Duncan Park Holdings Corporation

Duncan Park Holdings Corporation

September 15, 2010 13:46 ET

Duncan Park Announces Filing of Technical Report on Dome Property in Red Lake

TORONTO, ONTARIO--(Marketwire - Sept. 15, 2010) - Duncan Park Holdings Corporation (TSX VENTURE:DPH.H) (the "Company" or "Duncan Park") announced today that it has received and filed on SEDAR a National Instrument 43-101 compliant technical report (the "Report") with respect to 16 unpatented mining claims in the Dome, Byshe and Heyson Townships in Ontario's Red Lake Gold District (the "Property").

The Property, which covers 38 units, is the subject of the Company's Option Agreement with Sphere Resources Inc. ("Sphere") dated March 7, 2010 pursuant to which the Company can earn a 75% interest in the Property by making property payments of $75,000 and expending $925,000 on exploration of the Property, and issuing to Sphere 3,000,000 of shares of the Company. Sphere retains the right to clawback a 51% property interest if earned by Duncan Park, by paying Duncan Park four times its exploration and property payments. (For further details, please see press release dated March 9, 2010.)

The Report was prepared by Elisabeth Ronacher, Ph.D., P.Geo of Caracle Creek International Consulting Inc. ("CCIC") to provide a summary of scientific and technical data on the Property and to make recommendations concerning future exploration and development. The report, which is tilted "Independent Technical Report, Dome Property, Red Lake, Ontario, Canada", is available on SEDAR.

The Report states that a large part of the Property overlies a quartz diorite intrusion, the Howey diorite. Howey diorite hosts several past-producing gold mines and several gold occurrences. Most of the gold in the Red Lake Camp is spatially associated with the unconformity between the Balmer assemblage (mostly volcanic rocks) and the younger Confederation assemblage (mostly meta-sedimentary rocks). This unconformity is inferred to occur in the north western part of the claim group.

A large amount of historic exploration data exists on the Property, the most recent being an IP survey completed in 2007. The depth extent of this survey was 50 m. This survey delineated an anomalous area but no follow-up drilling has been completed.

An induced polarization (IP) survey totaling 14.7 line kilometres was completed on the Property in June and July 2010. The current survey penetrated to a depth of 200 m. Final results of this survey were not available at the time of completion of the Report, however, preliminary pseudo sections indicated several areas of low resistivity in the survey area.

CCIC concluded that the Property warrants further exploration and recommends that a soil gas hydrocarbon (SGH) survey be completed in the southern part of the Property in order to rank the potential IP anomalies. Contingent on the results of the deep IP and SGH surveys, a diamond drilling program is recommended to test these targets. Furthermore, CCIC concluded that the claims on water in the north-western part of the Property have potential based on the historic exploration completed in this area. CCIC recommends exploring the north-western claims with modern exploration techniques.

Larry Kornze, B.Sc., P. Eng., a director of the Company and a Qualified Person within the meaning of NI 43-101, has reviewed the contents of this news release relating to the Property, which were derived from the Report prepared under the supervision of Ms. Ronacher.

Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect to the Company's exploration plans and potential mineralization. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining industry such as economic factors as they effect exploration, future commodity prices, market conditions, changes in foreign exchange and interest rates, actual results of current exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves; contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in the Company's Management Discussion & Analysis for the period ended May 31, 2010, available on www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Duncan Park Holdings Corporation
    Ian McAvity
    Acting President & CEO