/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Dec. 9 /CNW/ - Cline Mining Corporation ("Cline Mining" or the "Company") (TSX:CMK). Cline Mining announces that a National Instrument 43-101 Report (the "43-101 Report") has been delivered to the Company with respect to its Cline Lake gold mine property (the "Gold Mine Property"). The Gold Mine Property is located in Jacobson Township in the Wawa gold camp in Northern Ontario, Canada and consists of a Mining Lease issued by the Government of Ontario. The 43-101 Report was prepared by Dr. D. McBride P.Eng., an independent Qualified Person for purposes of NI 43-101. The Report will be posted on the Company's website at www.clinemining.com as well as on SEDAR at www.sedar.com. Graphics on the gold mine property will also be shown on the Company's website. Dr. McBride has also reviewed and approved the technical content of this press release.
The 43-101 Report identifies seven new gold zones and areas of potential for future exploration work. It is thought that these gold zone targets have the potential for deposits similar to the Island Gold deposit of Richmont Mines which presently contains reserves and resources of 1.1 million tons and 1.57 million tons grading 0.25 ounces and 0.304 ounces per ton respectively, Both the Cline Mining and Richmont Island Gold deposits lie along the Goudreau-Lochalsh gold Belt in the Wawa Gold Camp, which also includes the adjacent Strike Edwards as well as the Magino gold property, both past producing gold mines.
The Cline Gold Mine Property previously produced 332,670 tons of gold ore at a recovered grade of 0.21 ounces of gold per ton. There are four mine shafts on the Property from the earlier gold mining operations. $4.2 million has been expended on exploration of the Gold Mine Property during the past several years, resulting in the discovery of the new 88-60 Zone with an indicated gold resource of 204,000 tons grading 0.221 ounces of gold per ton. The more recent drill programs discovered the additional seven new gold zones mentioned above. The seven new gold zones are significant. Historically, gold exploration drilling on the property has been targeted above the 500-foot vertical depths. In addition to the discoveries themselves, some holes were drilled to vertical depths of up to 2,000 feet. Drilling results from these new zones returned important intersections in grade and width including 2.10 ounces per ton over 23.7 feet; 0.29 ounces per ton over 10.4 feet; 0.9 ounces per ton over 9.0 feet; and 0.26 ounces per ton over 12.0 feet. Details are set out in the 43-101 Report (pp. 65, 66, 67). The discoveries and results from this work on the new zones show improving values at depth and in a similar geological setting to the Hemlo, Laronde and Lapa deposits.
The 43-101 Report states that "Plans and sections were prepared to determine the position of the gold zones. Seven new gold zones and areas of potential were detected. Each of these targets has potential to add significantly to the gold resource on the property and most remain open long strike and along the dip. To this end a program of 20,000 metres of drilling is proposed to test each of the targets with sufficient holes to assess its potential. The cost of this first phase program is $2,500,000.
The second part of the program will consist of a decline to evaluate the 88-60 Zone, the Pick Zones and the seven new zones outlined in the first phase program. From this access, underground evaluation of the seven gold zones in detail can be completed. The cost of this phase is estimated at $12,500,000".
About Cline Mining
In addition to its Cline Lake Gold Mine Property, Cline has significant metallurgical coal property interests in British Columbia, Canada and in Colorado, U.S.A. with NI 43-101 compliant independent Technical Reports. Cline Mining Corporation is a mine development company focused on the exploration and development of metallurgical steel making coals in Canada and the U.S., iron ore in Madagascar and the Cline Lake Gold Mine Property in northern Ontario, Canada.
CLINE MINING CORPORATION
Ken Bates, President and Chief Executive Officer
Forward Looking Information
This news release may contain forward-looking statements (including "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) concerning the fact that the Gold Mine Property contains mineralized lens that can support a medium sized mining operation based on the 43-101 Report. Information relating to the magnitude or quality of mineral deposits is deemed to be forward-looking information. The timing of drilling and work recommended by the 43-101 Report is based on current internal expectations, which may prove to be incorrect. Other risk factors are discussed under "Risk Factors" in Cline's 2008 Annual Information Form, and include management's ability to anticipate and manage risk factors. Such forward-looking statements necessarily involved known and unknown risks and uncertainties that are common to junior mineral exploration companies. These risks and uncertainties include, among other things, the Company's need for additional funding to continue its exploration efforts, changes in general economic, market and business conditions, and competition for, among other things, capital and skilled personnel. These statements are not a guarantee of future performance and undue reliance should not be placed on them. The Company undertakes no obligation to update or revise any forward-looking statements except as required by applicable securities laws.
Copies of the Company's Canadian public filings are available at www.sedar.com. The Company further cautions that information contained on, or accessible through, this website is current only as of the date of such information and may be superseded by subsequent events or filings.
This Press Release, required by applicable Canadian laws, is not for distribution to U.S. News Services or for dissemination in the United States, and does not constitute an offer the securities described herein. The securities referenced herein have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.
Head Offices: Toronto Office: TD Canada Trust Tower, 161 Bay Street, 27th
Floor, Toronto, ON M5J 2S1 / Vancouver Office: Suite 2950 - 650 West
Georgia Street, Vancouver BC V6B 4N8
SOURCE Cline Mining Corporation
For further information: For further information: Contacts: Ken Bates, President and CEO, Ernest Cleave, Vice-President and CFO, Office: (416) 572-2002, Email: email@example.com, Website: www.clinemining.com