VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 1, 2012) - Orestone Mining Corp. (TSX VENTURE:ORS) ("the Company") is pleased to report that further petrographic data has been received and reviewed for drill hole C2011-01, which supports the conclusion that the alteration and mineralization is indicative of a porphyry mineral system. The 100% owned Captain Project is located 43 kilometers north of Fort St. James, British Columbia and approximately 30 kilometers south of the Mt. Milligan copper-gold porphyry deposit. The Mt. Milligan deposit has proven and probable reserves of 532 Mt grading 0.20% copper and 0.38 g/t gold (Thompson Creek Metals website) and is currently under construction by Thompson Creek Metals Company Inc. as a large open pit mine and processing facility.
Combined with the drilling data and geophysics on the Project, Orestone has identified a zone of intense alteration and disseminated sulphides associated with altered monzonite intrusive centers, which is interpreted to cover an area of approximately 50 square kilometers. The Company plans to test this model with future drilling and already has 30 sites approved for drilling on the Captain Project by the B.C. Ministry of Energy and Mines.
A suite of representative core samples from drill hole C11-01 was selected from the copper-gold mineralized interval from 140 to 256 metres, and submitted for petrographic analysis. Results show an alteration assemblage consisting of very fine-grained ankerite-potassium feldspar with minor kaolinite-sericite and abundant magnetite-hematite, overprinted in part by coarse-grained potassium feldspar. Fine-grained chalcopyrite, associated with magnetite and pyrite, is disseminated throughout the core interval. This alteration assemblage in hole C11-01 indicates a high temperature environment near an intrusive source, as opposed to a lower temperature more hydrated environment, as was encountered in hole C12-01 located 400 metres to the west.
Assays from hole C11-01 returned an intercept of 87 metres grading 0.230 g/t gold and 0.03% copper from a depth of 127 metres, including 43 metres grading 0.298 g/t gold and 0.09% copper, as well as 16 metres grading 0.434 g/t gold and 0.133% copper (See Company news release dated February 23, 2012).
"Based on the petrographic studies conducted on core samples from these holes, we can conclude that the center of the mineralizing system at the Captain copper-gold porphyry project lies to the east of this year's drilling, associated with a magnetic high, interpreted to be a hidden monzonite intrusive," stated David Hottman, Orestone's President and CEO.
Gary Nordin, P. Geo., is the Vice-President of Exploration for Orestone Mining Corp., and is a qualified person as defined by NI 43-101. Mr. Nordin has reviewed and approved the technical content of this news release.
Orestone Mining Corp. is a Canadian based company that controls a portfolio of gold and gold-copper exploration projects totaling more than 700 square kilometers within B.C., Canada. Please visit www.orestone.ca.
ON BEHALF OF ORESTONE MINING CORP.
David Hottman, President and CEO
This news release has been prepared by management and no regulatory authority has approved or disapproved the information contained here.Neither the 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 this News Release.
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