Trading Symbol: BMC - TSX-V
Shares Outstanding: 124,627,490
WINDSOR, NS, Jan. 18 /CNW/ - Buchans Minerals Corporation (BMC-TSX-V) ("Buchans Minerals") is pleased to announce the staking of 52 claims in
central Newfoundland covering 13 km2 of prospective geology on strike and tied onto Mountain Lake Resources
Inc.'s recently purchased Glover Island Gold project. The Buchans
Minerals claims cover the geological extension of the same rocks that
host anomalous gold mineralization on the Mountain Lake property,
extending 3 kilometres to the northeast of Mountain Lake's claims.
Mountain Lake's property hosts several significant gold prospects over
an 11 kilometre strike length, including drilled intercepts of 7.0 m
averaging 11.4 g/t gold at the Lucky Smoke prospect, 16.7 m of 5.31 g/t
gold at the LPSE Prospect, and 10 m of 4.93 g/t gold at Kettle Pond
South. Buchans' property is very well situated, covering favourable
geology less than 3 kilometres northeast and along strike of the Lucky
Non-NI 43-101 compliant resources have been calculated at the LPSE and
Kettle Pond South Prospects, and Mountain Lake have recently announced
that they intend to upgrade historical resources to NI 43-101
compliance standards, and drill additional prospects on the Property.
Buchans Minerals intends to conduct a preliminary prospecting program
this spring. Results will be assessed to determine the scope of
possible future programs. A map showing the location of the property is
available on the Company's website at http://www.buchansminerals.com
Paul Moore, M.Sc., P.Geo., (NL), Buchans Mineral's Vice President of
Exploration, is acting as Qualified Person in compliance with National
Instrument 43-101 with respect to this release and has reviewed the
contents for accuracy. Reported historical resources and assays for the
Mountain Lake property have been obtained from archived historic
assessment reports filed with the Newfoundland and Labrador Department
of Mines and Energy including report number 012A/12/1222 by Victor
French (New Island Minerals Limited), 1995.
About Buchans Minerals:
Buchans Minerals is an Atlantic Canada based resource company focused on
exploring and developing base metal and gold properties in the region,
including its flagship project covering the historic base metal Buchans
mining camp in central Newfoundland.
Forward Looking Statements:
Certain information contained herein may constitute forward-looking
statements within the meaning of applicable securities laws.
Forward-looking statements may include estimates, plans, expectations,
opinions, forecasts, projections, guidance or other statements that are
not statements of fact. Although Buchans Minerals (the Company)
believes the expectations reflected in such forward-looking statements
are reasonable, they can give no assurance that such expectations will
prove to have been correct. The Company cautions that actual
performance will be affected by a number of factors, many of which are
beyond its control, and that future events and results may vary
substantially from what the Company currently foresees. The Company's
forward-looking statements are expressly qualified in their entirety by
this cautionary statement.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
SOURCE BUCHANS MINERALS CORP.
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