NEWS - Torch River Announces Potential High Grade Moly Zone at Red Bird
posted on
Nov 06, 2007 04:25AM
Torch River Resources has a 25% interest in an advanced molybdenum property, Red Bird. Reserves have been classified by Giroux Consultants Ltd as 88.21 million tonnes indicated and 63.39 million tonnes inferred.
CALGARY, ALBERTA--(Marketwire - Nov. 6, 2007) - Torch River Resources Ltd ("Torch") (TSX VENTURE:TCR) (FRANKFURT:WNF) is pleased to announce the results of assays of a soil sampling program at its Red Bird molybdenum/copper/rhenium property in British Columbia.
The results of assays for soil samples taken on the Main Zone at Red Bird have returned results over a 450 meter long area North to South which indicate the possibility of a high grade molybdenum zone near surface. Because of the possible significance of such a zone, Torch River had its geologist resample seven of these areas and had those samples assayed by separate laboratories. The first set of assays were done at Pioneer Laboratories and the second set by ALS Chemex both in Vancouver, B.C.
A diagram showing the location of the Main Zone and the above soil samples can be viewed at Torch's web site at www.torchriver.ca.
Torch will target drill holes in this area of the Main Zone in its 2008 diamond drill program at the Red Bird property. The objective would be to prove a zone of high grade molybdenum near surface.
If such a high grade zone exists, Torch could consider applying for a small mines permit. The advantage to a small mines permit is that it can allow for possible production in a much reduced time frame. The capital costs of a small mine are also much reduced from a regular production mine. The downside to a small mines permit is that it limits the annual production to 75,000 tonnes of ore per year. The Red Bird property was proposed to go into production in the early 1980's by Craigmont Mines Ltd.
Andris A. Kikauka, P.Geo.is a Qualified Person under NI 43-101 and has reviewed and approved the technical data in this press release.
Torch is a company listed and trading on the TSX Venture Exchange, symbol: TCR For all Torch River investor relations needs, investors are asked to visit the Torch River IR Hub at http://www.agoracom.com/IR/Torchriver where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to tcr@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.
This press release may contain forward-looking statements which may include estimates, plans, expectations, opinion, forecast, projections, guidance or other statements that are not statements of fact, including without limiting the generality of the foregoing, statements made regarding drilling on Torch's Red Bird property. Although Torch believes that the expectations reflected in such forward looking statements are reasonable, it cannot give any assurance that such expectations will prove to be correct. Results of Torch including its ability to mobilize and drill on schedule may be affected by a variety of variables and risks associated with the mining industry such as availability of human and capital resources, competition, exploration and development plans and results, anticipated capital expenditures and financing thereof, timing of applications and approvals. As such the future plans and objectives of Torch are forward-looking statements that involve risk and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in such statements. Torch's forward-looking statements are expressly qualified in their entirety by this cautionary statement. Unless otherwise required by applicable securities laws, Torch does not intend nor does it undertake any obligations to update or review any forward-looking statements to reflect subsequent information, events, results or circumstances or otherwise.
FOR FURTHER INFORMATION PLEASE CONTACT:
Torch River Resources Ltd.
Dr. William E. Pfaffenberger
President and CEO
(403) 444-6888
Email: torchriver@telus.netWebsite: www.torchriver.caor ProActive Communications Co.Local Vancouver: (604) 541-1995 Toll Free: 1-800-540-1995 The
TSX Venture exchange does not accept responsibility for the adequacy or accuracy of this release.