Buchans River intersects 44.73 metres of 7.21% combined base metals comprised of 4.85% zinc, 1.64% lead, 0.72% copper, 19.4 g/t silver & 0.17 g/t gold in Lundberg Zone definition drilling



    Trading Symbol: BUV - TSX-V
    Shares Outstanding: 33,694,557

    HALIFAX, Feb. 6 /CNW/ - Buchans River Ltd. (BUV-TSX-V) ("Buchans River")
is pleased to provide results for the first three drill holes of a planned
40 hole, 5,000 metre, drill program on the Lundberg Zone located adjacent to
the Lucky Strike glory hole of the historic Buchans mine in central
Newfoundland.
    Hole H-3356, located about 40 metres south of the old Buchans mine
headframe, confirms excellent width and grade within the southeastern
mineralized trend where mineralization extends to surface beneath 1.27 m of
overburden. This hole returned a 44.73 metre intersection assaying 7.21%
combined base metals (Cu+Pb+Zn) comprising 4.85% Zn, 1.64% Pb, 0.72% Cu,
19.4 g/t Ag and 0.17 g/t Au. Included in this section are high-grade intervals
including 3.00 metres assaying greater than 17.14% combined base metals.
    Hole H-3358, located approximately 40 metres northwest of H-3356 and
about 20 metres east of the western edge of the Lucky Strike glory hole,
yielded a 51.00 metre intersection assaying 3.55% combined base metals
comprising 2.04% Zn, 0.83% Pb, 0.68% Cu, 11.0 g/t Ag and 0.11 g/t Au.
    The third hole, H-3357, located approximately 55 metres south of H-3356,
on the edge of the Asarco historical resource, cut a narrower zone of
mineralization within the interpreted fringe of the higher grade corridor and
yielded a 12.50 metre intersection assaying 1.83% combined base metals
comprising 0.85% Zn, 0.26% Pb, 0.72% Cu, 27.5 g/t Ag and 0.37 g/t Au beneath
5.25 metres of overburden.

    Results
    -------

    Assays reported herein are from the first three holes of the program, all
of which were collared in the southeastern portion of the Lundberg zone, where
previous drilling by Asarco showed the mineralization to extend to surface.
Previous drilling by Asarco also indicates this area is underlain by a
corridor of higher grade material trending to the southeast, where it remains
open beneath the site of the former Buchans mill (since torn down). Results
are compiled in the table below. A map showing hole locations with respect to
the historical resource, as well as, interpretative combined base metal
contours, (%Zn+%Pb+%Cu) is available at Buchans River's website at
http://www.buchansriver.ca/.

