Windfire Capital Corp.

August 22, 2011 16:15 ET

Windfire Makes New Gold Discovery at Princeton Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 22, 2011) - Windfire Capital Corp. (TSX VENTURE:WIF) ("Windfire"), announces it has received initial results from its recently executed prospecting, soil and rock sampling program at its Princeton Gold Project, (the "Property") 25 kilometres south of Princeton, British Columbia. The Properties northern boundary lies 7 Kilometres south of Copper Mountains Copper property (currently 5 billion LBS)*. The program returned gold values ranging from 0.32 grams per tonne to 65.94 grams per tonne Au from initial sampling of the bedrock and float. Windfire has discovered what appears to be, two east-west trending parallel quartz vein zones that are approximately 180 metres apart. Sampling results are as follows:

Number Description Type
g/t Au
PM11GWR01 quartz vein subcrop grab sample 14.94
PM11GWR02 quartz vein outcrop grab sample 23.15
PM11GWR03 quartz vein angular float float sample 0.32
PM11GWR04 quartz vein angular float float sample 4.48
PM11GWR05 quartz vein angular float float sample 10.07
PM11GWR06 quartz vein angular float float sample 2.61
PM11GWR07 quartz vein subcrop grab sample 9.77
PM11GWR08 quartz vein outcrop 2.5m chip sample 13.83
PM11GWR09 quartz vein outcrop chip sample 0.78
PM11GWR65 quartz vein angular float float sample 5.54
PM11GWR66 quartz vein subrounded float float sample 25.65
PM11GWR67 quartz vein subangular float float sample 60.71
PM11GWR68 quartz vein subrounded float float sample 65.94
PM11GWR69 quartz vein subcrop grab sample 47.90

Samples PM11GWR01 to 09 are from the Vein 1 structure and cover 50 metres of strike length.

Samples PM11GWR65 to 69 are from the Vein 2 structure and cover 20 metres of strike length.

The completed soil sampling grid covers an area that includes the newly discovered gold bearing veins. Additional assay results are pending. Windfire has applied for an excavator trenching permit from the British Columbia Ministry of Energy, Mines and Petroleum Resources to open Vein 1 and Vein 2 along strike and also to test any additional gold-in-soil anomalies located by the soil sampling. In the meantime, Windfire will complete additional soil sampling to tighten the grids through the area of the quartz veins and also along any additional anomalies.

All samples have been sent to Acme Analytical Labs in Vancouver, B.C., a ISO9001 certified lab. Standards have been inserted into the sample stream at regular intervals during the entire program.

Windfire is earning a 100% interest, subject to a 3% Net Smelter Return (NSR) royalty by making cash payments totalling $90,000, issuing a total of 1,050,000 shares and completing a total of $1,025,000 in exploration expenditures over the next three years. Windfire has the option to purchase up to two thirds of the NSR for $1,000,000 for each third, which would leave the vendor with a 1% NSR.

The Company would also like to report the grant of 250,000 incentive stock options to certain directors, officers, employees and consultants of the Company at a price of $0.45 per common share, exercisable for a 5 year period.

*Measured-indicated resources of 3.2 billion lbs of copper at 0.31% Cu, and inferred resources of 1.8 billion lbs of copper at 0.23% Cu.

Alex Walus, P.Geo., a qualified person pursuant to National Instrument 43-101, has reviewed and approved of the contents of this news release.


Clive Massey, President and CEO

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. The Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.

The TSX Venture Exchange does not accepts responsibility for the adequacy or accuracy of this release.

Contact Information