Newstrike Resources Ltd.
TSX VENTURE : NR

Newstrike Resources Ltd.

October 04, 2007 09:00 ET

Newstrike Resources Ltd.: Swansea Project Update

TORONTO, ONTARIO--(Marketwire - Oct. 4, 2007) - NEWSTRIKE RESOURCES LTD. (TSX VENTURE:NR)("Newstrike") is pleased to announce that diamond drilling has begun on the Swansea Project, located on the Larder Lake Break in northeastern Ontario. Pursuant to an option and joint venture agreement with NFX Gold Inc. (TSX VENTURE:NFX)("NFX"), Newstrike has been granted the right to earn an undivided 50% interest in the Swansea Project, which is currently 75% owned by NFX. Newstrike currently owns the remaining 25% interest in the Swansea Project.

The 2,500 meter drilling program will test a one half mile section of the Larder Lake Break which has received little or no exploration in the past. Recent drilling by the Maximus Ventures Ltd. / NFX joint venture on NFX's Larder Lake Properties located east of the Swansea Project indicates that the area in which the host zone is know to exist holds great exploration potential.

The explorations targets are located approximately 4 miles west of the former Kerr Addison Mine (over 10 million oz. gold production) and 9 miles east of the Kirkland Lake Gold Camp which has produced over 25 million ounces of gold.

Mr. Len Cunningham, B.Sc, P.Eng is the qualified person supervising this program.

Forward Looking Statements:

Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital.

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

Contact Information

  • Newstrike Resources Ltd.
    John A. Pollock
    Director
    (416) 628-6556
    or
    Newstrike Resources Ltd.
    Don Rankin
    Director
    (416) 628-6556