Consolidated Spire Ventures Ltd.
TSX VENTURE : CZS

Consolidated Spire Ventures Ltd.

November 27, 2006 09:30 ET

Consolidated Spire Ventures Completes Fall Field Programs on the Merritt, BC, Canada Prospect Valley Gold Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 27, 2006) - Consolidated Spire Ventures Ltd. ("Spire") (TSX VENTURE:CZS) is pleased to announce it has completed various phases of the 2006 fall exploration program on the 100% owned 107.9 sq km Prospect Valley Gold Property. The Prospect Valley property is located 30kms west of Merritt, BC, Canada, in the Spence's Bridge Gold Belt. During the recent exploration program, several new areas of interest were discovered, expanding beyond previously known mineralized areas.

Following the success of the 2006 spring/summer drilling program, Spire initiated the fall fieldwork program to extend the size of the RM/RMX surface gold anomaly and to provide more data to extend the known 1.5km -long epithermal gold zone. As part of the fieldwork on the northern and southern extensions of the RM/RMX surface gold-in-soil anomaly, Spire commissioned a magnetometer survey on a 25m x 12.5m grid to further outline the known and new areas of mineralization and anomalies. Two new areas of interest emerged from this work, as well as an extension of the RM/RMX Gold Zone to the south:

1. The North West Zone (NW Zone) is a geophysical resistivity low to the north of the RM/RMX Gold Zone and appears as a 1km-in-diameter circular structure interpreted to be a possible large dome structure. The NW Zone could represent a significant northern extension of the RM Mineral Zone. Further fieldwork, including drilling, is planned to better define the size and character of this structure.

2. The South East Zone (SE Zone) is a geophysical resistivity low to the southeast of the RM/RMX Gold Zone and represents a possible significant parallel structure to the Zone.It appears as a large cleaved anomaly running north-south for approximately 0.5km. This zone is open to the north and south for expansion. Further fieldwork is planned to outline the size and gold potential of this zone.

3. The south extension of the RM/RMX Gold Zone will be the subject of an upcoming field program in 2007, similar to the fieldwork and core drilling program just completed.Results from drill hole RM2006-21 contained 45.7m assaying 1.57g/t Au. Drill hole RM2006-21 is in close proximity to this new area.

The RM/RMX gold anomaly has now been outlined over 3,500m x 400m. Geochemical analysis and petrographic work indicate the gold zones encountered in the drilling are high in the epithermal system with potential for higher grades at depth. Further planned drilling will test the RM/RMX epithermal system to greater depths and the new drill targets on the NW Zone and the SE Zone.

Prospect Valley Gold Property Highlights

New Surface and Subsurface Gold Discovery!

- 100% interest in the Prospect Valley Gold Property (Spences Bridge Gold Belt) in B.C.

- the RM/RMX surface gold anomaly is 3,500m x 400m with potential for open pit and underground gold mineralization

- 2006 spring/summer drilling discovered new gold mineralization over 1.5kms

- 23 drill holes completed on the RM/RMX Gold Zone - most with anomalous to economic gold +/- silver grades

- drill hole RM2006-21 returned 1.57g/t Au over 45.7m including 9.54g/t Au over 1.5m (drill highlights and assays are available at www.spireventures.com)

- from surface to approximately a 100m depth, drilling to date has tested the epithermal system with deeper drilling expected to encounter feeder zones containing potentially higher gold-silver grades

- numerous gold showings remain to be explored on the 107.9 sq km PV property

- a Canadian project in a proven mining district with less risks than similar projects in foreign/third world nations

- experienced technical teams on site

Results to date indicate the Prospect Valley Gold Property has potential to host one or more large open pit gold deposits. Drilling planned for 2007 will continue to test this potential.
Soil and rock sampling have identified many other prospective areas on the property, but remain unexplored.

Mr. Greg Thomson, P.Geo., a Qualified Person under the meaning of Canadian National Instrument 43-101, is responsible for the technical information in this news release.

About Consolidated Spire Ventures Ltd. At present Spire is actively exploring two projects: the Prospect Valley Gold Property near Merritt, British Columbia, Canada and a gold-silver property in Mexico.

ON BEHALF OF THE BOARD

Brian Buchanan, President and Director

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Contact Information

  • Consolidated Spire Ventures Ltd.
    Brian Buchanan
    President and Director
    (604) 662-7455
    (604) 683-1055 (FAX)
    Website: www.spireventures.com