Cambridge Mineral Resources plc

Cambridge Mineral Resources plc

March 28, 2007 02:00 ET

Cambridge Mineral Resources plc: High Grade Gold intersected at Quintana Gold Mine, Colombia

LONDON, UNITED KINGDOM--(CCNMatthews - March 28, 2007) - Cambridge Mineral Resources plc ("CMR" or "the Company")(AIM:CMR), the mining exploration and production company focused on South America, is pleased to announce that it has received assays from ongoing diamond drilling at its Quintana Gold Mine in Antioquia Department, Colombia. Four of the five assays were processed by SGS, and the fifth by Inspectorate.

Results received to date (no top cut applied) include 2.5m @ 46.44 g/t gold, and 1.75m @ 55.39 g/t gold.

The drilling at Quintana has been part of a programme of 2,000m in ten drillholes targeting the downdip extension of the Quintana Vein below the presently known mineral resources.

The Quintana Vein is a mesothermal quartz-sulphide gold vein dipping at 38 degrees to the east and averages 1 to 1.5m true thickness in the mine. These intercepts have returned higher grades than seen so far in the mine and also generally better true widths.

The assay results received to date include:

Drillhole From To Interval g/t Au g/t Ag

QTD-06-01 Abandoned
QTD-06-02 160.80 162.55 1.75 55.39
QTD-07-01 190.80 191.20 0.40 5.45 3.20
QTD-07-02 192.90 193.70 0.80 3.17 1.70
QTD-07-03 186.30 188.80 2.50 46.44
QTD-07-04 168.05 169.50 1.45 55.81

Colin Andrew, CMR Managing Director commented:

"We are very pleased with this first stage drill campaign at Quintana. Not only have we intersected the Quintana Vein at depth below the presently known Reserves and Resources and thus clearly enhanced the mine's potential, but we also have completed the programme using the Company's in-house drill rig, which has performed admirably and at a cost per metre of under US$40, which is exceptional by industry standards.

"In addition, we have now completed the feasibility study on the Quintana Mine and are awaiting independent audit and sign-off before release. The study has confirmed an increase in both reserve and resource categories and we look forward to being able to inform the market of the actual figures shortly."

Information in this press release is based on data reviewed by Colin J. Andrew, BSc ARSM MIMMM FGS CEng, Managing Director for Cambridge Mineral Resources plc, who is a Chartered Engineer and Member of the Institute of Materials, Minerals & Mining, and qualifies as a Competent Person in accordance with the "Guidance Note for Mining, Oil and Gas Companies, March 2006" of the London Stock Exchange. Mr Andrew has in excess of 30 years experience in mining and mineral exploration and has consented to the inclusion of the information in the form and context in which it appears.

Editors' Note

Cambridge Mineral Resources plc is an AIM-quoted mining and exploration company. Its principal focus is the exploration for and production of gold and base metals in the following key target areas:

- South America: Colombia and Peru

- Europe: Spain, Bulgaria and Serbia (Serbia under joint venture)

The Company has a strong portfolio of mineral projects at varying stages of commercialisation, supporting its strategy of providing shareholders with attractive upside opportunities.

Contact Information

    Colin Andrew
    Managing Director
    +44 (0)20 7663 5618
    Jasper Allen
    Director, Corporate Finance
    +44 (0) 20 7190 7000
    Michael Padley / Daniela Hale
    +44 (0) 20 7367 8888