Consolidated Spire Ventures Ltd.
TSX VENTURE : CZS

Consolidated Spire Ventures Ltd.

June 12, 2006 20:04 ET

Consolidated Spire Ventures Confirms the Presence of a New Epithermal Gold System with a Minimum Strike Length of 3.5 kms on the Prospect Valley Gold Property

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 12, 2006) - Consolidated Spire Ventures Ltd. ("Spire") (TSX VENTURE:CZS) is pleased to announce drill core assay results from the first 6 holes of its 2006 drilling program on the 107 sq. km. Prospect Valley Gold Property near Merritt, BC; part of the Spences Bridge Gold Belt optioned from Almaden Minerals Ltd. (TSX:AMM).

- Spire confirms the presence of a new epithermal gold system with a minimum strike length of 3.5 kilometers.

- 12 holes have been completed along 400 meters of the strike length. 10 of the 12 holes have intersected epithermal stockworks, veining, banding, and zones of breccia over an 8-50 m width.

- Results indicate drilling has intercepted multiple gold zones within the top of the epithermal gold system.

- Grade is increasing with depth as indicated in drill hole RM-2006-04 (-60 degrees), which was drilled below RM-2006-03 (-45 degrees) which included intervals of 13.5 m of 1.88 g/t Au of which includes 3 m of 4.20 g/t Au.

- Partial results from drill hole RM-2006-06 reveal the hole to be strongly anomalous in gold (0.3-1.0 g/t Au) with an interval assaying 9.54 g/t Au for 1.0 m.

- The Company is continuing to drill the zone along strike and depth.

- A second drill has begun testing a separate epithermal quartz vein system on the NIC zone.

The 2006 Drilling Program began on May 10, 2006 and is expected to continue into the fall of 2006. The main focus of the drilling is to outline the RM/RMX along its strike known length of 3,500 metres and to test both the near surface open pit potential and the grade potential to depth. Drill holes RM-2006-01 and RM-2006-02 were located at the northeast end of the RM zone and intersected the distal margins of the epithermal system. Drill hole RM-2006-02 contained numerous anomalous gold intervals throughout the drill hole with 14 sample intervals 0.5-1.5 m in length returning from .422 to .961 gpt gold. Four sample intervals exceeded 1 gram per tonne gold, including sample 348011 which assayed 1.59 gpt gold from 17.2 to 18.7 (1.5 metres).

Drill hole RM-2006-03 which was drilled 100 metres south of drill hole RM-2006-02, contained increasing down-hole concentrations of quartz veining from 75.0 to 94.4 (19.4 metres) metres. This interval was consistently anomalous in gold, with the entire interval returning a weighted average grade of .47 gpt gold.

Drill hole RM-2006-04 was drilled below RM-2006-03, at a dip of -60 degrees and returned significantly higher gold values than RM-2006-03, suggesting an increasing gold grade with increasing depth.

Drill hole RM-2006-04 has produced the highest assay results to date with sample interval 84.1-85.1 m assaying 2.36 g/t Au. The most significant interval in this drill hole assayed 2.17 g/t Au over the 10.5 m interval from 91.0 to 101.5 m. Within this interval, a 3.0 m section 98.5-101.5 m assayed 4.2 g/t Au. Hole 4 also has consistently high silver values. The interval 91.0 to 105.3 m has consistent silver values between 2.0 g/t Ag to a high of 19.7 g/t Ag.

Partial assays have been received for the upper part of drill hole RM-2006-05, which was drilled on the same section as drill holes RM-2006-03 and 04. Veining and alteration is extensive throughout this drill hole, with the majority of the sample intervals assaying between 0.3 to 1.0 g/t Au. Higher value intervals from hole five include 2 meters assaying 3.23 g/t Au, and 2 m assaying 1.81 g/t Au. A 9.7 m interval from 111.6 to 121.3 m assayed 1.14 g/t Au.

Partial results from drill hole RM-2006-06 reveal the hole to be strongly anomalous in gold (0.3-1.0 g/t Au) with an interval assaying 9.54 g/t Au at 25.2-26.2 m depth (1.0 m).

The company has noted a strong correlation between high gold assays with accompanying highly anomalous pathfinder elements (Mo, Ag, Sb, As, Hg).

The Company is awaiting the assay results for the lower part of drill hole RM-2006-05 the remainder of drill hole RM-2006-06 and the assays from drill holes RM-2006-07 to RM-2006-012. Drill pad construction is ongoing in anticipation of extending the southwestward extension of the known epithermal quartz vein system.

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 on two projects: the Prospect Valley Gold Property near Merritt, British Columbia, Canada and the Campanario Gold-Silver Property, Oaxaca State, 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.
    Investor Relations
    (604) 669-2151 or (604) 662-3004 Local #107
    www.spireventures.com