Prime Meridian Resources Corp.
TSX VENTURE : PMR

Prime Meridian Resources Corp.

March 02, 2007 10:53 ET

Prime Meridian Announces Launch of 2007 Field Program

CALGARY, ALBERTA--(CCNMatthews - March 2, 2007) - Prime Meridian Resources Corp (TSX VENTURE:PMR) ("Prime Meridian") is pleased to announce the beginning of its 2007 magmatic nickel-copper massive sulfide and Iron Oxide Copper Gold ("IOCG") exploration programs.

Field crews from Geophysique TMC, Val d' Or, Quebec are enroute to Michigan to conduct ground surveys to precisely locate each airborne geophysical target to position the drill hole collars. The crews will establish and survey grids over all of the Company's high priority drill targets developed since January 1, 2000 from a combination of electromagnetic, magnetic and gravity airborne surveys and ground reconnaissance exploration.

Drilling is planned to begin in mid-March when the first drill rig is scheduled to arrive. Drilling will continue throughout 2007 when Prime Meridian expects to drill the priority targets described in the 43-101 reports and the additional targets being developed on Company lands by ongoing field geology, geophysical survey work, and land acquisitions.

The sequence of targets to be drill tested is dictated by logistics and seasonal access such as road bans and winter restrictions in some areas. Drilling of up to 5 targets before Spring Break Up is planned with drill results to be reported after receipt of core analyses and interpretations are compiled. Prime Meridian expects to begin reporting initial drill results by early June - or earlier if lab congestion eases. Thereafter Prime Meridian plans to report approximately monthly throughout the drilling program.

Nickel-Copper Exploration

Prime Meridian's strategy for nickel-copper exploration has been to focus on the northerly portion of the Mid-continent Rift located in Michigan and Minnesota. The rift provides a deep seated structure and conduit that permits the development of magmatic nickel-copper (plus or minus cobalt), platinum, palladium and gold mineralization to be deposited, which is similar to Kennecott-Rio Tinto's Eagle Deposit. Each of the Company's targets has the necessary geophysical and geological characteristics to host a magmatic deposit of this nature.

Prime Meridian's drilling will start in the Baraga Basin and Kiernan Sill nickel-copper project areas in settings similar to the Eagle Deposit and one IOCG project area. All of these targets are accessible only during winter.

Prime Meridian has been encouraged by the recent success of Kennecott-Rio Tinto's Mid-continent Rift related Eagle Deposit located in the eastern portion of the Baraga Basin. In January 2007, Kennecott-Rio Tinto received preliminary approval for a mine permit from the Michigan Department of Natural Resources for mining at Eagle. During a Society of Economic Geologists Convention in Salt Lake City a paper about the Eagle Deposit, presented by a Kennecott employee, reported the Eagle Deposit had 5.2 million Tons of 3.67% nickel, 3.06% copper and 0.01% Cobalt.

All of the Prime Meridian nickel-copper-platinum-palladium targets are in Michigan and S.E. Minnesota and are in settings similar to the Eagle Deposit. Four of the six Baraga Basin targets are within 3 KM of the Eagle deposit and will be drilled later this year when access can be constructed.

Prime Meridian is also planning airborne surveys over three additional nickel-copper projects to complement the research and field work already completed:

1. Wolf Mountain / Wakefield Sill - Michigan

2. Norway Lake / South Branch Sill - Michigan

3. Winterfire Intrusive - Minnesota.

It is expected that these surveys will be completed by the fall of 2007, and will be used to identify drill targets on these already owned lands. Specific timing of the survey depends on the availability of the survey contractor.

Iron Oxide-Copper-Gold (IOCG) Exploration

Prime Meridian will also complete ground geophysical surveys on five additional magnetic and electromagnetic targets in the Wilson Creek IOCG project area. Drilling is planned for these targets later in the year when access can be constructed.

Further detailed data is available at www.sedar.com.

Prime Meridian Resources Corp.

Michael Senn, President and CEO

Michael Senn, P.Geol., President of Prime Meridian and a "qualified person" as defined by National Instrument 43-101, prepared the information in this release. Detailed information on the projects described above can be accessed in NI43-101 reports available at www.sedar.com.

Prime Meridian Resources Corp. is a junior Canadian exploration company. Its current activities are primarily focused on the Mid-Continent area in Michigan and Minnesota where its properties are located. Prime Meridian's shares are traded on the TSX-V under the symbol PMR.

This news release may contain forward-looking statements, which are subject to certain risks, uncertainties and assumptions. A number of factors could cause actual results to differ materially from the results discussed in such statements, and there is no assurance that actual results will be consistent with them. Such forward-looking statements are made as at the date of this news release, and the company assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances.

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

Contact Information

  • Prime Meridian Resources Corp.
    Michael Senn
    President and CEO
    (403) 539-0192
    or
    Prime Meridian Resources Corp. - Canadian Office
    Suite 1800, 840 7th Avenue S.W.
    Calgary, Alberta T2P 3G2
    (403) 539-0192
    (403) 232-6875 (FAX)