MONTREAL, QUEBEC, Mar 05, 2012 (MARKETWIRE via COMTEX) — Creso Exploration Inc. (“Creso” or the “Corporation”) (otcqx:CRXEF)(frankfurt:C3X) is pleased to announce it has received conditional approval of the TSX Venture Exchange for the acquisition of a 50% interest (the “Interest”) in the Zamora/Campanillas (the “Properties”) mining projects located in Sinaloa, Mexico and an option on the remaining 50% (the “Option”).
The Mexican Geological Survey (SGM) evaluated a block of 15,000 tons with grade of 1,400 gr/t Ag and 9 gr/t Au from surface to a depth of only 50 meters. This is an historical resource and a qualified person has not done sufficient work to classify the historical estimate as current mineral resources, therefore Creso is not treating the historical estimate as current mineral resources.
A series of adits, pits and shafts extend over a strike length of nine (9) kilometres within the property boundaries. The mineralization in the zone has been classified as hydrothermal/epithermal and refill of fractures, hosted by andesitic breccias. There are several veins in the zone that are controlled by faults with a strike NE like Zamora and El Obatel vein. The area basement that hosts the mineralization is composed of an Andesitic tuff breccia very silicified and is overlain by tuffs, rhyolitic flows and recent agglomerate.
The acquisition was made from a company (the “Selling Company”) controlled by Mr. Pierre Gauthier, Chairman of the Corporation. The purchase price of $40,000 represents the costs incurred by the Selling Company to originally acquire the Interest and the Option. The remaining 50% interest subject to the Option is held by third parties. To exercise the Option, the Corporation has to make a payment of US$20,000 in March 2012 and an additional payment of US$200,000 in June 2012.
Nomination of President and CEO
The Board of Directors has approved the nomination of Mr. Vernon K. Drylie, P.Eng., as President and CEO of the Corporation. Mr. Drylie holds a BASc. in Metallurgical Engineering from the University of Toronto. He has more than thirty years experience in process plant and manufacturing operations management including 12 years at Johnson Matthey in various capacities involving mineral process development, quality assurance for assaying procedures as well as the development of innovative mineral processes.
In addition, the Board of Directors has approved the grant of 400,000 options to Mr. Drylie. The options are exercisable at a price of $0.10 during a five year period expiring on March 1, 2017.
The technical content of this press release has been reviewed and approved by Mr. Mike White, M.Sc., P.Geo., the Qualified Person under National Instrument 43-101.
About Creso
The Corporation’s principal mining exploration holdings are located in the Shining Tree mining camp of Northern Ontario within 100 km of the Timmins and Kirkland Lake mining camps, and additional interests are held in base metal properties in Guatemala.
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements that address future events and conditions, which are subject to various risks and uncertainties. Actual results could differ materially from those anticipated in such forward- looking statements as a result of numerous factors, some of which may be beyond the Corporation’s control. These factors include: results of exploration activities, general market and industry conditions, and other risks disclosed in the Corporation’s filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Corporation’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Corporation expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. Depending on exploration results and available financing, the Corporation may at any point modify its work program.
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.
Contacts:
Pierre Gauthier
Chairman and Acting President and CEO
(514) 866-6001 # 239
(514) 866-6193 (FAX)
[email protected]www.creso.ca
Douglas Murray
Investor Relations
(613) 220-0569 / (613) 882-7295
[email protected]
