June 07, 2007 15:41 ET

Baltic Resources Inc.: Coral Rapids & Hawkins Update

TORONTO, ONTARIO--(Marketwire - June 7, 2007) - Baltic Resources Inc. (the "Company") (TSX VENTURE:BLR) is pleased to provide an update on its Coral Rapids and Hawkins properties.

Coral Rapids Project

The winter drill program announced for the Company's Coral Rapids property ("the Coral Rapids Project") was completed on May 16, 2007. A total of 8 holes were drilled. The remaining three drill holes that were planned for drilling proved to be inaccessible due to high water levels caused by spring thaw.

Based on the Company's reassessment of its sampling program previously announced for the Coral Rapids Project the Company has terminated such sampling program and has implemented a rigorous new sampling program effective immediately. Core from a spread of the holes has been shipped to Vancouver Petrographics in Vancouver, BC for petrography. Four of the best intersections have been sent to Mineral Services in Vancouver, BC for mineral chemistry and several key intersections were sent to SRC Geoanalytical Laboratories Diamond Services in Saskatoon, Sask for caustic fusion analysis.

Additional information with respect to the Coral Rapids Project is contained in the technical report dated October 6, 2004, relating to the Coral Rapids Project entitled "Technical Report on the Coral Rapids Don McKinnon Property for Baltic Resources Inc." (the "Coral Rapids Technical Report"). A copy of the Coral Rapids Technical Report may be obtained from SEDAR at

Hawkins Project

The Company is pleased to announce that it has commenced its diamond drilling program for its Hawkins Property (the "Hawkins Project"). The Company has contracted MW Drilling (independent of the Company) of Timmins, Ontario to complete the drilling program. The program is designed to test several targets indicated by the geophysical survey conducted over the central part of the property. The survey identified three areas having high category induced polarization targets, one of which lies along the same geological horizon which contains an auriferous zone, previously exposed. The Company plans to test these anomalies and others which warrant further exploration during the remainder of the drilling program.

Additional information with respect to the Hawkins Project is contained in the technical report dated August 17, 2004, relating to the Hawkins Project entitled "Technical Report on the Don McKinnon Property for Baltic Resources Inc., Hawkins Township, Sault Ste. Marie Mining Division, Ontario" (the "Hawkins Technical Report"). A copy of the Hawkins Technical Report may be obtained from SEDAR at

This press release has been prepared under the supervision of Mr. John Boissoneault (P. Eng.), who is an independent consultant to the Company and a "qualified person" as such term is defined in National Instrument 43-101. Mr. Boissoneault has reviewed and approved the technical information disclosed in this press release.

Forward-Looking Statements

This press release contains certain "forward-looking statements". All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to mineral resources, potential mineralization, exploration results and the Company's plans with respect to the exploration and development of the Hawkins and Coral Rapids Projects) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, changes in commodity prices, changes in equity markets, failure to establish mineral resources, changes to regulations affecting the Company's activities, delays in obtaining or failures to obtain required regulatory approvals, uncertainties relating to the availability and costs of financing needed in the future, the uncertainties involved in interpreting drilling results and other ecological data, and the other risks involved in the mineral exploration and development industry. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

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

Contact Information

  • Baltic Resources Inc.
    Don McKinnon
    (705) 268-9000
    (705) 268-5532 (FAX)