Central Resources Corp.
TSX VENTURE : CBC

Central Resources Corp.

February 08, 2011 09:00 ET

Central Resources Reports Final 2010 Geochemical Results and Stakes Additional Ground at Selwyn Creek Project, White Gold District, Yukon

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 8, 2011) - Central Resources Corp. (TSX VENTURE:CBC) ("Central" or the "Company") is pleased to report final results from its 2010 sampling program on the J and K claim blocks of the Company's Selwyn Creek Gold project, located in the Dawson Range area of the White Gold district, Yukon. As a result of the highly encouraging results to date, the Company has consolidated the J, K and L blocks into a contiguous package by staking an additional 215 claims. The consolidated L block now comprises 755 claims totaling 15,790 hectares.

"We are very pleased that our first year exploration program outlined several areas of anomalous gold, arsenic and/or base metals on the various claim blocks," said Paul Reynolds, Central's President and CEO. "From a broad, kilometre scale, +20ppb gold in soil anomaly on the L Block, to 5 and 6 g/t gold assays from grab samples of quartz vein material on the O Block (and numerous single point anomalies on other claim blocks in between), we have demonstrated great potential to find significant mineralization on the Selwyn Creek project with continued work."

Recent soil sampling on the now consolidated J and K blocks was preliminary, consisting of 84 and 214 samples respectively, on a combination of wide spaced (200-800m) contour lines and a coarse (100m by 100m) grid. Results of current and historic work included peak values of 76, 96 and 209 ppb gold, along a two kilometre long inferred structural trend on the J Block, and a single historic peak value of 219 ppb gold on the K block, which remains to be explained. Of the 298 samples collected in 2010, 16 ran greater than 10 ppb, 7 ran better than 20 ppb, and 3 exceeded 50 ppb. Complete geochemical results from the L block were previously reported October 13 and October 22, 2010.

The Company is strongly encouraged by these early results and, having now consolidated a strategic land position, is planning to conduct a comprehensive follow up program of more detailed prospecting, soil sampling and trenching on the properties in 2011, to better define the existing anomalies and identify potential drill targets for subsequent testing.

Background

The Selwyn Creek Gold project now consists of four separate claim blocks (L, M, N, O) located in the Dawson Range area of Yukon. The properties were staked on the basis of historic sampling conducted by Archer Cathro & Associates (1981) Limited. Central has the right to earn a 100% interest in the properties from Strategic Metals Ltd., by making payments of $300,000 cash and 3,000,000 shares by February 15, 2012.

Recent soil and rock sample analyses were conducted at ALS Chemex in North Vancouver, BC. Samples were analyzed for gold by fire assay and inductively coupled plasma-atomic emission spectroscopy (Au-ICP21) and for 35 other elements by inductively coupled plasma-atomic emission spectroscopy (ME-ICP41).

Field work was supervised by Heather Smith, P.Geo., of Archer Cathro, a Qualified Person under the definition of National Instrument 43-101. Ms. Smith is responsible for all aspects of the work including the quality control/quality assurance program, which includes the use of international and in-house standards. Peter Thiersch, M.Sc., P.Geo., the Qualified Person and Vice President of Corporate Development for Central Resources, has reviewed and approved the technical disclosure made in this press release.

Option Grant

The Company has granted an aggregate of 250,000 stock options to employees and consultants of the Company under the Company's Stock Option Plan, subject to regulatory approval. The options are exercisable at a price of $0.15 per common share, are subject to certain vesting provisions, are subject to a four month hold period and expire on February 7, 2016.

About Central Resources

Central Resources Corp. is a junior mineral exploration company created to leverage the extensive knowledge and experience of a dedicated group of financial and resource industry professionals. The Company has acquired options on several highly prospective mineral properties in the Yukon and British Columbia and continues to pursue additional opportunities to build shareholder value.

This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, the results of exploration activities -- that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Neither 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

  • Central Resources Corp.
    Paul Reynolds
    President and CEO
    604-630-3730
    or
    Central Resources Corp.
    Peter Thiersch
    VP Corporate Development
    604-630-3730
    info@centralres.ca
    www.centralres.ca