Coastport Capital Inc.

Coastport Capital Inc.

November 14, 2006 00:33 ET

Coastport Commences 8000m Drilling Program at La Plata

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 14, 2006) - Coastport Capital Inc. (TSX VENTURE:CPP)(FWB:C1J) announces that an 8,000 m Phase II drilling program has commenced at the La Plata gold-rich copper-zinc massive sulphide project in Ecuador. The program will follow up on the positive drilling results of the Phase I drilling program, and test a number of high priority geophysical targets. Phase II targets are described in detail below.

La Mina

The La Mina deposit (840,459 tons grading 4.8 g/t Au, 54.4 g/t Ag, 4.1% Zn, 4.2% Cu and 0.7% Pb; Historical Grade and Tonnage Estimate, Cambior, 1998(i)) was tested down-plunge to the south during Phase I drilling. High grade mineralization was encountered in two of three holes drilled at La Mina. Hole LP-06-01 yielded assays of 31.73 g/t Au, 289.39 g/t Ag, 18.16% Zn, 5.86% Cu and 1.61% Pb over 8.9 m including 5.2 m averaging 51.11 g/t Au, 243.47 g/t Ag, 17.58% Zn, 4.88% Cu and 1.77% Pb. Hole LP-06-02 returned 8.2 g/t Au, 62.5 g/t Ag, 16.99% Zn, 1.65% Cu and 2.32% Pb over 9.5 m. These 2 holes are 65 m and 41 m step-outs to the south and west of the La Mina deposit, respectively. The mineralization remains open to the south-southeast and west. The Phase II drill program will test for further extensions of La Mina mineralization to the south-southeast, west, and north.


The Guatuza prospect is located 175-225 m north of La Mina. The primary target is a 200 m long, shallow IP chargeability anomaly coinciding with the favourable target horizon which hosts La Mina. The geophysical anomaly is also associated with strong surface alteration and elevated gold-copper-zinc geochemistry. Phase I drill hole LP-06-06 intersected two massive sulphide intervals between 89.9 m and 110.95 m in depth. The upper massive sulphide assayed 1.0 g/t Au and 7.0 % Cu over 6.8 m core length while the lower zone assayed 1.0 g/t Au, 3.2% Zn and 3.6% Cu over 6.6 m, including 1.7 g/t Au, 23 g/t Ag, 3.75% Zn and 6.9% Cu over 2.6 m. These intersections represent a new, near-surface massive sulphide discovery at La Plata. Hole LP-06-07 was drilled to test the down-dip extension of LP-06-06 and encountered two narrow massive sulphide intervals, separated by an 8 m wide barren felsic dyke. These intersections are 40 m down-dip of the intersections in LP-06-06. The upper zone assayed 1.1 g/t Au, 14 g/t Ag, 1.6% Zn and 1% Cu over 1.0 m while the lower zone assayed 2.4 g/t Au, 21 g/t Ag, 6.9% Zn and 0.6% Cu over 0.15 m. Preliminary borehole PEM geophysical results indicate a strong PEM off-hole anomaly. This represents a high priority target which will be tested during the Phase II drilling campaign.

San Pablo-San Pablo West

The San Pablo prospect is located approximately 1.2 km north of La Mina. During Phase I, LP-06-08 was drilled to test a moderate-strong IP chargeability anomaly associated with the favourable target horizon and strong surface rock and soil geochemistry. Moderate to strong silicification plus disseminated and minor stringer pyrite-chalcopyrite-sphalerite mineralization were encountered throughout the entire 387.9 m hole depth but the best assay was 1.45% Zn over 1.5 m. Further work conducted subsequent to the Phase I drilling, however, detected a strong IP chargeability anomaly with a coincident PEM conductor approximately 500 m north-northwest of LP-06-08. This San Pablo West anomaly is the strongest IP chargeability anomaly of the entire survey. The chargeability anomaly is interpreted to extend to over 200 m in and is over 500 m in strike length. Preliminary surface PEM results indicate a moderate response associated with the IP chargeability anomaly at depth. San Pablo West represents a high priority target in the Phase II drill program.

Other Targets

Three other priority geophysical-geochemical targets, San Pablo South, Bella Vista and El Diablo, will also be drill-tested during this drill program.

Coastport has an option to acquire 100% of Cornerstone Capital Resources Inc.'s interest in the La Plata Project. The Phase II drill program at La Plata is being carried out by project operator Cornerstone. Mike Basha, P.Eng., P.Geo., Vice President of Exploration for Cornerstone, is the Qualified Person responsible for the technical information in this news release, as defined by National Instrument 43-101. Bolivar Reza, Ing, is supervising the field program. George Smith, MSc, is Exploration Manager for Cornerstone in Ecuador.

(i) Note: The grade and tonnage estimate referred to at La Plata is not a resource and is not compliant with the requirements of National Instrument 43-101. Coastport has not undertaken an independent investigation of the estimates nor independently analyzed the results of the previous exploration work in order to verify the historical estimate. The historical estimates, therefore, should not be relied upon. Nevertheless, the company believes that these historical estimates provide a conceptual indication of the exploration potential of the property.

On Behalf of the Board,

David Patterson, President, Coastport Capital Inc.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

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