NEW YORK, May 6 /PRNewswire-FirstCall/ -- Dominion Minerals Corp. ("Dominion" or "the Company") is pleased to announce that a high-grade ore zone with significant Copper and Gold mineralization has been identified within the Cerro Chorcha concession.
In 2007 the Company, along with its partner Bellhaven Copper & Gold Inc., completed a highly-successful drilling program of over 3,600 meters at Cerro Chorcha, the full results of which will be contained in a new NI 43-101 report expected to be published later this month. The 2007 drilling program focused on, and confirmed the presence of, a significant high-grade stockwork zone in the North East of the Cerro Chorcha concession. The Company and its partner, Bellhaven, believe that this high-grade zone contains substantial porphyry copper and gold mineralization at grades significantly higher than the average grades shown in the last Cerro Chorcha NI 43-101 report (which were 0.48% Copper and 0.059g/t Gold).
The 2007 drillholes located within the high-grade zone encountered substantial mineralization from surface. At the same time, copper and gold mineralization across this zone is currently still open-ended, both at depth and extremities.
Development Outlook 2008
During 2008, it is the intention of the Company and its partner, Bellhaven, to focus its deeper 2008 drilling campaign on this zone in order to confirm further depth and breadth to this deposit and to delineate a minable orebody. The Company and its partner believe that the identified high-grade zone can, thereafter, be transformed into a high-grade fast-track pit of scale, which would lead to a significant acceleration of cashflows from Cerro Chorcha. Meanwhile, the remainder of our mega-concession at Cerro Chorcha will be further drilled out in parallel, to further expand the size and grade of the overall resource. Considering the results from the 2007 drilling campaign as well as the 10,000+ meters drilled at Cerro Chorcha in the past (as previously disclosed), the Company expects the 2008 and 2009 drilling campaigns to deliver additional resource upside.
The Company is currently preparing a capital raising to fund its deeper drilling and development program for the next 18 months. It is intended to complete this capital raising over the coming month, and the 2008 drilling campaign would start shortly thereafter. Within 6-9 months of start of drilling we anticipate the completion of a further updated NI 43-101 report defining an ore resource within the high-grade zone; it is further anticipated that a Pre-Feasibility Study would be completed within further 9 months.
Pini Althaus, President and CEO of Dominion Minerals, said: "When we first became involved in the Cerro Chorcha project, we were excited about the potential of a large, good quality porphyry copper deposit, potentially containing some gold as a by-product. It now looks as though the 2007 drilling program identified the opportunity of building a substantial high-grade fast track pit which transforms the Cerro Chorcha opportunity in its entirety. We are extremely excited about the outlook of a substantial minable orebody with significantly better Copper grades and high Gold values combined with our vision of a fast-track development to commercial production of Gold and Copper, which would add and create substantial shareholder value."
"Last week's addition of Jim Gorman to Dominion as COO and Managing Director of Cerro Chorcha will ensure that significant and relevant experience in brining large-scale projects from greenfield to development stage is brought to bear, ensuring that Cerro Chorcha moves to commercial production as quickly as possible."
Excellion Capital is acting for Dominion Minerals in connection with its capital raising.
About Dominion Minerals Corp.
Dominion Minerals Corp. is a US-based copper and gold exploration and development company focused primarily on its Cerro Chorcha Porphyry Copper Project in Panama. For more information please visit
http://www.dominionminerals.com
For further information please contact:
Dominion Minerals
Pini Althaus, President & CEO
Tel: +1 212 231-8171
Excellion Capital
Robert Stafler, Partner
Tel: +44 203 008 6875
Forward-Looking Statement Disclaimer
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address continuing to Canada, exchange listing application, additional financing, seeking and acquiring new projects and gaining recognition are forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, the market price of gold, general economic conditions, market and business conditions, statements or information with respect to known or unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Forward-looking statements or information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks and uncertainties relating to the Company's plans at its mineral properties, the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, metal recoveries, accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties with or interruptions in production and operations, the potential for delays in exploration or development activities or the completion of feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, failure to obtain adequate financing on a timely basis, the effect of hedging activities, including margin limits and margin calls, regulatory restrictions, including environmental regulatory restrictions and liability, the speculative nature of mineral exploration, dilution, competition, loss of key employees.
Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. In addition, the Company's business and operations are subject to the risks set forth in the Company's most recent Form 10-KSB, Form 10-QSB and other SEC filings which are available through EDGAR at
www.sec.gov. These are among the primary risks we foresee at the present time. The Company assumes no obligation to update the forward-looking statements.
