VANCOUVER, Oct. 1 /CNW/ - Frontier Pacific Mining Corporation ("Frontier
Pacific")(TSX-V: FRP) and Cosigo Resources Inc. ("Cosigo"), a private B.C.
corporation, are pleased to announce the award and signing of a Concession
Contract (the "Contract") with the Instituto Colombiano de Geologia y Minera
("INGEOMINAS") for the Taraira Gold Concession (the "Taraira Concession") in
the Department of Vaupes, south eastern Colombia. The Contract was signed on
September 28, 2007 by the Colombian branch of Cosigo Frontier Mining Corp.
("Cosigo - Frontier"), a private B.C. company. The B.C. company is owned 51%
by Frontier Pacific and 49% by Cosigo.
The 9,973 hectare Taraira Concession was awarded to Cosigo - Frontier by
INGEOMINAS following a competitive bidding process involving a number of
international mining companies. Frontier Pacific has the option to invest
US $2 million on exploration over a three year period to retain its ownership
position in Cosigo - Frontier. The Contract duration is for thirty years with
an option to extend the option period for an additional thirty years.
The Taraira Concession covers portions of the Taraira Gold Belt in south
eastern Colombia and north western Brazil. Gold in the Belt is hosted in
Precambrian metasedimentary conglomerates of the Pedrera Formation part of the
Guyana shield that are exposed in prominent erosional ridges. Dr. Joseph H.
Montgomery has stated that: "The Taraira Gold Belt may be likened to
paleoplacer deposits similar geologically to the classical Witwatersrand of
South Africa. The deposits carry both stratabound detrital gold and later
hydrothermal gold/quartz mineralization. In addition, extensive recent placer
deposits have formed through erosion of the original deposits."
Minercol, now part of INGEOMINAS, carried out a diamond drill program to
identify gold occurrences and complete thin section analysis on the Taraira
Concession. Cosigo-Frontier will follow-up the Minercol work and commence a
mapping and sampling program of the extensive known gold occurrences on the
Taraira Concession. Starting in October the program will focus on the Serrania
(ridge) de Machado within the Taraira Concession. Trenching and sampling of
the gold occurrences that have produced important quantities of alluvial gold
as documented by Minercol, will be followed by an exploratory drilling program
in January 2008.
Peter F. Tegart, P.Geo. of Frontier Pacific and Dr. Joseph H. Montgomery,
P.Eng. of Cosigo, both Qualified Persons under the guidelines of National
Instrument 43-101 policies, are responsible for the contents of this news
About Frontier Pacific:
Frontier Pacific is developing the advanced Perama Hill gold project in
north eastern Greece, held by its wholly-owned subsidiary Thracean Gold Mining
S.A. The Company has earned an undivided 50% interest in the Macusani Uranium
Project in south eastern Peru where it is the operator and has recently
completed a twenty thousand meter diamond drill program. More information is
available on http://www.frontierpacific.com
On Behalf of the Board of Directors,
FRONTIER PACIFIC MINING CORPORATION
"Peter F. Tegart"
Peter F. Tegart, P. Geo., President & CEO
The TSX Venture Exchange (the "Exchange") has not reviewed and does not
accept responsibility for the accuracy or adequacy of this news release.
The Exchange has in no way passed upon the merits of the proposed
transaction and has neither approved nor disapproved the contents of this
This news release may contain forward-looking statements that are based
on Frontier Pacific expectations, estimates and projections regarding its
business and the economic environment in which it operates. These statements
are not guarantees of future performance and involve risks and uncertainties
that are difficult to control or predict. Therefore, actual outcomes and
results may differ materially from those expressed in these forward-looking
statements and readers should not place undue reliance on such statements.
Statements speak only as of the date on which they are made, and the Company
undertakes no obligation to update them publicly to reflect new information or
the occurrence of future events or circumstances, unless otherwise required to
do so by law.
For further information:
For further information: FRONTIER PACIFIC MINING CORPORATION (TSX-V:
FRP), Suite 875 - 555 Burrard Street, Box 205 - Bentall Two Centre, Vancouver,
B.C. Canada, V7X 1M8, Phone: (604) 717-6488, Fax: (604) 717-6427,