VANCOUVER, Feb. 1 /CNW/ - Colibri Resource Corporation is pleased to welcome Ronald Goguen, Sr., President, CEO and Chairman of the Board of Landdrill International Inc. to our Board of Directors. Mr. Goguen is the founding shareholder of Landdrill International Inc's predecessor company, and he has been President & CEO of Landdrill since taking them public in March 2006. Ron purchased his first exploration drilling company, Ideal Drilling, in 1980. In 1981, he added a second exploration drilling company and increased sales and net income significantly. Those companies were combined to become Major Drilling Group International Inc., a publicly traded company that has traded on the TSX since March 1995 (TSX:MDI). Ron served as President and Chief Executive Officer until 2000 and during this time was a key driving force in building Major Drilling into one of the largest mineral drilling service companies in the world (33 operations in 15 countries).
Since leaving Major Drilling in 2000, Ron has served as the President of Royal Oaks Real Estates Inc. and Royal Oaks Golf & Country Club. He has been a member of the Board of Directors of Northeast Bank since 1990. During 2006 Ron was appointed Chairman of the Board for Beaver Brook Antimony Mine Inc., and he remained so until bringing this operation into production during early 2008. Beaver Brook is the largest antimony mine outside of China. Now that this company is operating, management has been put in place to carry on its operation and Ron remains one of its Directors. During 1995 Ron was named Atlantic Canada's Entrepreneur of the year as presented by Governor General of Canada.
Colibri continues to advance its core exploration projects, located in the State of Sonora, Mexico, with field mapping, chip sampling and administrative matters. Ongoing mapping on the Colibri claim, an oxide gold project, (6564 hectares of claims) in the prolific Herradura - El Chanate Megashear belt, has expanded the area of known mineralization and extent of large scale low angle fault structures typical of this class of ore deposit. The project now presents greater than 20 kilometers of length of low angle fault structures in two belts trending southeast-northwest across the entire area. Recent exploration has focused on the Naranja Zone in the south and the Tortuga-Diente zones in the north (see updated map posted at www.colibriresourcecorp.com) Within these zones, 415 rock chip samples collected over a 6.5 square kilometer area have returned values up to 35 grams/tonne Au. 340 of these samples returned assays of greater than 10 ppb Au. The aggregate average of the 340 anomalous rock chip samples is 0.87 grams/tonne Au.
On the Leon Project, geological mapping has identified the same rock types and style of mineralization within the company claim package (6600 hectares) that are described within the El Creston ore body on the adjacent Creston Moly Corporation claim (www.crestonmoly.com). The Main Zone within the Creston claim contains 249,948,000 pounds of molybdenum in a NI 43-101 compliant proven and probable mineral reserve.
Within the Leon claim occur Precambrian granites (the Creston granite) and associated Early Tertiary porphyries that are believed to be the same units described as hosts of the Creston ore body, located approximately 2 km to the east of the contiguous claim boundary. Two generations of normal faults separate the Creston ore body from the Leon claim package: an earlier generation of shallow, northeast-dipping low angle detachment faults, the Gemini and Creston faults, both of which are cut by the "Puerto Creston" high angle fault and a related family of southwest-dipping faults. Reconstruction of fault movements using a Precambrian quartzite marker unit places the Creston ore body above similar mineralized rock formations on the Leon Project at the time of mineralization (~54 Ma; see Barra et al., 2005). Prior drilling on the Leon Project (see August 25, 2008 and June 11, 2008 news releases) revealed intercepts of molybdenum of substantially higher grades and nearer to the surface than the Creston Moly ore body. Highlights include 72 meters of 0.195 % Mo between 22m and 94 meters depth in LEDH18, plus 72 meters of 0.120 % Mo between 0 and 72m depth in LEDH17.
The company has received from INDABBIN (the Mexican National Instituto de Adminastracion y Evaluo de Bienes Nacionales) an official government evaluation of the land owned by a rancher that covers a large part of the Ramard Project. Current rental valuation is 192.81 pesos per hectare per year, approximately Cdn $15.6 dollars per hectare per year. This is the price the company would be expected to pay this rancher for access to the ranch for mineral exploration and exploitation purposes as dictated by Mexican laws. This valuation is an important administrative step in the legal process to obtain long term access to ranchland.
"After attending the recent Roundup in Vancouver and speaking with many professionals associated with our industry, I am very optimistic that now is the time to move ahead with our projects because of the ability to finance exploration work" said Lance Geselbracht, P.E., President of Colibri. We announced almost a year ago that we would conserve cash while completing field work on our properties, but no drilling. This has left us in a position to consider various scenarios including partnering options and drilling/exploration programs. "I am excited that Ron Goguen has decided to join our Board, his incredible breadth of experience with mineral exploration and corporate management will prove very valuable as we move forward."
Colibri advises that 450,000 incentives stock options have been granted to directors and officers of the company. The options are exercisable at 8 cents per share for a period of five years, subject to regulatory approval, and will expire on January 31, 2015.
Exploration was conducted under the supervision of J.J. Irwin, B.Sc., Ph.D., the qualified person under National Instrument 43-101 on this project.
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SOURCE Colibri Resource Corporation
For further information: For further information: Visit our website at www.colibriresourcecorp.com or call Lance Geselbracht, P.E., at (250) 755-7871