Burnstone Ventures Inc.

Burnstone Ventures Inc.

November 15, 2011 07:00 ET

Burnstone Ventures Acquires Permits for Drilling on Tomichi Copper Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 15, 2011) - Burnstone Ventures Inc. (CNSX:BVE) ("Burnstone" or the "Company") is pleased to announce that the Company has received their permits to carry out the drill program on the recently acquired Tomichi copper moly project (the "Tomichi Project").

The 2011/2012 drill program is planned for approximately 7,500 metres which will consist of a combination of confirmation, infill and step out holes. The goal of the 2011/2012 program is to generate the data necessary to allow for the preparation of a 43-101 compliant mineral resource. Core from 26 holes of the historical programs has been preserved in secure storage. Re-logging and re-analyses are currently underway by Company personnel based in Gunnison, Colorado. All of the historic and new drill core will be analyzed for copper, molybdenum, gold, silver and a suite of associated elements through ICP. None of the historical core has previously been assayed for precious metals. In addition, a comprehensive surface program of geological mapping, geochemistry and geophysics to determine the limits of the mineralizing system and identify new target areas will be carried out as conditions permit.

"We are extremely appreciative of the thorough and timely manner in which our applications were reviewed," states Doug Fulcher, President and CEO of Burnstone. "We would like to thank the Forest Service, State of Colorado, and Gunnison County for their thorough vetting of our program during the permitting process. The Gault Group team was also instrumental through the whole application process." The Gault Group LLC based out of Cortez, Colorado, are specialists in the permitting process in the US and were retained to secure the necessary permits and ensure that the Company is in compliance with all regulatory agencies. The Gault Group LLC will continue to work with the Company as the Tomichi Project progresses.

The Company has an option to earn a 100% interest in the Tomichi copper-molybdenum (Cu-Mo) porphyry Project in Gunnison County, south-central Colorado. The Tomichi Project is located within the Colorado Mineral Belt and was initially worked on in the 1950's by Climax Molybdenum Co. and, more recently, in the 1980's by Molycorp Minerals. No work has been carried out since the 1982 drill program primarily as a result of fractured land ownership. The following table contains assay results for a selection of holes from the historic drilling on the Tomichi Project within the core area of the porphyry target:


DDH # From To Interval %Mo %Cu %Cu Eq(1)
m m m
TM-04 140.2 385.7 245.4 0.066 0.08 0.34
TM-05 20.1 328.4 308.2 0.054 0.24 0.46
TM-07 6.1 441.2 435.1 0.024 0.26 0.36
TM-08 9.8 420.7 411.0 0.036 0.25 0.39
TM-09 10.1 357.9 347.9 0.060 0.31 0.55
TM-10 8.2 263.4 255.2 0.060 0.29 0.53
TM-11A 30.5 302.1 271.6 0.060 0.16 0.40
TM-13 73.2 398.5 325.3 0.042 0.32 0.49
TM-14 70.1 337.5 267.4 0.048 0.21 0.40
TM-15 21.3 337.5 316.2 0.060 0.22 0.46
(1) Copper Equivalent values were derived based on $10.00/lb moly and $3.00/lb copper.

Mineralization at Tomichi is a typical porphyry deposit characterized by disseminated and fracture controlled molybdenite and chalcopyrite hosted by a mid-Tertiary, potassic altered, intrusive system dominated by a porphyritic quartz monzonite. The mineralized porphyry is exposed at surface on top of Copper Hill and has been confirmed to continue to a depth of at least 550 metres. Diamond drilling intersected copper-molybdenum mineralization over a surface area in excess of 1500 metres by 800 metres and remains open to the north and east.

Mr. James Chapman, P.Geo, is the Qualified Person responsible for the design of the program, and all exploration work on the Tomichi Project will be done under his supervision. Mr. Chapman has read and approved the technical content of this news release.

This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com.

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