Fury Explorations Ltd.

Fury Explorations Ltd.

October 23, 2007 07:00 ET

Fury and Southern Silver Continue to Advance San Luis Prospect at Magistral

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 23, 2007) - Fury Explorations Ltd. (the "Company") (TSX VENTURE:FUR) and Southern Silver Exploration Corp. reported today additional encouraging results from core drilling on the San Luis vein system at the Magistral project. Drilling has expanded the zone of mineralization both along strike and down dip.

Drill Highlights:

Gold Silver Copper
-------- --------- ------
07SL-03 - 1.92 m grading 5.07 g/t 49.81 g/t 4.32%
07SL-08 - 1.91 m grading 4.14 g/t 11.70 g/t 2.40%

Significant Phase II Assay Results from San Luis Zone:
Collar Data True
--------------- Inter- Thck-
AZ DIP Depth From To val nss Au Ag Cu
Hole # Deg Deg (m) m m m m g/t g/t %
07SL-03(ii) 180 -71 237.0 195.85 199.20 3.35 1.92 5.07 49.81 4.32
214.10 216.90 2.80 1.61 1.33 9.20 0.84
07SL-04(ii) 180 -60 149.8 103.25 113.50 10.25 7.25 2.05 12.88 0.34
inc. 107.80 110.30 2.50 1.77 4.58 30.80 0.65
07SL-05(ii) 180 -60 246.0 174.95 196.35 21.40 15.13 1.03 12.15 0.58
inc. 187.30 189.80 2.50 1.77 3.44 6.1 2.29
07SL-06 0 -65 351.0 115.15 116.10 0.95 0.61 0.52 2.40 0.06
07SL-07 180 -46 299.2 247.90 250.00 2.10 1.89 0.51 13.70 0.58
07SL-08 190 -50 328.0 258.30 260.40 2.10 1.82 1.01 25.79 1.52
273.75 284.35 10.60 9.18 1.14 7.70 0.86
inc. 279.80 282.00 2.20 1.91 4.14 11.70 2.40
07SL-09 180 -55 270.00 159.00 161.20 2.20 1.80 0.60 12.92 0.75
202.90 207.60 4.70 3.85 0.45 5.13 0.31
07SL-11 180 -50 152.2 81.40 93.60 12.20 10.57 1.50 1.26 0.28
inc. 86.60 88.60 2.00 1.73 5.92 2.60 0.23
98.00 100.00 2.00 1.73 1.96 4.20 0.31
(ii) Drill holes 07SL-03, -04 and -05 previously reported (NR-12-07).
FA Au, ICP and over limit analyses by ALS Chemex, North Vancouver, BC

To date, a total of 3,962 metres of drilling has been completed in 18 drill holes over two phases of drilling. Fifteen drill holes have now tested an 800 metre strike length of the main San Luis vein structure and to depths of up to 200 metres. The company has now received final assay results from an additional six drill holes (up to 07SL-11) on the San Luis target. Assay results from drill holes 07SL-12, through 07SL-17 and 07Qu-01 are pending.

Mineralization continues to show strength along the eastern extension of the vein system and in several drill holes which tested the down dip extensions of previously reported mineralization in 07SL-04 and 07SL-05. Results from drill hole 07SL-08 are particularly encouraging as the vein system appears to broaden into two significant vein structures. Deeper tests of this section of the San Luis vein are planned for late fall drilling.

Other holes drilled in this most recent campaign, include: a single drill hole which tested the Cerrito de la Cruz vein system (07SL-15), located 400 metres to the north of the San Luis vein; and two drill holes which tested a northeast-trending EM anomaly immediately adjacent to the San Luis vein and a large IP geophysical anomaly at the Tres Copales prospect, located 2.5 kilometres to the south of the San Luis vein. Each of these drill holes intersected locally strong argillic alteration, quartz veining and variable pyrite mineralization. Assays for each of these recently completed drill holes are pending. Two drill holes (07SL-10 and 07SL-13) were abandoned prior to target depth due to poor drilling conditions.

Continuation of Drilling

An additional 2,000 metres of drilling is planned for the remainder of the fourth quarter of 2007, which will test the Magistral Mine target as well as continue to test prominent IP geophysical targets generated through recent surface exploration on the project. Drilling has now recommenced after a short break in the early part of October.

Magistral Project

The Magistral project encompasses a 110 sq. km claim package under option to Southern Silver Exploration Corp. (TSX VENTURE:SSV)(FRANKFURT:SEG). Southern Silver is operator of the project and can earn a 65% interest by incurring US$3 million in exploration expenditures and issuing 500,000 shares to Fury over a 5-year term. The district is located along the western margin of the Sierra Madre Occidental terrane. Geological reconnaissance has identified several strongly mineralized, copper-rich breccias located at volcanic-intrusive contacts and numerous structurally controlled, quartz-hematite vein systems which occur along a 25 km long mineralized trend extending southeast through the project area. Historical workings consist of copper with gold rich deposits formed as tabular to pipe-like bodies within tourmaline rich intrusives.

Mr. Ken Thorsen, B.Sc. P.Eng., Chairman and Director of Fury Explorations has reviewed the content of this press release, and is the Qualified Person for the Company, as defined by National Instrument 43-101.

About Fury Explorations

Fury Explorations is a metals exploration and development company focused on reaching near-term silver production at its Nevada based Taylor Project while advancing its highly prospective pipeline of North America based projects. Fury is well positioned for the possibility of entering into commercial production and further growth. The Company has 27.5 million shares outstanding and trades on the TSX Venture Exchange under the symbol FUR. For additional information on the Company and its projects please visit our website at www.furyexplorations.com.


Steve Vanry, CFA, President & CEO

Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the corporations' periodic filings with Canadian Securities Regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. Statements in this press release other than purely historical information, including statements relating to the company's future plans and objectives or expected results, constitute forward-looking statements. Forward looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the company's business, including risks inherent in mineral exploration and development. The company does not assume the obligation to update any forward-looking statement.

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

Contact Information

  • Fury Explorations Ltd.
    Steve Vanry
    CFA, President & CEO
    (604) 689-1810
    (604) 689-1817 (FAX)
    Website: www.furyexplorations.com