Orestone Mining Corp.
TSX VENTURE : ORS

Orestone Mining Corp.

August 03, 2011 09:00 ET

Orestone Mining Corp. Declares Phase One Copper and Gold Exploration Beginning at Captain Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 3, 2011) - Orestone Mining Corp. (TSX VENTURE:ORS) is pleased to announce that the Company has initiated the 2011 Phase I Exploration Program on the 100% owned Captain Project located approximately 65 kilometers northeast of Fort St. James, British Columbia. The program will focus on further exploring the potential of a large copper/gold porphyry system on the property.

The Phase I exploration program, budgeted at $100,000 consists of 25 kilometers of line cutting and 30 line kilometers of Induced Polarization (IP) and Resistivity Surveys on a line spacing of 400 meters in preparation for a 1,000 to 2,000 meter drill program. All permits are in place to facilitate the planned surveys and drilling.

The Captain Porphyry Target is located at the southern end of a cluster of copper/gold stream sediment geochemical anomalies transported northward by glaciation and is believed to represent the bedrock source featuring a coincident regional airborne magnetic high flanked by Induced Polarization (chargeability) and Resistivity highs.

Diamond drill hole 09-05 (drilled vertical to a depth of 137 meters)encountered 45 meters of glacial till overburden before entering potassic/sericite altered volcanics followed by a quartz monzonite intrusive. The hole bottomed in pervasive potassic/sericite altered breccia grading 0.16% copper and 0.34 g/t gold over 3.1 meters.

The geophysical characteristics of the Captain Target are interpreted to be similar to the geophysical anomalies of the Mt. Milligan Deposit (proven and probable reserves 482 Mt at 0.20 Cu% and 0.39 Au g/t; Terrane Metals Corp. NI 43-101 Technical Report October 2009), located 40 kilometers to the north. This along with the geochemical data and previous drilling success indicate the potential for a sizeable copper/gold porphyry discovery.

With the addition of recently staked claims, the 100% owned Captain Project now covers 417 square kilometers located approximately 65 kilometers northeast of Fort St. James, British Columbia. The area features relatively flat terrain, moderate tree cover and an extensive network of logging roads.

Orestone Mining Corp. is a Canadian based company managed by mining industry professionals. The Company is headquartered in Vancouver, British Columbia and controls a portfolio of gold and gold-copper exploration projects totaling more than 700 square kilometers. Ross Zawada P. Geo. is a qualified person under the NI 43-101 guidelines and has reviewed the technical content of this news release.

ON BEHALF OF ORESTONE MINING CORP.

David Hottman

President and CEO

This news release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein.

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

  • Orestone Mining Corp.
    David Hottman
    President and CEO
    604-629-1929
    604-629-1930 (FAX)
    www.orestone.ca