Parlane Resource Corp.
TSX VENTURE : PPP

Parlane Resource Corp.

March 03, 2011 15:37 ET

Parlane Resource Corp.: Drilling at the Mercedes Property Intersected 57m Averaging 1.15 g/t Gold and 13.5 g/t Silver

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 3, 2011) - Parlane Resource Corp. (TSX VENTURE:PPP) (the "Company") is pleased to report that it has obtained results from the 2008 diamond drill program conducted by Norma Mines S.A. de C.V. on the Mercedes property. These results have not previously been published.

Three holes drilled on the "La Lamosa" ridge intersected gold mineralization starting from surface and returned 144m averaging 0.49 g/t gold and 12.4 g/t silver in hole 08MER001, 113m averaging 0.37 g/t gold and 11.6 g/t silver in hole 08MER002, and 57m averaging 1.15 g/t gold and 13.5 g/t silver in hole 08MER003.

Parlane entered into an agreement to acquire 100% interest in the Mercedes Property (see news release dated February 22, 2011), and the Company commissioned a due diligence study conducted by an independent Professional Geologist and QP who reviewed existing data, conducted a field property visit and collected surface rock samples which confirm mineralization and support drill assays reported in 2008 by Norma Mines. A 43-101 report dated February 28th, 2011 was commissioned by the Company and is now filed on SEDAR.

The Company is presently preparing for the 2011 field season, with a work program that will include thirteen diamond drill holes for a total of 2000m drilled on the main "La Lamosa" ridge as well as regional soil, rock sampling, prospecting, and possibly geophysics.

The Mercedes property is located approximately 200 kilometers southeast of Hermosillo, in the state of Sonora, Mexico and consists of three contiguous claims totaling 360 hectares: La Mina del Oro, 16 hectares; Ampliacion Mina del Oro, 251 hectares; and C.R., 93 hectares.

The project is located in a historic mining district, which has had many operating mines in the past. The Mercedes property covers 360 hectares and is located in the southern quadrant of the state of Sonora, southeast of the city of Hermosillo and 16.5 kilometers of the city of Yecora. Exploration activities in the area have been ongoing and a number of properties have current operations; including Alamos Gold's Mulatos project, Dia Bras Exploration's Moris project, and Gammon Gold's Ocampo project.

Dale Brittliffe, P.Geo., is the Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the contents of this release.

ON BEHALF OF THE BOARD

Robert Eadie, President, Chief Executive Officer and Director

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

  • Parlane Resource Corp.
    Robert Eadie
    President, Chief Executive Officer and Director
    1-604-602-4935
    1-604-602-4936 (FAX)
    www.parlaneresource.com