Messina Minerals Inc.

Messina Minerals Inc.

June 17, 2009 09:20 ET

Messina Minerals Inc. Acquires York Harbour Property, NL

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 17, 2009) - Messina Minerals Inc. (TSX VENTURE:MMI) has acquired an option (the "Agreement") to earn a 100% interest in the York Harbour copper-gold property located in western Newfoundland, Canada from Tenacity Gold Mining Company Ltd. ("Tenacity Gold") of St. John's, Newfoundland. The York Harbour property lies approximately 100 km northwest of Messina's "Boomerang" deposit on the Tulks South Property.


The York Harbour Property is comprised of one mineral licence encompassing 26 claims totaling 650 hectares in area. The licence covers the past-producing York Harbour copper-gold mine and approximately 4 kilometers of strike length. The York Harbour mine produced copper and gold between 1898 and 1913; the underground workings were last refurbished and permitted for underground development in 1977.

Historical diamond drilling on the project completed by Long Lac Mineral Exploration Ltd in 1969 intersected 14.6 meters grading 3.5% copper and 8.6% zinc (hole D-59) from the 4th Level mine adit. Shallow diamond drilling completed from surface by Noranda Exploration in 1991 (hole YH91-5) intersected 0.6 meters grading 26.2% zinc, 3.2% lead, and 0.3% copper with 583 g/t silver and 16.9 g/t gold in a new zone 400 meters south of the mine workings containing significant silver and gold in addition to base metals. Intervals are core lengths and true thicknesses are currently unknown. The mineralization at York Harbour is described as ophiolite-hosted "Cyprus-type". Mineralization of this style is widespread in the ophiolitic rocks of western Newfoundland and includes more than 175 showings and 14 past-producing copper deposits.

Transaction Terms

To acquire a 100% interest in Tenacity Gold's York Harbour Property, Messina will, subject to Regulatory Approval, issue 1,000,000 non-transferable share purchase warrants in tranches of 350,000 upon receipt of regulatory approval, and 300,000 after 6 months, 200,000 after twelve months, and 150,000 after eighteen months, respectively, of the signing date of the Agreement. The share purchase warrants entitle Tenacity Gold to purchase one common share per warrant for a period of five years from the date of issue at a price equal to the closing market price on the day prior to the respective dates of issuance of the warrants. Messina must also incur exploration expenses of not less than $1,000,000 before the fifth anniversary of the signing date of the Agreement. A 2% net smelter return royalty ("NSR" or "Royalty") has been reserved in favour of Tenacity Gold; Messina may purchase and terminate 50% of the Royalty at any time upon paying to Tenacity Gold an aggregate cash payment of $1,000,000 whereupon the Royalty will be reduced to a 1% NSR.


Compilation of York Harbour drill records and underground mineralized intercepts has begun using records located in the files of the Newfoundland Archives and in the teaching collection and files at the University of Western Ontario (with thanks to Dr. N. Duke), among other sources. These records include underground survey stations, results from underground ring-drilling, assay certificates, diamond drill logs and other information. A 3-D model of mine workings and remaining mineralization will be constructed that is expected to guide a reconnaissance drill program in the latter part of 2009.

Peter Tallman, President of Messina Minerals states: "The York Harbour property has been on Messina's acquisition list for some time and I am pleased to report the conclusion of the option agreement whereby Messina can begin work systematically evaluating the property. This property has seen little modern exploration yet has evident potential for copper-gold discoveries. The addition of York Harbour to Messina's property portfolio expands the possibility of future discoveries within our area of operations."

About Messina

Messina Minerals Inc. is exploring for zinc-lead-copper-silver-gold massive sulphide deposits in central Newfoundland, Canada on its extensive 410 square kilometer mineral lands, in a region known historically for its zinc resources and where the Company has made massive sulphide discoveries including "Boomerang" and "Domino". Messina now has mineral resources containing in excess of 750 million pounds of base metals plus 9 million ounces silver and 130,000 ounces gold. See our website for more information.

Kerry Sparkes, P.Geo., Vice President of Messina Minerals Inc. is the Qualified Person responsible for exploration on the Company's properties in central Newfoundland and who has reviewed and is responsible for the technical data contained in this news release.


Peter Tallman, President

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.

Contact Information