VANCOUVER, BRITISH COLUMBIA, September 6 /CNW/ - CAPELLA RE
(TSX VENTURE:CPS) ("Capella" or the "Company") has been active in Atlantic
Canada since acquiring Tripple Uranium Resources Inc. ("Tripple Uranium") in
June. Capella's management is also actively seeking potential acquisitions to
add to the Company's portfolio of prospects in order to build its asset base
and at the same time increase shareholder value.
With the acquisition of Tripple Uranium came a group of geologists and
field personnel that have proven to be a great asset to the Company. In
addition to the acquisition of Tripple Uranium, Capella has taken further
steps to build its asset base by closing a $10 million financing and
conducting an extensive exploration program in Atlantic Canada (as outlined
below). While the stock markets overall, and uranium stocks in particular,
have experienced a decline, Capella's management believes that the current
share price does not reflect the current status of the Company.
In June, Capella began an extensive exploration program on its 407,000
hectares in Atlantic Canada (see the Company's news release dated August 15,
2007, posted on SEDAR at www.sedar.com). To date, Capella has drilled 10 holes
on its Wentworth property in Nova Scotia, and the Company is awaiting results
and expects the same by mid-September. Capella's two drill rigs that were
working in Nova Scotia were sent to Labrador in August to explore the
Company's Kanairktok River property, which is east-northeast of the joint
venture between Universal Uranium Ltd. and Silver Spruce Resources Inc. in the
Labrador Central Mineral Belt.
Capella has secured two additional drill rigs for its drilling program.
One drill rig is heading to Nova Scotia to complete the Company's 7,000-meter
program and the other drill rig will be heading to New Brunswick. Evaluation
of these properties continues, with diamond drilling planned in early
September. Drilling on both the Nova Scotia and the New Brunswick properties
will continue throughout the winter. At the peak of Capella's 2007 summer
drill program the Company had 24 geologists with field crews working on its
Capella's claims in Atlantic Canada represent approximately one million
acres of land, or approximately 1,574 square miles, making Capella one of the
leading land holders in Atlantic Canada.
We would like to thank all of our shareholders for their support. Capella
is continuously seeking out new opportunities, and with a continued commitment
from the Capella management team we will strive to make Capella a success.
About Capella Resources Ltd.
The Company is a publicly traded, junior exploration company with over
20,000 mineral exploration claims covering an aggregate land area coverage of
over 1,010,000 acres (407,800 hectares) in Atlantic Canada (Nova Scotia, New
Brunswick and Newfoundland and Labrador). The Company holds a 100% interest in
the Tinton Gold Project located 15 kilometres west-northwest of the famous and
historic Homestake Mine in the Black Hills at Lead, South Dakota. The property
consists of 1,270 hectares contained in 157 unpatented mining claims. The
Company also holds a 100% interest in the Nevada and Dorado Gold and Copper
properties located in the Maricunga Gold and Copper District approximately 700
kilometres northwest of Santiago, Chile. The properties are comprised of ten
exploration claims and six exploitation claims totalling a cumulative 3,500
hectares in area.
President, Capella Resources Ltd.
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dissemination in the United States.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The securities
have not been and will not be registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act") or any state securities
laws and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Skyline Investor Relations Brian Cole, Toll
Free: 1-866-433-3356 or 604-733-3356 email@example.com