SIMCOE, ON, March 26 /CNW/ - Metalore Resources Ltd (TSX) advises that a
rig has been placed on location and drilling will commence forthwith, ahead of
schedule(*) on the first of three Silurian development wells planned within a
1,200 acre undrilled section of its Norfolk Gas Field, Southwestern Ontario.
Hedged gas sales contracts, entered into during price spikes of the past
30 days, have enabled the company to achieve excellent 4th quarter earnings,
partly from gas held in storage.
The company also advises that drilling at Cedartree Lake was commenced in
February, as scheduled(*) and is expected to be continued until spring breakup.
Objective was/is to further extend the lengths, widths and depths of gold
mineralization encountered in previous preliminary drillings.
(*) referenced in Feb/08 quarterly report
For further information:
For further information: access the company website at
www.metaloreresources.com, or contact George Chilian, COO, at (519) 428-2464