VANCOUVER, June 23 /CNW/ - Happy Creek Minerals Ltd. (TSXV: HPY, the
"Company") is pleased to announce it has commenced a diamond drilling program
of approximately 3,000 metres in nine holes on its Rateria property.
The Rateria copper property is located approximately 10 kilometres
southeast of Teck Cominco's Highland Valley copper mine concentrator. Here,
Teck Cominco reported a 2007 operating profit of $737,000,000 from material
averaging 0.37% copper. The Rateria property is underlain by similar geology,
structure, alteration and mineralization as the known Highland Valley
Happy Creek Minerals Ltd. is the first to employ the modern three
dimensional induced polarization (3D IP) geophysical survey method in Highland
Valley. The Company believes there is opportunity in using this new technology
as 95% of the area is covered by 10-30 metres of glacial till, making current
and historical exploration difficult. In 2005, the Company completed a 3D IP
survey over a portion of the Rateria property and drilling discovered the new
Zone 1 within areas having IP values of approximately 6-7 milliseconds.
Results include 10.35 metres grading 1.545% copper and 8.5 g/t silver,
100.0 metres grading 0.285% copper, and 189.3 metres grading 0.222% copper,
including 84.0 metres containing 0.302% copper. This zone remains open in
During February and March, 2008, the 3D IP survey was expanded to the
west and northeast. This survey identified four new targets that appear to
have a stronger response and one is significantly larger in size than Zone 1.
Drilling is planned for the high priority 3D IP "A" anomaly, with values
of 9 to over 15 milliseconds that extend to a depth of over 400 metres and is
overall approximately 1.2 kilometres by 600 metres in dimension. The overall
size and geophysical aspects of the "A" target appear similar to those
occurring at the world class Lornex, Valley and JA deposits to the north. IP
values over 10 milliseconds is considered very positive in the Highland Valley
and three other targets within this response range are also planned for
drilling. Complete 3D IP survey coverage of the property is expected within a
Happy Creek has one final payment of $50,000 cash and 250,000 shares due
by March 25, 2009 to complete its full 100% interest into the Rateria
property. The Company may also purchase 100% of the NSR (Net Smelter Royalty)
The Company has approximately $3.5 million in cash and interest bearing
GIC accounts, approximately 27 million shares outstanding and is recently
trading around $0.32/share.
David Blann, P.Eng. is a Qualified Person as defined by National
Instrument 43-101 and is responsible for the preparation and approval of the
technical information disclosed in the news release.
On behalf of the Board of Directors,
"David E Blann"
David E Blann, P.Eng.
This news release has neither been approved nor disapproved by the TSX
Venture Exchange. The TSX Venture Exchange does not accept responsibility
for the accuracy or adequacy of the contents of this news release. This
news release may contain statements that are forward looking and subject
to risk and uncertainty more fully described in the company's prospectus
and public filings located on SEDAR.
For further information:
For further information: Corporate Office: Nina Mallory, Corporate
Communications, Phone: (604) 662-8310, Email: email@example.com;
Investor Relations: Hugh Oswald, Ascenta Capital Partners Inc., Phone: (604)
684-4743 ext. 243, Toll free: 1-866-684-4743 ext. 243