Opawica Explorations Inc.
TSX : OPW

Opawica Explorations Inc.

July 28, 2006 11:43 ET

Opawica Explorations Inc.: Atikwa Lake Property, Ontario

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 28, 2006) - Opawica Explorations Inc. ("Opawica" / the "Company") (TSX:OPW) announces the Company has received the final report and interpretation of the Electromagnetic (MaxMin) and magnetometer surveys from the Atikwa Lake property located near Kenora, Ontario.

Six priority Max Min anomalies have been identified from this program which is the first such survey completed on the property. At least eight 75m to 300m holes will be drilled to test these anomalies. The majority of these anomalies have not been drilled tested in previous drill programs and in the case of the open pit mineralization a strong untested conductor has been identified extending 75m beyond the south limits of the open pit as well as extending 300m north of the pit. The open pit zone from past and current drilling has an Inferred Mineral Resource of 2,824,825 tons of 1.18% Cu and .08 opt Au. This Inferred Mineral Resource has not yet been sufficiently drilled to have economic considerations applied to them to enable such resource to be categorized as reserves. Further drilling is required to upgrade the resource to Measured and Indicated Resources and there can be no certainty that the preliminary assessment will be realized. Accordingly the Company is not presently treating the Inferred Mineral Resource estimates as NI-43-101 Defined Resources.

Drilling has commenced on the southern (75m) anomaly with hole OPW621 drilled at 45 degrees. Between 34m to 73m this hole has intersected a zone consisting of about 3% to 5% sulphides with intermittent narrow stringers containing up to 7% to 10% sulphides with chalcopyrite and pyhrrotite. This hole was stopped at 76m. Hole OPW622 will now be drilled 50m on strike and vertically on this zone for a proposed depth of 100m.

Hole OPW623 will commence later this week and will test the strong anomaly which extends for 300m beyond the northern end of the open pit. Further drilling will also test the possible extension of the mineralization found in historic hole M-65 (3.96% Cu and 10.54 g/t Au over a core length of 10.67m) completed by Maybrun Mines Ltd in 1965. This historic result was compiled before NI-43-101. Opawica has not independently analyzed this result and therefore this historical result should not be relied upon.

In addition an Induced Polarization ("IP") survey has commenced in conjunction with the diamond drill program to evaluate the potential for deeper mineralization associated with the past underground operations. The company believes that the Atikwa Lake property represents an excellent Volcanogenic Massive Sulphide exploration target and expects to evaluate this potential to depth.

The Qualified Person for the Atikwa Lake property is Mr. Todd Keast, P.Geo. of Timmins, Ontario.

CAMKING PROPERTY, ONTARIO

In addition, the Company announces that it has optioned 9 mining leases known as the Camking property located about 6km northwest of Matachewan, Ontario. This property is contiguous to the northwestern border of Northgate Minerals Inc. (TSX) Young-Davidson Mine.

The Company may earn a 100% interest in the Camking property by paying $20,000 and 150,000 shares on signing and by incurring $100,000 in exploration within the next 12 months. Thereafter, the Company has optional commitments to the vendor of $220,000 cash, 850,000 shares and $500,000 in exploration of the property all over the next three years. The vendor shall retain a 2% NSR of which 1% NSR may be acquired from the vendor for $2,000,000.

The local geology of the Camking property is underlain by siliceous metasedimentary rocks. To the north these rocks are in contact with perodotitic komatiitic metavolcanic rocks. To the south the siliceous metasedimentary rocks are in contact with Timiskaming metasedimentary rocks of fluvial origin. These rocks include conglomerates, graywackes, sandstones and siltstones. The sedimentary and volcanic rocks all trend east to west and have been intruded by later intermediate syenites and porphyries.

Past work conducted by Freewest Resources Canada Inc. in 1996 outlined a gold zone on the Camking property. This zone has been reportedly intersected over a strike length of 200m with an average width of 12m and to a depth of 160m. Ten historic holes outlining this zone averaged 1.5 g/t Au. Based on past work this zone has demonstrated good continuity of gold mineralization. The zone is open on strike and to depth and warrants further investigation by drilling. The above historical results were compiled before NI-43-101 and Opawica has not independently analyzed these results of the above gold zone and therefore the past results should not be relied upon.

CHIEF FINANCIAL OFFICER ("CFO") APPOINTED

Opawica announces that its has appointed Mr. Mark Ralston, CA as CFO of the Company. Mr. Ralston is a member in good standing with the Institute of Chartered Accountants since 1983 and is currently President of Standard Bankcorp Inc. He has been involved with the mining industry for the past 15 years and was previously the co-founder of Mainframe Entertainment.

Shares Issued: 75,353,867

Stock Options: 1.65M@$0.10; 2.0M@$0.11; 972,000@$0.13; 2.41M@$0.15

Warrants: 4.90M@$0.15

Contact Information

  • Opawica Explorations Inc.
    Dan M. Clark
    President
    (604) 681-3170
    or
    Opawica Explorations Inc.
    Alexander (Sandy) Bain
    Director
    (604) 681-3170
    (604) 681-3552 (FAX)
    www.opawica.com