Metals Creek Resources Corp.
TSX VENTURE : MEK

Metals Creek Resources Corp.

April 26, 2011 09:00 ET

Metals Creek Resources Corp.: Environmental Release Received for the Tilt Cove East Deposit

TORONTO, ONTARIO--(Marketwire - April 26, 2011) - Metals Creek Resources Corp. (the "Corporation") (TSX VENTURE:MEK) is pleased to report that Rambler Metals and Mining PLC ("Rambler") (TSX VENTURE:RAB)(AIM:RMM) has been issued a Release from further Environmental Assessment for the Tilt Cove East Deposit. Metals Creek owns a 100% interest in the Tilt Cove property and had previously negotiated terms with Rambler to process surface material remaining at the previously mined Tilt Cove - East Mine deposit, located on the northeast coast of Newfoundland and Labrador, Canada. (See News Release dated 19 January 2011) The agreement is such that Metals Creek will be paid a Net Smelter Return on any gold produced from the East Deposit.

A summary of the status of the Tilt Cove – East Mine Deposit is outlined below and has been exerted from a recent up-date from Rambler (see Rambler press release dated April 20, 2011).

  • On April 6, 2011 the East Mine Project was officially released from further environmental assessment. Subsequent to this approval Rambler has also received preliminary comments from the Department of Natural Resources on the project's Development Plan submission. A response to this initial review is now being compiled and will be re-submitted over the coming weeks.

  • The planned work by Rambler will see trucking of the 50,000 to 80,000 tonnes of unconsolidated material, grading from 2 to 4 g/t gold, 23 kilometres to the Nugget Pond facility. Recent leachability test work has shown that the gold leach extraction to be 96 % over a 24 hour period.

  • The company anticipates that final approval will be received for this project over the next 2 months and anticipates mining to begin in early June following processing of the Nugget Pond Crown Pillar.

  • All resource estimates are historic in nature and are non NI43-101 compliant. As such the economic viability of the proposed operation has not been determined; these estimates should not be relied upon in any way.

Alexander (Sandy) Stares, President and CEO of Metals Creek states, "It is certainly exciting to see this project move towards production and generating some cash flow for the corporation."

About Metals Creek Resources Corp.

Metals Creek Resources Corp. is incorporated under the laws of the Province of Ontario, is a reporting issuer in Alberta, British Columbia and Ontario, and has its common shares listed for trading on the TSX Venture Exchange under the symbol "MEK". Metals Creek has an option to earn a 50% interest in the Ogden Gold Property, including the former Naybob Gold mine, located 6 km south of Timmins, Ontario and has a 8 km strike length of the prolific Porcupine-Destor Fault (PDF) that stretches between Timmins, Ontario and Val-d'Or, Quebec. The Corporation is also engaged in the identification, acquisition, exploration and development of other mineral resource properties, and presently has mining interests in Ontario and Newfoundland and Labrador. Additional information concerning the Corporation is contained in documents filed by the Corporation with securities regulators, available under the Corporation's profile at www.sedar.com.

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.

Contact Information

  • Metals Creek Resources Corp.
    Alexander (Sandy) Stares
    President and CEO
    (709) 256-6060
    (709) 256-6061
    astares@metalscreek.com