La Quinta Resources Corporation
TSX VENTURE : LAQ

La Quinta Resources Corporation

June 09, 2010 16:02 ET

La Quinta Resources Announces 43-101 Compliant Resource on Its Easter Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 9, 2010) - La Quinta Resources Corporation ("La Quinta" or "The Company") (TSX VENTURE:LAQ) is pleased to announce that it has received an independent National Instrument (NI) 43-101 compliant mineral resource estimate from SRK Consulting U.S. Inc. ("SRK") for the Easter project located 10 miles SW of the town of Caliente in SE Nevada. The resource is confined to the shallow portions of the Main Vein at the Easter project, and is based on modeling of data from historical drilling, assays and metallurgical studies on the project.

In its Technical Report on Resources, SRK estimated an Indicated Resource of 2.64 million short tons (tons) containing 1.32 grams per metric tonne (g/t) (0.038 oz/t) gold and 14 g/t (0.4 oz/t) silver using a 0.35 g/t gold- equivalent cutoff (0.01 oz/t). The mineral resource statement is presented in Table 1.

Table 1: Easter Mine Project Mineral Resource Statement
 
Resource Classification AuEq Cut-off(ppm) Tons (x106) AuEq (ppm) Au (ppm) Ag (ppm) Au Contained (koz) Ag Contained (koz)
Indicated   2.64 1.542 1.323 14 101.7 1,077
  0.35            
Inferred   0.20 1.321 1.142 12 6.7 71
 
Note: Mineral Resources are reported within a potentially economic open pit. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing, or other relevant issue.

The SRK resource estimation is based on a geologic model of mineralization hosted within a 0.3ppm Au grade shell constructed using LeapFrog software. The grade shell was used to constrain the resource estimation using an inverse distance squared algorithm. The resource estimation is supported by 127 drillholes, totaling 42,284ft of drilling. The majority of the drilling type is reverse circulation with the remainder diamond drill core. The mineralization consists of a hydrothermal quartz-adularia vein and stockwork system hosted within a tabular zone striking east-west and dipping -51° north.

The resources were classified according to CIM guidelines as Indicated and Inferred Mineral Resources. The Indicated Mineral Resource is defined by a wireframe solid constructed about the core of the mineralization where most drilling is spaced 25-50ft apart. All blocks located outside of this solid are classified as Inferred Mineral Resources.

SRK sampled available drill core for density determinations as part of the study, and found that the mineralized material is less dense than historically estimated. The resultant tonnage estimates were consequently less than historical estimates. In addition, SRK capped the raw drill assays prior to compositing into 15ft bench composites. Gold was capped at 6.5ppm (0.19 oz/t) and silver was capped at 70ppm (2 oz/t). Resources stated in Table 1 above fall inside a conceptual pit shell(s) using the Lerchs-Grossman open pit optimizing algorithm. Economic parameters used in the pit optimization are presented in Table 2.

Table 2: Parameters Used for AuEq Calculation and Conceptual Pit Design
 
Parameter Factor
Gold Value $1,200/oz
Silver Value $18/oz
Gold Recovery 90%
Silver Recovery 90%
Mining Cost $2.00/ton
Process Cost $8.00/ton
Admin Cost $1.00/ton
NSR 3%
Refinery Pay For 99%
Pit Slope 51°

This resource estimate does not include the outcropping part of the Main Vein that hosts the old Taylor Mine, which had limited test production prior to 1942 of 204 tons grading 0.67 oz/t gold (23 g/t) and 3.2 oz/t silver (109 g/t). The outcropping part of the Main Vein is exposed along approximately 1,000 ft of strike and 200 ft upslope, with thickness ranging from 10 – 70 ft, but has not been drilled.

La Quinta's President Walter Martin said, "La Quinta plans to drill this exposed mineralization in detail during its summer drill campaign with the intention of adding this material to the resource. La Quinta's long term plan is to drill out the downdip extension of the Main Vein as well as other veins currently identified on the Easter property to continue to add to the Easter resource."

The Technical Report includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the these resources will be mined.

A copy of the full resource estimation and Technical Report will be available on the SEDAR website within 45 days. The NI 43-101 mineral estimate was prepared by SRK, an independent consulting firm. Dr. Bart Stryhas, and J.B. Pennington C.P.G. are the qualified persons as described under NI 43-101 responsible for the Easter deposit resource estimate.

The information contained in this news release has been reviewed, approved and deemed relevant by Mark J. Abrams, P.G., a qualified person as defined under National Instrument 43-101.

About La Quinta Resources Corporation

La Quinta is a junior exploration company actively seeking mineral opportunities for the benefit of all our stakeholders. Currently the Company is focused on exploring for gold and silver on its Easter Project and Black Jack property in Nevada. The Easter Project is underlain by a quartz-adularia vein stockwork system within Tertiary volcanic rocks of the Caliente Caldron Complex of southeastern Nevada. Numerous drill programs were conducted over the past 27 years by several operators and 121 holes outlined an area of gold mineralization with a strike length of at least 6,450 feet and widths up to 90 feet. Significant prior intercepts include up to 0.194 oz. Au / ton over 90 feet (including 0.549 oz. Au / ton over 15 feet) and 0.084 oz. / ton over 110 feet (including 0.534 oz. Au / ton over 5 feet).

On behalf of the board

Glen Watson, CEO and Director

This document includes forward- looking statements. When used in this document, the words "potential", "plan", "could", "estimate", "expect", "intend", "may", "should", and similar expressions are intended to be among the statements that identify forward-looking statements. Although La Quinta believes that their expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

SEC 12G file#82-35061

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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