Fronteer Gold Inc.

Fronteer Gold Inc.

May 19, 2006 09:00 ET

Fronteer Unveils Highlights of Exploration Plans and Key Value Drivers

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 19, 2006) - Fronteer Development Group Inc. ("Fronteer" or the "Company") (TSX:FRG)(AMEX:FRG) is pleased provide an update on its aggressive exploration and development program focused on ongoing discovery and value creation.

Over the past year, Fronteer has demonstrated its ability to make new discoveries that result in appreciable gains for shareholders. The Company unlocked two gold deposits in Northwest Turkey and made a new silver-gold discovery in Mexico. On the uranium front, Fronteer established the Michelin deposit as one of the largest undeveloped uranium deposits in Canada outside of Saskatchewan, confirming the Company's track record as an aggressive and successful explorer.

Over the next 12 months, Fronteer will have exposure to US$27 million in exploration, and be actively seeking new acquisitions. The following project and exploration summary provides detail on the key value drivers of Fronteer for 2006.


In northwestern Turkey, Fronteer has recently consolidated two new large gold properties named Pirentepe and Halilah. These properties are situated immediately between Fronteer's 100%-owned Agi Dagi and Kirazli gold projects and are strategic components of a much larger world-class gold district.

Pirentepe and Halilah have never been drill tested but have large geochemical and geophysical signatures that are comparable in size to Agi Dagi. Drill targets on these two properties will be refined over the next four weeks, followed by an initial 3,000-metre drill program. Fronteer anticipates earning its 100% interest in these two projects within the next six months.

In addition, Teck Cominco Limited's Turkish subsidiary (TCAM) will be spending an aggregate of $US7.5 million on Fronteer's Agi Dagi and Kirazli projects over the next 12 months, as part of their requirement to earn an initial 60% interest in these two projects.


In Mexico, Fronteer has recently made a significant new silver-gold discovery on a vein system that returned surface values of up to 6.02 ounces per ton silver and 4.90 grams per tonne gold over 7.5 metres. This system, which measures over two kilometres long, is an outstanding new target with no historical drilling and excellent potential. Fronteer has recently signed a drilling contract for an initial 3,000-metre program, scheduled to commence in early June.


In the Yukon, Fronteer recently signed a deal with Newmont Exploration of Canada Limited to acquire their proprietary Geoscience Dataset covering a 2,000-square-kilometre region of the northern Yukon known as the Wernecke Breccias. This region is under-explored and is prospective for Olympic Dam-style copper-gold-uranium deposits.

Fronteer has a dominant foothold in this emerging district controlling 1,500 claims (336 square kilometers) over the most-prospective geophysical targets in Newmont's dataset.

Fronteer has recently signed a contract with Bell Geospace to fly 7,819 line kilometers of airborne gravity over the district beginning in early July. Once the gravity data is combined with the existing airborne magnetic and radiometric data it will immediately focus the exploration efforts of a three-month ground program commencing in mid-June.


Through its 49.3% equity ownership of Aurora Energy Resources Inc., Fronteer has exposure to one of the largest uranium exploration programs in Canada this year with a budget of US$14.5 million. The 2006 exploration program, which is currently underway, will include at least 40,000 metres of drilling on seven distinct targets areas Half of the drilling will focus on expanding the Michelin uranium deposit while the other half is divided between several other high potential uranium targets that have already been partially defined with previous drilling. By June of this year, the project will be operating at full capacity with five drill rigs turning.


Fronteer is a 'discovery stage' exploration company focused on precious and strategic metals.

Except for the statements of historical fact contained herein, certain information presented constitutes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited to, those with respect the timing and amount of estimated future resources and resource conversion rates; the timing and level of exploration activities, including drilling activities; and the potential for further equity dilution involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Fronteer to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to international operations, the actual results of current exploration activities, conclusions of economic evaluations, uncertainty in the estimation of mineral resources, changes in project parameters as plans continue to be refined, future prices of uranium and gold, economic and political stability in Canada, Turkey and Mexico, environmental risks and hazards, increased infrastructure and/or operating costs, labor and employment matters, and government regulation as well as those factors discussed in the section entitled "Risk Factors" in Fronteer's recent Form 20-F and Annual Information Form on file with the United Sates Securities and Exchange Commission in Washington, D.C. and the Canadian Securities Commissions. Although Fronteer has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Fronteer disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements.

Contact Information

  • Fronteer Development Group Inc.
    Mark O'Dea
    President & CEO
    (604) 632-4677 or Toll Free: 1-877-632-4677
    Fronteer Development Group Inc.
    Rick Valenta
    VP Exploration & COO
    (604) 632-4677 or Toll Free: 1-877-632-4677
    Fronteer Development Group Inc.
    Robert Simpson
    Manager Corporate Communication
    (604) 632-4677 or Toll Free: 1-877-632-4677