Copper Reef Mining Corporation
CNQ : CZCC

Copper Reef Mining Corporation

May 01, 2008 11:13 ET

Copper Reef Announces Results Reported by It's Joint Venture Partner, Foran Mining on Their McIlvenna Bay, Base Metal Property

TORONTO, ONTARIO--(Marketwire - May 1, 2008) - Copper Reef Mining Corporation (CNQ:CZCC) -

"FORAN MINING ANNOUNCES DRILL RESULTS FOR DDH MB-08-127 AND MB-08-128 AT MCILVENNA BAY, SASKATCHEWAN

Saskatoon, SK (April 28, 2008) - Foran Mining Corporation (TSX VENTURE:FOM) ("Foran") is pleased to announce the results of diamond drill holes MB-08-127 and MB-08-128 on the McIlvenna Bay, Saskatchewan property.

Both holes were drilled on section to determine the extent of the No. 2 massive sulphide lens down dip & down plunge of the existing earlier drilling. DDH MB-08-127, at a vertical depth of 728m, intersected 1.82 metres (6.0ft) of near solid sulphides grading 0.14g/t Au, 22.9 g/t Ag, 0.14% Cu, 0.71% Pb & 10.17% Zn. This unit was underlain conformably by a 6.44 metre (21.1ft) disseminated chloritic unit grading: 0.45g/t Au, 25.8g/t Ag, 1.02% Cu, 0.24% Pb & 0.85% Zn. The combined zone graded .38g/tAu, 25.2g/t Ag, 0.83% Cu, 0.34% Pb, & 2.93% Zn over 8.26 metres or 27.1 ft.

DDH MB-08-128 intersected the bottom of the plunge 159m metres below the MB-08-127 drill hole. It encompasses a disseminated to near solid sulphide band of 1.8 metres (5.9 ft) grading 0.30g/t Au, 57.4g/t Ag, 0.16% Cu, 0.95% Pb & 1.41% Zn.

The true widths are not known at this time.

A third hole MB-08-129 has been completed. Assays for this, bottom-of-the-plunge hole 100 metres to the West, are pending.

Drilling continues on additional deep holes to delineate the extent of this sulphide deposit.

The Qualified person for this release is W.T.Fleming, P.Geo. All samples have been prepared and analyzed at TSL Laboratories in Saskatoon, Saskatchewan using ICP-MS, and Fire Assay analytical methods.

Foran Mining is a junior exploration company currently focused on the McIlvenna Bay deposit, which is comprised of 26 claims totalling 12,950ha, and is located approximately 1 kilometre south of Hanson Lake, Saskatchewan, approximately 375 km northeast of Saskatoon and 65 km west south-west of Flin Flon, Manitoba."

Copper Reef holds a 25% interest in the Property and Foran Mining 75%. Foran is the Operator. Copper Reef has fully funded its portion of the this ongoing drill program.

On Behalf of the Board of Directors

Robert N. Granger QC, President and CEO

No securities regulatory authority has reviewed or accepts responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are or may be considered forward-looking statements, such as estimates and statements that describe Copper Reef's future plans, objectives or goals, including words to the effect that Copper Reef or its 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.

Contact Information

  • Copper Reef Mining Corporation
    Bill Jackson
    CFO
    (416) 363-3456
    (416) 363-6032 (FAX)
    Website: www.copperreef.com