SOURCE: Punchline Resources

October 24, 2012 08:00 ET

Punchline Resources Announces Drilling Rig Arrival at Empress Project in Nevada

LAS VEGAS, NV--(Marketwire - Oct 24, 2012) - Punchline Resources Ltd. (OTCQB: PUNL) (OTCBB: PUNL) ("Punchline" or the "Company") is pleased to announce that a drilling rig and crew have arrived at the Empress Project in Nevada. The Company expects that its Fall 2012 Empress drill program will commence later this week following rig setup and testing. Initial drilling will target potential down-dip extensions of high-grade gold/silver quartz veins mined at the turn of the century by previous operators of the historic Empress and Wonder Mines located on the property.

"We are very fortunate to have the skilled and dependable O'Keefe Drilling Company on the job at Empress," said Ramzan Savji, CEO and President of Punchline. "Their large rig count and extensive reverse circulation experience make them the ideal contract drilling company to execute our exciting Fall 2012 exploration program at Empress. We look forward to the start of drilling later in the week."

Founded in 1959, the O'Keefe Drilling Company provides drilling and exploration services throughout the western United States. In the early 1970s, O'Keefe Drilling contributed to the pioneering of reverse circulation drilling. This cost-effective exploration rotary drilling technique is now widely used throughout the United States and around the world. O'Keefe Drilling operates more than 15 drilling rigs in the western United States with offices in Montana, Nevada, and Arizona.

About Punchline Resources

Punchline Resources Ltd. is an emerging mineral resources company focused on both domestic and international exploration and development projects. The Company is currently exploring the Empress Project and Winnemucca Mountain Gold Property in Nevada, USA. The Company is also evaluating several additional projects for potential acquisition and/or participation.

Forward-Looking Statements

Some information in this press release constitutes forward-looking statements or statements which may be deemed or construed to be forward-looking statements such as but not limited to, the ability of the company to prove a new mine at the Empress Property. The words "plan", "forecast", "anticipates", "estimate", "project", "intend", "expect", "should", "believe", and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Punchline Resources Ltd. herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Punchline Resources Ltd. disclaims any obligation to update forward-looking statements contained in this press release, except as may be required by law. Historical exploration results as well as more recent sampling should in no way be construed as sufficient evidence of a commercially viable reserve on the Empress property. There can be no assurance that the company will be able to prove up a commercially viable reserve on the property. 

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