July 31, 2008
Cougar Minerals and Noble Metals Subsidiary Begin Drilling Saskatchewan Property
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 31, 2008) - Cougar Minerals Corp. (CNQ:COUG) ("Cougar") and Noble Hydrocarbons Alta Ltd ("NHA"), a subsidiary of Noble Metals Group Inc. (TSX VENTURE:NMG) have begun a diamond drill program on NHA's oil shale permitted holdings located near Hudson Bay, Saskatchewan. Under the Cougar/NHA agreement (see Cougar news release July 16, 2008) Cougar has advanced $550,000 to NHA to earn an option to acquire a 25% interest in any non-hydrocarbon resource discovered in the present drill program, and to earn a further 25% interest by advancing NHA an additional $550,000 by February 15, 2009 for completion of an extended drilling program. The total exploration budget must be spent by July 31, 2009. The northeast corner of NHA's oil shale exploration land is contiguous with the southwest boundary of Goldsource Mines Inc. holdings, on which Goldsource has recently discovered coal (see Goldsource news releases April 22 and April 28, 2008).
NHA has contracted More Core Diamond Drilling Services Ltd. to conduct the first phase of the drill program which will consist of 2000 meters of NQ core. Two diamond drills are on site, one of which is transportable by helicopter. Eighteen licenses for core drill holes have been issued to NHA by the Saskatchewan Petroleum, Energy and Mines branch. NHA has the option to convert part of its oil shale exploration permit to coal leases if coal is discovered in the present diamond drill program.Additionally, Cougar has made application for 103,680 hectares of coal permit applications south of the town of Hudson Bay, of which a letter of comfort for 29,952 hectares has been received from the Saskatchewan Ministry of Energy and Resources (see Cougar news release July 29, 2008).
Ivan Young, NHA's consulting geologist, is supervising the drill program. Krzystof Mastalerz, PhD, PGeo, Cougar's consulting geologist, will be working with Mr. Young as part of an exploration team.
COUGAR MINERALS CORP.
Mike Elson, President
(c) 2008 Marketwire. Provided by ProQuest Information and Learning. All rights Reserved.