Westcore Energy Ltd.
TSX VENTURE : WTR

Westcore Energy Ltd.

February 22, 2012 08:29 ET

Westcore Announces Commencement of Drilling, Intersection of 97.2 Metre Composite Coal Interval and Warrant Extension Approval

SASKATOON, SASKATCHEWAN--(Marketwire - Feb. 22, 2012) - WESTCORE ENERGY LTD. (TSX VENTURE:WTR) ("Westcore" or "the Company") is pleased to announce drilling has commenced on its Black Diamond coal property near The Pas, Manitoba. All of the planned 2012 drill targets at the 'Discovery' deposit have now been completed. Three new boreholes were drilled and all successfully intercepted coal, including a 97.2 metre composite coal interval at Discovery.

The Discovery deposit was first identified in Westcore's 2009 winter drilling program (see Westcore's news release of April 9, 2009). The Company used the gradient gravity data from its latest airborne survey (see Westcore's news release of September 21, 2011) to plan three (3) new delineation drill targets at the Discovery deposit for the 2012 drilling program. Westcore is pleased to report it has intersected a composite thickness of 71.3 metres of coal in D-12-A, 12.9 metres in D-12-B and 97.2 metres in D-12-C (see Table 1 & Figure 1). To date and cumulatively, the Company has drilled 8 holes at the Discovery deposit for a total of 789 metres.

The Company is currently drilling on the Cyclops deposit south of the Discovery deposit. The Company expects drilling on the Cyclops deposit to be completed this week and then plans on moving onto the next deposit before the weekend.

The results from the Discovery deposit are intended to be incorporated into a resource report prepared in compliance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

Paul Conroy, President and CEO of Westcore states "We are extremely excited to have received such impressive results from the first targeted deposit of our winter drilling program. The continuous lateral existence and increased vertical coal stratification will substantially add to the coal resources of both the Discovery and Cyclops deposits. We look forward to testing the rest of our targets in this manner in the coming weeks."

Peter Graham, Professional Geologist and Qualified Person (as defined in NI 43-101) for this news release, has reviewed and approved its contents.

WARRANT EXTENSION GRANTED

Westcore is also pleased to announce that its previously announced application to the TSX Venture Exchange (the "Exchange") to extend the term of all outstanding common share purchase warrants (the "Warrants") from one (1) year to two (2) years from the date of issuance has been approved. An aggregate of 4,518,446 Warrants, each with an exercise price of $1.00 per Warrant, were issued in connection with the Company's private placement that closed on February 28, 2011. The expiry date of these Warrants has now been extended from February 28, 2012 to February 28, 2013. There are no insiders of the Company that hold these Warrants.

Reader Advisory

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements regarding the Company's proposed drilling program and the proposed NI 43-101 resource report. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, governmental regulation, including environmental regulation; unanticipated operating events or performance; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in tax laws; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Table 1: 2012 Discovery Coal Intercepts

Hole Description From (m) * To (m) * Width (m)*
Coal + Minor Silt 53.6 54.2 0.6
Coal + Minor Silt 56.8 61.3 4.5
Coal + Minor Silt 63.1 66.6 3.5
Coal + Minor Silt 70.3 96.3 26.0
Coal 102.7 122.0 19.3
D-12-A Silty Coal 124.4 124.8 0.4
Silty Coal 127.4 130.3 2.9
Coal 132.1 140.1 8.0
Silty Coal 140.1 145.3 5.2
Coal 145.3 146.2 0.9
Total (Composite) 71.3
Silty Coal 35.7 36.8 1.1
Coal 36.8 38.2 1.4
Coal + Minor Silt 39.1 43.2 4.1
Coal 43.7 44.0 0.3
Silty Coal 44.0 44.8 0.8
Coal 44.8 45.3 0.5
D-12-B
Silty Coal 45.3 46.3 1.0
Coal + Minor Silt 46.3 48.0 1.7
Silty Coal 48.7 49.3 0.6
Silty Coal 52.8 53.9 1.1
Silty Coal 54.5 54.8 0.3
Total (Composite) 12.9
Coal 42.8 43.6 0.8
Coal 44.3 84.7 40.4
Coal + Minor Silt 90.8 102.2 11.4
Silty Coal 104.8 105.3 0.5
Silty Coal 114.1 121.0 6.9
D-12-C Coal 121.0 127.1 6.1
Silty Coal 127.7 140.8 13.1
Coal 140.8 149.6 8.8
Silty Coal 150.4 151.6 1.2
Coal + Minor Silt 152.4 160.4 8.0
Total (Composite) 97.2

* Depths determined by interpretation of down-hole elog density of 1.6 g/cc or less & visual inspection of cuttings

To see a map of Figure 1: Discovery Deposit click the following link:

http://www.marketwire.com/library/20120221-222wtr_800.jpg

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.

Contact Information

  • Westcore Energy Ltd.
    Paul Conroy
    President and Chief Executive Officer
    (306) 649-0600
    www.westcoreenergy.ca