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Aug. 30, 2011 /PRNewswire/ -
Anglo Swiss Resources Inc. (TSXV:ASW, OTCQX:ASWRF) ("Anglo Swiss" or "the Company") today announced that it has received a new multi-year exploration and drill permit which facilitates the commencement of an extensive exploration and drill program at its Nelson Mining Camp Property, which includes its 100%-owned
Kenville Gold Mine. The initial phase 2,000-metre drill campaign began today testing areas south of the Venango veins located west of the
Kenville Mine. The program will then follow-up on the recent drill programs, and continue to test the strike extent of the high-grade veins intercepted 500 metres to the south of the Kenville Mine. These vein systems remain open in all directions and appear to increase in density south of the mine. See Figure 1 below.
Once the initial drill program is complete, the Company intends to initiate NI 43-101 resource estimates south of the Kenville Mine. Additionally, permits are in place for underground exploration including drilling and rehabilitation of the 275-level (one of seven levels) of the Kenville Mine. The drill programs, and rehabilitation of the 275-level will occur concurrently. Once rehabilitation of the 275-level is complete NI 43-101 resource work will commence. Further,
Anglo Swiss has initiated permitting plans for a bulk-sampling program to provide a more precise measure of gold grades and additional information for resource estimates. Currently there is a NI 43-101 resource outlined on the 257-level of the Kenville Mine, which includes an inferred resource of 357,000 ounces of gold at a grade of 0.68 oz/t gold.
(Source: Munroe, 2009) Until an economic evaluation is completed, the economic cut off for this deposit is unknown. Mineral resources are not mineral reserves and do not have demonstrated economic viability. This resource is reported at a cut-off grade of 0.00 oz/t gold.
"These are all important steps required to build upon the existing gold resource. As well as evaluating additional resources in the existing mine workings area, the positive drill results in 2010/2011 indicate that gold resources likely extend south of the Kenville Mine. In fact, the current footprint of the
Kenville south extension is larger than that of the historic mine workings at
Kenville, and those vein systems remain open for expansion," commented
Jari Paakki, CEO.
Anglo Swiss' technical team has been working diligently over the past few months compiling extensive amounts of data dating back to the 1940s on the Kenville Mine property as well as the extensive land holdings assembled during 2009/2010, which now make up the Nelson Mining Camp. This is the first time that the contiguous, 165 square kilometre property has been controlled by one operator.
Anglo Swiss has now built a comprehensive digital database and knowledge base to build and advance the project.
The information in this release was prepared under the direction of Mr.
Jari Paakki, P.Geo, CEO of the Company, a Qualified Person as defined by NI 43-101.
About Anglo Swiss: Anglo Swiss Resources Inc. controls a highly-prospective, Canadian, precious and base metal exploration property portfolio which includes its flagship 160 sq. km, Nelson Mining Camp, that hosts the 100%-owned Kenville Gold Mine, in southeastern BC; as well as its newly acquired 100%-owned,
Lansdowne House, Ring of Fire project in northwestern
Ontario. Further information about the Company may be found at
http://www.anglo-swiss.com or at
http://www.sedar.com. Information regarding the mineral resource estimate can be found in the technical report by
Richard Munroe, P. Geo, filed on SEDAR
October 7, 2009.
Cautionary Note Regarding Forward-Looking Statements: Certain statements made herein may contain forward-looking statements or information within the meaning of Canadian securities laws. Such forward-looking statements or information include, but are not limited to, statements or information with respect to Anglo Swiss Resources' plan for future exploration and development of its properties. Forward-looking statements or information are based on a number of estimates and assumptions and 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. Should one or more of these risks and uncertainties materialize, or should underlying estimates and assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. For example, there is no certainty, that any economically viable mineral deposit will be located on the Property, or that the Company will be able to raise sufficient capital to complete all of its exploration and drill programs. Accordingly, undue reliance should not be placed on forward-looking statements or information.
Anglo Swiss does not expect to update forward-looking statements or information continually as conditions change, except as may be required by securities law.
Neither 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.