HONG KONG and BELLINGHAM, Wash., Sept. 19, 2011 (GLOBE NEWSWIRE) -- Asia Properties, Inc. ("API") (OTCQB:ASPZ) today released a letter to give current shareholders and potential investors an update on progress and company activities.
CEO, Daniel McKinney commented, "API is moving forward with its plan for geological work for its Banroy claim as well as its 3 high potential, volcanogenic massive sulfide ore deposits ("VMS") sites at its King's Point claim, namely; Rendall-Jackman, Beetle Pond and Golden Anchor. The King's Point concession consists of 53 claims on 1325 hectares (3273 acres) of rich poly-metallic formations."
The Golden Anchor site borders the Commander Resources (TSX-listed) Lochinvar VMS deposit, which is adjacent to the former Hammerdown gold mine, 3 km south of King's Point near Springdale, Newfoundland. Two small lenses (VMS pods) of the Golden Anchor Gold Zone occur in the immediate hanging wall of the Lochinvar base metal deposit. www.commanderresources.com.
The Orion gold mine is 1700 m southwest of the Hammerdown mine. Drilling at 50 m x 40 m spacing in that deposit indicates 80,000 to 120,000 ounces of in-situ gold. The Orion mine was sold by Commander Resources to Maritime Resources (TSX-listed) for 12 million shares and CAD $1 million in 2010.
The following Company activity is currently in progress:
1. Golden Anchor – the property borders the Lochinvar poly-metalic deposit owned by Commander Resources. Between now and the end of 2011, our geologists will be performing ground geophysics (magnetometer and Induced Polarization) and implementing a grid map in order to better define targets in the Golden Anchor area that were previously identified by Commander Resources.
2. Beetle Pond – geophysical work (magnetometer and Induced Polarization) will start this winter when the lakes are frozen and can support equipment directly over the target.
3. Rendall-Jackman – this deposit has had a long history of exploration dating back to 1909. Several shafts were sunk and a small amount of material was last mined when gold was trading at $40 an ounce. Two strata-bound VMS bodies have been identified on the property and are of the "Betts Cove" Type –known for its copper, zinc and gold credits. We plan to start drilling on this site in 2012 to identify the main ore bodies and to ultimately reopen the gold mine.
All of the geological data will be used towards completion of a NI 43-101 report.
Please see: http://www.asiaprop.com/kings-point-gold/
The company has a tight share structure of 38.22 million fully diluted shares outstanding and has issued no options and warrants. ASPZ today trades at just $.18 a share. The company is now engaged in an aggressive acquisition program for both producing gold mines and those with confirmed geological reports.
McKinney concluded, "Our strategy going forward is to implement smart, creative deals using leverage to minimize shareholder dilution and create value while balancing project development with fiscal responsibility. Our first two acquisitions are in Canada where the mineralization potential is high and the political risk is very low. The proximity of our claims to operating gold mines is extremely encouraging. We will keep our shareholders informed on our progress in the development of our current gold mining properties and other acquisition activities underway. This is a very exciting time for this company."
About Asia Properties, Inc.: is a Nevada corporation and trades on the OTCQB under the symbol "ASPZ". The transfer agent is Transfer Online, Inc. of Portland, Oregon. Please visit our website: www.asiaprop.com
The Asia Properties, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=1733
This press release contains forward-looking statements based on management's expectations and beliefs, and may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Readers are cautioned not to place undue reliance on the forward-looking statements made in this press release.