Pacific Comox Resources Ltd.

Pacific Comox Resources Ltd.

February 22, 2010 06:00 ET

Pacific Comox Reports 4.5 % (90 lbs/ton) Molybdenum, 2.7 % Copper and 53 grams/tonne Silver in Channel Samples From Floor of Ryan Lake Open Pit

TORONTO, ONTARIO--(Marketwire - Feb. 22, 2010) - Pacific Comox Resources Ltd. (TSX VENTURE:PCM) reports assays for 2 channel samples (total of 11 one meter sawn samples) on the floor of the North Zone open pit to test the surface grades in an area where significant molybdenum and copper grades were reported in diamond drill holes at shallow depths(see Figure CM-3-P for outline of area). The east end of both channels reported the strongest assays:

CH-1-02 reported 4.5% molybdenum, 2.6% copper, 54 g/t silver and 0.1 g/t gold,

CH-2-06 reported 3.1% molybdenum, 1.9% copper, 35 g/t silver and 0.1 g/t gold,

CH-2-07 reported 6.1% molybdenum, 3.7% copper, 72 g/t silver and 0.1 g/t gold.

Average                4.5%                        2.7%               53 g/t                  0.1 g/t

The above 3 one meter channel samples are much higher grade than all the one meter assays done in the 30 hole North Zone drilling program( see Table 1 for all assays). In addition to the mineralized quartz vein matrix which is prevalent in the North Zone there are a number of north-east, south-west trending mineralized fractures. The above samples include a particularly wide mineralized outcropping vein. This vein material is very friable and some of the higher grade material in this or similar veins may have been washed away in the diamond drilling process by the circulating high pressure drilling water.

Consequently, Comox's reported assays for some of the higher grade intervals in the 30 holes drilled to-date may be understated due to the diamond drill process water eroding and flushing away some of the friable mineralized material.

All of the 30 diamond drill holes Comox has drilled in the North Zone have intersected copper-

molybdenum mineralization, previously reported. Twenty of the longer & higher grade intervals are summarized below. The intervals are shown on Figures CM-3, CM-3-1, 2, 3, 4.

20 of Longer & Higher Grade Mineralized Intervals In North Zone
Molybdenum (%) 0.12 % (2.4 lbs/ton)
Copper (%) 0.16
Gold & silver Low grade
Average length of mineralized interval 36 meters
Start of mineralized interval in drill holes at 4 meters
Summary of Ryan Lake Delineated Zones & Exploration Targets From south to north on the Ryan Lake property Pacific Comox has diamond drilled 3 zones of copper- molybdenum mineralization and has a number of exploration targets in close proximity:
  1. South Zone- has partially defined open-pit zone over former underground copper mine, Comox owns mill building, with excellent infrastructure,
  2. North Zone- as indicated above 30 diamond drill holes have outlined significant copper- molybdenum mineralization,
  3. CLT Zone- all 6 diamond drill holes to-date are mineralized, warrants further drilling,
  4. Exploration potential between North and South zones indicated by surface samples and one hole drilled by Comox which returned significant mineralization,
  5. Geochem Survey north of CLT Zone indicates large copper-molybdenum target,
  6. DR3 Zone- channel samples indicates exploration potential

South Zone- Resource estimate completed

Comox has previously reported an indicated resource of 6.0 million tonnes grading 0.34% copper, 0.039% molybdenum (0.8 lb/ton), 0.09 g/t gold and 5.0 g/t silver for the South Zone which encompasses the previous producing (1950-64) underground copper mine. The zone is open in all directions and at depth.

South Zone Resource Estimate
Tonnes Molybdenum Copper Gold Silver
(millions) (%) (%) (g/tonne) (g/tonne)
6.0 0.039 0.34 0.09 5.0

CLT Zone – Resource estimate not completed

Comox has drilled 6 holes in an area 150 meters north of the North Zone and all holes intersected copper/molybdenum mineralization as previously reported. Three of the holes reported higher grade intervals as summarized below. The area between the North and CLT Zones has not been drill tested.

3 Higher Grade Mineralized Intervals In CLT Zone
Molybdenum (%) 0.26 % (5.1 lbs/ton)
Copper (%) 0.02
Gold & silver Low grade
Average length of mineralized interval 12 meters
Start of mineralized interval in drill holes at 13 meters

Geochemical Soil Sampling

A geochemical soil sampling program covering most of the 1,500 meters from the CLT Zone to the DR3 Zone conducted by J. R. Mowat and Associates in 1965 (not National Instrument 43-101 compliant) reported a number of copper/molybdenum soil anomalies in the area between the CLT Zone and the DR3 Zone.

DR3 Zone Channel Sample Assays Reported

Two contiguous one meter samples returned 0.082% molybdenum (1.6 lb/ton) as well as significant copper, gold and silver as given in the table below. This Zone is 1,500 meters north of the CLT Zone. The channel sampling tested a mineralized outcrop.

Comox had previously tested an outcrop about 50 meters to the east of the DR3 Zone with two diamond drill holes which returned molybdenum mineralization. This extensive area of mineralization warrants further testing.

2 Channel Samples At DR3 Zone
Molybdenum (%) 0.082 % (1.6 lbs/ton)
Copper (%) 0.16
Gold 0.02 g/tonne
Silver 12 g/tonne

Bhagwat Singh P. Eng. serves as the qualified person (QP) for the sampling and exploration programs under the definitions of National Instrument 43-101. For the channel sampling, each sample was sawn on four sides and removed to a uniform depth and bagged. In the diamond drill program the core was split and intervals selected for assay. A split diamond drill sample or channel sample was shipped by Company personnel to Swastika Laboratories Ltd., Swastika Ontario an accredited laboratory.

Donald Empey, President

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