TORONTO, Feb. 5 /CNW/ - Moss Lake Gold Mines Ltd ("Moss Lake") is pleased
to announce that initial drilling has been completed on its wholly-owned Moss
Lake Gold Deposit. Line cutting work has been initiated to facilitate the
completion of the planned 6,000 metre drilling program, due to commence this
spring. The Company's drilling program is designed to provide in-fill and step
out drilling required to upgrade the resource model and advance the project
towards the pre-feasibility stage.
The Company is currently awaiting assay results from a recently completed
step out hole, ML-07-24, designed to test the western extension of the Main
zone. It is the Company's intention to have this core on display at the
upcoming PDAC Convention in Toronto in the "Core Shack" from March 2-3.
The Company's wholly-owned Moss Lake deposit is located 100 km west of
Thunder Bay, Ontario, in the Shebandowan greenstone belt. A recent NI 43-101
compliant technical report completed by independent consultants Watts, Griffis
& McOuat Ltd. ("WGM") defined an inferred resource of 56.1 million tons
grading 0.027 ounces gold per ton for the Moss Lake deposit, containing
1.51 million ounces of gold. This includes 39.0 million tons grading
0.035 ounces per ton applying a 0.015 ounce per ton cut-off grade.
On January 15, 2008 the Company announced that it had re-engaged WGM to
undertake a preliminary economic assessment on the project to include
operating and capital cost estimates and economic models for a large open pit
operating scenario based on WGM's NI 43-101 compliant resource model.
Sustained gold prices at current or higher levels merit a full
re-evaluation of the project's potential. Management is actively pursuing the
development of the Moss Lake Gold Deposit via technical advancement, increased
exploration and increased corporate visibility.
Moss Lake Gold Mines Ltd. is listed on the TSX-V exchange under the
symbol "MOK" and has 43.9 million shares issued and outstanding.
For further information:
For further information: on Moss Lake Gold Mines Ltd. please contact:
George Mannard, P.Geo, President or Donovan Pollitt, VP Corporate Development,
8 King St. East, Suite 1305, Toronto, ON, M5C-1B5, Toll Free: 1-866-4-WDO-TSX,
Phone: (416) 360-3743, Fax: (416) 360-7620, Website: www.mosslakegold.com