Black Smoker Ventures Inc.
CNSX : BSM

Black Smoker Ventures Inc.

April 10, 2012 08:00 ET

Black Smoker to Commence Drilling at Fox Lake Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 10, 2012) - Black Smoker Ventures Inc. (CNSX:BSM) ("Black Smoker" or the "Company") is pleased to announce it has received drill permits to commence drilling at its wholly owned Fox Lake Project, located in Manitoba, Canada. Additionally, Black Smoker has engaged Cyr Drilling International Ltd., a leading core drilling company based in Winnipeg, Manitoba, to conduct this initial drill program.

Black Smoker, upon conclusion of recent modeling and additional geophysical interpretation, now plans to commence a drill program at the Fox Lake Project to test the deep conductor identified in this past summer's deep penetrating SQUID survey. The Fox Lake Project has never been tested at depth and this signature has emerged as the primary drill target for the first phase campaign.

The initial 1,600 metre program will commence in April and is expected to be completed over a 45-day period. The drill program is targeting deep-buried conductive targets identified by the Company when it completed the first ever deep penetrating geophysical survey of this land package.

Fox Lake Project Overview:

  • The Fox Lake Project was one of Manitoba's largest historical VMS deposits and copper producers.
  • The Fox Lake Project produced approximately 12,000,000 tonnes at 1.82% copper and 1.78% zinc (in excess of 400 million pounds of copper) between 1970 and 1985.
  • The Fox Lake Project has not been explored below a 1,200 metre depth until the Company completed a SQUID electromagnetic geophysics survey on the property.

* Figures presented above according to the Government of Manitoba Mineral Resource Division, Mineral Inventory File no. 622.

The Company's geophysical ground program resulted in the identification of a major target downdip of known mineralization, which could represent the existence of a new lens at depth. This signature extends to an approximate depth of 1,800 metres, which lays approximately 600 metres beyond the deepest historical drill intersection.

The modeling and proposed drill collar location can be viewed on the Company's website at: www.blacksmokerventures.com.

Carson Seabolt, President and Chief executive officer states: "Recently completed geophysical work and interpretation at Fox Lake suggests Black Smoker has an excellent opportunity to target a new copper and zinc mineralization at depth. The upcoming drill program will be the first significant exploration campaign at Fox Lake since the mine closed in 1985 following 15 years of production. We are well positioned to execute on this program targeting discovery. The Cyr drilling team is well versed in exploration holes exceeding our target depth. The contractors will be working closely with Black Smoker's technical team as the program progresses."

About Cyr Drilling International Ltd.

Cyr Drilling International Ltd. ("Cyr") is a premier drilling contractor with operations throughout Canada as well as Greenland, Alaska and Mexico. Cyr's specialization is conducting diamond drill programs for mineral exploration and development projects at a reasonable cost, even in some of the most diverse, environmentally sensitive and difficult to access locations. Further information regarding Cyr can be found on its website at: www.cyrdrilling.com.

Michael Moore, P.Geo., an independent qualified person as defined by National Instrument 43-101, has reviewed and approved the technical aspects of this news release.

About Black Smoker

Black Smoker is presently focused on the exploration of the Fox Lake Property in Manitoba, Canada. The Company will continue its core business of promotional management while developing and assessing plans for the Fox Lake Property. A total of approximately 12 million tonnes grading 1.82 % copper and 1.78% zinc was produced from the Fox Mine in the years 1970 to 1985. Black Smoker is utilizing modern deep penetrating geophysical techniques to target new discoveries at depth and in proximity to the historic mine site.

On behalf of the board of directors of:

BLACK SMOKER VENTURES INC.

Carson Seabolt, Chief Executive Officer

FORWARD LOOKING STATEMENTS: Statements contained in this news release that are not historical facts constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws and are based on expectations, estimates and projections as of the date of this release. Forward-looking statements include, without limitation, possible events, statements with respect to the development of the Fox Lake Project in Manitoba. The words "is expected" or "estimates" or variations of such words and phrases or statements that certain actions, events or results "may" or "could" occur and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Black Smoker as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements.

Such factors include, but are not limited to: fluctuations in the spot and forward price of gold or certain other commodities; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada; business opportunities that may be presented to, or pursued by, Black Smoker; operating or technical difficulties in connection with mining activities; the speculative nature of mineral exploration and development; diminishing quantities or grades of reserves; contests over title to properties, particularly title to undeveloped properties; and any other factors that may cause the drilling program not to be completed. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). Many of these factors can affect Black Smoker's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Black Smoker. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forward-looking statements made in this release are qualified by these cautionary statements and those made in our other filings with the securities regulators in Canada. These factors are not intended to represent a complete list of the factors that could affect Black Smoker. Although Black Smoker believes that the expectations in the forward-looking statements are reasonable, actual results may vary, and future results, levels of activity, performance or achievements cannot be guaranteed.

THE CNSX HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN.

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