Messina Minerals Inc.

Messina Minerals Inc.

February 01, 2007 09:30 ET

Messina Minerals ("MMI") Options Skidder Zinc-Copper Property, Newfoundland

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 1, 2007) - Messina Minerals Inc. (TSX VENTURE:MMI) has acquired the option to earn a 100% interest in the Skidder zinc-copper massive sulphide property located in central Newfoundland, Canada from South Coast Ventures Inc. ("South Coast") of St. John's, Newfoundland. South Coast's Skidder Property is comprised of four mineral licences encompassing 19 claims totaling 475 hectares in area and is entirely surrounded by Messina's wholly owned Skidder Property comprised of 1,825 hectares acquired by staking in November 2006.

The Skidder Property is located 28 km northeast of Messina's Tulks South Property in central Newfoundland which hosts the Boomerang zinc-lead-copper-silver-gold deposit, currently the subject of an NI43-101 compliant resource estimation by Snowden Mining Industry Consultants Inc. The Skidder Property is also located 12 kilometers southwest of the world class Buchans deposits where ASARCO and Abitibi Price mined a total of 16.2 million tonnes grading 14.5% zinc, 7.6% lead, 1.3% copper, 126 g/t silver and 1.4 g/t gold.

The Skidder Property, including Messina's wholly owned claims, covers the historically known Skidder zinc-copper massive sulphide prospect and an 8 kilometer strike length of favourable stratigraphy and targets. The Skidder prospect was discovered in 1971 and tested with 38 drill holes by ASARCO Inc. and Abitibi Price Inc. until 1977. Based on this drilling, in 1977 ASARCO/Abitibi estimated a resource at Skidder of 1,000,000 tons in three massive sulphide lenses averaging 2% copper, 0.2% lead, and 2% zinc. This is an historical estimate of mineralization only. Messina has not done the work necessary to verify the estimate nor is the estimate compliant with NI43-101 standards and therefore should be relied upon as a representation of mineralization only. The mineralization remains open down dip and down plunge, and there are several untested nearby geochemical-geophysical anomalies and alteration zones. Drilling is planned to test Skidder massive sulphide mineralization in the spring after the snow cover melts.

To acquire a 100% interest in South Coast's Skidder Property, Messina will pay $20,000 and issue 25,000 common shares within 5 days of Regulatory Approval, and issue 500,000 non-transferable share purchase warrants in tranches of 100,000, 150,000, and 250,000 respectively over three years. The share purchase warrants entitle South Coast to purchase one common share per warrant for a period of three years from the date of issue at a price equal to the previous day 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 $1,250,000 before the fourth anniversary of the receipt of Regulatory Approval, and deliver to South Coast at that time a NI43-101 compliant resource estimate of all mineralized zones, and accompanying metallurgical tests, sufficient to establish the amount of economically recoverable metals identified in the resource estimate. Messina must then issue to South Coast that number of common shares that is the greater of (i) the equivalent of 0.5% of the gross value of economically recoverable metals identified in the resource estimate divided by the closing market price of Messina's common shares or (ii) $500,000 divided by the closing market price of Messina's common shares. The option agreement is subject to regulatory approval.

Messina Minerals Inc. is exploring for zinc-lead-copper-silver-gold massive sulphide deposits in central Newfoundland, Canada in a region known historically for its zinc resources and where the Company has made new massive sulphide discoveries including "Boomerang". Messina's strategy in acquiring the Skidder Prospect is to test the property for zinc-copper mineralization that is conceptually within truck-hauling distance of Boomerang and which could, subject to positive exploration and other test results, be additive to the Company's developing zinc-lead-copper-silver-gold resource base.

Drilling is currently underway testing the Domino and Hurricane zinc-lead-copper-silver-gold massive sulphide discoveries adjacent to Boomerang (news release January 16, 2007) as part of a larger exploration program in 2007 testing massive sulphide targets throughout Messina's extensive 327 square kilometer central Newfoundland properties.

Peter Tallman, President

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

Contact Information