TSX VENTURE: GNH
PINK SHEETS: GOLHF
MONTREAL, July 3, 2012 /CNW/ - Golden Hope Mines Limited (TSXV: GNH) (Pink Sheets: GOLHF) - Golden Hope Mines is pleased to provide its shareholders with an
exploration update at its Bellechasse claim block in southeastern
The Company recently released its first resource estimate at the
Bellechasse-Timmins gold deposit. This is a major milestone for both
Golden Hope and the Bellechasse Region of southeastern Quebec.
The estimate includes an indicated resource (using uncapped composites
and a cut-off grade of 0.60g/t) of 313,900 ounces of gold in 2.9
million tonnes grading 3.36 g/t within the T1 and T2 structures and an
inferred resource of 102,000 ounces in 2.2 million tonnes grading 1.46
g/t, which also included part of the T1, T2, Ascot and 88 zones.
Mineralization in these structures is open to depth, to the northeast
near surface, and to the southwest at depth.
The Bellechasse-Timmins gold deposit includes more than a dozen parallel
mineralized zones which have been intersected during exploration
adjacent to the T-1 and T-2 zones, but there was insufficient
confidence in the limited amount of data to permit inclusion in the
current resource estimate.
The Company's primary focus is to expand and grow the resource through
further exploration. Once the Company is confident in the level of
exploration, it will determine when it should complete a Preliminary
Economic Assessment (PEA).
The Bellechasse-Timmins gold deposit occupies less than 1% of the area
of the Company's claims within the Bellechasse Belt. The Company
believes additional deposits remain to be discovered. In addition,
none of the gold mineralization found appear to be the source of the
gold placer deposits historically mined in the region.
The Company also believes there is an excellent possibility for other
discoveries in addition to the existing resource at Bellechasse-Timmins
that will develop the area into a future mining camp. A good example is
the Champagne Deposit. It lies approximately 3.2 kms north of
Bellechasse-Timmins. It has a near surface historical non- 43-101
resource of 250,000 tonnes of massive and disseminated sulphides
averaging 2.4 g/t gold, 19.7 g/t silver, 2.7% zinc, 0.40% copper and
The Company completed a VTEM survey in late 2011, which detailed several
high quality VMS targets that demand to be drilled within close
proximity of the Champagne Deposit.
The Company also has a number of other high priority new targets for
gold, silver, and base metals, which it intends to drill. The Company
plans an exploration campaign which will include:
Bellechasse-Timmins: to expand upon the existing resource
Champagne: to bring this deposit into resource category
New Targets for gold, silver and base metals
"Although the market for junior exploration companies was difficult
throughout 2011, it has been particularly difficult, since the
beginning of March 2012. We believe that ultimately, fundamentals will
prevail and that the stage for Golden Hope is set. The
Bellechasse-Timmins gold deposit is simply scratching the surface of
what may lie within our large claim block in southeastern Quebec. The
possibilities for further discoveries are excellent and these have
tremendous potential to add significant value to our Company. To
further put things into perspective, at the current share price, our
Company's current market capitalization is approximately $10M. At
current gold prices of approximately $1,500 per oz, the indicated and
inferred resources of the Bellechasse-Timmins deposit equate to
contained gold value in excess of $600 million dollars. In addition,
we are trading at approximately $25 per ounce of gold in the ground.
While there is no guarantee that the Company will be successful in
expanding the resource or that the deposit will ultimately be converted
into a producing mine, the results are extremely encouraging. We have
moved from a company just exploring targets to one with a resource base
that we plan to build upon." states, Frank Candido, President, Golden
Hope Mines Ltd.
James E. Tilsley, P.Eng is acting as the qualified person (QP) for
Golden Hope in compliance with National Instrument 43-101 and has
reviewed the technical contents of this release.
About Golden Hope:
Golden Hope is a mineral exploration company that seeks to grow
shareholder value through the acquisition, exploration and development
of potentially large-scale gold and base metal projects suitable for
underground and/or open-pit mining. The Company's focus is in
southeastern Québec, Canada. The Company's claim blocks lie within an
area that extends approximately 100 kilometres along the Appalachians
of southern Québec from near Ste-Lucie-de-Beauregard to approximately
16 kilometres southwest of Beauceville. The Bellechasse-Timmins gold
deposit lies 5 kilometres southeast of St-Magloire within the
Bellechasse Belt, an approximately 18 kilometre long mineralized area.
The Bellechasse-Timmins gold deposit includes the T1, T2A, T2B,
Ascot/Road gold zones, and the 88 Diorite. The Company is also looking
to develop the Champagne zone, a partially explored base metal and gold
deposit that lies within the Company's Bellechasse Belt claims. A
recently completed VTEM survey may identify other similar targets along
the horizon. The Company is also working to develop other targets
within its claim blocks including the FSG gold and base metal target,
Chute du Bras, the LG showing, Moose Cliff, and Talon. For further
information on Golden Hope please visit www.goldenhopemines.com.
Statements Regarding Forward-Looking Information: Some statements contained in this news release constitute
forward-looking information within the meaning of Canadian securities
laws. Such statements include the timing for a technical report; and
plans for further exploration and drilling at Bellechasse-Timmins,
Champagne/VMS and other targets along the Bellechasse Belt, as well as
the potential impact of exploration on the resources of the Company.
Investors are cautioned that forward-looking information is inherently
uncertain and involves risks and uncertainties that could cause actual
facts to differ materially, including timing of and unexpected events
regarding the receipt and interpretation of drilling and assay results;
delays in the preparation of a technical report at SGS or elsewhere;
fluctuations in gold price and costs; and general economic conditions.
There can be no assurance that future developments affecting the
Company will be those anticipated by management. The forecasts
contained in this press release constitute management's current
estimates, as of the date of this press release, with respect to the
matters covered thereby. The Company expects that these estimates will
change as new information is received. While the Company may elect to
update these estimates at any time, the Company does not undertake to
update any estimate at any particular time or in response to any
SOURCE Golden Hope Mines Limited
For further information:
Golden Hope Mines Limited
Frank Candido: President, Director