Rio Cristal updates status of its projects
VANCOUVER, BRITISH COLUMBIA and LIMA, PERU–(Marketwire – March 2, 2012) – Rio Cristal Resources Corporation (TSX VENTURE:RCZ)(BVL:RCZ) (“Rio Cristal” or the “Company”) today provided a corporate progress report.
Bongará Zinc Property
Thomas Findley, President & CEO, said, “I am pleased to report that we filed a NI 43-101 Technical Report today. The report includes our first resource estimate at the Cristal Project of 1.27 million tonnes of zinc oxides grading 7.5% and equaling over 211 million pounds of zinc. We have only drilled 3% of the block of concessions that we control and we believe that we have significant opportunities to both expand the zinc oxide resource at the Cristal and Charlita Projects and to discover high grade zinc sulfides at our San Jose and Florida Projects.”
“During 2008 and 2011 we drilled at total of 7,722 meters at Cristal and Charlita and in 2011 we drilled 1,417 meters at San Jose which is 12 kilometers south of Cristal. Results at Cristal were excellent and led to our being able to announce our first Measured and Indicated Resource. At Charlita we intersected zinc mineralization in six of fifteen holes. At San Jose, we drilled two holes and extensive zinc anomalies were intersected.”
“We now have an aggressive multi-part plan to continue exploring our Bongará Property which includes additional drilling at Cristal and Charlita to expand our oxide resource, additional drilling at San Jose to discover zinc sulfides; finalizing community agreements so that we can begin surface exploration and drilling at our Florida project; and expanded surface exploration in new areas of our concessions.”
Technical Report 43-101 Resource at Rio Cristal’s Cristal Project
|Cut off = 2.00% Zn||Blocks||Zn%||Tonnes||Lbs. Zinc|
|Measured & Indicated||7.547||1,273,000||211,880,424|
The resource estimate at the Cristal deposit was reviewed and approved by John A. Brophy, an independent Qualified Person as defined by National Instrument 43-101.
To view the associated Bongará Zinc Property map click on: http://media3.marketwire.com/docs/rcz.pdf
La Cumbre Copper Project
The Company has completed an initial drilling program of approximately 1,000 meters at its La Cumbre copper oxide project near Chala, Peru. Despite encouraging preliminary surface indications of copper mineralization, drilling results were low grade and the project does not meet the Company’s investment requirements. Consequently the La Cumbre option contract has been cancelled. The Company believes it is better to use its resources to continue the exploration of its Bongará Property and seek other more promising exploration projects in Peru.
The Company is aggressively seeking other exploration projects in Peru, focused on zinc, gold and copper. Currently new six projects are under review.
About Rio Cristal Resources Corporation
Rio Cristal Resources is a Canadian corporation focused development of the 18,000 hectare Bongará zinc property in northern Peru. There are four separate exploration projects at Bongará and the Company’s first Measured and Indicated resource was announced in February, 2012.
The Company is also actively reviewing other zinc, gold and copper prospects in Peru.
The Company’s shares are listed on the Toronto Stock Exchange, Venture Segment and the Bolsa de Valores de Lima (Lima Stock Exchange) under the symbol RCZ.
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential exploration results, future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future results, events and objectives could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Rio Cristal’s expectations include exploration and other risks detailed from time to time in the filings made by the Company with securities regulators.
This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither 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.