BELLINGHAM, Wash., Sept. 27, 2007 (PRIME NEWSWIRE) -- Chanaral Resources Inc. (Pink Sheets:CRLR) (Frankfurt:BYH) announces that it has received a geophysical review and summary of the company's Quince Iron Project located in Region 111, Chile. The report was prepared by Mr. Carl Windels in association with Quantec Geoscience Chile Ltda.
In March of this year, the company contracted Mr. Windels and David Cadwell to visit the company's Fe property near El Salado, Chile in preparation for the company's 2007 exploration program. This was primarily a reconnaissance mission to establish contact with local personnel and evaluate conditions on the site with the intention to mobilize assets required to conduct a full-scale operation.
All available ASARCO (1999) and Chanaral Resources magnetic data, gravity data and composited drill results were integrated in the report using UTM Zone 19S, PSAD56 Datum as a common coordinate system. The Quince claims were registered by Asarco as part of a broad reconnaissance program along the Atacama fault in the late 90's.
The 64-page report compiled all previous data collected from Asarco from their exploration of the area in 1999. Based on previous drill results and this years ground magnetic survey, and gravity survey completed by Quantec, a drill program will be proposed. This anticipated drill program is expected to delineate a significant inferred mineral resource at the combined targets along the 4 km gravity anomaly exceeding 500,000,000 Metric Tons at a grade of greater than 45% magnetite. Copper prospects will also be evaluated for future exploration programs within and adjacent to the present Hanwell Chile S.A. concessions.
Mr. Jan Olivier, President and CEO of Chanaral Resources commented, "Obviously we are very encouraged by the report prepared by Mr. Windels on our prospects. Based on the current price of iron ore of US$150 per ton CIF, the magnitude of the project, the markets increasing demand for the commodity and the close proximity to a deep sea port, we feel that we have a potential commercially viable, world class resource."
About Chanaral Resources:
Chanaral Resources, Inc (http://chanaralresources.com/) is an early stage U.S. based junior resource exploration company. The company's strategy is based on acquiring properties that have shown potential for further exploration and development. The company utilizes a team of resource industry experts to locate and verify mining properties that through previous exploration and test results have warranted future development. The company's objective is to become a major player in the global mining and resource industry.
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