Far West Mining Ltd.
TSX : FWM

Far West Mining Ltd.

January 22, 2007 16:30 ET

Far West Completes Accelerated Acquisition of Estrellita Property Drilling Commences at Estefania

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 22, 2007) - Far West Mining Ltd. (TSX:FWM) is pleased to report the completion of the accelerated acquisition of the Estrellita property which forms an integral part of the Company's Santo Domingo land holdings in Chile. The Company is also pleased to report that its 2007 drilling campaign has commenced in the Estefania area.

Estrellita

Extensive drilling (55 holes at 50m spacing) carried out in the vicinity of the Estrellita small scale workings in 2006 defined a near surface mineralized zone containing oxide and mixed oxide/sulphide copper mineralization covering a 800m by 300m area. The drilling was carried out on property owned by Far West and on the optioned Estrellita property. A significant portion of the mineralized zone lies on the Estrellita property and is strategic to any possible future mine development.

The accelerated acquisition of the Estrellita property has been carried out to protect the asset and solidify the Company's land holdings in the immediate area. Further drilling is planned at Estrellita to determine the full extent of mineralization.

Estefania

A 3,600m reverse circulation drill program has commenced at Estefania which is located between Estrellita and Santo Domingo Sur. The Estefania property consists of small mine workings with visible oxide copper mineralization hosted by massive iron oxide mantos which are exposed on surface over an area of approximately 700m by 500m. The mantos are hosted in volcanic tuffs that are indistinguishable from the stratigraphic units at Santo Domingo Sur and have a similar associated gravity anomaly. The orientation of the mantos in the area appears to be more or less horizontal. The property has not been previously drill tested.

Drilling Completed in 2006

In 2006 the Company completed 46,000m of drilling in 175 drill holes at the Santo Domingo property in Chile with 116 reporting copper mineralization. Only two of these drill holes were included in the resource calculation for the Santo Domingo Sur deposit (43-101 compliant Indicated Resource of 139.4 Mt grading 0.58% Cu) reported in May 2006. The Company plans to commission a resource estimate for the Estrellita and Iris deposits and update the resource at Santo Domingo Sur during the first half of 2007.

FAR WEST MINING LTD.

Robert E. Hindson, P.Eng., President and C.E.O.

This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans" "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. 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 may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, 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. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

The news release uses the term "indicated resource". The Company advises investors that although this term is recognized and required by Canadian securities regulations (under National Instrument 43-101 "Standards of Disclosure for Mineral Projects"), the US Securities and Exchange Commission does not recognize this term. Investors are cautioned not to assume that any part of or all of the mineral deposits in these categories will ever be converted into reserves.

For further information investors should review the Company's filings that are available at www.sedar.com.

The TSX does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Far West Mining Ltd.
    Patricio Varas
    Vice President
    (604) 602-9144
    or
    Far West Mining Ltd.
    Lars Beggerow
    Chief Geologist
    (604) 602-9144