CBR Gold Corp.

CBR Gold Corp.

December 17, 2009 08:30 ET

CBR Gold Corp.: New High-Grade Discovery Expanded at Niblack

EDMONTON, ALBERTA--(Marketwire - Dec. 17, 2009) - CBR Gold Corp. (TSX VENTURE:CBG)(FRANKFURT:C3M) ("CBG" or the "Company") and joint venture partner Heatherdale Resources Ltd. (TSX VENTURE:HTR) ("Heatherdale") announce that thick intersections of high grade, copper-gold-zinc-silver mineralization have been encountered in underground drilling at the Niblack Project in southeast Alaska. The underground drill program is expanding the new high-grade mineral body recently discovered by CBG at Niblack with drill holes U027 and U028. This new high-grade discovery is located southwest of the currently known mineral resources in the Lookout Deposit; one of six known volcanogenic massive sulphide deposits within the ten square mile Niblack property.

Assays from the first three holes (U029, 30, 31) of an ongoing 25,000-foot drill program have been received. Important intersections from these holes are presented below in the Niblack Assay Table. Discovery holes U027 and U028 were announced by CBG (see CBG press release dated November 18, 2008) and Heatherdale's release in November (see Heatherdale news release dated November 17, 2009) and their results are included in the Niblack Assay Table for completeness. The three new holes were drilled in a fan pattern from an underground set-up and were designed to cross-cut mineralization. However, to date, the true width of the intersections has not yet been accurately established. Intersections from these new holes are located up to 430 feet away from the intersection in hole U027 and up to 200 feet away from intersections in hole U028.

In addition, drill holes U032 and U034 have been completed and U033A is nearing completion; all fanned out from the same drill station. All of these holes have intersected massive sulphide mineralization and assay results from these holes will be released when they are received. Plans are to complete a series of fan drill patterns from stations positioned at intervals along the wide open extension of this newly discovered high-grade body. An additional underground drill rig has been contracted and is expected to be drilling in January 2010.


Drill Hole
CuEQ1 %
U027   629.2 644.0 14.8 3.06 6.57 18.51 101 16.22
U028   460.8 488.3 27.5 4.11 20.03 14.03 301 25.84
U028   590.6 627.6 37.0 3.73 5.47 13.00 114 13.95
U028 incl. 618.7 627.6 8.9 5.73 10.60 12.98 177 19.80
U028   688.8 694.2 5.4 4.77 2.36 11.95 50 11.93
U029   763.7 825.1 61.4 1.40 2.40 2.81 48 4.61
U029 incl. 790.4 799.4 9.0 2.79 4.81 1.10 85 7.15
U029 incl. 815.7 825.1 9.4 2.63 4.92 9.80 108 11.06
U030   835.1 867.8 32.7 1.83 3.39 2.56 57 5.65
U030 incl. 856.0 867.8 11.8 1.96 4.34 3.38 70 6.86
U031   762.0 905.9 143.9 2.25 3.01 5.52 76 7.29
U031 incl. 809.4 905.9 96.5 2.65 3.38 7.28 90 8.84
U031 and 838.0 905.9 67.9 3.21 3.86 8.66 112 10.51
U031 incl. 847.0 895.5 48.5 3.51 4.01 10.08 109 11.50
U031 and 866.8 895.5 28.7 4.19 5.18 13.85 133 14.78

1 Copper equivalent calculations use metal prices of Cu US$1.85/lb, Au US$800/oz, Ag US$12.75/oz and Zn US$0.80/lb.
  CuEQ = Cu % + (Au g/t x 25.72/40.79) + (Ag g/t x 0.410/40.79) + (Zn % x 17.637/40.79).
  Metallurgical recoveries and net smelter returns are assumed to be 100%.

"We are very pleased with the first results received from our ongoing drill program and the inherent validation of our geological model," said John Williamson, President and CEO, of CBR Gold Corp. "Our senior technical team worked collaboratively with our project partners to reinterpret the geological setting of the entire property and identify prospective new deposit targets hosting high-grade mineralization. Today's assay results confirm the quality and accuracy of that geological interpretation, and represent a positive first step in advancing the opportunity at Niblack."

Niblack's location adjacent to the coast, on Prince of Wales Island in southeast Alaska presents a number of project benefits, including year-round marine access, a well-trained labour force, a mature supply and service sector, proximity to Asian markets, and the support of community and Alaska Native corporation partners. The project is located 27 miles (44 kilometres) from Ketchikan, a community of 8,000 people with important services to support project development, including a deep water port and international airport. The State's burgeoning minerals industry also enjoys a competitive tax regime and stable, predictable permitting and regulatory oversight coordinated by the Alaska Department of Natural Resources' "Large Mine Permitting Team". For reference Hecla Mining Ltd.'s Greens Creek, 2,100 ton per day underground massive sulphide mine is operating 225 miles (370 kilometres) to the northwest of Niblack on Admiralty Island.

Heatherdale Resources Ltd. has the right to retain a 51% interest in the Niblack Project from CBR Gold Corp. by expending US$15 million and an option to acquire up to a 70% interest by expending an additional US$10 million and completing a feasibility study. Heatherdale is affiliated with the Hunter Dickinson group, a private company associated with successful mineral exploration and development projects throughout the Pacific Rim.

About CBR Gold Corp.

CBR GOLD CORP. is a global exploration and development company creating opportunity through project acceleration. We deliver value through innovative thinking to identify and acquire underappreciated projects worldwide. Our experience in the capital markets and technical expertise allow us to develop early and advanced stage projects to the point of joint venture or production. Our strategy is to partner with best in class companies to reduce our risk while maximizing the potential for success.

The diverse CBR Gold Corp. portfolio currently includes two advanced stage projects, Niblack (Alaska) and Committee Bay (Nunavut), multiple generative projects, marketable securities holdings and drilling companies in Australia and Canada.

Peter Kleespies, P. Geol., a Qualified Person as defined under National Instrument 43-101, is supervising the exploration and quality assurance and quality control programs on behalf of CBG and has reviewed the content of this release. Sample preparation and analysis is done at ISO 9001 accredited ALS Chemex laboratories in Vancouver, BC. All samples are assayed for gold by 30 g fire assay fusion with Inductively Coupled Plasma – Atomic Emission spectroscopy (ICP-AES) finish. Copper, silver, zinc, lead and 29 additional elements are determined for all samples by four acid digestion, followed by ICP-AES finish. All over limit copper, zinc or lead results (greater than 10%) and all over limit silver results (greater than 200 grams per tonne) are re-assayed by high grade single element four acid digestion ICP-AES analysis. As part of a comprehensive QA/QC program, one standard is inserted into the sample stream in each group of 20 samples, as well as one or more field blanks in each analytical batch. One sample in each group of 20 is a duplicate, which is analyzed by Acme Analytical Laboratories in Vancouver.

CBR Gold Corp. is a member of the Discovery Group of companies, for more information on the group visit www.discoveryexp.com.

On behalf of the Board

CBR Gold Corp.

John Williamson, President, CEO & Director

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the company expects are forward looking statements. Although the company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

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