Garnet Point Resources Corp.
TSX VENTURE : GRC
FRANKFURT : GQ4

October 16, 2007 13:05 ET

Garnet Point Resources Corp.: Partial Results Received on the Rossing Project, BC

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 16, 2007) - Garnet Point Resources Corp. (TSX VENTURE:GRC) (FRANKFURT:GQ4) (the "Company") is pleased to provide a progress report on the Company's Rossing Uranium Project in BC.

The Company has received the results of approximately 50% of the 2,873 samples collected in the month of August and submitted for analysis in early September 2007.

Analytical results to date indicate three claim blocks have specific targets:

1) The Swan property is confirmed as a significant target for bulk molybdenum. Surface surveys show visible mineralization extending NW-SE over a length of 2,100 metres by 800 metres wide within an alpine valley. Limited rock analyses also indicate this property contains interesting amounts of tungsten.

2) The Nazcha Block, the largest Garnet Point claim block in NW British Columbia, is also indicating anomalous targets for bulk molybdenum extending over hundreds of metres, with local zones hosting anomalous zinc. Sporadic uranium anomalies in granite rocks are also indicated, but not localized.

3) Uranium soil and silt analyses indicate CAS 5-10 Block in the region of Cassiar is anomalous in uranium (highest value 325.5 ppm U), grouped over 3 km in Cassiar granite. This represents a viable uranium target. This uranium target is situated adjacent to the former asbestos mine site of Cassiar. A 5 km bush trail leads from the former Cassiar town-site to the CAS 5-10 claim block. An additional 11 mineral claims have been acquired online (CAS 18-28) to protect this uranium target.

Mr. Praveen Varshney, President, states, "With analytical data continuing to be interpreted, I'm very excited with the encouraging molybdenum and uranium results we have received to date. We look forward to realizing the potential of these claims in Northern British Columbia."

Garnet Point Resources Corp. is a Canadian public company focused on the exploration and discovery of uranium and associated molybdenum, tungsten, tin, and tantalum in BC, Canada.

The Rossing project is a regional exploration program focused on the discovery of new intrusive hosted deposits of uranium and associated lithophile metals, including molybdenum, tungsten, tin, and tantalum. The project consists of 19 separate properties and a total of 41,377 Ha of mining claims. The northern property package is located about 100 km east of Adanac Molybdenum Corp.'s Ruby Creek project, which hosts 220 million pounds of molybdenum.

The Company's exploration programs are supervised by James M. Dawson, P.Eng., a Consulting Geologist and a Qualified Person as defined by National Instrument 43-101.

Clive Aspinall, P.Eng managed the exploration of the company's northern B.C. properties during August and September. Mr. Aspinall worked as geological assistant with Mobil of Canada in Libya while living in East Africa. He completed geological studies at McGill (B.Sc), and later at Camborne School of Mines (M.Sc) in the UK.

During the late 1960's he co-discovered and staked the Ruby Creek (Adanac) molybdenum property, for Canadian Johns-Manville Co. Ltd. In the 1980's he helped co-discover the Twin Zone on the Snip Gold property for Cominco Ltd., which became a lucrative gold mine during the early 1980s. Also, during the 1980s he co-discovered the Al Jalamid phosphate deposit, possibly one of the world's largest known deposits of this type, as well as a bauxite deposit near the Saudi-Iraq border when contracting to the current Saudi Arabian Geological Survey.

He was member of the Rio Tinto Zinc geological team who discovered the Kelian Gold Mine in the jungles of Kalimantan in late 1970's. Based in Whitehorse YT and Atlin BC, he is currently active in Argentina and NW-BC searching for mineral deposits in relatively un-explored areas.

Mr. Jim Dawson has supervised the preparation of the scientific and technical information that forms the basis of this news release.

ON BEHALF OF THE BOARD OF DIRECTORS

Praveen Varshney, CA, President

Contact Information

  • Garnet Point Resources Corp. - Investor Relations
    Praveen Varshney, CA
    President
    (604) 684-2181
    (604) 682-4768 (FAX)
    Email: info@garnetpointresources.com