Lalo Ventures Ltd.

Lalo Ventures Ltd.

November 02, 2005 00:15 ET

Lalo Receives Positive 43-101 on San Juan Gold Project, Baja, Mexico

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 2, 2005) - Lalo Ventures Ltd. (TSX VENTURE:LAL) today announced it has received a positive Technical Report on its San Juan Gold Project, in Baja, Mexico. Key points:

- Large mineralizing system

- High grade vein targets and bulk tonnage porphyry potential

- Strike length of 21 kilometres

The Report concludes that the mineralizing system is considerable, underlying most of the 20,830 hectare property. While historic production of high grade gold in the San Juan gold mine was from shear-hosted quartz veins and breccias, Lalo believes there is now also potential for bulk-tonnage granite-hosted porphyry mineralization. In particular, the report indicates the same geological signature exists in mineralization over a distance of roughly 21 kilometres. Lalo is immediately organizing the recommended Phase I program for the San Juan project.

Coast Mountain Geological was commissioned by Lalo to visit the San Juan property and author the Technical Report on its merits. Four main areas were visited - the main San Juan Mine, the San Borja mine, the Manila Mine and the "Superdyke" alteration zone in the Sierra la Libertad. Other areas of interest were noted but not studied, such as Tarantula and El Pulpo. Numerous samples were taken, including 73 rock samples, 28 soil and 8 stream sediment samples. The stream sediment samples were augmented by 9 bulk samples taken to determine bulk leach extractable gold. The author, Dr. Paul Metcalfe, P.Geo., reports: "Every chip sample taken from vein material on the property returned a value of greater than 1 g/t gold; the median value is roughly 4 g/t. These results are consistent with and on a larger scale than previous observations."

Dr. Metcalfe also reports that, "The mineralising event is interpreted as intrusion-related, with the geochemical style resembling a gold-bearing porphyry system, associated with a quartz-rich peraluminous granite. Penecontemporaneous brittle and ductile deformation has concentrated some of the gold-bearing mineralization as mesothermal or transitional vein deposits. Such structures would probably have a distinct signature on an electromagnetic geophysical survey."

The recommended work program includes comprehensive field programs to define more precisely the quartz-vein targets and confirm the potential for porphyry mineralization with a budget of $200,000. Logistics will be a priority, including better ground access and on-site camp facilities. Success on this phase of work would lead to drill-testing the most advanced targets, while prospecting continued on grass-roots areas of the licence.

Lalo would also like to announce that in order to gain greater independence within the Board of Directors, there has been a reorganization of roles within the existing management and board structure. Damien Reynolds is taking over the position of non-executive Chairman of the Board from Eric Lavarack, who in turn will become a non-executive Director. Additionally, Steve Flechner is relinquishing his duties as Vice-President Legal Counsel but will retain his role as a non-executive Director.

Lalo Ventures intends to build shareholder value by acquiring, exploring, and developing high-quality gold and Iron Oxide Copper-Gold ("IOCG") prospects in Baja California, Mexico. The Company has assembled an impressive portfolio of properties covering over 220,000 hectares of strategically located, highly prospective and under-explored ground in Baja. Targets include four hydrothermal gold and seven IOCG prospects; the latter are on trend with the Anglo-Cardero joint venture ground. Lalo's 30,000 hectare Xilma IOCG concession borders to the south on Anglo/Cardero's Main Alisitos property.

Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute forward-looking statements. Such statements are based on numerous assumptions and are subject to all the risks and uncertainties inherent in the Company's business, including risks related to mineral exploration and development. Consequently, actual results may vary materially from those described in the forward-looking statements.

52-week range $0.175 -$0.55

19.7 million Shares Outstanding

The TSX Venture exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.

Contact Information

  • Lalo Ventures Ltd.
    Ari Sussman
    (416) 643-7655
    Lalo Ventures Ltd.
    Eugene Toffolo
    (604) 683-6185 or 1-877-683-6185