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TORONTO, ONTARIO--(Marketwire - May 20, 2009)
- Golden Hope Mines Limited (TSX VENTURE:GNH)(PINK SHEETS:GOLHF) is
pleased to release its progress report on the Timmins Gold Deposit. The
Report provides the first detailed summary of geology and exploration on
the deposit, located in Southeastern Quebec, Canada.
The Report is available on the Company's website at www.goldenhopemines.com.
This report further demonstrates the great potential of the deposit.
There has been considerable progress since the 2006-2007 change of
management at Golden Hope Mines.
- 2006: Golden Hope Mines completed a down the hole hammer drill
program demonstrating clots or nuggety nature of the mineralization
requires + 50kg samples to adequately test the grade estimator for the
Timmins mineralization,
- 2007: Golden Hope Mines completed an airborne survey over 2 claim
blocks, the Timmins area and the Lac Etchemin area, a diamond drill
program defining the edge of the Timmins 1 mineralized intrusive using
oriented diamond drill core and exposed significant widths of the
Timmins 2 mineralized intrusive by trenching,
- 2008: Golden Hope Mines completed a diamond drill programme over the
Timmins T2 intrusion identifying two additional mineralized zones and
demonstrating each zone's continuity with depth.
"We are delighted to release the first comprehensive report on the
geology, mineralogy and potential of the Timmins Gold deposit since our
team joined GNH. The deposit is showing increasingly great potential to
become a major asset of the company. We will continue to aggressively
explore and define this deposit as well as explore the other multiple
favorable areas of our large claim group in the Chaudiere - Bellechasse
region of Quebec." states Louis Hoel, President, Golden Hope Mines
Limited.
Result highlights include:
- It is reasonable to expect the mineralized structures to extend
beyond the stated depth of 1000m.
- Results of sampling diamond drill cores from Timmins 1 suggest an
average grade in the order of 2 g/t. Bulk sampling in a 2007 trench
returned an average of about 3.8 g/t and -suggests the true gold
content exceeds drill indicated values.
- The 'cores' of the mineralized zones suggest a tonnage potential of
18,700 tonnes per vertical metre and 30,000 tonnes per vertical meter
if adjacent less intensely-mineralized material is included (18.7 to 28
millions tonnes to a depth of 1000 meters).
The company will continue to define the Timmins Gold Deposit until data
support a 43-101 compliant resource estimate. Additional bulk sampling
and infill diamond drilling are planned.
Disclaimer:
- the potential quantity and grade is conceptual in nature
- there has been insufficient exploration to define a mineral resource
- it is uncertain if further exploration will result in discovery of a
mineral resource
Hendrik Veldhuyzen, P. Geo, has managed field exploration since late
2006 and is acting as the qualified person (QP) for Golden Hope in
compliance with National Instrument 43-101 and has reviewed the
technical contents of this release.
About Golden Hope Mines Ltd.
Golden Hope Mines Limited is a mineral exploration company that seeks
to grow shareholder value through the acquisition, exploration and
development of potentially large-scale gold, silver and base metal
projects suitable for underground and/or open-pit mining. The company's
two areas of interest are located in Quebec, Canada and Maine, U.S.A.
The Bellechasse gold project in Quebec includes the Timmins and Ascot
gold zones, the Coucou volcanic target and a number of newly claimed
serpentinite geological environments. For further information on Golden
Hope, visit www.goldenhopemines.com.
Forward-Looking Information
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release,
other than statements of historical facts, that address future
production, reserve potential, exploration drilling, exploitation
activities and events or developments that the company expects are
forward-looking statements. Although the company believes the
expectations expressed in such statements are based on reasonable
assumptions, such statements are not guarantees of future performance
and actual results or developments may differ materially from those in
the statements. Factors that could cause actual results to differ
materially from those in forward-looking statements. These include
market prices, exploitation and exploration successes, continued
availability of capital and financing, and general economic, market or
business conditions. Investors are cautioned that any such statements
are not guarantees of future performance and actual results or
developments may differ materially from those projected in the
forward-looking statements. For more information on the company,
investors should review registered filings at www.sedar.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.
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