HONG KONG and BELLINGHAM, Wash., Dec. 5, 2011 (GLOBE NEWSWIRE) -- Asia Properties, Inc. (API) (OTCQB:ASPZ) announced today that its neighbouring claim co-owned by TSX listed companies Commander Resources Ltd. and its partner Maritime Resources Corp. have received a positive report from CAE Mining Corp. (formerly Datamine) identifying a preliminary estimate of gold mineralization that remains at their jointly held formerly producing Hammerdown mine located near Springdale, Newfoundland.
According to their news release (Nov 4, 2011) http://www.commanderresources.com/s/NewsReleases.asp?ReportID=489184&_Type=News-Releases&_Title=Commanders-Partner-Receives-Encouraging-Hammerdown-Report
"CAE prepared a theoretical model of the formerly producing Hammerdown mine incorporating 626 surface and underground diamond drill holes totaling 60,560 metres of drilling and containing 1,271 composite assays. A wireframe model was constructed of the original veins using the drill data. Using historic mine records, the mineralization contained in the mined out stopes was removed from the conceptual mineralized deposit. A theoretical block model was constructed of the remaining mineralization and various grade-tonnage alternatives were derived.
"The range of potential mineralization remaining at Hammerdown is estimated by CAE to range from 1,800,000 tonnes grading 8.3 g/t Au at a possible 1.0 g/t Au cut off, to 675,000 tonnes grading 16.6 g/t Au using a possible 7.0 g/t Au cut off. This would result in a possible mineralized deposit ranging from 360,000 to 480,000 ounces of gold remaining at Hammerdown. The potential quantity and grade is conceptual in nature and, in accordance with NI 43-101 guidelines, it is uncertain if further exploration will result in the target being delineated as a mineral resource.
"The Hammerdown mine operated from 2000 to 2004, while gold prices averaged $325/oz. During its operation a total of 315,000 tonnes of ore were extracted, at an average grade of 16.1 g/t Au, yielding a total of 157,000 ounces of gold."
API's Chief Executive Officer, Daniel Mckinney said, "This is excellent news regarding Commander Resources Hammerdown results and reinforces our research that there is commercial gold mineralization potential on our King's Point property which borders this mine."
King's Point:
API's geological consulting firm RDF has expressed confidence that they will be able to report positive results by January, 2012 and have chosen several key areas to focus exploration efforts. "RDF will be sampling the historic Rendall Jackman which should produce good numbers, said Mckinney. The Randall Jackman mine was last in production when gold was trading at $40/oz.
The Company also disclosed that it is now in final negotiations with another company to sell its Banroy claim in Quebec in order to focus on its King's Point property.
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
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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.