Consolidated Spire Ventures Ltd.

Consolidated Spire Ventures Ltd.

February 28, 2007 09:01 ET

Consolidated Spire Ventures: Yago Mexico Gold/Silver Property-Update and Review

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 28, 2007) - Consolidated Spire Ventures Ltd. ("Spire") (TSX VENTURE:CZS) is pleased to provide an update on its recently optioned Yago Gold/Silver Property from Almaden Minerals Ltd. (TSX:AMM)(AMEX:AAU). Victor Jaramillo, P.Geo., Exploration Manager and R. Brian Buchanan, President of Spire, are currently on the Yago Gold/Silver Property in Mexico. This site visit is expressly for determining and executing an immediate exploration program. Exploration crews are now on site to start the initial phase of exploration work.

Mr. Victor Jaramillo, P.Geo., had previously conducted exploration at the Yago Property during 2005. Exploration included surface geological work such as mapping and trenching along several vein systems including the Sarda, Esperanza and Magnolia Veins. This program was successful in extending the continuity of the Magnolia Vein for several hundred meters, beyond previously mined areas, by systematic ground work and hand trenching. During this time, he was able to review all previous geological and mining data. Potential for extension of the known high-grade shoots to depth and for location of other shoots, within the vein systems on the property, is considered excellent. To date, only shallow exploration and mining has been carried out on the vein systems at the Yago Property.

Mr. Jaramillo determined prospective locations for diamond drilling along several veins that offered excellent possibilities for the discovery of new gold/silver mineralization upon completion of the 2005 program. These potential new gold/silver bearing areas were observed to continue below known previously mined ore shoots, and potential for identifying new mineralized zones along strike. Based on epithermal vein system models, it can be stated that there is excellent potential for gold- and silver-bearing ore shoots to extend to at least 300m below the current erosion level with gold grades expected to increase with depth.

During 2005, a large dump was observed beside the Magnolia Vein adit. A grab sample taken by V. Jaramillo over an approximate area of 10m x 10m returned 7.1 g/t gold and 61.4 g/t silver. Near the Magnolia adit, an old hopper contained mineralized opaline breccia fragments with concentrations of chalcocite, and minor disseminations of chalcopyrite, pyrite, arsenopyrite and possible silver sulphosalts. The chalcocite and related mineralization appeared to be from a secondary enriched zone in this vein. A grab sample taken from the hopper returned 5.69 g/t gold, 1,245 g/t silver and 3.16% copper (Jaramillo 2005).

The Yago Gold/Silver Property is located in the state of Nayarit, Mexico, on the Pacific coast approximately 50kms north of the city of Tepic. The property comprises 16 claims that total 2,731 hectares. It lies within the coastal lowlands of the West Coast of Mexico.

The Qualified Person for the technical portion of this news release is Mr. Victor Jaramillo, P.Geo. The two samples referenced above were sent to the ALS Chemex laboratory in Guadalajara for prep work and assays were done at ALS Chemex Vancouver.

About Consolidated Spire Ventures Ltd. Spire is exploring two other projects: the Prospect Valley Gold Property near Merritt, British Columbia, Canada and the Campanario Gold/Silver Property, Oaxaca State, Mexico.

The Prospect Valley Gold Property, located three hours driving time from Vancouver, is part of the Spences Bridge Gold Belt near Merritt, BC, which is a regional transportation and supply centre. The property is in close proximity to good infrastructure and is located south of the large Highland Valley porphyry copper district and immediately west of the Craigmont iron-copper skarn deposit. The 3,500m x 400m RM/RMX gold zone is part of a low sulphide epithermal system and is a primary open pit gold/silver target.

The Campanario Gold/Silver Property is a bulk tonnage gold target located approximately 25kms east of Oaxaca City, Mexico. Currently, this property is the subject of an option agreement with Almaden Minerals Ltd., whereby Spire can earn a 60% interest in the property.


Brian Buchanan, President and Director

This Press Release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.

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) 662-7455
    (604) 683-1055 (FAX)