VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 13, 2011) - Parlane Resource Corp. (TSX VENTURE:PPP) (the "Company") is pleased to announce that it will be commencing a Phase I surface exploration program at its Big Bear Project.
The Big Bear property is located in the Omineca Mining Division, Nechako Plateau in central British Columbia, approximately 100 kilometres south of Vanderhoof and covers 14,366 ha. It is located between two mineralized systems: the Blackwater property explored by Richfield Ventures Corp. and Silver Quest Resources' Capoose. The Big Bear is highly prospective for the discovery of similar high-level epithermal, subvolcanic intrusive porphyry and transitional mineralization.
Capoose's 2011 updated resource estimate at a gold equivalent ("AuEq") cut-off grade of 0.40 grams per tonne ("g/t") is 31.22 million tonnes grading 0.38 g/t gold and 26.5 g/t silver for 383,823 contained ounces of gold and 26,593,915 contained ounces of silver in an Indicated category and 37.23 million tonnes grading 0.37 g/t gold and 24.6 g/t silver for 443,206 contained ounces of gold and 29,517,933 contained ounces of silver in an Inferred category (Silver Quest Resources, January 20, 2011 new release).
Blackwater's estimated global indicated resource, at a base case cut-off grade of 0.40 g/t Au, is 53.46 million tonnes at an average grade of 1.06 g/t Au containing 1.83 million ounces gold, with an additional 75.45 million tonnes at an average grade of 0.96 g/t Au containing 2.34 million ounces gold in the Inferred category (Richfield Ventures Corp., November 22, 2010 news release).
Big Bear field crews will commence an integrated, comprehensive field exploration program including property scale geological mapping, extensive silt sampling on all drainages and soil and rock sampling throughout following subsidence of high water conditions. Complimenting the on-the-ground emphasis is an airborne EM survey that is designed to further define future drill targets for Phase II of the exploration program. An extensive logging road network and recent beetle-kill harvesting provides excellent access to the Big Bear project area.
Ian Webster, P.Geo., is the Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the contents of this release.
ON BEHALF OF THE BOARD
Robert Eadie, President, Chief Executive Officer and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Robert Eadie
President, Chief Executive Officer and Director
1-604-602-4935
1-604-602-4936 (FAX)
info@parlaneresource.com
www.parlaneresource.com