Cigma Metals Corporation
PINK SHEETS : CGMX
FRANKFURT : C9KA.FSE
FRANKFURT : C9KA.ETR

November 23, 2006 02:07 ET

Cigma Metals Corporation: Historical Drilling Results at Tashminsky Project, Russia

Cigma Metals Corporation is pleased to announce previous drilling results on the 600 km2 Tashminsky Zinc Project in the Tomsk Region of Russia

COOLUM BEACH, QUEENSLAND, AUSTRALIA--(CCNMatthews - Nov. 23, 2006) - Cigma Metals Corporation (PINK SHEETS:CGMX)(FRANKFURT:C9KA)(FRANKFURT:C9KA.ETR) (the "Company", "Cigma") is pleased to announce previous drilling results on the 600 km2 Tashminsky Zinc Project in the Tomsk Region of Russia.

Cigma entered into a Memorandum of Understanding (MOU) with OOO Science Industrial Corporation Geosphera ("Geosphera"), a company registered in Russia. Cigma has been associated with Geosphera in 2 other joint ventures near Tomsk for the past 3 years. As part of Cigma's plans to diversify into base metals the Company entered into a MOU over the 600 km2 Tashminsky Zinc and precious metals mining area located approximately 75 km from the City of Tomsk in the Tomsk Oblast Region of Siberia in Russia. Cigma and Geosphera intend to form a joint venture with the aim of identifying a Zinc resource at the Tashminsky Project.

A review of the available exploration data and results was completed during the initial due diligence period. The data review included a literature search of all previous exploration, which included several phases of exploration dating back to the 1930's. Previous exploration included mapping, geophysics, geochemistry and hydro geochemistry which culminated in a significant drilling program over the Turuntaevo area of the project. Previous workers highlighted 5 areas of polymetallic mineralisation, though only the Turuntaevo area was tested at depth by drilling, leaving 4 further targets for future drill testing.

Cigma is pleased to present some of the significant drill intersections reported at Turuntaevo in the reports, and these are tabled below.



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Drill Hole Depth (metres) Thickness Grade
-------------- ----------------------- Gold
From To (metres) Zinc % Silver g/t Equivalent g/t
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146 137 138 1 2.17 - 4.50
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- 158 163 5 3.57 - 7.40
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- 168 169.8 1.3 7.42 - 15.38
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- 198 203 5 2.08 - 4.31
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- 208.5 212 3.5 2.67 7.8 5.70
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147 162 164.5 2.5 5.34 25.5 11.60
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- 165.6 168 2.4 4.51 28.9 9.95
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- 193.5 194.5 1 2 20.4 4.57
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- 196 196.7 0.7 5.66 20.6 12.16
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149 100.6 104 3.5 2.65 - 5.49
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- 125 130.5 5.6 21.9 68.8 46.84
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518 109 116.1 7.1 4.46 29.3 9.86
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- 122 123.2 1.2 6.25 31.1 13.61
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- 124 125 1 10 95.9 22.73
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518 169.5 173 3.5 4.68 77.4 11.32
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- 190 194 4 4.48 17.7 9.66
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- 197 199 2 7.08 34 15.39
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- 274.5 279.3 4.8 3.67 33.2 8.30
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- 305.6 311 5.4 3.69 25.5 8.18
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588 205 206 1 6.25 10 13.17
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- 208 214 6 2.7 9 5.79
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- 216 218 2 1.75 9 3.82
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592 114 118.4 4.4 1.97 4 4.17
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- 122.5 125 2.5 1.55 - 3.21
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- 129 130 1 2.58 3 5.41
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- 135.7 138 2.3 3.95 16 8.52
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- 141.3 144.4 3.1 2.17 - 4.50
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Zinc is the dominant mineral noted in drill results, though high silver, and lead grades will contribute to the total metal credits for Zinc. It is not clear if the drill core was tested for gold mineralisation and Cigma intends to re assay the current library of core samples to test for precious metals mineralisation.

