Alta Mining (FOGC) Begins Exploration in BC, Canada
(firmenpresse) - HENDERSON, NEVADA -- (Marketwire) -- 08/16/11 -- Fortune Oil and Gas, Inc. (PINK SHEETS: FOGC) () subsidiary Alta Mining announces the commencement of the 2011 exploration program on the SGH property, located in Slocan, BC, Canada.
The project consists of over 1000 Hectares of mineral claims located in a well-known mining district of Slocan associated with high grade silver formations. Initial work on the property consisted of collating all historical exploration work and all geological information available into a mapping and geo-analytical database for a detailed study of the property. This initial step has been successfully completed.
Current phase of exploration covers mineralized zones that are a host to significant silver mineralization systems, which have been noted in previous exploration work. Historical findings are already well mapped and described, giving an excellent starting point for start of our field exploration program, however, Alta is not treating the historical findings, especially findings dating to the end of 19th and beginning of 20th century as current mineral resources as these will not be significantly relied upon. The exploration will exclude possibility to define a new discovery of vein systems within the major mineralization structures, or sub paralleling these structures as mineralized formations have intention to be naturally exposed over such a big span of time.
The company is ready to undertake a field program that may include but is not limited to prospecting, mapping, extensive soil sampling, and follow-up trenching and rock chip sampling. The initial focus of the geological and prospecting programs will be to reconfirm historically outlined findings on the property and make the findings compliant with the National Instrument 43-101. It is anticipated that additional targets will be developed through ground work. The following phase of exploration would include further work on these additional targets.
Company management stated, "We are very optimistic that this exploration phase will confirm our prediction that silver bearing mineralization will occur in values that are calling for new extensive exploration program structured to further reveal a full potential of company's property. Company is fully capitalized to complete the work and all of assay results and other relevant information will be released as it is received and verified."
More updates on both subsidiaries to follow shortly.
Safe Harbor Statement
Information in this news release may contain statements about future expectations, plans, prospects or performance of Fortune Oil & Gas, Inc., that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be," "expects," "may affect," "believed," "estimate," "project" and similar words and phrases are intended to identify such forward-looking statements. Fortune Oil & Gas, Inc. cautions you that any forward-looking information provided by or on behalf of Fortune Oil & Gas, Inc. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. Fortune Oil & Gas, Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond Fortune Oil & Gas, Inc.'s control. In addition to those discussed in Fortune Oil & Gas, Inc.'s press releases, public filings, and statements by Fortune Oil & Gas, Inc.'s management, including, but not limited to, Fortune Oil & Gas, Inc.'s estimate of the sufficiency of its existing capital resources, Fortune Oil & Gas, Inc.'s ability to raise additional capital to fund future operations, Fortune Oil & Gas, Inc.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match Fortune Oil & Gas, Inc.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. Fortune Oil & Gas, Inc. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
SOURCE Fortune Oil & Gas, Inc.
Contacts:
Investor Relations
1-647-426-1640
Investor Relations Department Inquiries
For M&A and Corporate Matters
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 16.08.2011 - 19:45 Uhr
Sprache: Deutsch
News-ID 47300
Anzahl Zeichen: 0
contact information:
Town:
HENDERSON, NEVADA
Kategorie:
Mining & Metals
Diese Pressemitteilung wurde bisher 204 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Alta Mining (FOGC) Begins Exploration in BC, Canada"
steht unter der journalistisch-redaktionellen Verantwortung von
Fortune Oil & amp; Gas, Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
