VANCOUVER, Oct. 14 /CNW/ - Happy Creek Minerals Ltd. (TSX-V: HPY, the
"Company") wishes to provide a general update on the Company's status. Happy
Creek Minerals was designed from the beginning to minimize investment risk and
maximize return potential.
The Company currently has $1.90 million of cash in the bank, and is
taking steps to minimize overhead expenditures while continuing to perform
low-cost exploration on its projects. The Company's current cash position is
felt to be sufficient for the next year.
The Company's copper, molybdenum, tungsten, gold and silver properties
are all located in British Columbia, Canada, and are adjacent to existing
mines or resource based infrastructure, including power and local labour
sources. This allows any newly discovered mineral deposit a better chance to
be developed to production even with lower commodity prices.
The Company's mineral properties are owned 100%, with key tenures in good
standing for another five to ten years. This means there are no large
financial commitments or deadlines forced upon the Company.
The Company has generated several significant new prospects in the past
The Rateria property is located ten to fifteen kilometres southeast of
Teck's Highland Valley copper concentrator, where in their published second
quarter report of 2008, they report mining an average grade of 0.31% copper.
On the Rateria property, two new copper zones were discovered that remain
undefined and open in extent. Drill results from Zone One includes 37.0 metres
of 0.579% copper, and 100.0 metres of 0.285% copper, and in Zone "A", drilling
in 2008 intersected potentially economic grades including 103.25 metres of
0.335% copper, and 177.0 metres of 0.366% copper that remain open in extent.
Significant higher grade zones occur and include 42.0 metres of 0.865% copper,
0.012% molybdenum, and 4.36 grams per tonne silver. Results for the balance of
drilling, performed up to 1.2 kilometres to the southwest of zone "A", are
pending. Recent geological field work in conjunction with drilling and
geophysical surveys suggest zone "A" is part of a five kilometre long corridor
having potential for several significant copper deposits. In addition, there
remain several other large untested geophysical targets, each of which is felt
to have excellent potential. The Company has recently acquired a 100% interest
in additional property that adjoins Teck on the east, west and south sides,
and cover important district scale geology that is similar to the Rateria
The Silverboss property is located northeast of 100 Mile House B.C. The
property adjoins and largely surrounds the former Boss Mountain molybdenum
mine, currently owned by Xstrata PLC. The Boss Mountain mine was one of
Canada's most significant and highest grade molybdenum producers that closed
in 1984 due to prolonged molybdenum prices below $4.00/lb, not for a lack of
mineralization. Currently molybdenum prices are $31.0/lb. Exploration to date
by the Company suggests the molybdenum mineralization at the mine expands
outwards, beyond the mine property and well onto the Company's Silverboss
property, with surface rock samples returning up to 0.67% molybdenum. The
Company feels the Silverboss property is an important asset, and we will
strive to unlock its ultimate value for shareholders.
The 200 square kilometre Fox property is located approximately twenty
five kilometres east of the Boss Mountain mine, and in 2007, the first-ever,
widely spaced drilling on the property confirmed a large scale
tungsten-molybdenum system occurs over 1.5 kilometres by 500 metres in
dimension. In context with the property being fifteen kilometres from existing
industrial power and has excellent road access, potentially economic grade
drill results include 5.0 metres of 0.33% W0(3) (tungsten trioxide), 2.0
metres of 0.74% W0(3), 0.45 metres of 1.13% W0(3), and 0.28 metres of 1.56%
W0(3). In addition, drilling intersected a molybdenite bearing layer that
returned 1.7 metres of 0.51% molybdenum (Mo), and 150 metres away, 0.50 metres
of 0.51% molybdenum that remains open in extent. Boulders on surface have
returned up to 5.46% W0(3), and up to 12.778% molybdenum. Four kilometres to
the north of this zone the same geological setting with outcrop samples
containing up to 7.11% W0(3) over 0.25 metres and large scale and positive
tungsten and molybdenum in soil and rock samples occur for an additional two
kilometres. On the Fox property, the favorable geology and associated tungsten
and molybdenum mineralization has been identified over a distance of ten
kilometres, which is very significant on a global scale. The Company feels the
Fox property holds excellent potential to generate a tungsten and molybdenum
resource comparable to some of the largest in the world, with the additional
benefit of being in proximity to infrastructure allowing a lower cost
The Company will continue to perform its low-cost exploration that has
been successful in generating new targets and advancing them to returning
potentially economic drill results. The decision to further advance these
projects by drilling or wait until more favorable market conditions to return
is ours to make, and the Company will fully engage the experience of our Board
of Directors and advisors to ensure we make the best possible choices for the
ultimate benefit of our shareholders going forward.
David Blann, P.Eng. is a Qualified Person as defined by National
Instrument 43-101 and is responsible for the preparation and approval of the
technical information disclosed in the news release.
On behalf of the Board of Directors,
"David E Blann"
David E Blann, P.Eng.
This news release has neither been approved nor disapproved by the TSX
Venture Exchange. The TSX Venture Exchange does not accept responsibility for
the accuracy or adequacy of the contents of this news release. This news
release may contain statements that are forward looking and subject to risk
and uncertainty more fully described in the company's prospectus and public
filings located on SEDAR.
For further information:
For further information: Corporate Office: Phone: (604) 662-8310, Email:
firstname.lastname@example.org; Investor Relations: Hugh Oswald, Ascenta Capital
Partners Inc., Phone: (604) 684-4743 ext. 243, Toll free: 1-866-684-4743 ext.