As a result of previous investigation covering several episodes of exploration at the Turuntaevo area spanning some 50years, a series of three principal zones were defined over the mineralization: the Central zone, the Iskrinsky zone and the Eastern zone. The Central zone was evaluated by A.F. Rubtsov, a Russian Geologist linked to Tomskgeolkom and the Tashminsky area for over 30 years. Rubtsov produced a resource estimate, consistent with Russian standards, consisting of a 559,000 tons of Zinc and Zinc equivalent resource(i) down to a depth of 500m (Rubtsov, 1983). The resource envelope is described as a steeply dipping linear stockwork with dimensions of 850m x 85m.

((i) These resource figures are not consistent with JORC or NI 43-101 parameters and, accordingly should not be relied upon.)

References to Rubstov are listed below:

Rubtsov A.F., Vrublevsky V.A. and others. Turuntaevo zone of polymetallic mineralization. // In collection: Ore formations and deposits of Siberia. Tomsk. TSU. 1979. P.126-130.

Rubtsov A.F. Turuntaevo zone of zinc mineralization. Petrovskaya party's report on prospecting during 1980-1983. Tomsk. TGE. Tomskgeolkom TF No 2780.1983.

Cigma is confident that based on the significant drill results to date that further significant mineralisation will be delineated at Turuntaevo and at the remaining 4 other targets in the area.

The Company is currently exploring for gold in Russia and has an 80% interest in the Tugojakovsk and Haldeiskaja Exploration licenses totaling 740 km2, situated close to the city of Tomsk in the Tomsk Oblast region of Siberia in the Russian Federation. The Haldeiskaja property shares its eastern boundary with the Tashminsky Project, and Cigma intends to extend the current infrastructure in place to accommodate both projects.

Cigma Metals Corporation is a mineral exploration company focusing on the exploration and development of its 2 exploration properties totalling 740 square kilometres in the Tomsk Oblast region of Siberia in Russia. The project areas were selected due to their proximity to a well-developed infrastructure, known gold occurrences and from historical records of gold production. The lithologies associated with the projects are similar to those that have proven to be the host of significant gold occurrences elsewhere in the Black shales of Asia. Cigma Metals Corporation's stock trades under the symbol "CGMX" on The Pink Sheets in the United States of America, and under the symbols "C9KA" on the Frankfurt Stock Exchange in Germany.

ON BEHALF OF THE BOARD

Lars Pearl, President and Director

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains statements that plan for or anticipate the future, called "forward-looking statements." In some cases, you can identify forward looking statements by terminology such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of those terms and other comparable terminology.

These forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements about: our market opportunity; revenue generation; our strategies; competition; expected activities and expenditures as we pursue our business plan; the adequacy of our available cash resources; our ability to acquire properties on commercially viable terms; challenges to our title to our properties; operating or technical difficulties in connection with our exploration and development activities; currency fluctuations; fluctuating market prices for precious and base medals; the speculative nature of precious and base medals exploration and development activities; environmental risks and hazards; governmental regulations; and conduct of operations in politically and economically less developed areas of the world.

Many of these contingencies and uncertainties can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward looking statements made by, or on behalf of, us. Forward looking statements are not guarantees of future performance. All of the forward looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to our most recent annual report on Form 10KSB and other filings made by us with the United States Securities and Exchange Commission for more detailed discussions of the contingencies and uncertainties enumerated above and the factors underlying the forward looking statements. These reports and filings may be inspected and copied at the Public Reference Room maintained by the U.S. Securities & Exchange Commission at 100 F Street, N.E., Washington, D.C. 20549. You can obtain information about operation of the Public Reference Room by calling the U.S. Securities & Exchange Commission at 1-800-SEC-0330. The U.S. Securities & Exchange Commission also maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the U.S. Securities & Exchange Commission at http://www.sec.gov.

We disclaim any intention or obligation to update or revise any forward looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.

CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING ESTIMATES OF INFERRED RESOURCES.

This section uses the term "inferred resources". We advise U.S. investors that while this term is recognized and required by Canadian regulations, the U.S. investors the U.S. Securities and Exchange Commission does not recognize it. "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. U.S. investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally minable.

This press release is for informational purposes only and is not and should not be construed as an offer to solicit, buy, or sell any security.

Contact Information

  • Cigma Metals Corporation
    Lars Pearl
    President and Director
    (+61) 411-156-177
    Website: www.cigmametals.com