SOURCE: Source Press

May 01, 2008 11:00 ET

Source Press: Consolidated Spire Validates Gold Claims

TORONTO--(Marketwire - May 1, 2008) - BC-based Consolidated Spire Ventures Ltd. (TSX-V: CZS) (PINKSHEETS: CZSVF) filed its NI 43-101 Report on the Prospect Valley gold property near Merritt, British Columbia with Canadian regulators Wednesday, validating its prior estimates of up to 3.7 million ounces of recoverable gold.

Dow Jones' Brian Truscott noted in an April 9th story, "What makes this event rather unusual is the kind of geology this Canadian gold and silver exploration junior is sitting on: a low-sulphidization stockwork system that could one day lend itself to a high-tonnage, low-cost, open-pit, low-grade gold operation devoid of the normal contaminants often found in BC mines, such as lead, zinc and copper." While Truscott pegged Consolidated Spire's attributes, the company drew crowds at the PDAC 2008 convention in Toronto where AXcess News' Alan Fein noted in a story earlier in March that "several major mining companies met with CZS executives to discuss the company's gold properties."

CZS' President, R. Brian Buchanan, told AXcess News "that the Company had no intentions of mining the property itself, saying it was best left up to more experienced and well capitalized companies."

Now that the NI43-101 Assessment has been filed, Buchanan will be moving towards those developments. But in reading the Assessment, I noted that a two-month drilling program comprised of six holes was planned on the Bonanza Zone where earlier drilling work had been completed. Sources close to the Company told Source Press that in completing that work, Cons. Spire Ventures would see a higher geological potential and move as much as 500,000 ounces of gold into a higher classification bracket. Setting definable classification of its gold could add millions in value to CZS' shares.

Gold futures moved higher Wednesday, closing at $877 after the U.S. Central Bank cut its rate for overnight loans to banks by a quarter point. The move cut the dollar's value which helped boost gold prices. Should gold prices remain buoyed over $600 an ounce, Buchanan's chances of cutting a deal with a major mining company to take over development of Consolidated Spire Ventures gold property remains strong. When CZS first started exploring the Spences Bridge Gold Belt, gold was less than $250 an ounce. "It was economical then," said Buchanan, "so you can imagine the interests now."

CZS recently completed a $750,000 private placement and has the capital to follow through on the geologist's recommendations in the Assessment for drilling six more holes on the Bonanza Zone. Eight additional drill holes were recommended in the Assessment on the Discovery Zone, which if combined with the first drilling recommendation is most likely to occur this year. That makes the likelihood of Consolidated Spire Ventures raising additional capital a probable outcome.

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