TORONTO, ONTARIO--(Marketwire - Nov. 28, 2012) - Windamere Ventures Ltd. ("Windamere" or the "Company") (TSX VENTURE:WV) has commenced an initial 3,800 metre diamond drilling program focused on advancing the Capricornio Gold project located in Antofagasta region of Chile.
Will Randall, President and CEO of the Company, commented "With the recent successful completion of a $7.5 million financing, the commencement of drilling signals the beginning of a new era for Windamere Ventures. While we have completed significant work on surface, the drill results will truly indicate the potential of Capricornio. The drill program has been designed to both corroborate historical drill results, such as 7.17 gram per tonne gold over 9 metres and 3.84 grams per tonne gold over 21 metres, and test the continuation of this mineralization. These mineralized structures are open on strike and down dip."
Two diamond drills have been mobilized; the first of the two diamond drills has been on site since Monday 19th of November, while the second drill commenced drilling on November 26th of November. Both drills are expected to drill HQ size core in order to provide maximum insight into the mineralized structures. Plunge directions for the mineralized areas have not been properly identified yet, such that adequately sized drill core will provide insight into the preferred orientation of gold mineralization, in conjunction with other complementary exploration work.
Prior to the mobilization of diamond drilling at Capricornio, Windamere completed ground geophysics and structural mapping and interpretation of the mineralized structures. Ground geophysics consisted of a magnetic survey with line spacing varying between 40 and 80 metres. While final results are not available at the time, preliminary results indicate the continuation of the structural corridor hosting the mineralized veins for another 5-6 kilometres in a NNE direction.
Structural mapping and interpretation was undertaken by structural geologists familiar with the area. In particular, the principal geologist has had previous experience in neighbouring multi-million ounce epithermal gold deposits. The final report is expected this week.
About Windamere Ventures Ltd:
Windamere Ventures Ltd is a Canadian-based mineral exploration company . Windamere's prime focus is advancing its 100% owned Capricornio project, located in Antofogasta region of Chile. Windamere trades on the TSX Venture Exchange and has approximately 46.9 million common shares issued and outstanding.
The Projects are supervised by Vernon Arsenau, Windamere's Vice President of Exploration. Mr. Arsenau is considered a Qualified Person, as defined by National Instrument 43‐101.
On behalf of the Board of Directors of WINDAMERE VENTURES LTD.
William Randall, President, and CEO
Cautionary Notes
Except for statements of historical fact contained herein, the information in this press release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding the planned exploration program, timetable for further exploration, analysis and development, title disputes or claims; and governmental approvals and regulation. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, financing risks, acquisition risks, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
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:
William Randall
President, and CEO
(416) 309-2697