Burnstone Ventures Inc.

Burnstone Ventures Inc.

May 22, 2012 07:00 ET

Burnstone Ventures Inc.: Tomichi Project Continues to Produce Strong Copper Moly Results

252.13 metres at 0.281% Cu, 0.061% Mo, 2.197 g/t Ag, 0.02g/t Au, 0.327 g/t Re (0.56% Cu Eq(ii)) in DDH TM-10-2011

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 22, 2012) - Burnstone Ventures Inc. ("Burnstone" or the "Company") (TSX VENTURE:BVE) is pleased to announce the second set of assay results from the resampling program on its Tomichi copper-molybdenum (Cu-Mo) porphyry project in Gunnison County, south-central Colorado (the "Project").

Doug Fulcher, President and CEO of the Company, stated, "We are extremely pleased with the continuity that the new results confirm for the Tomichi project, and the potential to develop a significant new copper project. The re-assay program continues to show less than a 10% difference in both copper and moly assays from the historic numbers, as well as the presence of silver, rhenium and gold. As a result of being able to reproduce the historic assays the Company is now in the process of completing a NI 43-101 compliant resource calculation for this project. The drill program that is scheduled for the summer of 2012 is designed to increase the confidence of and expand the resource."

DDH # From

% Cu % Mo g/t Ag g/t Au g/t Re %
Cu Eq

TM-10-2011 11.28 263.41 252.13 0.281 0.061 2.197 0.02 0.327 0.56
TM-11A-2011 31.39 302.06 270.67 0.157 0.057 1.294 0.012 0.269 0.39
TM-12(i) 7.32 367.99 360.67 0.216 0.010
TM-13-2011 73.17 398.37 325.20 0.245 0.039 1.984 0.018 0.217 0.43
TM-14-2011 68.88 337.41 268.53 0.175 0.047 1.484 0.016 0.281 0.39
TM-15-2011 21.34 337.41 316.07 0.211 0.058 1.357 0.014 0.265 0.45
TM-16-2011 33.54 303.89 270.35 0.122 0.064 1.061 0.01 0.385 0.39
(i) Hole TM-12 has not been re-assayed at this time
(ii) % Cu Eq was calculated using $3.00/lb Cu, $10/lb Mo, $28/oz Ag, $1400/oz Au, $5.00/gm Re

The focus of this re-assay program was to compare the new assay results with the historic values, which in conjunction with the results from the other 23 diamond drill holes, will allow for the preparation of a NI 43 - 101 compliant resource estimate. The Company has engaged Geosim Services Inc. to complete the resource estimate, with the full report expected to be completed later this spring. A drill hole location map can be found on the Company web site at www.burnstoneventures.com.

The historic core had never been assayed for precious metals. The re-assayed program includes copper, molybdenum, as well as gold, silver, rhenium and a suite of associated elements through ICP. All necessary permits have been received for the 2012 drill program which will include approximately 7,500 metres of diamond drilling. Drill hole locations will be selected to test zones of known mineralization as well as infill and step out holes. All drill holes will be targeted to a depth of at least 600 metres as many of the historic holes ended in mineralization. The goal of the 2012 program is to generate the data necessary to expand the area of known mineralization and allow for an updated NI 43-101 compliant mineral resource.

The Company has set aside an aggregate of 750,000 incentive stock options to its directors, employees and consultants to purchase shares of the Company at an exercise price of $0.20 per share for a period of five years.


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 Inc. No work has been carried out since the 1982 drill program primarily as a result of fractured land ownership.

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. Diamond drilling completed by Molycorp Inc. in the 1980s intersected copper-molybdenum mineralization over a surface area in excess of 1500 metres by 800 metres, to a depth of at least 550 metres and remains open to the north, east and at depth.

The re-analyzed samples from holes TM-01 to TM-26 were shipped from Gunnison to the ALS Group - Reno Mineral Lab, where the samples were prepped and fire assayed for gold. Prepped pulps were then forwarded on by ALS Reno to their North Vancouver Laboratory where samples were analyzed for copper, molybdenum, silver and rhenium along with 44 other elements by a four-acid digestion ICP-MS and ICP-AES.

Burnstone maintains a quality control program involving the use of standards, blanks and duplicate samples randomly inserted within the sample group at a 5% ratio to provide a check on assay lab data quality. Copper, molybdenum, silver and gold standards were prepared by CDN Resource Laboratory Ltd., Langley, B.C., Canada, or WCM Minerals Ltd., Burnaby, B.C., Canada. The blank sample(s) used to date have been from a local source, i.e., commonly available hardware store silica sand. For the 2012 drill program a commercial blank will be obtained from an accredited source.

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.

On Behalf of the Board of Directors:

Douglas Fulcher - President

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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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