Toronto, Ontario & Vancouver, British Columbia - Alder Resources Ltd. ("Alder") (TSXV: ALR) and Calibre Mining Corp. ("Calibre") (TSXV: CXB) are pleased to announce that the TSX Venture Exchange has approved the option agreement between Alder and Calibre whereby Alder can earn a 65% interest in the 3,365 hectare Rosita D concession located 275 kilometers north of Managua, the capital city of Nicaragua, and described in additional detail in press releases issued by Alder and Calibre, respectively, on August 22, 2011.
In connection with the approval of the option agreement by the TSX Venture Exchange, and pursuant to the terms of the option agreement, Alder has issued to Calibre 200,000 common shares of Alder.
The Rosita D concession hosts the historic open pit Santa Rita copper-gold-silver deposit from which 5.37M tonnes of ore grading 2.06% Cu, 0.93 g/t Au, and 15.08 g/t Ag was extracted. The mine closed in 1975 due to low copper prices. Alder management believe that a substantial amount of Cu-Au-Ag mineralization lies both below and adjacent to the Santa Rita pit. Recent work carried out by Calibre returned trench intercepts of 1.06 g/t Au, 0.96% Cu and 9.33 g/t Ag over 12.0 metres and 3.26% Cu, 55.82 g/t Ag and 0.15 g/t Au over 8.30 metres. Historic drill intercepts from the R-13 zone, located 500 metres east of the Rosita deposit, reportedly returned up to 7.2% Cu, 0.44 g/t Au and 76.8 g/t Ag over 10.5 metres. This zone is open to depth and along strike.
The Bambana prospect, located four kilometres northwest of the Santa Rita open pit, returned intercepts of up to 0.43% Cu over 42.0 metres and 0.51% Cu and 0.25 g/t Au over 11.5 metres in two diamond drill holes completed by Calibre in 2010. A review of this area by Alder identified copper porphyry-style alteration and sulphide mineralization.
Joseph Arengi, President and Chief Executive Officer of Alder, stated: "Alder is very pleased to finalize our arrangement with Calibre and begin exploration on the highly prospective Rosita Cu-Au project. Our exploration efforts will focus on high priority areas identified by our geologists and will include testing targets around the historic pits as well as a number of other areas. Our shareholders can look forward to results from our exploration efforts in the coming months."
Douglas Forster, Chairman of Calibre, stated: "Calibre is delighted to have Alder initiating exploration on Calibre's Rosita area copper-gold project. With Alder advancing our Rosita area targets Calibre will focus on the resource delineation drill program at our 100% owned Riscos de Oro gold-silver project and on our new Primavera gold-copper discovery in conjunction with B2 Gold."
Alder intends to begin a work program within the next two weeks that is designed to accelerate exploration of the Rosita D concession. Alder's first priority will be to validate the historic Cu-Au mineral resources on the property. The initial work program includes a reinterpretation of the geophysical data, evaluation of the mineralized dumps by trenching and reverse circulation drilling, testing high priority targets around the old Santa Rita and R-13 pits and trenching and drilling at Bambana. Alder plans to use the results of this initial work to develop an aggressive drill program that will be designed to lead to a resource estimate.
Joseph Arengi, M. Sc., P. Geo., President and Chief Executive Officer of Alder and a qualified person under NI 43-101, has reviewed and approved the scientific and technical information in this press release.
About Alder Resources Ltd.
Alder is a resource company focused on the development of gold and base metal projects throughout Latin America. Current projects include the recently announced Rosita project in Nicaragua located 275 km northeast of Managua and the La Montanita gold property 40 km northeast of Medellin. Alder will continue to build its property position with strategic acquisitions.
About Calibre Mining Corp.
Calibre Mining Corp. is focused on the acquisition, exploration and development of gold and silver deposits in Central America. Calibre has outlined a NI 43-101 compliant inferred resource totalling 835,450 ounces of gold and 4,288,070 ounces of silver at its 100% owned Borosi Project in Nicaragua. Calibre is presently focused on a drilling program at its 100% owned Riscos de Oro gold-silver project and the trenching and drilling program at the Primavera gold-copper prospect in conjunction with B2Gold, also within the Borosi concessions in Nicaragua.
Major shareholders of Calibre include gold producer Yamana Gold Inc. and investment fund Sun Valley Gold.
Alder Resources Ltd.
"Joseph Arengi"
Joseph Arengi
President & CEO
Calibre Mining Corp.
"Douglas Forster"
Douglas Forster
Chairman
For further information, contact:
Alder Resources Ltd.
Paula Paez
Marketing Director
416-309-2698
ppaez@alderresources.ca
www.alderresources.ca
Calibre Mining Corp.
Mark Carruthers
604-681-9944
www.calibremining.com
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding potential mineralization, reserve and resource determination, exploration results and future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Alder or Calibre, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Alder and Calibre have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Neither Alder nor Calibre undertakes to update any forward-looking information, except in accordance with applicable securities laws.
Alder and Calibre Announce Approval of Option Agreement and Commencement of Work Program
20 oct. 2011
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.