SOURCE: Gold Port Resources

Gold Port Resources

March 01, 2011 09:30 ET

Gold Port Resources Engages P&E Mining Consultants Inc. to Prepare NI 43-101 Resource Estimate on the Groete Creek Gold Project in Guyana, S. America

VANCOUVER, BC--(Marketwire - March 1, 2011) - Gold Port Resources Ltd. (TSX-V: GPO) (the "Company") is pleased to announce that it has retained P&E Mining Consultants Inc. of Brampton Ontario, Canada to complete a National Instrument 43-101 Resource Estimate and Technical Report on the Groete Creek Gold Project, Guyana. The technical report for the property will fully conform to the "CIM Standards on Mineral Resources and Reserves -- Definitions and Guidelines" as referred to in National Instrument (NI) 43-101 and from 43-101F -- Standards of Disclosure for Mineral Projects in effect as at the date of the Technical Report.

P & E Mining Consultants Inc., an established internationally recognized consulting firm, has extensive experience in the calculation of NI 43-101 compliant resource estimates and also has recent experience working in Guyana. They are currently engaged by Sandspring Resources Ltd. for geological and engineering work on the Toroparu Au-Cu Project. 

In 1995, Coeur d'Alene Mines began to explore the originally identified mineralized Groete Creek area. The program included a re-evaluation and interpretation of all available data, mapping and sampling of the project area, as well as further drilling. At the conclusion of the field program, Coeur d'Alene using a simple polygonal method in drilling by cross section, identified a gold-copper deposit comprising approximately 94 million tonnes grading 0.6 grams per tonne gold and 0.11% total copper (Caution: The issuer has not done the work necessary to verify the classification or quantity of the resource or reserve, the issuer is not treating them as a NI 43-101 defined resource or reserve verified by a qualified person, and the historical estimate should not be relied upon.)

The Company intends to complete a 6,000 meter Phase One drill program as outlined in the NI-43-101 Technical Report completed in 2010. A recent site visit by Company personnel and the original Project Geologist from the Coeur d'Alene program has identified a key historic drill collar. This will greatly aid in the drill program being planned by the Company. The Company owns an Acker M 8 core rig and has the funding necessary to complete the confirmation drill program. Concurrent with this program will be a detailed area evaluation, which will include a sampling program of both the Groete Creek and contiguous Georgetown West project areas using the Geoprobe soil sampling system and other exploration methods. 

Based upon the historical data, sampling by the Company and recent significant mining activity, management believes the Groete Creek/Georgetown West projects offer the opportunity to confirm and expand a significant gold mineralized deposit.

For further information, contact Adrian Hobkirk at 714-316-3272 or adrianh@resourceexploration.com or Allan Feldman at AJF Consultants Ltd. at 604-948-9663 or email: AJFConsultants@aol.com.

The TSX Venture Exchange has not reviewed the content of this News Release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this News Release. This news release contains certain "forward-looking statements" within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward-looking statements. The reader is cautioned not to place undue reliance on forward-looking statements. The transaction described in this News Release is subject to a variety of conditions and risks which include but are not limited to: regulatory approval, shareholder approval, market conditions, legal due diligence for claim validity, financing, political risk, security risks at the property locations and other risks. As such, the reader is cautioned that there can be no guarantee that this transaction will complete as described in this News Release. We seek safe harbour.

Contact Information

  • For further information, contact:

    Adrian Hobkirk
    Gold Port Resources Ltd.
    714-316-3272
    Email Contact

    or

    Allan Feldman
    AJF Consultants Ltd.
    604-948-9663
    email: Email Contact