Consolidated Puma Minerals Corp.

Consolidated Puma Minerals Corp.

June 07, 2007 15:01 ET

Consolidated Puma Minerals Corp.: Corporate Update and 2006 Recap.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 7, 2007) - Consolidated Puma Minerals Corp. (TSX VENTURE:CPW) ("Puma" or the "Company") is pleased to announce the final results of its 2006 exploration work and the start-up of the Company's 2007 program.

Pursuant to the sale of Bema Gold Corporation ("Bema"), Kinross Gold now owns the 35.4% block of Puma shares previously held by Bema. B2Gold Corp (a private company formed by the former executives of Bema) has a one year option to purchase these shares which ends on February 27, 2008 and is currently managing the affairs of Puma.

2007 Activities and Drill Program

On April 12, 2007, the Russian government awarded Puma a Certificate of Discovery for its East Chuarvi PGM deposit, which represents a small area within the East Pansky exploration license. Puma is presently applying for the Production license for the deposit and will also apply for an extension to the East Pansky License. Both are expected to be granted by late summer. The East Chuarvi deposit contains a Russian C1 + C2 reserve of 1,102,800 tonnes grading 7.886 grams per tonne ("g/t") 2PGE+Au (2.428 g/t Pt, 5.164 g/t Pd and 0.294 g/t Au at a 0.5 Pt equivalent cut-off). This reserve number meets all the Russian criteria for a mining reserve, but is not compliant with NI 43-101 at this time.

The deepest drill hole into the deposit is only 390 meters below surface and the deposit is open down dip. Therefore, a deep drill program is in the planning stage in order to test for additional high grade resource down dip.

Puma is currently drilling the main PGE bearing Footwall Contact ("FWC") in the Churozerski and East Churozerski areas. Since April 4, 2007, Puma has drilled fourteen holes for 1,696 meters along a strike length of 4,300 meters. All but three drill holes intersected the FWC. The drill hole assay results are expected later in June.

2006 Activities

In total, Puma completed fifty-five drill holes for 13,734 meters on the East Pansky License and four drill holes for 1,063 meters on the Kuksha License.

The final 2006 exploration work outlined PGM mineralization at the West Chuarvi, Chuarvi and Sungiyok areas. The West Chuarvi area has been delineated by geological mapping, rock sampling, drilling, and magnetic ground surveys along a strike length of 3,400 meters. Anomalous PGM values were found in two drill hole fences close to Chuarvi and include drill holes P-480, P-481 and P-485 as listed in the table below. The drill holes further to the west did not intersect any significant PGM values.

At Chuarvi, Puma tested for possible extensions up to 1,500 meters east from the easternmost FWC intersection in drill hole P-349. A total of four drill holes were completed, but no significant results were found.

Puma has drilled low grade PGE mineralization along a 600 meter strike length of the FWC at Sungiyok. Located 2.3 kilometers west of West Chuarvi, geological mapping and ground magnetic surveys indicate the horizon could extend as much as 2,000 meters east to West Chuarvi and possibly 600 meters to the west and the West Pansky Intrusive.

Puma also drill tested Horizon C in the Sungiyok area along a 400 meter strike length. This horizon is locally developed at the contact between the main gabbronorite unit and the overlying gabbro unit. PGE's have been found in outcrops and boulders on surface, however only one drill hole, P-494, intersected any significant PGM values.

The table below lists the significant assay results from the final stage of 2006 drilling.

Inte- PGE
Target From To rval Au Pt Pd +Au Pd/Pt
DDH # Location Horizon (m) (m) (m) (g/t) (g/t) (g/t) (g/t) Ratio
P-480 W.Chuarvi Hrzn A 234.50 237.70 3.20 0.13 0.62 1.51 2.26 2.4
P-481 W.Chuarvi FWC 86.50 86.90 0.40 0.35 1.81 7.61 9.77 4.2
P-481 W.Chuarvi Hrzn A 94.50 96.10 1.60 0.03 0.27 0.91 1.21 3.3
P-485 W.Chuarvi FWC 19.35 19.90 0.55 0.01 0.57 1.15 1.73 2.0
Hrzn A 299.95 303.10 3.15 0.19 1.14 4.84 6.17 4.3
Includes 299.95 300.70 0.75 0.38 1.74 8.31 10.43 4.8
P-494 Sungiyok Hrzn C 68.10 69.70 1.60 0.23 1.04 0.79 2.08 0.8
P-497 Sungiyok FWC 168.20 168.90 0.70 0.20 1.94 2.60 4.74 1.3
P-506 Sungiyok FWC 164.30 164.90 0.60 0.12 1.06 2.05 3.23 1.9
(i) UOH - Upper Olivine Horizon
LOH - Lower Olivine Horizon

On the Kuksha License, four drill holes were tested for FWC related mineralization, but no significant results were found.

The above drill assays were submitted to Mekhanobr laboratories in St. Petersburg, Russia and a full QA/QC program was inserted that included reference standards, blanks and duplicates (field, split and pulp). The final results for these drill hole assays fell within acceptable limits. The Qualified Person for the Kola Project is Tom Garagan (P.Geo.), Senior Vice President, Exploration for B2Gold Corp. and a Director of Puma.


Roger Richer, President and Director

Consolidated Puma Minerals Corp. trades on the TSX Venture Exchange under the symbol CPW.

Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

The TSX Venture Exchange neither approves nor disapproves the information contained in this News Release.

Contact Information

  • Consolidated Puma Minerals Corp.
    Ian MacLean
    Vice President, Investor Relations
    (604) 681-8371
    Consolidated Puma Minerals Corp.
    Kerry Suffolk
    Manager, Investor Relations / Finance
    (604) 681-8371