View News Release in PDF
Format
Toronto, ON - January 29, 2009 - Volta Resources Inc. ("Volta"
or the "Company") (TSX:VTR) reports that Freeport-McMoRan
Exploration Corporation ("FMEC") has provided notice that FMEC
has elected not to proceed with exploration expenditures and payments
related to an earn-in agreement on Volta's Gaoua copper-gold porphyry
project located in southern Burkina Faso. FMEC has not earned an interest
in the project and does not retain any back-in rights to the Gaoua project.
Over 23,000 metres of drilling has been carried out over the last two years
on the Gongondy and Dienemera deposits within the Gaoua properties. Based
on the positive drill assay results Volta has commissioned SRK Consulting
(UK) to undertake an independent National Instrument 43-101 compliant
resource estimate for the Gongondy and Dienemera deposits at the Gaoua
project. This resource estimate is scheduled to be completed during the
current quarter. Volta is planning additional drilling to extend the
mineralization on the aforementioned deposits, as well as tractor-mounted
power auger drilling to pursue targets under transported regolith cover
identified along the 35 kilometer long porphyry corridor within the Gaoua
properties.
Volta is a mineral exploration company focused on becoming the leader in
the identification, acquisition and exploration of gold properties in West
Africa. The Company is committed to West African exploration and is
Canadian-based with its head office in Toronto, Ontario and operations
offices in Accra, Ghana and Ouagadougou, Burkina Faso. The Company
currently has 53.2 million common shares issued and over $8.0 million in
cash and marketable securities.
For further information, please refer to our website www.Voltaresources.com
or contact:
Kevin Bullock, P.Eng., President & CEO
Tel: (416) 867-2299
Fax: (416) 867-2298
Email: kbullock@voltaresources.com
Investor Relations: Vancouver
Farah Alibhai
Tel: (604) 731-7340
Email: falibhai@voltaresources.com
The
Toronto Stock Exchange does not accept responsibility for the adequacy or
accuracy of this news release.
Forward Looking Information Caution:
This
press release presents "forward-looking statements" within the meaning
of Canadian securities legislation that involve inherent risks and
uncertainties. Forward-looking statements include, but are not limited to,
statements with respect to the future price of gold and other minerals and
metals, the estimation of mineral reserves and resources, the realization
of mineral reserve estimates, the capital expenditures, costs and timing of
the resources, the realization of mineral reserve estimates, the capital
expenditures, costs and timing of the development of new deposits, success
of exploration activities, permitting time lines, currency exchange rate
fluctuations, requirements for additional capital, government regulation of
mining operations, environmental risks, unanticipated reclamation expenses,
title disputes or claims and limitations on insurance coverage. Generally,
these forward-looking statements can be identified by the use of forward
looking terminology such as "plans", "expects" or
"does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and
phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be
taken", "occur" or "be achieved". Forward-looking
statements are subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity, performance
or achievements of Volta to be materially different from those expressed or
implied by such forward looking statements, including but not limited to:
risks related to international operations, risks related to the integration
of acquisitions; risks related to joint venture operations; actual results
of current exploration activities; actual results of current or future
reclamation activities; conclusions of economic evaluations; changes in
project parameters as plans continue to be refined; future prices of gold
and other minerals and metals; possible variations in ore reserves, grade
or recovery rates; failure of equipment or processes to operate as
anticipated; accidents, labour disputes and other risks of the mining
industry; and delays in obtaining governmental approvals or financing or in
the completion of development or construction activities. Although the management
and officers of Volta believe that the expectations reflected in such
forward-looking statements are based upon reasonable assumptions and have
attempted to identify important factors that could cause actual results to
differ materially from those contained in forward-looking statements, there
may be other factors that cause results not to be as anticipated, estimated
or intended. There can be no assurance that such statements will prove to
be accurate, as actual results and future events could differ materially
from those anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. Volta Resources does
not undertake to update any forward-looking statements that are
incorporated by reference herein, except in accordance with applicable
securities laws.
You can also view this News Release on our website at:
http://www.voltaresources.com/s/NewsReleases.asp?ReportID=336244