Pencari Mining Corporation

Pencari Mining Corporation

March 13, 2008 09:30 ET

Pencari Mining Corporation: Drilling Begins at Itea Gold Property-Itea Land Position Increased Fivefold

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 13, 2008) - Pencari Mining Corporation (TSX VENTURE:PMC) is pleased to announce that, owing to favourable exploration results on both the Itea and Tsinjava blocks, it has increased the size of the Itea Gold property to 125 sq km (12,500 ha) from its original 25 sq km size. The recently granted 87.5 sq km concessions tie-together these two projects into a single contiguous block that covers the projected extent of the gold-bearing schist horizon. Recent work at Itea has identified an extensive gold soil anomaly that extends to the southwestern limit of the original Itea block, towards the Tsinjava block twelve kilometres away. Meanwhile, exploration at Tsinjava has detected a strong geophysical anomaly that is coincident with an area of old workings and trenches. Additional trenches, pits and alluvial workings extend northeast towards Itea, onto ground covered by the new concessions.

Recent exploration conducted by Pencari has focussed on the Itea block where a gold-bearing mica schist unit has been found within a series of old cuts, pits and trenches dating from the early 1900's, then traced for 2.5 km using a combination of magnetic and induced polarization (IP) geophysical surveys, geological mapping, and soil geochemistry. A recent reconnaissance on the Tsinjava block, twelve km southwest, has also found old workings. The old workings identified on the Tsinjava property suggest mineralisation is hosted within similar looking mica schist units as at Itea. A preliminary IP survey has detected a strong chargeability anomaly coincident with these workings.

Now that Pencari has consolidated its land position in the area it will be able to move forward on three fronts:

1. Core drilling is now underway at Itea. This is the first drilling ever undertaken at Itea;

2. Accelerated mapping, soil sampling and trenching at Tsinjava, in anticipation that it too will be ready for drilling in 2008; and

3. Reconnaissance prospecting, soil and sediment sampling, mapping and geophysics on a property-wide basis, primarily focused on the newly acquired expanded holdings.

Pencari Mining Corporation is an exploration company publicly traded on the TSX VENTURE exchange.


Adrian Rollke, President & CEO & Director

This news release may contain forward looking statements based on assumptions and judgements of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Pencari Mining Corporation
    Adrian Rollke
    President & CEO & Director
    (604) 683-2808
    (604) 683-2286 (FAX)
    Pencari Mining Corporation
    Sean Charland
    Investor Relations
    (604) 681-5755 or Toll Free: 1-877-687-5755