Piper Capital Inc.
TSX VENTURE : PCL

Piper Capital Inc.
Garson Resources Ltd.
CNQ : GARR

Garson Resources Ltd.

February 28, 2007 08:00 ET

Piper and Garson Commence Drilling-New Britannia Gold Mine

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 28, 2007) - PIPER CAPITAL INC. (TSX VENTURE:PCL) ("Piper") and GARSON RESOURCES LTD. (CNQ:GARR) ("Garson") announce that drilling has now commenced on the New Britannia Gold Mine property located in Snow Lake, Manitoba. The New Britannia Joint Venture will complete a minimum of 10,000 meters of drilling on this first phase program, commencing with detailed drilling of the existing inferred mineral resources at the NBM #3 Zone. Evaluation of the NI 43-101 mineral resources underground in the existing New Britannia mine workings and exploration and drilling of the potential eastern extension of the mineralized Howe Sound fault elsewhere on the property will follow. Objectives of the program include: confirming the known resources, upgrading Inferred resources to Measured or Indicated status, and expanding the resource base.

The New Britannia property covers approximately 3,900 hectares and hosts the historic New Britannia gold deposit, which operated from 1949 to 1958 and again from 1995 to 2004 producing approximately 1.43 million ounces of gold. Measured and indicated mineral resources at the New Britannia Mine total 364,000 ounces of gold (2,211,000 tonnes at 5.11 grams Au per tonne). Inferred mineral resources, within the mine and elsewhere on the property, total 176,000 ounces of gold (1,094,000 tonnes at 5.01 grams Au per tonne). The mineral resource estimates were completed using a gold price of US$400 per ounce and are reported in a recently completed National Instrument 43-101 technical report by William Lewis, B.Sc., P.Geo, of Micon International Ltd. The technical report is available for viewing on Sedar (www.sedar.com) and the respective Companys' websites (www.pipercapitalinc.com; and www.garsonresources.com). The 2,150 ton per day mill and surface facilities are currently on care and maintenance. The New Britannia Mine property is owned 100% (subject to a 1.38% NSR payable to a third party) by the New Britannia Joint Venture which consists of Piper Capital Inc. (60% interest and operator) and Garson Resources Ltd. (40% interest).

Mr. Jamie Lavigne, MSc., P.Geo (VP. Exploration), is the Qualified Person for the purposes of National Instrument 43-101 and has reviewed this news release.

ON BEHALF OF THE BOARDS OF DIRECTORS

PIPER CAPITAL INC.

David G. Tafel, President and Director

GARSON RESOURCES LTD.

Edward Stringer, President and Director

This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company's ability to control or predict, which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. In this news release, statements about exploration budgets and future expenditure are examples of forward-looking statements. There is no guarantee that any discovery of commercial mineralization will be made on the New Britannia property. Accordingly, readers should not place undue reliance on forward-looking statements. The statements made in this new release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Companys' expectations and projections.

The TSX Venture Exchange and the CNQ Exchange have neither approved nor disapproved the contents of this press release.

Contact Information

  • Piper Capital Inc.
    David G. Tafel
    President and Director
    (604) 683-1991 or Toll Free: 1-877-399-1991
    (604) 683-8544 (FAX)
    Website: www.pipercapitalinc.com
    or
    Garson Resources Ltd.
    Edward Stringer
    President and Director
    (604) 683-1991 or Toll Free: 1-877-399-1991
    (604) 683-8544 (FAX)
    Website: www.garsonresources.com