Nevado Resources Corporation

Nevado Resources Corporation

March 29, 2011 08:00 ET

Nevado Resources Corporation: Update on La Blache Properties

MONTREAL, QUEBEC--(Marketwire - March 29, 2011) - The Nevado Resources Corporation (TSX VENTURE:VDO)(FRANKFURT:NSV) has indicated that it intends to fully exercise its rights and will vigorously challenge the proceedings taken by the Innu Council of Pessamit and the Council Band of the Innu of Pessamit against the ministre des Ressources naturelles et de la Faune, Quebec's Attorney General and the Corporation. These proceedings are aimed at obtaining a court-ordered consultation, the cancellation of a forest management permit and an injunction aimed at putting an end to certain of Nevado Resources' activities related to the properties of La Blache.

In 2011, Nevado Resources began exploration in the Lac de la Blache area, located approximately 145 kilometres north of Baie-Comeau. This work was carried out in compliance with the Corporation's mineral leases and prospecting rights, environmental standards and all applicable laws. Nevado Resources holds a slashing permit for mining exploration activities, issued by the ministère des Ressources naturelles et de la Faune, which has authorised it to clear small surfaces for diamond drill holes.

In order to minimise the environmental impact of the exploration, Nevado Resources has moved all of its drilling equipment by helicopter rather than using the roads constructed by forestry companies that have exploited the area's resources in the past. These companies, as well as other mining enterprises that are conducting exploration in the territory claimed by the Innu, have not been targeted by the proceedings. Nevado Resources' exploration work has been conducted with great care and has had no impact either on the environment or on the traditional Innu way of life.

Therefore, Nevado Resources intends to continue its exploration activities in accordance with the rights and permits granted by the ministère des Ressources naturelles et de la Faune. The Corporation is also open to dialogue with the Council Band of the Innu of Pessamit in cooperation with the ministre des Ressources naturelles et de la Faune and the Quebec's Attorney General to ensure that its exploration activities can be conducted without affecting the traditional way of life of the Innus of Pessamit.

About Nevado Resources

Nevado Resources Corporation is a mineral exploration company listed under the symbol VDO on the TSX Venture Exchange and under the symbol NSV on the Frankfurt Exchange. Nevado owns 7 properties comprising 2,318 mining claims totalling 1227 km2 in the Province of Quebec in three separate metallogenic environments, one in high grade iron-titanium-vanadium, one in copper and gold and a third one in iron.

Nevado Resources will vigorously challenge the proceedings taken against it by the Innu Council of Pessamit

Nevado's higher grade Iron-Titanium-Vanadium (magnetite-ilmenite) property comprises 2 claim blocks totalling 773 claims for 315 km2 situated in the La Blache Anorthositic Complex, located 145 km north of the city of Baie-Comeau and its port on the St. Lawrence Seaway. In 2011, Nevado plans to quickly advance the property to the drilling stage for NI 43-101 compliant mineral resource delineation.

Nevado's gold assets comprise 5 properties totalling 442 km2 located 10 km south and southeast of Thetford Mines (Eastern Townships, Quebec), approximately 150 km east of Montreal.

Nevado's iron ore and base metal property in the Fermont region, in Quebec consists of 928 active mining claims, extends over 47 000 hectares (470 Km2) and is composed of 3 major blocs.

The statements made in this news release that are not historical facts are "forward-looking statements" and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking" statements.

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 news release.

Contact Information

  • Nevado Resources Corporation
    Mr. Michael Curtis
    Acting President and CEO