Pinnacle Mines and Mountain Boy Minerals ramp up for a record year of exploration at the Silver Coin Project British Columbia
Trading Symbols: TSX.V:PNL
and O7M - Frankfurt Stock Exchange
VANCOUVER, May 15 /CNW/ - Pinnacle Mines Ltd. and Mountain Boy Minerals
Inc. are pleased to announce that the exploration season at the Silver Coin
project has commenced with preliminary road preparations to enable the
movement of drill rigs and other equipment to the property. This year
$2.5 million will be spent on exploration and related studies on the property,
including 10,000 meters of core drilling. At the end of the exploration year
the total number of meters drilled starting from 1982 to 2008 will be over
67,000. Snowden Mining Group in Vancouver has worked with Pinnacle geologists
to design a dual purpose program that is intended to upgrade the resource
confidence categories and to increase the resources overall. The property
consists of 25 claims comprising approximately 1,500 hectares with a
structurally controlled deposit already greater than 800 meters long, up to
300 meters wide and approximately 100 meters in thickness. Measured and
indicated in-pit resources at a 0.75 gpt gold cutoff grade are shown in
thechart below. These resource estimates are NI 43-101 compliant.
In-pit mineral resource by category above 0.75 g/t Au-Equivalent
Silver Coin 43-101 Technical Report - Minefill Services Inc. -
April 27, 2007
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Au-Eq
Class Tonnes (all Au Ag Zn Au Au-Eq (oz)
metals) g/t g/t % (oz) (Au,Ag only)
g/t
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Measured 1,010,474 4.754 3.721 14.487 0.448 120,880 129,844
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Indicated 7,884,484 1.922 1.167 10.367 0.298 295,811 345,865
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Total M+I 8,894,958 2.244 1.457 10.835 0.315 416,691 475,709
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In addition MineFill Services has calculated an inferred resource as
follows:
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Inferred 13,214,809 2.737 2.149 5.927 0.276 912,992 960,955
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The drill program is also intended to identify areas of potential
underground mining. This new drilling will be incorporated into an updated
data base and a new NI 43-101 technical report at the end of the exploration
season.
The Silver Coin project and associated mineral claims is presently a
51-49% joint venture between Pinnacle Mines and Mountain Boy Minerals except
for the Kansas claim which is owned 70.2% by Pinnacle and 29.7% by Mountain
Boy.
Pinnacle is also evaluating what work it may carry out this year on the
Summit Lake property which was acquired as part of the transaction in which
Pinnacle acquired Tenajon's interest in the Silver Coin project.
Pinnacle Mines is a Canadian based mineral exploration and development
company with assets in Canada and Mexico. In Canada, Pinnacle holds the Silver
Coin property in near proximity to Barrick Gold's Eskay Creek Mine and borders
on the Silbak-Premier Mine which produced 1.8 million ounces of gold and 40.7
million ounces of silver. In Mexico, Pinnacle has options to acquire and is
currently exploring two copper-gold-silver targets located within the state of
Oaxaca.
Mr. Jeffrey Wilson and Mr. Alex Walus are the Company's qualified persons
under NI 43-101.
On behalf of the Board of Directors
"Paul Saxton"
President & CEO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or the accuracy of the content of this
news release.
%SEDAR: 00005272E
For further information: Paul Saxton, President or John Van Duzen at
(604) 688-7377 or visit Pinnacle's website at www.pinnaclemines.com
