Catalina Metals Corp

March 07, 2011 08:02 ET

Catalina Acquires Property in Rainy River Greenstone Belt

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 7, 2011) - Catalina Metals Corp. (TSX VENTURE:CTX.H) ("Catalina" or the "Company") reports that it has signed an agreement, subject to regulatory acceptance, to acquire 18,000 contiguous acres (460 units) of prospective gold property in the Rainy River greenstone belt. The property lies along a major inflection in the greenstone belt and is host to the same geological and structural controls that host the Rainy River and Cameron Lake deposits as well as numerous other gold and base metal occurrences in the district.

Both the Cameron Lake and Rainy River gold properties are located near a contact between mafic and felsic volcanic rocks and are closely associated with major fault zones and intrusive rocks. Historical work on the property has identified gold, copper and zinc mineralization in rock samples in widely spaced prospecting and mapping programs. The property is host to at least three major fault zones, including the regional scale Pipestone-Cameron Lake shear which bi-sects the property.

Catalina will pay $146,000 over a four year period and issue 200,000 common shares over one year to acquire a 100% interest in the property subject to a 2% NSR. Catalina can purchase 50% of the NSR for $1,000,000. The Company is planning a phase I exploration program consisting of mapping, sampling and prospecting. The program will focus on following up historical rock sample results, defining favourable structural and lithological controls to mineralization and identifying drill targets. 

Bob Singh P. Geo is a qualified person as defined by National Instrument 43-101 and has reviewed this news release.

The acquisition is subject to the approval of the TSX Venture Exchange.

This news release contains certain "forward-looking statements" that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated is such statements.

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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