Vostok Minerals Inc.

April 28, 2008 16:41 ET

Vostok Provides Corporate Update

CALGARY, ALBERTA--(Marketwire - April 28, 2008) - Alan Johnson, President and CEO of Vostok Minerals Inc. (the "Corporation") (TSX VENTURE:VOS) is pleased to provide a corporate update on its activities in the Magadan province of The Russian Federation, on its Nova Scotia properties, the exercise of options and the reevaluation of corporate strategy that is under consideration.

In Magadan province, the Corporation's objective to drill the Talnikovy copper-moly prospect has again been delayed. Our exploration crews were successful in establishing a cache of fuel and supplies on the property but are not able to secure the services of a tractor to move the drill onto the first location until after spring breakup in June of this year.

Present plans are to continue this work when access is available, however management has recently been reviewing its options for the exploration and development of its six prospects in Magadan Province of The Russian Federation. These include the Talnikovy and the Lora copper-moly-silver prospects and the Krutoi, Guron, Ryzhik and Gorely gold-silver prospects. Only two of these (Talnikovy and Krutoi) were dealt with in any detail by Mercator Geological Services (Peter Webster P.Geo.) in their NI-43-101 report that is posted at www.sedar.com. Mr. Webster did mention that the Lora Prospect had a historical resources estimate. See the report filed on SEDAR. At the time it was management's view that the Talnikovy prospect offered more exploration potential.

A key issue for the Corporation is the difficulty of raising funds for exploration of Russian properties. It is our current view that this would be easier if the Corporation had more immediate prospects for production and earnings. In looking at this inventory of properties, management is now considering reassessing the Lora deposit to see if it has the potential to host a smaller but higher grade copper-moly-silver resource that could eventually be mined at a profit to provide funding for the exploration of the other projects. The Corporation has therefore engaged Mercator Geological Services Limited to visit the property, review the existing data and determine what actions, if any, would be appropriate to take to pursue this goal and to prepare, if warranted, an NI-43-101 report on this property. The Corporation's hope is to identify, if possible, a prospect that could contain in the order of 20 million tonnes of resource with a grade in the order of 0.75% copper equivalent. As a preliminary step, the original Russian laboratory has been asked to send samples to a western certified laboratory for wet chemical analysis of molybdenum. These are composites of portions of samples that have been prepared from its saved material of the original drill core samples in what appears to be a high grade zone. This is necessary as the original molybdenum analyses were only done by atomic absorption spectroscopy. If this re-analysis provides positive indications and Mercator Geological services so recommends, the Corporation may redirect some of its work from the Talnikovy prospect to the Lora prospect.

In Nova Scotia, the Corporation's work in the Beaverdam East area has been unsuccessful and we are seeking to sell those properties to others who are active in that area.

Forward Looking Information

This Management's Discussion and Analysis may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein may be forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budgets", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects the Corporation's current beliefs and is based on information currently available to the Corporation and on assumptions the Corporation believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports and future costs and expenses being based on historical costs and expenses, adjusted for inflation. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Corporation to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the early stage development of the Corporation and its projects; general business, economic, competitive, political and social uncertainties; commodity prices; the actual results of current exploration and development or operational activities; competition; changes in project parameters as plans continue to be refined; accidents and other risks inherent in the mining industry; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting the Corporation; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although the Corporation has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The Corporation does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

The Corporation's current funding is expected to be adequate to support these initiatives.

The TSX Venture Exchange does not accept responsibility for the accuracy of adequacy of this release.

Contact Information

  • Vostok Minerals Inc.
    Alan A. Johnson
    President & CEO
    (403) 239-0730
    (403) 239-4268 (FAX)
    Email: johnson.rjz@gmail.com