VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 20, 2011) -Kivalliq Energy Corporation (TSX VENTURE:KIV) (the "Company" or "Kivalliq") today announced commencement of Phase 1 of the 2011 exploration program at Kivalliq's 225,000 acre Angilak Property in Nunavut Territory, Canada. The program consists of a 20,000 metre diamond drill program on the high-grade Lac Cinquante Uranium Deposit and Blaze zone, plus 15,000 metres of reverse circulation (RC) drilling on exploration targets property-wide. The Company has also initiated a ground geophysical surveying program in order to generate and delineate additional drill targets.
"Drilling during the 2009 and 2010 exploration seasons led to Kivalliq's recently announced inferred resource of 810,000 tonnes grading 0.79% U3O8, totalling 14.15 million pounds at Lac Cinquante, as well as identifying the Blaze zone as an exciting new target area at which to build additional uranium resources," stated Kivalliq's CEO Jim Paterson. "Kivalliq is fully funded to execute the exploration program at Angilak as announced on February 15, 2011 and we are excited that the 2011 campaign is now underway."
The following points summarize the proposed 2011 exploration program:
- 20,000 metres of diamond drill core, focused on expanding the Lac Cinquante resource as well as drill testing other known mineralized target areas
- 15,000 metres of reconnaissance RC drilling to test in excess of 30 target areas
- Combination of airborne (4,000 line kilometres) and ground geophysical surveys (1250 line kilometres)
- Continued prospecting to advance target areas defined by the 2010 program and investigate new targets identified by 2011 geophysical surveying
- Ongoing modelling, geological and environmental studies; continued emphasis on community consultation
- Infrastructure expansion for improved logistics
- Revised inferred NI 43-101 resource by Q2 2012
Disclosure of a technical nature contained in this release has been reviewed and approved by Jeff Ward, P.Geo. (President, Kivalliq) who is the Qualified Person for the purposes of National Instrument 43-101. For disclosure related to the inferred resource for the Lac Cinquante uranium deposit, please refer to Kivalliq news release of February 7, 2011.
About Kivalliq Energy Corporation
Kivalliq Energy Corporation is a uranium exploration and development company, and the first company in Canada to sign a comprehensive agreement with the Inuit of Nunavut to explore for uranium on Inuit Owned Lands in Nunavut.
With an NI 43-101 compliant Inferred Mineral Resource of 810,000 tonnes grading 0.79% U3O8, totaling 14.15 million lbs U3O8 (17.5 lbs U3O8/tonne) at a 0.2% U3O8 cut-off grade, the Lac Cinquante Deposit is Canada's highest grade uranium deposit, outside of the Athabasca Basin. Kivalliq's flagship project, the 225,000 acre Angilak Property in Nunavut, hosts the high-grade Lac Cinquante deposit, along with nine additional high priority target areas. Since acquiring the Angilak Property in 2008, the Company has invested approximately $12 million conducting systematic exploration.
On behalf of the Board of Directors
James Paterson, CEO, Kivalliq Energy Corporation
For further information about, Kivalliq Energy Corporation or this news release, please visit our website at www.kivalliqenergy.com.
Kivalliq Energy Corporation is a member of the Discovery Group of companies. For more information on the group visit www.discoveryexp.com.
Certain disclosures in this release, including management's assessment of plans and projects and intentions with respect to listings of securities, use of proceeds, future exploration programs and the completion of the financings, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Kivalliq's operations as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including risks as to the completion of the plans and projects. Readers are cautioned not to place undue reliance on forward-looking statements. Other than as required by applicable securities legislation, Kivalliq expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.
Neither the 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.