Southampton Ventures Inc.

Southampton Ventures Inc.

May 13, 2008 09:57 ET

Southampton announces commencement of its summer drill program on the NiMo Project, Northern Yukon

TORONTO, ONTARIO--(Marketwire - May 13, 2008) - Southampton Ventures Inc. (TSX VENTURE:SV) ("Southampton") is pleased to report that it has begun its summer drill program on its NiMo Project, located in Northern Yukon. The three month program has been designed to determine whether the Rich, El, Deer and Nick Properties host economically viable mineral deposits.

The NiMo Project is exploring for stratiform nickel and molybdenum (NiMo) mineralization hosted by Devonian sedimentary rocks. The project currently comprises eight claim blocks located in the northern Yukon, totaling 28,905 hectares in size. Seven of the claim blocks (El, Pe, Rich, Fox, Deer, Mon and Nick) are optioned from Strategic Metals Ltd. and one block (Sun) is optioned from an independent prospector. Southampton has the right to earn up to 100% in each claim block under terms described in a news release dated February 27, 2007.

- The Company is anticipating an exciting 2008 exploration year, given the following combination of very encouraging results from 2007; large size of geophysical target on the Rich property: Preliminary data from a helicopter-borne VTEM electromagnetic and magnetic survey flown in 2007 outlines a strong, relatively flat lying conductor down dip from the thickest 2007 drill intersections in the central part of the Rich property.

- Several additional untested drill targets

- Very encouraging stream sediment and soil geochemistry in the project area

The Rich Property: 25 diamond drill holes were completed in 2007 on the Rich property, 11 of which intersected visible NiMo mineralization. Core samples of the horizon returned an average of 3.28% nickel, 0.152% molybdenum, 1.03% zinc, 108 ppb gold, 177 ppb platinum, 132 ppb palladium and 18.2 ppm rhenium over 3 cm. The thickest intersection averaged 1.31% nickel, 0.041% molybdenum, 0.104% zinc, 46 ppb gold, 92 ppb platinum, 41 ppb palladium and 9.68 ppm rhenium over 1.96 m. The area of anomalous conductivity covers an area 8 km long by about 1 km wide. Two or three holes are proposed for May 2008 to test the central keel of the anomaly to provide data for modeling the conductive zone. This information will be used to design a drill program with which to test the full extent of the anomaly.

The El Property:

Last year the El property produced encouraging results with NiMo mineralization intersected in 16 of 19 holes in two areas located about 6 km apart. Core samples returned an average of 3.7% nickel, 0.23% molybdenum, 1.07% zinc, 91 ppb gold, 223 ppb platinum, 120 ppb palladium and 26.9 ppm rhenium over an average thickness of 3 cm. The thickest intersection returned 5.2% nickel, 0.16% molybdenum, 1.86% zinc, 120 ppb gold, 317 ppb platinum, 183 ppb palladium and 28.5 ppm rhenium over 14 cm. Based on the geological information gained in 2007, the drill program is now better equipped to narrow the target zones. The grade of the mineralized horizon intersected to date on the El property is relatively uniform, however it appears that significant thickening can occur locally; and as a result, two holes will be drilled in 2008 to further test the shallow dipping NiMo horizon, close to regional scale faults which may have influenced the deposition of the mineralized horizon.

The Deer Property:

Diamond drilling in 1998 intersected a 5.3 m interval grading 1.42% nickel and 0.70% zinc within a brecciated and altered barite unit. Two holes are proposed for late May 2008 to test the mineralized area down dip and along strike of the 1998 discovery.

The Nick Property:

Exploration from 1988 to 1992 intermittently traced the NiMo horizon around the entire circumference of an 80 square km synclinal basin. Results of 13 diamond drill holes that intersected the sulphide horizon at one end of the basin averaged 3.01% nickel, 0.20% molybdenum, 0.82% zinc, 0.82% vanadium, 310 ppb platinum and 150 ppb palladium over widths ranging from 2 to 10 cm. Exploration by a major mining company identified other areas on the property where significantly thicker accumulations of mineralization were indicated but no follow-up work has ever been carried out. Six short diamond drill holes are proposed for June 2008 to test these priority targets on the Nick property.

The project will be managed by Archer, Cathro & Associates (1981) Ltd, a geological consulting firm with extensive experience in the Yukon, under the direction of Rob Carne, P. Geo, who is the qualified person in accordance with NI 43-101.

NiMo mineralization is a particularly attractive exploration target because of its high concentrations of nickel, molybdenum and zinc, plus a broad suite of other valuable metals that could be important byproducts. The mineralization is known to underlie laterally extensive areas, potentially spanning tens to hundreds of square kilometers. Although most of the interval widths encountered to date are too narrow to be of direct economic interest, thicker intervals have been discovered. Southampton, its affiliates and academic associates are working to identify structural and stratigraphic controls on the mineralization and to develop mineralogical and geochemical pathfinders that can be used to target particularly rich and thick zones within the larger system.


Southampton is a mineral exploration company concentrating its efforts in the aggregation and cultivation of developed base metal mining projects. Southampton s mandate is to assemble advanced exploration properties and existing proven, indicated and probable resources that can be evolved through to bankable feasibility and economic production. Its current projects include its Horden Lake Copper-Nickel-PGE Deposit in Quebec; the NiMo Project located in the Yukon, the Company s recent option on 12 claim blocks (6720 acres) with Noront on a mineral rich property in the McFaulds Lake Ring of Fire 25 kilometers Northeast of the Eagle One Discovery and its Nigerian uranium concessions. Southampton s assets show strong potential and have the support of some of Canada s strongest fundamental resource investors.

Caution Regarding Forward-Looking Statements From time to time, Southampton makes written or oral forward-looking statements within the meaning of certain securities laws, including the "safe harbor" provisions of the Ontario Securities Act and the United States Private Securities Litigation Reform Act of 1995. Southampton may make such statements in this press release, in other filings with Canadian regulators or the United States Securities and Exchange Commission, in reports to shareholders or in other communications. These forward-looking statements include, among others, statements with respect to Southampton's objectives for the ensuing year, our medium and long-term goals, and strategies to achieve those objectives and goals, as well as statements with respect to our beliefs, plans, objectives, expectations, anticipations, estimates and intentions. The words "may," "could," "should," "would," "suspect," "outlook," "believe," "plan," "anticipate," "estimate," "expect," "intend," and words and expressions of similar import are intended to identify forward-looking statements. In particular, statements regarding Southampton's future operations, future exploration and development activities or other development plans contain forward-looking statements. All forward-looking statements and information are based on Southampton's current beliefs as well as assumptions made by and information currently available to Southampton concerning anticipated financial performance, business prospects, strategies, regulatory developments, development plans, exploration, development and mining activities and commitments. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to, developments in world gold markets, risks relating to fluctuations in the Canadian dollar and other currencies relative to the US dollar, changes in exploration, development or mining plans due to exploration results and changing budget priorities of Southampton or its joint venture partners; the effects of competition in the markets in which Southampton operates; the impact of changes in the laws and regulations regulating mining exploration and development; judicial or regulatory judgments and legal proceedings; operational and infrastructure risks and the additional risks described in Southampton's most recently filed annual and interim MD&A and Southampton's anticipation of and success in managing the foregoing risks.

Southampton cautions that the foregoing list of factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to Southampton, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Southampton does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by Southampton or on our behalf.

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

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