SOURCE: Chancery Resources, Inc.

July 11, 2008 09:49 ET

Chancery Resources Reports on Sampling Results of the Yarumalito Sector at the El Cafetal Mine

MEDELLIN, COLOMBIA--(Marketwire - July 11, 2008) - Chancery Resources, Inc. (Chancery) (OTCBB: CCRY) is pleased to report the initial sampling results of the Yarumalito sector at the El Cafetal Mine. The Yarumalito sector is the second of the four mineralized zones Chancery geologists have identified to date within the concession. The chip samples were taken along the exposed veins and the surrounding host rock with disseminated sulfides in the Yarumalito sector. The samples assayed ranged from 2.45 to 34.57 gms/tonne Au (Gold) and 12.53 to 389.03 gms/ton Ag (Silver).

Chancery's geologists have identified four large zones within the concession mineralized with gold, silver and other base metals. On June 18, 2008 Chancery released sample results from the El Pomo tunnel with the assayed vein samples ranging from 35.75 to 79.28 gms/tonne Au (Gold) and 157.80 to 319.43 gms/ton Ag (Silver). Field geologists have been sampling and exploring these zones and the company will release more results as they come available.

Chancery's core project is the El Cafetal Gold Mine in the historic Valparaiso gold mining district of Colombia. The El Cafetal concession covers an area of 135 hectares and Chancery's management team is focused on the expansion and exploitation of this gold, silver and copper deposit. Chancery's plans include a complete upgrade of the existing processing plant at El Cafetal installing a modern mineral recovery plant and greatly increasing production rates. The current operation is processing and capturing only the gold, so the new processing plant would be capturing gold, silver and copper maximizing cash flow and lowering operating costs. The upgraded processing plant should greatly assist and accelerate Chancery's plan to fund and expand the El Cafetal concession.

Notice Regarding Forward-Looking Statements

This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the expectation of the gold production of the property, the expected completion date of the processing plant upgrade at the El Cafetal mine and the assumed production and net cash flow. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the 2007 fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Contact Information

  • Contact:
    Juan Restrepo Gutierrez
    President & CEO
    Chancery Resources Inc
    Calle 10 No. 25 - 103.
    Apto 110,
    Medellin, Colombia

    Tel: 1-954-343-6603