- Block “A” Hosts the Cook Zone Which Occurs Within The Tyrrell Shear Zone
- Early Drilling Confirms Strong Gold Concentrations Along Strike and To Depth
VANCOUVER, BRITISH COLUMBIA, May 9, 2011: Mineral Mountain Resources Ltd. (MMV.TSX-V) (“Company”) is pleased to report that pursuant to the terms set out in the agreement between Benton Resources Corp. (“Benton”) and Golden Harp Resources Inc. (“Golden Harp”) dated June 1, 2009 and the subsequent agreement between Mineral Mountain Resources Ltd. (“Mineral Mountain”) and Golden Harp dated October 25, 2010, the Company has earned an undivided 60% (sixty percent) interest in the Copper Hill Block “A” (“First Option”) situated in Knight, Natal, Tyrrell and MacMurchy Townships in the Sudbury and Larder Lake Mining District of northeastern Ontario.
Furthermore, Mineral Mountain has provided notice to Golden Harp of the Company’s intent to acquire a further 10% (ten percent) interest (“Second Option”) in the property. The Second Option requires that Mineral Mountain pay Golden Harp a $50,000 cash payment and expending an additional $1,000,000 on the property by March, 2014.
“Last week’s results in the Cook Zone confirm the robust gold tenure in this wide gold system and indicates that the system remains open to depth-well beyond the limit of historic drilling,” said Nelson Baker, President and CEO of Mineral Mountain. “As a result of our initial drilling on the Cook Zone, a new geological model is emerging for the Cook Zone. Future drill testing will apply this new model to both expansion drilling and exploration drilling particularly along the Tyrrell Shear Zone to the northwest and to the southeast.”
The Emerging Shining Tree Gold District
Historically, the Abitibi Greenstone Belt, which encompasses the Shining Tree gold district, has produced in excess of 150 million ounces of gold representing one of the largest producing regions in the world. Modern exploration within the past decade has discovered an additional 34.5 million ounces of gold (Trelawney, Queenston, Kirkland Lake Gold, Osisko, Northgate, Lake Shore and Detour) scheduled for production in the near future. Impressive drill intersections by Temex, by Creso Exploration and, more recently by Mineral Mountain has heightened the interest in the Shining Tree District significantly.
On Behalf of the Board of Directors of
MINERAL MOUNTAIN RESOURCES LTD.
“Nelson W. Baker”, President and CEO
For further information, please contact
Brad Baker, Vice-President Corporate Development & Director
Telephone: (604) 714-0111
Kin Communications (604) 684-6730
“Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that cause the actual results to differ materially from those in forward-looking statements include gold prices, results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, continued availability of capital and financing and general economic, market or business conditions. The Company cautions the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Company’s forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. Please see the public filings of the Company at www.sedar.com for further information.