VANCOUVER, British Columbia, June 7, 2007 (PRIME NEWSWIRE) -- Consolidated Spire Ventures Ltd. ("Spire") (TSX-V:CZS) is pleased to announce that over 76,800 hectares of prime exploration ground has been staked by the Company on a recently recognized epithermal gold/silver district. The staked ground comprises four properties which are located north and northwest of the El Oro-Tlalpujahua Gold/Silver Belt in the states of Guanajuato and Michoacan, Mexico. These four properties are:
1. Los Agustinos Property = 31,690 ha 2. Buenavista Property = 9,200 ha 3. Las Joyas Property = 32,067 ha 4. Santo Nino Property = 3,930 ha
Mineralization within the above properties comprises quartz veins, stockwork veining and areas with excellent potential for disseminated type precious metal mineralization. This last possibility is more evident in the Las Joyas and Buenavista Properties where extensive areas of silicification, advanced argillic alteration and particularly large areas of vuggy quartz and alunite point to precious metal epithermal high sulphidation systems.
Vuggy quartz is a typical characteristic of high sulphidation epithermal precious metal deposits. Zones of residual, vuggy quartz with halos of advanced argillic quartz-alunite alteration have been observed in these properties. Also, areas of stockwork quartz veining and hydrothermal breccia have been observed.
A regional stream sediment program has recently been completed on the properties and geological reconnaissance work is underway.
Spire intends to initially explore these properties and farm out the properties to Joint Venture partners to offset further exploration costs. A finder's fee will be paid in connection with the staking and acquisition of these properties.
The Qualified Person for this news release is Victor Jaramillo, P.Geo., Exploration Manager, Consolidated Spire Ventures Ltd.
The newly acquired Yago Gold/Silver Property is located in the state of Nayarit, Mexico, on the Pacific coast, approximately 50kms north of the city of Tepic. Currently, this property is the subject of an option agreement with Almaden Minerals Ltd. (TSX:AMM), whereby Spire can earn a 60% interest. The property comprises 16 claims that total 2,731 hectares and lies within the coastal lowlands of the West Coast of Mexico. A diamond drill program is underway at Yago, as well as an aggressive trenching program in a new area called Sagitario.
Spire's North American Projects
The 100% Spire owned Merritt, BC, Prospect Valley Gold Property is a large gold open pit and vein type target. Geological field work indicates that there has been little erosion on the property. It is known that in these types of systems high grade gold and silver is precipitated over vertical intervals of generally 300m to 600m. Previous drilling at Prospect Valley reached vertical depths of approximately 100m from surface. Drill results have confirmed wide anomalous gold zones typically found at these depths. The company feels that the next phases of exploration and the planned deep drilling on the Prospect Valley Gold Property are extremely important toward finding the expected much larger and richer bonanza gold/silver zones associated with these low sulphidation gold epithermal systems.
The Mexico, Campanario Gold-Silver property is a bulk tonnage gold target located approximately 25kms southwest of Oaxaca City, Mexico. Currently this property is the subject of an option agreement with Almaden Minerals Ltd. (TSX:AMM) ("Almaden"), whereby Spire can earn a 60% interest by expending $3.5 million in staged exploration expenditures, and giving Almaden a total of 500,000 shares of Spire over a five-year period, after which a joint venture will be formed between Almaden and Spire to further explore the property.
ON BEHALF OF THE BOARD "Brian Buchanan" President and Director
This Company Press Release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.
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