    
    -------------------------------------------------------------------------
                                        Zn Pb
                                           Cu
                                Core   combi-
        Drill    From     To  length      ned     Zn    Pb    Cu    Ag    Au
         hole      (m)    (m)     (m)      (%)    (%)   (%)   (%) (g/t) (g/t)
                                          (xx)
    -------------------------------------------------------------------------
    H-08-3356    1.27  46.00   44.73     7.21   4.85  1.64  0.72  19.4  0.17
    -------------------------------------------------------------------------
    including    2.00  19.25   17.25     8.86   6.16  1.66  1.05  26.7  0.30
    -------------------------------------------------------------------------
         with   10.75  13.75    3.00    17.14  12.60  1.75  2.79  42.3  0.25
    -------------------------------------------------------------------------
         also   11.25  11.75    0.50    20.55  16.20  1.94  2.41  40.8  0.28
    -------------------------------------------------------------------------
          and   19.25  37.50   18.25     7.70   5.13  2.02  0.55  18.2  0.12
    -------------------------------------------------------------------------
         with   25.35  29.50    4.15    14.03   9.23  3.77  1.03  17.6  0.14
    -------------------------------------------------------------------------
         also   26.00  26.50    0.50    21.01  12.80  7.70  0.51  25.7  0.15
    -------------------------------------------------------------------------
          and   37.50  46.00    8.50     3.26   2.00  0.91  0.35   7.6  0.03
    -------------------------------------------------------------------------
          and  141.00 142.00    1.00     1.10   1.04  0.01  0.05   1.4  0.01
    -------------------------------------------------------------------------
          and  147.00 148.00    1.00     1.92   1.45  0.44  0.03   3.4  0.01
    -------------------------------------------------------------------------
    H-08-3357    5.70  18.20   12.50     1.83   0.85  0.26  0.72  27.5  0.37
    -------------------------------------------------------------------------
    including    5.70   6.70    1.00     4.30   1.43  0.61  2.26   7.5  0.01
    -------------------------------------------------------------------------
         also    9.60  10.11    0.51     5.99   1.63  0.46  3.90  83.9  1.14
    -------------------------------------------------------------------------
          and    20.2   22.2    2.00     1.17   1.15  0.01  0.01   1.2  0.01
    -------------------------------------------------------------------------
    H-08-3358    5.00  56.00   51.00     3.55   2.04  0.83  0.68  11.0  0.11
    -------------------------------------------------------------------------
    including   28.40  49.20   20.80     6.24   3.70  1.59  0.95  13.1  0.06
    -------------------------------------------------------------------------
         with   32.10  36.10    4.00    11.39   7.03  3.21  1.16  21.5  0.07
    -------------------------------------------------------------------------
         also   35.10  35.60    0.50    18.30  13.00  3.90  1.40  20.5  0.07
    -------------------------------------------------------------------------


    (*)  True widths have not been estimated due to the stockwork and
         disseminated nature of mineralization intersected, though previous
         drilling suggests the mineralization consists of a
         "stratigraphically controlled blanket" below massive sulphides
         (Thurlow and Swanson, 1981) Geology and ore deposits of the Buchans
         Area, central Newfoundland. In: Swanson, E.A., Strong, D.F., and
         Thurlow, J.G., (editors), The Buchans Orebodies: Fifty Years of
         Geology and Mining. Geological Association of Canada Special Paper
         22. page 127, (pages 113-142). All holes were drilled vertically
         from surface.

    (xx) Combined zinc, lead and copper percentages for each interval added
         together.

    Program Description
    -------------------

    The program is designed to provide sufficient data to aid estimation of a
National Instrument 43-101 (NI 43-101) compliant inferred resource for an
undeveloped zone of subcropping stockwork and disseminated mineralization
located adjacent to the former high grade Lucky Strike mine. To date, Buchans
River has completed 23 holes totaling 2,500 metres of the planned 5,000 metre
program with additional assays anticipated to be received in batches of
multiple holes, as the program progresses. By compiling a new NI 43-101
resource estimate, Buchans River management hopes to begin assessing the
Lundberg zone as a potential open pit mineable bulk tonnage resource as well
as identify portions of the zone that may host significantly higher grades
that may be exploitable by either open pit or underground means.

    Historical Resource
    -------------------

    The Lucky Strike mine was operated by the American Smelting and Refining
Company ("Asarco") between 1928 and 1959 and yielded historical production
totaling (*)4.3 million tonnes averaging 18.36% Zn, 8.42% Pb, 1.67% Cu, 113 g/t
Ag and 1.7 g/t Au. The zone of disseminated to stockwork mineralization
referred to as the Lundberg zone hosts a historical uncategorized resource
estimate completed by Asarco in 1974 of approximately 11.8 million tonnes
averaging 1.83% zinc, 0.67% lead, 0.38% copper, 0.16 ounces per ton silver
(5.5 g/t) and trace gold(xx). This estimate was prepared before implementation
of National Instrument 43-101 (NI 43-101), is considered historic in nature,
and therefore cannot be relied upon. Details on the historic estimate are more
fully disclosed in the Buchans River's news release dated September 10, 2007.

    (*)  Past production figures for the Buchans Mines including the Lucky
         Strike mine were obtained from an article written by Neary, G.N.,
         1981: The Buchan Orebodies: 50 years of geology and mining. In:
         Swanson, E.A., Strong, D.F., and Thurlow, J.G., (editors), The
         Buchans Orebodies: Fifty Years of Geology and Mining. Geological
         Association of Canada Special Paper 22. Page 61, Table 2.

