MONTREAL, QUEBEC--(Marketwire - Feb. 22, 2011) - Golden Tag Resources Ltd. (TSX VENTURE:GOG) ("GOG") and ECU Silver Mining Inc. (TSX:ECU) ("ECU") are pleased to announce that initial work on a Phase 5 program of exploration has been initiated by Chemrox Technologies, an experienced mining consulting group based out of Denver, Colorado. A Contract has been signed by the parties for the term of the drilling program which allows Chemrox to act as Operator on the 50/50 joint venture San Diego Property (the JV). Chemrox will report to, and act under the direction of the joint venture committee.
The exploration team from Chemrox will be led by Sean Muller, P.Geo. a Qualified Person (QP). Mr. Muller has over 37 years of experience in a variety of geological settings and deposits across North, Central and South America, including experience with economic evaluations and advancing projects through exploration, development to production.
The Phase V exploration program on the San Diego Property in Durango State, Mexico is expected to commence in the first quarter of 2011. The program will include 10,000 to 15,000 meters of surface diamond drilling with a budget of up to US$3,000,000. Chemrox have mobilized to site and are developing drilling and service contracts, required logistical support and infrastructure and are familiarizing themselves with the geology and previous work. Their review will conclude with 3D modeling of mineralization and with proposals for exploration during Phase V. Exploration shall include:
The proposed program of drilling will be reviewed and authorized by the JV Management Committee with drilling is expected to commence in the first quarter.
San Diego Property, Durango State, Mexico
Four phases of surface exploration have been previously undertaken by the JV on the San Diego Property. Successful exploration has identified a major new polymetallic Silver –Lead – Zinc – (Gold) [Ag-Pb-Zn-(Au)] mineral discovery on an extension of the Velardeña Mine trend. NI 43-101 compliant reporting in January 2009 [News Release: Jan 19th 2009] identifies combined Joint Venture Mineral Resources on the San Diego property of:
Mr. Sean Muller, P.Geo., an independent QP under the definition of NI 43-101, has reviewed the technical accuracy of this press release.
Golden Tag Resources Ltd.
Golden Tag is a junior exploration company exploring for high grade gold and silver deposits at the San Diego silver project in Durango State, Mexico; the Aquilon Gold project in James Bay, Quebec; and the McCuaig gold project in Red Lake, Ontario. Golden Tag has 45,950,958 issued and outstanding shares.
ECU Silver Mining Inc.
ECU Silver Mining Inc. is focused on the exploration, development and mining of gold, silver and base metals at its Velardeña District Properties in Durango, Mexico. The Company holds a NI 43-101 compliant mineral resource of 40 million silver equivalent (0.6 million gold equivalent) ounces in the measured and indicated category and 391 million silver equivalent (6.0 million gold equivalent) ounces in the inferred category. The Company also owns two mills with a combined capacity of 820 tonnes per day. ECU's mission is to become a pre-eminent silver and gold producer through the development of its existing and potential mineral resources at Velardeña.
Statements in the release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially. We undertake no duty to update any forward-looking statement to conform the statements to actual results or changes in our expectations.
The TSX or TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Footnote: Silver Equivalency
Silver Equivalent ounces use conversion factors established in the 43-101 Resource Evaluation reported in January, 2009. Conversion factors are: 26.60 g/t Ag per 1% Pb, 31.21 g/t Ag per 1% Zn. These conversions apply metal Recovery factors of 76% for silver, 71% for gold above 1gAu/t, 75% for lead and 44% for Zn; with commodity prices of US$11.60/oz for silver, US$640 ounce for gold, US$0.60/lb for lead and US$1.20lb for zinc.
Contact Information: Golden Tag Resources Ltd.
Marc A Carrier, President
514-426-8542
Fax: 514-426-8543
pres@goldentag.ca
www.goldentag.ca
or
ECU Silver Mining Inc.
Stephen Altmann, President
416-366-2428
Fax: 416-366-8131
ecu@ecu.ca
www.ecu.ca