LeBoldus Capital Inc

October 12, 2010 10:30 ET

LeBoldus Capital Identifies Significant Gold-Silver Mineralization at Surface on the Corongo Property in Peru

TORONTO, ONTARIO--(Marketwire - Oct. 12, 2010) - LEBOLDUS CAPITAL INC. ("LeBoldus" or the "Company") (TSX VENTURE:LEB) reports that the Phase II exploration program has identified significant gold ("Au") and silver ("Ag") mineralization on surface and from historic adits from the Santa Rosa East area on its Corongo Au-Ag Property located in the Department of Ancash, Peru. 

Results have been received for 197 samples from the Santa Rosa East area including 168 channel samples from 11 trenches, 23 individual channel samples, 5 underground samples and one chip sample. Highlights from the continuous surface channels of 33.5 metres grading 1.08 grams per tonne ("gpt") Au and 69.1 gpt Ag including 7.5 metres grading 2.89 gpt Au and 160.7 gpt Ag in Trench 8, 8.0 metres grading 2.20 gpt Au and 49.6 gpt Ag in Trench 1, 17.0 metres grading 1.40 gpt Au and 32.1 gpt Ag in Trench 6 and 7.3 metres grading 2.05 gpt Au and 15.1 gpt Ag in Trench 10. Individual samples within the overall channel are typically 1.0 to 2.0 metres in length and were designed to cross-cut mineralized structures where possible.

Surface Channel Sample Highlights:
Santa Rosa East: Surface Sample Highlights
Channel From (m) To (m) Length (m) Gold (gpt) Silver (gpt)
CSRE – 1 0.0 8.0 8.0 2.20 49.6
CSRE – 3 2.0 5.0 3.0 1.85 8.0
CSRE – 6 2.0 19.0 17.0 1.40 32.1
CSRE – 8 7.0 40.5 33.5 1.08 69.1
Incl. 7.0 14.5 7.5 2.89 160.7
CSRE – 10 2.0 9.30 7.3 2.05 15.1
Individual Samples          
  0.0 2.0 2.0 4.86 78.7
  0.0 2.0 2.0 3.28 10.2

In addition, 5 channel samples taken from two historic adits in the Santa Rosa East area all returned significant Au and Ag values ranging from 0.7 meters grading 2.02 gpt Au and 11.7 gpt Ag to 0.6 metres grading 7.08 gpt Au and 976.0 gpt Ag. 

Adit Channel Sample Highlights:
Santa Rosa East: Underground Sample Highlights
Adit No. From (m) To (m) Length (m) Gold (gpt) Silver (gpt)
1 0.0 1.0 1.0 4.05 897.0
1 0.0 0.6 0.6 7.08 976.0
2 0.0 1.0 1.0 3.64 162.0
2 0.0 1.2 1.2 4.14 130.0
2 0.0 0.7 0.7 2.02 11.7

"I am excited by the assay results being received from the Santa Rosa East area that demonstrate the potential of the Corongo Property", states Paul Davis, President and C.E.O. of LeBoldus. "This is only the beginning of our exploration program and based on the fact that all of these assay results are at, or near surface emphasizes the bulk tonnage potential on the property. Our goal with the ongoing exploration program will be defining the depth potential of these highly prospective areas in preparation for the next phase of exploration."

Val D'Or Geogisica Del Peru S.A.C. will be mobilizing to the Corongo Property in mid-October to complete a ground geophysical program consisting of 15 km of Induced Polarization (IP) and 33 km of Magnetometer (Mag) and DGPS-Gamma ray spectrometry surveys over the Santa Rosa East and Duscubridora Au-Ag zones. The geophysical surveys will be used to prioritize drill targets over the two (2) zones and focus the exploration group on the most prospective areas for continued exploration.

Samples are shipped to and assaying is carried out by the ALS Chemex Laboratory in Lima, Peru, a laboratory whose quality control system complies with International Standards ISO 9001:2000 and ISO 17025:2005. A four-acid digestion with 33 element ICP-AES analysis is conducted on all samples, with silver, lead and zinc being reanalyzed with atomic absorption spectrometry method when analyzing over the ICP limits. Gold is assayed using a fire assay with an atomic absorption spectrometry finish. With samples containing over 10 ppm Au, a gravimetric finish is employed. A secure chain of custody is maintained in storing and transporting all samples.

A map showing the location of the Santa Rosa East area on the Corongo Au-Ag Property can be viewed here:

Corongo Property

The Corongo Property is located in the Department of Ancash in the Republic of Peru, approximately 400 km north of Lima. The property covers an area of 3,100 ha and is comprised of 11 contiguous claims. The Corongo Property is located in a portion of the Western Cordillera of Peru that hosts numerous precious and base metal deposits, including Barrick Gold Corporation's Pierina and Lagunas Norte gold mines and Compania Minera Antamina S.A.'s Antamina copper-zinc mine. LeBoldus entered into an option agreement (the "Option Agreement") with Duran Ventures Inc., whereby LeBoldus can earn a fifty percent (50%) beneficial interest in the Corongo Property. LeBoldus has provided funding of US$250,000 for the Phase II exploration program, fulfilling the first exploration expenditure requirement of the Option Agreement.

The gold and silver mineralization on the Corongo Property is interpreted as an intermediate sulphidation epithermal system. Characteristics of this type of system include the proximity of gold and silver mineralization to porphyritic intrusive bodies, drusy quartz stockworks, banded textures in the quartz and quartz-sulphide veins and the geochemical association of gold and silver with arsenic, antimony, barium, bismuth, lead and zinc.

QP Statement

The information in this release was prepared under the direction of Paul Davis, P.Geo. President and CEO of LeBoldus and, a Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects and the analytical sampling program was carried out under the supervision of Duran Venture's President, Cary Pothorin, P.Geo., a Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects is responsible for all technical information contained in this news release. Industry standard QA/QC protocol is followed on all of the Company's exploration projects.

Company Profile

LeBoldus Capital Inc. is a Canadian junior exploration company focused on precious metals exploration in Peru. LeBoldus expects to hold its annual general and special meeting on October 14, 2010 where shareholders will be asked to approve a name change to "Viper Gold Ltd".


Paul C. Davis, President and C.E.O.

Further Information

For further information relating to the Company or this release please visit the recently launched website for LeBoldus Capital Inc. at www.vipergoldltd.com.

Statements in this press release may contain forward-looking information, including expectations of the results of future exploration and the potential of the Corongo Property including with respect to the bulk tonnage potential on the property. The reader is cautioned that assumptions used in the preparations of such information, including and the ability to find suitable targets, the ability to negotiate land access agreements with local communities, the ability to obtain necessary government approvals for proposed exploration plans, the ability to control operating costs, commodity price risk management activity, the ability to make suitable acquisitions and dispositions, and the ability to access capital and credit facilities, may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. These risks include, but are not limited to, the risks associated with the mining industry, commodity prices, exchange rate changes, income taxes and regulatory changes. Industry related risks could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on this forward-looking information.

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.

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