Pencari Mining Corporation
TSX VENTURE : PMC

Pencari Mining Corporation

October 31, 2007 09:30 ET

Pencari Mining Corporation: Itea Exploration Footprint Increases to 2 Km, 1.9 g/t Gold in Soil

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 31, 2007) - Pencari Mining Corporation (TSX VENTURE:PMC) is pleased to announce it has, through an ongoing soil and rock sampling program, increased the geological footprint of the Itea mineralized structure to approximately 2km and has a width up to 300 meters. Initial results from an ongoing soil and rock sampling program being undertaken across the Itea property include a peak value of 1.92 g/t gold in soil. Recent rock-chip samples have returned gold values of 1.02 g/t gold and 0.41 g/t gold from within the old pit workings. The goal at the Itea Property is to explore for and the development of a bulk gold deposit.

An initial batch of 287 soil sample were collected systematically on grid lines spaced 50 metres apart. Three high contrast gold-in-soil anomalies were detected. One is in a 700 by 300 metre area centred upon the Itea pit workings, a second anomalous area extends a further 600 metres southwest (with a peak value of 1.92 g/t gold in soil), and a third anomaly is located 700 metres northeast of the old pit (0.73 g/t gold peak value). These results add further weight to the potential extensions and fold repetitions of the favourable mica schist unit that hosts mineralization at the Itea prospect. Recent rock-chip samples have returned gold values of 1.02 g/t gold and 0.41 g/t gold from within the old pit workings, again confirming the presence of gold at Itea within a favourable host unit. Based upon the soil results,the size of the area of potential mineralization is approximately 2000 metres in length, and open for further extension. Owing to the expanded target size the Company plans to further extend its sampling grid across to a three kilometer length. The expanded grid will be used for both geophysical and soil sampling surveys prior to drilling.

Gold mineralization at Itea is hosted in a pyrite and arsenopyrite-bearing muscovite schist. The favourable schist unit occurs within a Precambrian metamorphic sequence thought to be of sedimentary origin, that in turn overlays older amphibolite and migmatite. This sequence has been intruded by younger granite which outcrops in the centre of a regional dome.

The company has completed a detailed geological map of the zone, and is currently prospecting and mapping a much larger area. Recent reconnaissance has found another area of extensive working on another part of its Itea holding, 13 kilometres southwest. Preliminary evaluation and sampling is underway. Meanwhile, grid soil sampling, as well as detailed rock sampling continues across the Itea prospect. Further work, to be done in 2007, aimed at guiding future drilling, including completing a ground geophysical survey to help identify hidden zones of mineralized schist. The goal at the Itea Property is to explore for and develop a bulk gold deposit.

Soil samples were taken by digging to a depth of approximately 30-50cm and then taking a sample of the B horizon wherever possible, which is then sieved to remove any coarse pisolitic or organic material. In zones of thick lateritic duricrust, a sample of this material is taken. All samples are despatched to ALS Chemex laboratory located in Johannesburg, South Africa for low level gold analysis (5 ppb) by fire assay (50gm charge). Blanks and standards are included as part of ALS Chemex internal quality control procedures.

Information in this press release has been reviewed by Mr. Jerry Blackwell P.Geo., a qualified person under NI 43-101.

Pencari Mining Corporation is an exploration and development company publicly traded on the TSX Venture Exchange.

PENCARI MINING CORPORATION

Per: Adrian Rollke, President, CEO & Director

This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.

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

Contact Information

  • Pencari Mining Corporation
    Adrian Rollke
    President, CEO & Director
    (604) 683-2808
    (604) 683-2286 (FAX)
    Email: info@pencarimining.com