Cassius Ventures Ltd.

December 19, 2011 08:00 ET

Cassius Ventures Ltd. Provides an Update on 2011/2012 Exploration Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 19, 2011) - Cassius Ventures Ltd. (TSX VENTURE:CZ) (the "Company") is pleased to announce an update in respect of its 2011 exploration program.

Since the last update made on September 29, 2011, the Company has continued to advance its exploration work on the sixteen concessions that it wholly owns over three project areas in Nicaragua ("Nicaraguan Gold Properties").

Work to date has concentrated on the 8 concessions in northern Nicaragua referred to as the MMD (Murra Mining District) concessions and the four concessions in the center west of the country referred to as the CWN concessions. The Company has also submitted permitting applications on the four concessions comprising the Central Eastern properties (CEN).

The overall program was designed to cover four basic steps in respect of each concession:

  1. Stream sediment sampling;
  2. Soil sampling over stream sediment anomalies plus rock chip sampling and geological mapping at 1:10,000 scale;
  3. Trenching of the best soil sample anomalies;
  4. Drilling targets that have been identified.

On the MMD concessions, all stream sediment work has been completed, with assays expected to be released in the coming weeks. A table summarizing the number of samples taken to date is shown below:

Concession Trench
La Jalapeña 806 210 - 648
Los Angeles 341 556 - 351
Mina America II - 259 - -
Bana - 34 - -
La Union - 52 - -
Murra - 33 - -
Total 1,147 1,144 - 999

No work has been done to date on the El Carmen and Mina America concessions.

In addition, approximately 650 meters of trenching has been excavated on the Deagueda and Manto de Corona anomalies located on the La Jalapena concession and 351meters have been excavated on the El Oliingo anomaly located on the Los Angeles concession. These trenches have been sampled by channel sampling.

For CWN, work has concentrated on stream sediment sampling with some soil sampling in areas of flat relief. A table showing the work carried out so far is shown below:

Concession Rock Chip
La Leonesa 186 1,149 469
La Raya II 5 - 204
Armenia 16 168 16
Total 207 1,317 689

A summary of the total samples from both areas taken from July to December is shown below:

Total Rock Chip Samples 207
Total Trench Channel Samples 1,147
Total Soil Samples 2,461
Total Stream Sediment Samples 689
Total Samples 4,504
Total Metres Trenched 999

Inspectorate has provided analytical services and a QA/QC program has been adopted. The Company expects to report the results of the 2011 exploration program early in the new year as results become available. Reports on the results obtained in this campaign are in preparation and will be completed when all assay results are available.

Through this initial work, management has identified Manto de Corona as its first drill target as it was the strongest gold anomaly identified during the soil sampling program carried out between 2007 and 2009 and trenching has now been completed. A drilling contract is now in place for one drill to commence work on the identified target. The drill is now in Nicaragua, and an access road to the drill site and drill pads has also been prepared and drilling should commence in the second half of January.

Further updates will be provided in due course.

John A. Thomas P.Eng, CEO and President

Eddy Canova, P.Geo., consultant to the Company and a Qualified Person as defined by NI 43-101, has reviewed and is responsible for the technical information contained in this news release.

This news release contains forward-looking information (within the meaning of Canadian securities laws) about the Company and its future plans. Forward-looking information reflects management's expectations or beliefs regarding future events rather than historical facts, and in this news release includes, without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "scheduled", "believes", or variations of such words and phrases or statements that certain actions, events or results "potentially", "may", "could", "would", "might" or "will" be taken, occur or be achieved. There can be no assurance that forward-looking statements will prove to be accurate, and actual results could differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements are based on certain assumptions that management believes are reasonable at the time they are made. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including, but not limited to, the assumption that:
(1) the Company's ability to discover minerals in commercially feasible quantities in Nicaragua, (2) the Company's ability to raise the necessary financing for ongoing operations and to complete any acquisitions or pursue any planned exploration programs, (3) there being no significant disruptions affecting operations, whether due to labour/supply disruptions, damage to equipment or otherwise; (4) permitting, development, expansion and power supply proceeding on a basis consistent with the Company's current expectations; (5) certain price assumptions for gold; (6) prices for availability of natural gas, fuel oil, electricity, parts and equipment and other key supplies remaining consistent with current levels; (7) the accuracy of current mineral resource work and studies on the Company's property; and (8) labour and material costs increasing on a basis consistent with the Company's current expectations. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, risks related to the ability of the Company to obtain necessary financing and adequate insurance; the economy generally; fluctuations in the currency markets; fluctuations in the spot and forward price of gold or certain other commodities (e.g., diesel fuel and electricity); changes in interest rates; disruption to the credit markets and delays in obtaining financing; the possibility of cost overruns or unanticipated expenses; employee relations. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. Reference to the section entitled "Risks and Uncertainties" immediately preceding this section.

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.

Contact Information

  • Cassius Ventures Ltd.
    John A. Thomas P.Eng
    CEO and President
    604 558 1107
    604 566 9081 (FAX)