Properties Located Near La Colosa and La Bodega Gold Discoveries
Symbol: CA TSX-V
VANCOUVER, Nov. 5 /CNW/ - Caerus Resource Corporation ("the Company")(TSX-V: CA) is pleased to report further property acquisitions in the region of two recent major gold discoveries in Colombia. White Gold Corporation's Colombian subsidiary, Oro Barracuda Ltda., has been informed by Ingeominas (Instituto Colombiano de Geologia y Mineria), that it has been awarded nine concessions (claim blocks) totaling approximately 14,000 hectares in the departments of Tolima, Quindio and Santander. Oro Barracuda has until December 13th to advise Ingeominas of its acceptance of title to the concessions, after which a total of approximately $ U.S. 121,000 will be due in canon fees. The claim blocks were selected based on favourable geologic features for potentially hosting gold deposits and their strategic location in areas of known gold mineralization.
Including the acceptance of the nine concessions, the total land package that Oro Barracuda controls is approximately 21,000 hectares in two of Colombia's prolific gold areas. The grants in Tolima and Quindio Departments establishes an exploration presence near the La Colosa gold discovery by Anglogold Ashanti Ltd. (NYSE: AU) that has a JORC compliant inferred mineral resource of 12.9 million ounces of gold. The grants in Santander Department enhances the exploration package Oro Barracuda currently owns which is strategically located 5 to 10 kilometers west of the emerging La Bodega gold discovery by Ventana Gold Corp (TSX:VEN).
Tolima and Quindio Departments / Five Titles Near La Colosa Gold Deposit
Five titles have been granted in Tolima and Quindio Departments and total approximately 8,000 hectares. Three of the concessions are located between Armenia, in the department of Quindio, and Ibague, in the department of Tolima, in the municipalities (counties) of Calarca and Cajamarca, and about seven kilometers from the La Colosa deposit of AngloGold. These concessions are located in an area of Paleozoic gneisses and schists with a thick but variable cover of recent volcanic ash, cut by strong NNE faults. The La Colosa deposit is hosted by a stock intrusive into the gneiss and schist. Intrusive stocks are exposed to the west and south, and the area beneath the ash cover represents a potential target for a concealed stock on the Oro Barracuda concessions. Oro Barracuda has applied for eight additional concessions adjacent to and contiguous with these three concessions.
The other two concessions are located south of the first three, in the municipality of Roncevalles, Tolima. These concessions are located in an area of strong NE faulting, where the Ibague Batholith is in fault contact with the Paleozoic gneisses and schists. Ingeominas reports a number of gold occurrences in this area. Oro Barracuda has applied for four additional concessions in this area.
Santander Department/ Four Titles Near La Bodega Project
Four titles have been received in Santander Department and total approximately 6,000 hectares. The concessions are located north of the town of Surata in the municipality of the same name. They are about 10 kilometers from Ventana Gold's La Bodega deposit in the California-Vetas District containing gold occurrences along a NE trending fault zone.
The concessions cover an area of hydrothermal alteration along and on both sides of a major NE-trending fault, where younger dioritic stocks and cupolas have intruded Paleozoic gneisses and dioritic dikes in hydrothermally altered Cretaceous sedimentary rocks that indicate the presence of concealed younger intrusives. There are prospects on veins in the altered area, some of which are said by local habitants to date from Pre-Colombian times. The target in this area is disseminated gold which may have been overlooked by prospectors searching for veins. Oro Barracuda has applied for additional concessions west, north and south of these concessions.
The Company is completing the Plan of Arrangement previously announced with White Gold Corporation, and expects to file documents in the immediate future.
Mr. Allen V. Ambrose, a director of the Company and a Qualified Person as defined by NI 43-101 has reviewed the content of this press release.
On Behalf of the Board of Directors of White Gold Corporation
John Gomez / President and Chief Executive Officer
On Behalf of the Board of Directors of Caerus Resource Corporation
Adrian F.C. Hobkirk / President and Chief Executive Officer
The TSX Venture Exchange has not reviewed the content of this News Release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this News Release. This news release contains certain "forward-looking statements" within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward-looking statements. The reader is cautioned not to place undue reliance on forward-looking statements. The transaction described in this News Release is subject to a variety of conditions and risks which include but are not limited to : regulatory approval, shareholder approval, market conditions, legal due diligence for claim validity, financing, political risk, security risks at the property locations and other risks. As such, the reader is cautioned that there can be no guarantee that this transaction will complete as described in this News Release. We seek safe harbour.
SOURCE CAERUS RESOURCE CORPORATION
For further information: For further information: Caerus Resource Corporation, 1525 - 57 Avenue West, Suite 212, Vancouver, BC, Canada, V6P 6E9, Tel: (604) 218-2716, Fax: (604) 569-2716, U.S. Tel: (714) 316-3272, www.resourceexploration.com, firstname.lastname@example.org