HONG KONG and BELLINGHAM, Wash., Dec. 14, 2011 (GLOBE NEWSWIRE) -- Asia Properties, Inc. ("API") (OTCQB:ASPZ) today released a letter to give current shareholders an update on progress and company activities.
CEO, Daniel McKinney commented, "API is now progressing with our teams conducting geological work on our 3 high potential, volcanogenic massive sulfide ore deposits ("VMS") sites at the King's Point claim, namely; Rendall-Jackman, Beetle Pond and Golden Anchor. We expect to report on our results by next week." 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 Hammerdown gold mine, 3 km south of Kings 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.
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
"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. 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 157,000 ounces of gold combined with the above estimated remaining deposit of up to 480,000 ounces of gold recoverable equal 637,000 oz/gold. Commander Resources evolved from Major General Resources Ltd., a company incorporated in British Columbia in 1987 and traded publicly from 1990."
"A 500 meter long, 110 degree trending gold in soil geochemistry anomaly was outlined by Major General who compared it in size and magnitude to that of the Hammerdown Gold Deposit (Mullins 1994). Two holes totaling 299 meters were drilled under the anomaly, resulting in the discovery of the Golden Anchor Zone in RJ-12. The zone consists of highly anomalous gold values, up to 2.67 g/T across 1.0 meters, in sheared mafic volcanics."
API owns the mineral rights to Golden Anchor Zone.
API Creating Value
Daniel Mckinney, CEO of API commented "The correlation and similarity of our Golden Anchor VMS site discovered by Major General to their Hammerdown mine with up to 637,000 ounces of gold exceeds our greatest expectations for our King's Point acquisition. If, as we expect, this trend continues into our Golden Anchor VMS site, the resource potential for Asia Properties, Inc. could be enormous.
The Company is currently in discussion with several funding sources and investments banks to raise up to $10 million to drill out our three King's Point VMS sites and bring them up to NI-43-101 Measured resources. API is considering a possible dual listing on the TSX or another exchange and also to apply to upgrade to list on the OTCQX in 2012.
Please see : http://www.asiaprop.com/kings-point-gold/
McKinney concluded, "This is a very exciting time for the company. Our first two acquisitions in Canada where the mineralization potential is high and the political risk is very low are turning out to be big winners for the company. API management team and geological consultants conducted due diligence on dozens of mining deals over a 12 month period before we closed on Banroy and King's Point. This success was no accident."
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 $.12 a share.
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.