ROUYN-NORANDA, QC, June 3 /CNW Telbec/ - Visible Gold Mines Inc. (VGD: TSX Venture Exchange) is pleased to announce that it has engaged Mr. Christian D'Amours from Géo Point Com to produce a National Instrument 43-101 compliant mineral resource estimate for its 100%-owned Stadacona East gold property and to write an accompanying technical report. The report is expected to be ready in August 2010. Mr. Christian D'Amours is an independent Qualified Person under National Instrument 43-101.
The Stadacona East property is located in the centre of the Rouyn Township in the province of Québec. There were approximately 264 holes, totaling 64,806 m, drilled up to date in the area of the property (Plasse 2004 and Government of Québec database). The majority of these holes were drilled to define the gold zone (i.e., Stadacona East zone and its extensions) in the southwest part of the Stadacona East property. The two past producers, the "Noranda Horne Mine" (minerals extracted according to the Government of Québec database: 59.3 Mt at 5.88 g/t Au, 2.2% Cu, 13 g/t Ag) and the Stadacona Gold Mine (minerals extracted according to the Government of Québec database: 466,282 ounces Au), are located approximately 1.0 km North and 400 m West, respectively, from northern and western boundaries of the Stadacona East property. The property is easily accessible by Trans-Canada Highway 117, which passes through the centre of the property. Several all weather-paved roads of the city of Rouyn-Noranda and Rouyn Township give access to almost all areas of the Stadacona East property. The Stadacona East property is underlain by mafic to felsic metavolcanic rocks of the very important Blake River Group. Two economically significant structures host gold mineralization on the Stadacona East property (see maps on our website, www.visiblegoldmines.com).
Silidor Project Exploration Update
Visible Gold Mines is also pleased to announce that is has commenced exploration on its newly acquired Silidor Gold Mine project located in the Rouyn Township in the province of Québec. Visible Gold Mines acquired during the first quarter of 2010 a 100% interest in the Silidor project, comprised of 13 mining claims, from Newmont Canada Corporation, a corporation owned by a subsidiary of Newmont Mining Corporation (NYSE: NEM) and IAMGOLD Corporation ("IAMGOLD")(TSX:IMG, NYSE: IAG). The production at the Silidor Gold Mine ceased in July 1997 due to depletion of reserves. The gold deposit at the Silidor Gold Mine was a pluton-hosted lode gold deposit. The Silidor Gold Mine contained 2.95 million tons grading 5.1 g/t Au according to the Government of Québec database. The mineralized zone was 900 m in length and has a vertical extent of 900 m, an average thickness of 3.5 m, and trends northwest-southeast with a dip of 50 degrees to 70 degrees NE (data from Government of Québec).
In other news, Visible Gold Mines announces that its Board of Directors has today granted stock options to one director and an independent consultant in respect of an aggregate of 250,000 common shares. The options were granted under Visible Gold Mines' Stock Option Plan. The exercise price of the options is $0.20 per share, greater than the last closing price of Visible Gold Mines' common shares on the TSX Venture Exchange. The options expire in five years.
Robert Sansfaçon, senior geologist and Visible Gold Mines' vice-president exploration is the Qualified Person (under National Instrument 43-101) on the Stadacona East property and the Silidor property and is responsible for the preparation and verification of data contained in this news release.
About Visible Gold Mines Inc
Visible Gold Mines is a corporation focused on gold in the prolific Abitibi Gold Belt in Canada. The Corporation has 25,469,929 common shares issued and outstanding.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
SOURCE Visible Gold Mines Inc.
For further information: For further information: Martin Dallaire, President and Chief Executive Officer, (819) 762-0609, Fax: (819) 762-0097, firstname.lastname@example.org; www.visiblegoldmines.com