Equinox Exploration Corp.

Equinox Exploration Corp.

July 11, 2012 08:30 ET

Equinox Exploration Corp. Completes HELITEM Airborne Geophysical Survey at the Binghampton-Copper Queen Property, Arizona

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 11, 2012) - Equinox Exploration Corp. (TSX VENTURE:EQX) has completed a 475 line kilometre HELITEM electromagnetic and magnetic survey at its volcanogenic massive sulfide (VMS) Binghampton Copper Queen project located in west central Arizona. Key points are:

  • The survey was completed by Fugro Airborne Surveys of Mississaugua, Ontario
  • 475 line kilometres were flown at 100 metre line spacings
  • 3D modeling of the data is being undertaken by International Geophysical Services, LLC of Lakewood, Colorado
  • Initial interpretations are expected within the month

The 2,032 hectare Binghampton Copper Queen property lies in Yavapai county, Arizona, within the Arizona copper belt, home to historically significant mines, including the Bagdad, Crown King and Jerome mines.

Binghampton Copper Queen contains two known zones of massive sulphide mineralization: one at the Binghampton mine and one at the Copper Queen mine. The known lenses at Binghampton were mined, producing 157,247 short tons at an average grade of 3.10 per cent copper and 0.256 ounce per ton silver (8.8 grams per tonne) according to the Arizona Geological Survey. Development work was completed but the known lenses were not mined at Copper Queen, so production of only 1,413 short tons at an average grade of 9.95 per cent copper, 0.25 per cent zinc, 1.582 ounces per ton silver (54.2 grams per tonne) and 0.097 ounce per ton gold (3.3 grams per tonne) was reported.

On-going surface prospecting has located exhalite (chert) horizons that may be indicative of additional VMS horizons. The airborne geophysical surveys tested these horizons as well as the entire property for additional VMS targets.

Since TSX.V approval of the Binghampton Copper Queen transaction in May, Equinox has completed 10 surface trenches totalling 500 metres, and surface prospecting, mapping and sampling which is still on-going. The 400 level of the Copper Queen Mine has been opened for channel sampling, expected to commence next week.

"We are pleased with our progress made to date," says Victor Nielsen, President of Equinox. "We eagerly await the airborne interpretations in advance of our planned diamond drilling program."

Equinox is earning a 100-per-cent interest in the Binghampton property by making cash payments of $1.25-million and issuing five million shares over the next four years, subject to a 3-per-cent net smelter return royalty. Equinox has the right to purchase the royalty at a price of $1-million (U.S.) per 1 per cent. In addition, Equinox is obligated to pay $250,000 and issue a further one million shares on the filing of a National Instrument 43-101 resource estimate for the property.

About Equinox Exploration Corp.

Equinox Exploration Corp. is a publicly traded corporation listed on the TSX Venture Exchange (TSX VENTURE:EQX) and is engaged in mineral exploration and development. The major focus is on copper exploration properties in the southwest United States, where management has extensive experience and a proven track record of discovery, and in South America. To find out more about Equinox visit its website at www.EquinoxExploration.com.

R. Tim Henneberry, P. Geo., on the Advisory Board of Equinox, is the Qualified Person as defined in National Instrument 43-101 who has reviewed and approved the technical content of this news release.

On behalf of the Board of Directors of Equinox Exploration Corp.

Victor Nielsen, President & COO

Forward-Looking Statement

This news release includes certain statements that may be deemed "forward-looking statements". Forward-looking information includes, but is not limited to: statements with respect to the effect and estimated timeline of the drilling and assay results on the Company; the estimation of mineral reserves and mineral resources; the timing and amount of estimated future exploration; costs of exploration; capital expenditures; success of exploration activities; permitting time lines and permitting ; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; and title disputes or claims. 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 statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All statements in this release, other than statements of historical facts, including the likelihood of commercial mining and possible future financings are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include: unsuccessful exploration results; changes in metals prices; changes in the availability of funding for mineral exploration; unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on the Company and the risks and challenges of its business, investors should review the Company's annual filings that are available at www.sedar.com.

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

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