TORONTO, Oct. 11 /CNW/ - Silk Road Resources Ltd. (TSXV: SIL) (the
"Company") announced today that Gansu Jiaxin Minerals Company Limited (the
"Jiaxin JV"), has received the exploration licenses for the Bulagou property.
Pursuant to an agreement announced on October 3, 2007, between the Company and
its joint venture partners, the Company will increase its interest in the
Jiaxin JV from 70% to 90%. These 5 licenses cover an area of approximately 42
square kilometers and contain several prospects including Yidi and Labuzaika.
The Company will begin drilling on the Yidi prospect within the next two
weeks. The objective of the drilling program is to establish the vertical and
horizontal continuity of the gold bearing mineralization. The Company is in
the process of preparing an application for a mining license for the Yidi and
Labuzaika prospects which includes a mining study to be completed by a Chinese
The Company is also pursuing other mineral opportunities in China.
Forward Looking Statements
Certain information regarding the Company set forth in this press
release, including management's assessment of the Company's future plans and
operations contains forward looking statements that involve substantial known
and unknown risks and uncertainties. These forward looking statements are
subject to numerous risks and uncertainties, some of which are beyond the
Company's and management's control, including but not limited to, the impact
of general economic conditions, industry conditions, fluctuation of commodity
prices, fluctuation of foreign exchange rates, imperfection of reserve
estimates, environmental risks, industry competition, availability of
qualified personnel and management, stock market volatility, timely and cost
effective access to sufficient capital from internal and external sources. The
Company's actual results, performance or achievement could differ materially
from those expressed in or implied by, these forward looking statements and
accordingly, no assurance can be given that any of the events anticipated to
occur or transpire from the forward looking statements will provide any
benefits to the Company.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Silk Road Resources Ltd., Allen J. Palmiere,
President & CEO, Telephone: (416) 363-6045