Duncan Park Holdings Corporation

Duncan Park Holdings Corporation

September 15, 2010 13:51 ET

Duncan Park Announces Receipt of Geophysical 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 the results of a geophysical report (the "Report") with respect to the south-eastern block of claims which are part of the Company's Dome property in Ontario's Red Lake Gold District (the "Property").

The Report was prepared by Wei Qian Ph.D. (exploration geophysics) of Geoserve Logging and Tomography, which carried out a high resolution DC resistivity and Induced Polarization (IP) surface survey on the south-eastern block of the Property in June and July 2010. The survey used the Earthprobe technology and included 7 north-south lines, 4 east-west lines, 2 SW to NE lines and 2 short lines from NW to SE. The electrode separation used was 4.4 m. and the survey data covered a total of 14.7 line kilometres. The objective of the survey was to identify deeper (up to 250 m) drill targets within the south-eastern block of the Dome Property.

Following interpretation of the data pseudo-sections, with the help of 2D inversion, a total of 23 targets were compiled and prioritized. All targets were assigned a confidence ranking of I, II and III according to their signal strength, inversion sensitivity analysis, and inversion predicted data. Of the targets, five were classified as I, 13 were classified as II and five were classified as III. The criteria for target selection are resistivity low and chargeability high due to the disseminated sulphide association of the regional gold bearing formations.

The Report and the underlying raw data have been forwarded to Caracle Creek International Consulting Inc. for further geophysical and geological review.

The Property, which is comprised of 16 unpatented mining claims in the Dome, Bush, and Heyson townships and 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.)

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

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