SAN FRANCISCO, July 13, 2005 (PRIMEZONE) -- Global Prospecting Ventures, Inc. (Pink Sheets:GPVN) has signed an option agreement with Rich River Exploration Ltd. to acquire a 100% interest in the Nelson Group claims in south central British Columbia.
The Nelson Claim Group has been staked to cover several known high grade gold skarn mineral occurrences. These are similar to the auriferous skarn type mineralization ore occurrences in the Nickel plate and Hedley Mascot mines near the town of Hedley which together have produced 3,600,000 tonnes of ore from underground workings grading 0.408 opt gold.
Early exploration on the Nelson Group claims dates back to 1902. Over the years various companies completed exploration on the property including Hedley Gold Mining, Kelowna Exploration Co. Ltd, Hunston and Mcleod, Apex Exploration, Union Carbide and Cominco.
Sampling results:
-- A 1 metre section of skarn down the east wall of the 100 level
ran 11.18 grams per tonne gold and 0.27 percent copper.
-- The sample taken across 2.25 metres of marble down the west
wall of the 100 level yielded 6.31 grams per tonne gold.
-- Another sample yielded 6.03 grams per tonne gold and 0.10
per cent copper. This sample was taken horizontally across
3.75 metres of skarn and marble.
-- A select sample taken in 1902 yielded 7.7 percent copper, 96.00
grams per tonne silver and 96.00 grams per tonne
gold. (Minister of Mines Annual Report 1902, page 185).
-- A sample obtained from the 1.5 metre shaft on the Nelson
claim yielded 107.66 grams per tonne gold, 30.86 grams
per tonne silver and 0.22 per cent copper (Minister of
Mines Annual Report 1922, page 163).
-- The acacia occurrence produced 99 tones of ore in 1945, from
which 5754 grams of gold, 1680 grams of silver and 689
kilograms of copper were recovered. The ore was reported
shipped to a Tacoma Smelter.
More recent sampling by Cominco has confirmed the presence of high grade gold on the Nelson Group.
Summary results:
-- 25.0 gpt Au over 1 metre. -- 11.3 gpt Au over 3 metres. -- 19.0 gpt Au over 2 metres.
In 2000, Goldcliff Resource Corp. discovered gold skarn sedex-stratabound mineralization; in 2004 intersected high-grade gold values (34.30 grams per tonne gold) and have just commenced their 2005 exploration work program at Panorama Ridge in the Hedley gold basin.
Global's Nelson Group property has been proven to host high grade gold. The potential for this property to host new gold discoveries is very good. Global's focus, in the next stage, will concentrate on a re-sampling program in order to correlate existing high grade gold intercepts and further exploration for a large bulk tonnage type of deposit.
This press release contains "forward-looking" statements as that term is defined by Section 27A of the Securities Act of 1933 (the "Securities Act"), as amended, and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"), as amended. All statements that are included in this press release other than statements of historical fact are "forward-looking" statements. Although management believes that the expectations reflecting in these forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors could cause actual results to differ materially from the expectations as disclosed herein, including without limitation, in conjunction with these forward-looking statements contained in this press release.