TSX VENTURE: GNH
Pink Sheets: GOLHF
MONTREAL, March 30, 2012 /CNW/ - Golden Hope Mines (TSX VENTURE: GNH)(Pink Sheets: GOLHF) has since April 2011, embarked on an exploration campaign at Bellechasse-Timmins with the objective of producing a resource estimate in early 2012. SGS Geostat of Blainville, Quebec had been mandated to oversee the drill campaign and prepare the resource estimate as independent qualified persons.
Since June 2011, the company has drilled a total of 40 holes or 16,681 metres at Bellechasse-Timmins. The company has announced the results of all drill holes up to and including BD2011-180. Holes BD2011-181 through BD2012-194 remaining outstanding and will be announced as soon as they are received and interpreted.
"We expect to announce our first resource estimate shortly. This is not only a major achievement for our company but as well for the regions of Bellechasse and the Beauce, which are historically gold rich regions, and have essentially been overlooked by the exploration community. This will be a first very important step in gaining market recognition for our company, the exploration project and the region. Although southeastern Quebec is a part of the Appalachian belt, it has gone essentially un-explored and yet holds much potential. We not only expect to further expand the known deposit through the outstanding drill holes that have not yet been assayed but through continued future drilling as well. We also believe that there is further potential for other gold and base metal deposits throughout our claims and throughout the region", states Frank Candido, President, Golden Hope Mines Limited.
The company is also expectantly awaiting assay results on two holes BB2012-04 and BB2012-05 or 705 metres that were drilled approximately 6-8 kilometers south of Bellechasse-Timmins within the belt at the Béland Showing. These holes as well as all outstanding holes will be announced as soon the data are received and interpreted.
The company has also drilled 9 holes or 1,660 metres at the Champagne Zone. The Champagne zone is a known historical VMS deposit, which holds potential for gold, silver and base metals. The company is very encouraged by the visuals observed from the drill core.
The company flew a VTEM survey in December 2011 to identify additional VMS conductors within the property. The company also acquired additional claims covering extensions of the Champagne horizon that was previously announced in a press release dated January 17, 2012.
Geotech Ltd. of Aurora, Ontario carried out the helicopter-borne geophysical survey. The results from that survey have been received and the company is currently selecting from a number of promising potential drill targets to be explored further in the upcoming spring exploration program. More information on these targets will be shared with our shareholders as we near the commencement of the Spring 2012 campaign.
The results for the outstanding drill holes at the Champagne Zone will be released when they are received and interpreted.
Claude Duplessis, Eng and Claude Bisaillon, Eng. are qualified persons (QP) in compliance with National Instrument 43-101 and have reviewed the technical contents of this press release.
James E. Tilsley, P.Eng is acting as the qualified person (QP) for Golden Hope in compliance with National Instrument 43-101 and has reviewed the technical contents of this release.
This news release contains certain forward-looking information as defined in applicable securities laws (referred to herein as "forward-looking statements"). Specifically, this news release contains forward-looking statements regarding the drill results being incremental to current potential. Forward-looking statements involve known and unknown risks, uncertainties and other factors which are beyond Golden Hope's ability to predict or control and may cause Golden Hope's actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. Golden Hope undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law.
About Golden Hope Mines Limited:
Golden Hope Mines Limited is a mineral exploration company that seeks to grow shareholder value through the acquisition, exploration and development of potentially large-scale gold and base metal projects suitable for underground and/or open-pit mining. The company's focus is in southeastern Quebec, Canada. The company's claim blocks lie within an area that extends approximately 100 kilometres along the Appalachians of southern Quebec from near Ste-Lucie-de-Beauregard to about 16 kilometres southwest of Beauceville. The Bellechasse-Timmins gold deposit lies 5 kilometres southeast of St-Magloire within the Bellechasse Belt an approximately 18 kilometre long mineralized area. The Bellechasse-Timmins gold deposit includes the T1, T2A, T2B, Ascot/Road gold zones, and the 88 Diorite. The company is also looking to develop the Champagne zone, a partially explored base metal and gold deposit that lies within the Company's Bellechasse Belt claims. A recently completed VTEM survey may identify other similar targets along the horizon. The company is also working to develop other targets within its claim blocks including the FSG gold and base metal target, Chute du Bras, the LG showing, Moose Cliff, and Talon. For further information on Golden Hope Mines Limited please visit www.goldenhopemines.com.
For further information:
Investor Relations USA:
American Capital Ventures
Richard Hull: 305-918-7000