TintinaGold Resources Inc.
TSX VENTURE : TAU

TintinaGold Resources Inc.

February 03, 2011 09:03 ET

TintinaGold Intersects 2.00% Copper, 0.04% Co and 15 g/tonne Ag Over 6.78 Meters Thick Cu-Co-Ag Zone on Its Sheep Creek Property, Montana, USA

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 3, 2011) - TintinaGold Resources Inc. ("TintinaGold" or the "Company") (TSX VENTURE:TAU) is pleased to announce that it has received additional assay results from the 2010 drill program on its Sheep Creek Copper-Cobalt property ("Sheep Creek") located in Central Montana, USA (see Figure 1- Figure 3: http://media3.marketwire.com/docs/taumaps.pdf).

Highlights:

  • Drillhole SC10-006 encounters a Lower Copper Zone 6.78 meters thick and grading 2.00% Cu, 0.04% Co and 15 g/tonne Ag in the Strawberry East target area.

The Company has received additional results from drillhole SC10-006 (see Table 1, below). The drill hole intersected 2.00% Copper; 0.04% Cobalt and 13 g/tonne Silver in a Lower Copper Zone(from 537.92 meters to 544.70 meters) at the Strawberry East target area. The Lower Copper Zone lies 107 meters below the Middle Copper Zone where the Company reported 46.6 meters of 2.6% Copper, 0.11% Cobalt, and 14 g/tonne Ag (See News Release dated January 12, 2011). The Strawberry East target area is located 2.5 kilometers southeast of the Strawberry Butte where the Company has recently completed a NI 43-101 Inferred Resource estimate containing 366 million pounds of copper (See News Release dated Jan 6, 2011). The Lower Copper Zone intersection in hole DDH SC10-06 indicates that there is potential to continue to expand the Lower Copper Zone resource in the Strawberry East target area. Drilling is on-going and designed to confirm historic resources in the Lower and Middle Copper Zones for completion of a 43-101 resource estimate. Combined with the already defined resources in the Upper Copper Zone, the Company's goal is to define 1 Billion pounds of copper resources in a high quality underground mineable orebody.

Table 1 – Significant Drill Intersections: 

Hole From (m) To (m) Width (m) Width (ft) Cu % Co % Ag g/t
Upper Copper Zone              
               
DDH SC10-001* 118.26 125.00 6.74 22.1 3.44 0.18 13
DDH SC10-002* 131.31 138.77 7.46 24.5 2.48 0.36 6
DDH SC10-003* 131.88 139.50 7.62 25.0 3.21 0.17 22
DDH SC10-004* 107.90 118.41 10.51 34.5 3.03 0.15 10
               
Middle Copper Zone              
               
DDH SC10-006* 384.02 430.64 46.62 152.95 2.56 0.11 14
               
Lower Copper Zone              
               
DDH SC10-003* 350.02 351.69 1.67 5.6 3.24 0.05 4
DDH SC10-004* 414.00 418.05 4.05 13.3 10.84 0.03 8
DDH SC10-005* 405.8 412.15 6.35 20.8 8.72 0.11 5
DDH SC10-006 537.92 544.70 6.78 22.24 2.00 0.04 15
 
*-previously reported

About Sheep Creek

The Sheep Creek deposit sits 27 km north of White Sulphur Springs along a maintained gravel road and within two miles of U.S. Highway 89. The Sheep Creek property consists of approximately 5,775 acres of fee-simple lands and mining claims in central Montana. The property contains sediment-hosted zones of massive sulfide mineralization originally explored by Cominco American Inc. and BHP during the 1980's and early 1990's. The drilling undertaken by Cominco American Inc. and BHP had encountered significant zones of stratabound copper sulfide with cobalt in multiple bedded pyrite zones in the lower part of the Precambrian Belt Supergroup; this same stratigraphic unit hosts the Sullivan zinc-lead-silver deposit.

Exploration to date, conducted by TintinaGold has identified an inferred resource of 7 MMT grading 2.4% Cu, 0.12% Co, and 12.3 g/tonne Ag at a 1.5% Cu cut-off grade based on an assumed copper price of $2.50/lb, as reported in the Company's news release dated Jan 6, 2011.

About TintinaGold

TintinaGold is a growth company focused on the exploration and development of precious and base metal properties around the world. The Company's experienced management team has assembled an impressive portfolio of gold and base metal projects in Alaska, including the Colorado Creek gold project, located in southwest Alaska approximately 100 miles northwest of the 40 million ounce Donlin Creek project, the Kugruk copper project located 70 miles north of Nome in the northern Seward Peninsula, Alaska, and the Sheep Creek copper-cobalt property in Montana. The Company, in a short period of time, has successfully established itself in several of the most prolific mineral belts in North America.

The Company, as announced in the News Release dated September 22, 2010, proceeding with the spin-out of its Colorado Creek mineral exploration property located in Alaska, U.S.A., to a new company under a statutory plan of arrangement (the "Arrangement") in order to pursue the creation of a company focused on precious metals.

Under the proposed terms of the Arrangement, the shareholders of TintinaGold will retain their common shares in TintinaGold and will be entitled to receive one common share of the new company for every share of TintinaGold held on the record date for the Arrangement. The completion of the Arrangement will be subject, among other things, to TSX Venture Exchange, court and shareholder approval.

Further details regarding the Arrangement will be set out in an Information Circular that will be sent to shareholders in advance of the annual and special shareholders meeting that is expected to be held in March, 2011 to seek approval for the Arrangement and routine annual business.

Website: www.tintinagold.com

ON BEHALF OF THE BOARD OF DIRECTORS

Raj Chowdhry, C.A., President & CEO

Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release, including statements regarding the Company's plans for and intentions with respect to exploration of the Company's Sheep Creek property, the proposed completion of a spin-out and the timing of a meeting of the shareholders of the Company, constitutes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company is able to obtain any government or other regulatory approvals and any financing required to complete the Company's planned exploration activities and the spin-out, that the Company is able to procure equipment and supplies in sufficient quantities and on a timely basis, that the Company's exploration activities on the Sheep Creek property will not be affected by actions of environmental activists or other special interest groups,that actual results of exploration activities are consistent with management's expectations and that the Company is able to obtain regulatory, shareholder and other required approvals for the proposed spin-out transaction and on a timely basis. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors relating to TintinaGold's operation as a mineral exploration company and the Sheep Creek property that may cause future results to differ materially from those expressed or implied in such forward-looking statements.

Such uncertainties and risks include, among others, actual results of the Company's exploration activities being different than those expected by management, uncertainties involved in the interpretation of drilling results and geological tests,delays in obtaining or inability to obtain required government or other regulatory approvals or financing, interference with TintinaGold's exploration activities by environmental activists or other special interest groups, inability to procure equipment and supplies in sufficient quantities and on a timely basis, equipment breakdowns, bad weather and the timing of and success in completing the proposed spin-out, including the timing and success in obtaining TSX Venture Exchange, court and shareholder approvals. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. TintinaGolddoes not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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