The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Marketwire

Invenio Exercises Option to Acquire 75% of Kings Canyon and Green Springs Projects

Tuesday, April 05, 2011

Invenio Exercises Option to Acquire 75% of Kings Canyon and Green Springs Projects09:00 EDT Tuesday, April 05, 2011VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 5, 2011) - Invenio Resources Corp. ("Invenio" or the "Company") (TSX VENTURE:IVO) is pleased to announce that it has acquired a 75% interest in two gold properties, the Kings Canyon and Green Springs Projects, pursuant to an option agreement dated May 9, 2006 with Palladon Ventures Ltd. ("Palladon") and Genesis Corporation ("Genesis).Kings Canyon Project, UtahThe Kings Canyon Project is located in the Great Basin region in west-central Utah and currently encompasses approximately 1,370 acres of unpatented claims and a state minerals lease. Gold mineralization is a Carlin-style system hosted at shallow depths in Paleozoic carbonate rocks and may be controlled by steep mineralized faults.The Kings Canyon Project is composed of claims that have been optioned from Kinross Gold Corporation as well as from Palladon and Genesis. The Genesis/Palladon claims are immediately adjacent to and enclose on three sides a separate block of claims held by Kinross Gold Corporation and currently under option to Invenio whereby Invenio can acquire a 100% interest. Invenio has until December 2013 to fulfill its obligations under the Kinross option. The Kinross claims contain an historical non-compliant resource of approximately 217,000 ounces of gold at an approximate grade of 0.93 grams/tonne gold. The resource is not compliant with NI 43-101, and is historical in nature. Invenio has not verified the resource calculation and therefore it should not be relied upon. The gold mineralization is oxidized and found near surface, trends directly onto the Genesis/Palladon ground but has had little drilling. In addition, many additional mineralized faults have been delineated on the property, defining numerous untested targets in areas where the favourable horizon is at shallow depths.Green Springs Project, NevadaGreen Springs is situated in central Nevada and covers 240 acres of unpatented mining claims. These claims encompass the down-dip projections of Carlin-style gold zones which were mined in the late 1980s by the USX Corp., with historically reported production of approximately 60,000 ounces of gold at a grade of approximately 1.8 grams/tonne gold. The production is historical in nature and Invenio has not verified the figures and therefore it should not be relied upon. Alteration in the area is widespread yet previous exploration was narrowly focused along one target horizon. About Invenio Resources Corp.Invenio Resources Corp. is a Canadian based exploration company. The Company's common shares are listed on the TSX Venture Exchange and trade under the symbol IVO. Invenio has three gold properties under option: Ganes Creek, Alaska; Kings Canyon located on the border of Nevada and Utah; and Green Springs, Nevada. The Ganes Creek property was optioned in February 2011 and Invenio has the right to acquire a 100% interest. Ganes Creek, located in south central Alaska, is situated in the Tintina Gold Belt which is host to the 42 million ounce Donlin Creek gold deposit approximately 90 km to the south west and the Nixon Fork copper-gold skarn deposit approximately 62 km to the northeast. Ganes Creek has the potential to host both high grade lode style gold mineralization and lower grade bulk mineable mineralization similar to that found at Donlin Creek. The technical information in this news release was reviewed by Jerry Blackwell, P.Geo., Invenio's technical advisor and a Qualified Person as defined in NI 43-101. ON BEHALF OF THE BOARD OF DIRECTORS OF INVENIO RESOURCES CORP.Ken Booth, President"This news release may contain forward–looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements."FOR FURTHER INFORMATION PLEASE CONTACT: Investor RelationsInvenio Resources Corp.604-687-1779info@invenioresources.comwww.invenioresources.com"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 release."