39,793
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Gregory E. McKelvey, President of Animas Resources said, "We are indeed excited about the addition of both the historic resources and the exceptional untested gold potential in the San Enrique and Greta / La Gloria areas. Add these to the four major target areas Animas is delineating at Corral, Berta, Dora, and Amelia, and we have no shortage of quality drill targets. As our target concepts continue to evolve, we anticipate identifying and testing all these areas for larger concentrations of precious metals."

The San Enrique area is represented by widespread quartz veining with strongly anomalous Cu-Mo mineralization coincident with a magnetic high centered over a dome feature with abundant granitic and lamprophyric intrusives, and roughly circular Au, Ag, Cu, Mo, and Zn soil geochemistry anomalies.

Transaction Terms

Under the terms of the Letter of Intent, Animas will issue US $450,000 in cash and/or common shares to MetalQuest to purchase a 100% interest in the property and has 120 days to exercise its Option. The Letter of Intent is subject to applicable due diligence.

Animas Resources has hired Dr. Roger C. Steininger to be the Company's qualified person as defined by National Instument 43-101.

Dr. Roger C. Steininger has more then 40 years experience in metals exploration, development, and production geology. Dr. Steininger worked for the Climax Molybdenum Company early in his career, followed by a position as Western Exploration Manager for Amselco Minerals. During the past 20 years Dr. Steininger has maintained a consulting practice focused in the Western Hemisphere. Dr. Steininger's strengths are in precious metals and porphyry geology. He is credited with the discovery, or co-discovery, of several mineral deposits including the South Pipeline gold deposit in Central Nevada and the Long Valley gold deposit in California.

"Roger is a respected geologist who has both exceptional experience to comment on our exploration programs as well as being well experienced as a qualified person. Such oversight is key for an emerging company to maintain credibility and the highest quality of geological reporting," commented Gregory McKelvey, President of Animas Resources.

About Animas Resources Ltd.

Animas Resources Ltd., a North American mineral resource company focused on acquisition and discovery in Latin America, has re-consolidated the Santa Teresa District's Santa Gertrudis gold deposits and prospects within a 323.75 square kilometre land holding. The Company also controls the 274 square kilometre Shirley exploration concession in the Bacanuchi area of Northern Mexico.

For additional information, contact Animas Resources Ltd. at 604-687-6197 or visit our web site at www.animasresources.com.

Gregory E. McKelvey, President & Director

(1)The historical estimates are based on internal reports prepared by prior owners and as such have not been prepared in accordance with NI 43 101, thus their reliability has not been verified. The estimates did not use resource or reserve categories accepted by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM").

This press release was reviewed by Dr. Roger C. Steininger, a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators. This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to drilling plans, timing of our planned NI 43-101 resource report, timing of assays, resource estimates, projections, our planned exploration and drilling programs, the availability of future financing for exploration and other plans, projections, estimates and expectations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined in our most recent financial statements and reports and registration statement filed with the SEC (available at www.sec.gov) and with Canadian securities administrators (available at www.sedar.com). Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Contact Information

  • Animas Resources Ltd.
    Gregory E. McKelvey
    President & Director
    (604) 687-6197
    (604) 688-3392 (FAX)
    Website: www.animasresources.com