"We are excited to be moving forward with drilling on the Lamaque project now that the property is 100% owned by Kalahari. A recent compilation of VTEM and MMI data has provided the Company with a number of targets which will test for possible overburden-covered granodioritic plugs, the primary source of production in the immediate area," comments Company President, Richard Hughes. "Our primary target continues to be the Triangular zone, where late 2006/early 2007 drilling on adjacent ground discovered a plug approximately 85 feet below surface. The extremely high-grade, narrow-width gold mineralization intersected in this plug is consistent with the type of mineralization found in the adjacent, Lamaque Mine's Main Plug, which produced over 3.6 million ounces. This buried plug has a geophysical signature approximately 2 times the size of the signature associated with the Main plug. Depending on results, the Company is also exploring the possibility of the addition of a second drill to the property prior to year's end."
About the Lamaque Property
Kalahari has negotiated the right to 100% ownership of the 3,074 acre Lamaque property, located in the Abitibi Greenstone Belt, one km north of the "Cadillac Break" and immediately south of the Lamaque and Sigma mines. The Sigma mine produced approximately 4.4 million ounces of gold and the Lamaque mine, on the northern boundary of the property, produced approximately 4.5 million ounces of gold over its lifetime primarily from the 'Main' plug, a geological feature similar to the no. 4 Plug located on the property. The No. 4 Plug and another zone known as the No 10 Vein collectively have an inferred mineral resource of 1,365,000 tons grading 0.186 opt gold (cut) or 0.275 opt gold (uncut) as audited and reclassified by Watts, Griffis & McOuat's NI 43-101 Technical Report, dated September 2004 (see Sedar October 20, 2004 for details of report). Since the Company acquired the Lamaque property in 2003 over $4.5 million has been spent on exploration expenditures. There are a number of other priority gold targets that the Company plans to test during this program many of which have never been drilled.
The Company
In addition to the Lamaque Property, Kalahari Resources holds a 50% interest in diamond properties in the Chapleau-Wawa district of Ontario, with the balance held by partner Chalice Diamond Corp.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
