VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 20, 2012) - Expedition Mining Inc. (TSX VENTURE:EXU) (the "Company") wishes to provide this update and summary of results on the 2012 exploration programs carried out on the Company's Nevada and Yukon projects.
In September and October a program of mapping and rock chip sampling was carried out on the recently acquired Black Hills, Jenny Hill and the Slate Mountain projects in Nevada. Grab samples collected during the initial prospecting of the area showed gold associated with quartz veining. Gold values of up to 8.5g/t over 1.5m were returned from the Black Hills property and 3.09g/t over 1.5m from the Jenny Hill property during the recent program.
A soil geochemical survey was initiated over the three projects in November, and is anticipated to be complete by January 2013. The Black Hills portion of the survey will be complete by the time of the Christmas break. All analyses are being carried out by ALS Chemex in Reno, Nevada.
The Long Canyon Project was recently added to the Company's portfolio of Nevada gold projects and an initial program of mapping, rock chip sampling and a soil geochemical survey are planned for January 2013.
The 2012 work program on the Joy and Mt. Mervyn was completed by Aurora Geoscience personnel and consisted of additional mapping and rock sampling. The majority of the work was carried out on the Joy project, with only a small program on the Mt. Mervyn. Gold results were uniformly low in the rock samples, with the exception of one vein sample containing 2.8g/t. Mapping of the Joy property has not located any significant sections of calcareous sediments leading the Company to conclude that the potential for Carlin style mineralization is low. As a result, the Company intends to terminate the option agreement on the Joy Property. The Company will maintain the Mt. Mervyn Project until such time as a follow-up program can be implemented to fully evaluate the property.
Mr. James Chapman, P.Geo., is the Qualified Person responsible for the design of the programs, and all exploration work on the Properties will be done under his supervision. Mr. Chapman has read and approved the technical content of this news release.
The Company also announces that an aggregate of 650,000 incentive stock options have been granted to directors and officers at an exercise price of $0.10 per share on December 14, 2012. The options are exercisable for a period of five years, ending on December 14, 2017 and are subject to the requirements of the Exchange and the Company's Stock Option Plan.
Expedition is a publicly held Canadian exploration company focused on acquiring, exploring and developing gold properties located in favourable geo-political climates. The company is led by a highly skilled, experienced board and management team with significant successes in managing early stage mineral exploration companies. For additional information concerning Expedition Mining Inc. or its various exploration projects please visit Expedition's website at www.expeditionmining.com.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS:
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "can", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Expedition Mining to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the exploration and potential development of any properties, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of gold. Although Expedition Mining has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Expedition Mining does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
ON BEHALF OF THE BOARD:
Ronald Atlas, President & Chairman of the Board
Standard & Poor's Listed
Issued Share Capital: 58,186,789
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.