(Audio Enhanced) Westridge Resources Plans Drilling Near Surface, High Grade, Oxide Gold Zone; Westridge Also Working Towards Near Term Development And Production
VANCOUVER, British Columbia, June 27, 2012 /PRNewswire/ — Westridge Resources Inc. (the “Company“) announces that the Company plans to focus the next phase of drilling and sampling on its Charay Project in Sinaloa State, Mexico, with a view to define NI 43-101 compliant resources on the high grade El Padre vein system in the near future.
“Gold mineralization at Charay is high grade, oxide and close to the surface,” CEO Peter Schulhof says. “Our hope is that the results from this planned program will allow us to work towards our objective of small scale production at Charay in the near future. We also look forward to continue to explore and define the full potential of this exciting and largely unexplored gold system.”
The next round of drilling will focus on infill drilling to provide sufficient information to support NI 43-101 compliant resources on the El Padre vein and adjacent veins. Additional drilling will address surface concentrations of veins, identified by surface sampling and trenching, that may present targets for possible open pit oxide resources.
CEO Peter Schulhof comments on the company’s goals, management, structure and the Charay Project itself;
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“With the high grade gold mineralization we have already identified, our intention is, to develop NI 43-101 compliant resources on this oxide zone of gold mineralization,” comments John Dreier, Chief Geologist for Westridge Resources. “We will also undertake the first stage of metallurgical studies on the oxide gold mineralization to outline the most effective approach for processing this material.”
About Westridge Resources
Westridge Resources Inc. is a Canadian-based mineral exploration company focused on the acquisition, evaluation and exploration of mineral resource properties. Westridge has an option to acquire up to a 100% interest in the Charay Gold/Silver Project, located in Sinaloa State, Mexico.
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ON BEHALF OF THE BOARD
Neither TSX Venture Exchange nor its Regulations 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.
Forward Looking Statements
Statements contained in this news release that are not historical facts constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws and are based on expectations, estimates and projections as of the date of this release. Forward-looking statements include, without limitation, possible events, statements with respect to possible events, the future price of gold and other commodities, the realization of mineral resource estimates and success of exploration activities. The words “is expected” or “estimates” or variations of such words and phrases or statements that certain actions, events or results “may” or “could” occur and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold or certain other commodities; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada ; business opportunities that may be presented to, or pursued by, the Company; operating or technical difficulties in connection with mining activities; the speculative nature of gold exploration and development, including the risks of obtaining necessary licenses and permits; diminishing quantities or grades of reserves; and contests over title to properties, particularly title to undeveloped properties. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can affect the Company’s actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. All of the forward-looking statements made in this release are qualified by these cautionary statements and those made in our other filings with the securities regulators in Canada . These factors are not intended to represent a complete list of the factors that could affect the Company. Although the Company believes that the expectations in the forward-looking statements are reasonable, actual results may vary, and future results, levels of activity, performance or achievements cannot be guaranteed. Readers should be cautioned that the Company currently does not have any NI 43-101 compliant resource, and the foregoing statements with regard to NI 43-101 compliant resources are based on the Company’s anticipated plans. The Company may never have NI 43-101 compliant resources and may never develop any production at Charay.
SOURCE Westridge Resources Inc.