Josephine Mining Corp.
TSX VENTURE : JMC

Josephine Mining Corp.

October 06, 2011 13:34 ET

Josephine Mining Corp. Drilling Update at Turner Gold Project: Hole TJM-82 Intercepts 9.06 g/t Equiv Au Over 53.9 Feet and Successfully Completes Planned Summer Drilling Program With 12,279 Feet

SPOKANE, WASHINGTON--(Marketwire - Oct. 6, 2011) - Josephine Mining Corp. ("JMC" or the "Company") (TSX VENTURE:JMC) is pleased to announce a drilling update on the Turner Gold Project. The Company continues to fast track its progress with logging and assaying at its Turner Gold Project in O'Brien, Oregon.

Significant results include:

  • TJM-82 encountered the Main Lower Zone, with a 53.9 foot continuous intercept of massive and semi-massive sulfides from 921.1 feet to 975 feet with average grades of 5.50 g/tonne Au, 8.72 g/tonne Ag, 1.3% Cu and 2.5% Zn, netting a gold equivalent grade of 9.06 g/tonne over 53.9 feet.
  • JMC completed the drilling program with a total of 12,279.4 feet drilled. The successful summer drilling campaign has come to an end on schedule.

To view Figure 1 please click on the following link: http://media3.marketwire.com/docs/JMC1006.pdf

TJM-82 assays:

TJM-82 is an "HQ" diamond drill core hole with a collar elevation of 2,809 feet (856.2 meters) located at Northing: 15255814 meters and Easting: 1435235 meters (UTM NAD 83). with an inclination of 90 degrees from the horizontal (vertical).

The following table gives relevant available assay information for diamond drill hole TJM- 82, which was completed to a depth of 1,030 feet (313.9 meters) and intercepted zones of semi-massive and massive sulfides associated with the Main Lower Zone (MLZ). The assay information has been reported over a specific intercept from 921.1 – 975.0 feet (280.8 - 297.2 meters).

Averaging the intercept from 921.1 – 975 feet (280.8 - 297.2 meters), these data represent average grades of 5.50 g/tonne Au, 8.72 g/tonne Ag, 1.3% Cu and 2.5% Zn, netting a gold equivalent grade of 9.06 g/tonne over 53.9 feet (reported as intercepted footage as true widths are unknown at this time). The data were averaged over that specific interval assuming 100% recovery and converted to an equivalent gold grade for each interval using the following metal prices: $1,200 per ounce Au, $30 per ounce Ag, $3/lb Cu and $.75/lb Zn.

Table 2: TJM-82 Assays (Main Lower Zone intercept)
TJM-82
Interval
Start (ft) End (ft) (ft) Au (g/t) Ag (g/t) Cu % Zn (%)
921.1 925.0 3.9 9.51 22.00 2.42% 3.91%
925.0 930.0 5.0 6.99 19.10 2.54% 2.51%
930.0 935.0 5.0 4.42 10.20 1.15% 1.88%
935.0 940.0 5.0 5.86 10.10 1.10% 1.59%
940.0 945.0 5.0 4.90 8.40 2.90% 2.71%
945.0 950.0 5.0 4.43 6.30 0.69% 1.62%
950.0 955.0 5.0 4.55 5.80 0.64% 2.12%
955.0 960.0 5.0 3.92 4.80 0.80% 2.81%
960.0 965.0 5.0 4.99 4.60 0.71% 4.48%
965.0 970.0 5.0 5.17 4.00 0.62% 2.66%
970.0 975.0 5.0 6.59 3.50 1.29% 1.43%
975.0 980.0 5.0 1.78 2.80 0.49% 1.04%
980.0 985.0 5.0 1.00 1.90 0.30% 1.68%

The TJM-82 intercept has visible pyrite, chalcopyrite and sphalerite, and is likely connected to the layer zone denoted in the Company's NI 43-101 report on the property (see www.sedar.com) as the MLZ – Main Lower Zone. The mineral resource is a Cyprus-type, ophiolite-hosted volcanogenic massive sulfide (VMS) gold, copper, and zinc deposit.

Successful Completion of the Summer Drill Program

To date, JMC has completed a total of 12,279.4 feet through the drilling of eleven (11) holes, ten (10) of which, have been logged, split, and sampled with five (5) now in the queue for pending assay results. The drill contractor was successful in meeting the required 12,000 feet of drill footage planned for this summer's drill campaign. As of October 3rd the drill rig and crew have de-mobilized. JMC looks forward to reporting additional assay results in the near future as complete results become available.

In summary, the summer drilling program at JMC's Turner Gold Project has come to a successful completion as planned, with over 12,000 feet drilled. JMC expects to complete a new resource update by year-end after all assay data have been received. As stated in previous press releases, JMC is collecting additional data from the core to be used for developing geotechnical assessments of planned mining areas, hydrological evaluation of ground water quantity and quality, geochemical characterization of the mineralized resource and host lithologies, and metallurgical evaluation of the prospective ore.

Investors may look forward to further updates on the Turner Gold Project as management remains committed to maximizing shareholder value through a focused development, permitting, and acquisition plan.

Assay Methodology - Metcon Research, in Tucson Arizona has performed all primary sample prep and ICP lab analyses. Gold fire assays with AA finish and ICP checks were completed by American Analytical Lab (AAL) in Sparks, Nevada. Additional details of the assay procedures have been reported in the Sept 29, 2011 press release.

Michael Strickler of LithoLogic Resources, LLC, a qualified person under NI 43-101, has reviewed the contents of this press release.

Disclaimer for Forward-Looking Information

This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events, such as the statements regarding mineralization and assay results. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.

These forward-looking statements reflect management's current views and are based upon certain expectations, estimates and assumptions that may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, such as the current economic conditions and the state of mineral exploration and mineral prices in general. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. The Company can offer no guarantee that the goals and objectives detailed above will be accomplished, in part or at all.

These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. Additional information about these and other assumptions, risks and uncertainties are set out in the "Risks Factors" section in the Annual Information Form of the Company dated June 14, 2011 and available on www.sedar.com.

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

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