High Ridge Initiates Drilling Program on the Rosicler-El Domo Project and Concludes the 3D Induced Polarization Survey Extension on Chanape in the San Mateo Area, Peru
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Aug. 13, 2008) – High Ridge Resources Inc. (“High Ridge”) (TSX VENTURE:HRR)(FRANKFURT:HR2) is pleased to announce that it completed the permitting process and is initiating the drilling program at its Rosicler – El Domo project in the San Mateo area, 90 km east of Lima, Peru.
The drilling program will involve an initial 2,500-3,000 metres, which will test the known mineralized targets, including the exposed 3 km long polymetallic Rosicler vein, as well as large geophysical targets discovered by High Ridge’s recent geophysical program.
The priority targets on the Rosicler – El Domo property have been selected on the basis of detailed geological mapping, surface channel chip sampling, and the results of 3D IP (induced polarization) and surface magnetic surveys (High Ridge press release April 10, 2008). One of the targets is a very large low resistivity – high chargeability zone in the south-central portion of the survey area that extends from El Domo. It is estimated that the first phase of the drilling program will take up to 7-10 weeks to complete.
The first stage drilling program on the Chanape project progresses satisfactorily. The Company is currently finishing drilling the second of the numerous exposed mineralized hydrothermal breccia chimneys, after which, the 1.5 km long Fulvia vein and the associated body of mineralized, polymetallic breccia will be tested.
Also on Chanape, High Ridge has concluded the second stage of a 3D IP and magnetic surveys, extending the previously surveyed grid to the south in order to further outline the anomalies that extend past the limits of the previous IP survey (see High Ridge news release March 25, 2008). Both these surveys were performed by Jose Arce Geofisicos S.R.L.; the geophysical report is expected by the end of August. Drill permitting for this area is currently being completed.
High Ridge also today announced completion of the private placement originally announced on July 10, 2008. The placement consisted of 3,568,900 units (“Units”) at a price of $0.25 per Unit for aggregate gross proceeds of $892,225.00.
About High Ridge Resources Inc.:
High Ridge is focused on large scale exploration projects in British Columbia and Peru. In addition to the Peruvian gold and polymetallic projects, High Ridge has three advanced exploration projects in British Columbia. These properties include the Chuchi property (Cu-Au porphyry), 30 km northwest of Terrane’s Mt. Milligan project; Newton Mountain (Au-Cu porphyry), 35 km north of Taseko Mine’s Prosperity project – formerly Fish Lake (Au-Cu porphyry); and the Silver Bay (Ag, Pb, Zn, and Cu porphyry) project, 10 km south of Cominco’s former Bluebell mine.
Z. Adam Szybinski, High Ridge Vice-President of Exploration, is the qualified person who is responsible for the content of this news release.
Forward Looking Statements: The above contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward- looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
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