    (xx) Trace gold is less than 0.01 ounces per ton gold (i.e. less than
         0.35 g/t gold), the lower detection limit of historical gold assays
         used in Asarco's resource estimate.
    

    Management's Comment
    --------------------

    Warren MacLeod, President of Buchans River stated "We are very pleased
with these results and are excited about our exploration activities in Buchans
which are geared towards finding potentially open pit exploitable bulk tonnage
resources adjacent to the former high-grade mines as well as new high grade
deposits. Management is also extremely pleased with the rapid progress being
made by the new management group over the past 12 months, as we endeavor to
write a new chapter in the long history of this historic mining district."

    Other Programs
    --------------
    Buchans River continues to plan additional drill programs for 2008 and
currently expects to begin a 2,200 metre drill program at its Clementine West
prospect within the next two weeks or as winter snow conditions allow. Details
of this program are described in the company's news release dated January 10,
2008. In addition, Buchans River currently plans to maintain its 49%
participating interest in the Tulks Hill joint venture with partner Prominex
Resources Corp.

    Qualified Person & Sampling Procedure
    -------------------------------------

    The drill program is being managed by Mercator Geological Services
Limited of Dartmouth Nova Scotia under the direction of Peter Webster, P.Geo.,
(NL). Drill intercepts quoted are core lengths and true widths have not been
estimated due to the stockwork and disseminated nature of mineralization
intersected, although previous drilling suggests the mineralization consists
of a "stratigraphically controlled blanket". Logging, sampling and assaying
procedures are being completed as per Buchans River's QA/QC protocols as
described in Buchans River's press release dated August 29, 2007. Paul Moore,
M.Sc., P.Geo., (NL), Buchans River's Vice President of Exploration, is acting
as Qualified Person in compliance with National Instrument 43-101 with respect
to this release and has reviewed the contents for accuracy.

    About Buchans River
    -------------------

    Buchans River is a resource company based in Halifax, Nova Scotia, Canada
and is focused on exploring and developing base metal properties in the famous
Buchans mining camp in central Newfoundland and Labrador, Canada. Buchans
River is 26.39% controlled by Royal Roads Corp. (RRO - TSX-V) ("Royal Roads")
which currently owns 8,890,953 Buchans River shares. Royal Roads is a
Halifax-based resource company also developing base metal properties in
Newfoundland and Labrador. Together, Royal Roads and Buchans River control a
total of 33,700 hectares within central Newfoundland's Victoria Lake and
Buchans mining camps, including the historic Buchans mine (owned by Buchans
River) and the Daniels Pond deposit (owned by Royal Roads). Buchans River also
controls several exploration properties outside of the Buchans camp, including
several under joint venture to Prominex Resource Corp. (PXR - TSX-V) and
Playfair Mining Ltd. (PLY - TSX-V), which are being actively explored.

    Forward Looking Statements
    --------------------------
    Certain information regarding Buchans River contained herein may
constitute forward-looking statements within the meaning of applicable
securities laws. Forward-looking statements may include estimates, plans,
expectations, opinions, forecasts, projections, guidance or other statements
that are not statements of fact. Although Buchans River believes that the
expectations reflected in such forward-looking statements are reasonable, it
can give no assurance that such expectations will prove to have been correct.
Buchans River cautions that actual performance will be affected by a number of
factors, many of which are beyond the Buchans River's control, and that future
events and results may vary substantially from what the Company currently
foresees. Buchans River's forward-looking statements are expressly qualified
in their entirety by this cautionary statement.

    For additional information on the Company's properties and activities,
please visit our web site at http://www.buchansriver.ca/.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.
    %SEDAR: 00004513E




For further information:

For further information: Warren G. MacLeod, President & CEO; David
Felderhof, Vice-President, (902) 444-3637, Halifax, Nova Scotia

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BUCHANS RIVER LTD.

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