January 17, 2008 09:30 ET

Baltic Announces Hawkins Update

TORONTO, ONTARIO--(Marketwire - Jan. 17, 2008) - Baltic Resources Ltd. (TSX VENTURE:BLR) announces results from its ongoing exploration program on its Hawkins Township Property. This current phase of exploration consisted of the diamond drilling of induced polarization anomalies indicated by a surface survey completed in 2007.

The survey was done in an attempt to locate an auriferous horizon on the central portion of the property. Twelve zones of anomalous chargeability were indicated by the survey and designated as targets. Ten of these zones were tested by nine drill holes with one of the holes intersecting two of the targets.

All of the targeted anomalies were accounted for in the drilling phase of the program. These were all caused by disseminated sulfides estimated at 1% to 4% of the rock volume and consisting mainly of pyrite with very minor sphalerite. The mineralization was found to occur in altered metavolcanics both felsic and mafic.

Four hundred and ninety four samples were cut and sent for analysis to ALS Chemex Laboratories (an independent to the Company), in Vancouver, BC. No significant gold values were returned, however, anomalous zinc values were returned in samples from some intersections in mafic rocks. The highest of these was received from hole HO 07-09, with values ranging from 24 to 903 ppm, and merit further explanation.

The Company will now focus its attention to the eastern segment of the property where a gold bearing horizon has been located by previous drilling. In the mid-1980's Falconbridge Exploration Ltd. carried out an extensive shallow drilling program and defined a low-grade auriferous felsic horizon with values of 1 to 4 grams per ton gold over 4 to 30 meter widths along a minimum strike length of 3 to 4 kilometers.

Additional information with respect to the Hawkins Township Property is contained in a technical report dated August 17, 2004 prepared for the Company by Mr. Boissoneault and entitled "Technical Report on the Don McKinnon Property Hawkins Township for Baltic Resources Inc.". A copy of this report can be obtained from SEDAR at

This press release has been prepared under the supervision of Mr. John Boissoneault (P.Eng.), who is an independent consultant to the Company and a "qualified person" as such term is defined in National Instrument 43-101. Mr. Boissoneault has verified the data disclosed in this press release.

Quality Control

Chain of possession was maintained by the qualified person from the drill site to the core logging facilities in Timmins for all nine holes. The core was sampled and delivered to ALS Chemex Laboratories in Timmins under his supervision. ALS Chemex carried out the analysis using conventional AA methods on 50 g samples. Certificates of analysis were sent to the company's field office at 3130 Airport Road, Timmins, Ontario.

Forward-Looking Statements

This press release contains certain "forward-looking statements". All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to mineral resources, potential mineralization, exploration results and the Company's plans with respect to the exploration and development of the Hawkins) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, changes in commodity prices, changes in equity markets, failure to establish mineral resources, changes to regulations affecting the Company's activities, delays in obtaining or failures to obtain required regulatory approvals, uncertainties relating to the availability and costs of financing needed in the future, the uncertainties involved in interpreting drilling results and other ecological data, and the other risks involved in the mineral exploration and development industry. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Baltic Resources Inc.
    Don McKinnon
    President, CEO
    (705) 268-9000
    (705) 268-5532 (FAX)
    Baltic Resources Inc.
    Gordon McKinnon
    Manager Corporate Development
    (705) 268-9000
    (705) 268-5532 (FAX)