TORONTO, Feb. 26 /CNW/ - Moss Lake Gold Mines Ltd ("Moss Lake") is
pleased to announce that partial assays have been completed on 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.
Hole ML-07-24 was drilled at an azimuth of 160 degrees with a dip of
-60 degrees. The purpose of the hole was to investigate the nature of a late
cross fault interpreted to cut off the deposit to the southwest. The hole
encountered typical sericitized diorite and feldspar porphyry dykes carrying
disseminated and fracture-controlled pyrite mineralization 100 feet to the
southwest of the previously defined limits of the deposit. Initial
observations support the thesis that there remains room to modestly expand
resources in this area.
Preliminary results include an interval of 15.0 metres grading
0.70gAu/tonne from 377.0 to 392.0 metres, which includes 5.0 metres grading
1.01 gAu/tonne. Further sampling will be undertaken to fully assess the
dimensions of this mineralized zone.
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.
In conjunction with this assessment, the Company is launching a
6,000 metre in-fill and step-out drilling program to commence near the end of
March, 2008 with two drill rigs. The purpose of this program is to upgrade the
resource classification, confirm the resource model and advance the project
towards pre-feasibility level studies.
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: