Coastport Capital Inc.

Coastport Capital Inc.

November 24, 2006 14:38 ET

Coastport Reports 53.3 g/t Au and 641 g/t Ag Over 3.4 m at Shyri Project, Ecuador

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 24, 2006) - Coastport Capital Inc. (TSX VENTURE:CPP)(FWB:C1J) provides an update on exploration activities at the Shyri Project in Ecuador, including new bonanza grade gold and silver assays from the Vetas Grandes prospect.

The ongoing 2006 exploration program consists of ground geophysical and soil geochemical surveys over four main prospects: the Canaribamba (Guabisay), Vetas Grandes, Gama and Yanasacha prospects. Additionally, extensive hand trenching, prospecting and mapping on all prospects are ongoing and an airborne magnetic and EM survey is planned over the northern half of the Shyri properties. Highlights of recent work at Vetas Grandes and Gama are presented below.

Vetas Grandes

The Vetas Grandes prospect comprises several 1.0 m to 7.0 m wide quartz veins and quartz vein breccias forming a 500 m by 1.4 km east-northeast trending swarm. Previously reported channel sampling results (Coastport News Release dated July 31, 2006) included 13.4 g/t Au and 258 g/t Ag over 1.4 m and 25.2 g/t Au and 40 g/t Ag over 1.0 m. Highlights of the new results follow.

Vetas Grandes saw-cut channel sampling highlights:

Target Width (m) Au (g/t) Ag (g/t)
Masucay Vein 3.4 m 53.4 641.0
1.3 m 27.0 965.0
0.6 m 194.6 2294.0
3.6 m 0.9 64.8
Wilson Vein 4.3 m 5.6 241.6
0.9 m 29.2 384.0
Medina Vein 1.1 m 1.3 1994.0
1.1 m 2.7 413.0

Further hand trenching and channel sampling are ongoing. A 2.0 km by 2.0 km grid soil survey and an IP/magnetic geophysical survey have also been completed over this area to assist in drill targeting.


The GAMA prospect comprises an extensive sub-horizontal zone of argillic/advanced argillic alteration occurring over a minimum area of 8.5 km by 3 km located approximately 12 km northwest of Iamgold's 3.4 million ounce Quimsacocha gold deposit. Several sub-vertical mineralized hydrothermal breccia zones, interpreted as feeder type structures, have also been identified in association with this sub-horizontal alteration zone. The breccias contain abundant silica-pyrite-enargite fragments and have returned values up to 3.8 g/t Au, 67 g/t Ag and 0.1% Cu over 1.4 m in samples from limited outcroppings at the La Ermita zone (Coastport News Release dated July 31, 2006). These breccias indicate the presence of auriferous vuggy silica alteration at depth associated with the broader advanced argillic alteration.

A soil geochemical survey is currently underway over GAMA. An area of approximately 3.0 km by 2.5 km has now been surveyed on 50 to 100 m spaced lines with samples collected at 50 m intervals. Preliminary soil geochemical results to date indicate a broad 2.0 km by 1.0 km northwest trending gold anomaly (10 ppb threshold) associated with the GAMA alteration zone. A parallel soil anomaly occurs over an area of 0.7 km by 0.5 km associated with the La Ermita breccia approximately 500 m east-northeast of the larger anomaly. Individual soil samples have values up to 227 ppb Au.


All samples reported in this release were collected by Cornerstone personnel, sealed on the property and shipped to Acme Laboratories in Cuenca, Ecuador, where they were prepared for analysis. Pulps were shipped to Vancouver for analysis of gold and other elements on one half assay ton samples by multi-element ICP analysis. Samples containing gold and/or silver greater than the upper limit of the ICP technique were re-analyzed by one assay ton fire assay with an ICP finish. Quality control was maintained throughout the program by implementation of procedures involving check assaying and insertion of previously prepared standards by Cornerstone for each batch of 20 rock samples analyzed.

Coastport has an option to acquire 100% of the Shyri Project from Cornerstone Capital Resources Inc. The 2006 work program is being carried out by project operator Cornerstone.

Mike Basha, PEng. PGeo., 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. Servio Loaza, Ing. is supervising the field program at GAMA. George Smith, Ma. supervises field programs in Ecuador for Cornerstone.

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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