February 21, 2012 12:23 ET
Creso Announces Resumption of Diamond Drilling on Mann Property, Borehole IP Survey on Minto Property and Grant of Options
MONTREAL, QUEBEC--(Marketwire - Feb. 21, 2012) - Creso Exploration Inc. ("Creso" or the "Company") (TSX VENTURE:CXT) (OTCQX:CRXEF) (FRANKFURT:C3X) is pleased to announce a follow-on drilling program to the program completed on the Mann property in Q4 2011. (see Creso press releases of December 1, 2011, December 14, 2011 and January 18, 2012). An additional phase of diamond drilling, involving 5 drill holes for a total of approximately 200 metres, is designed to confirm extensions to structures intersected by historic drilling in the '#3' and 'D' zones. A 6 hole program, involving a total of approximately 300 metres, is designed to probe targets outlined from the analysis of Insight Geophysics Inc.'s gradient array IP chargeability/resistivity survey completed on the property in January 2012.
On the Minto property, JVX Ltd. has been engaged to perform borehole geophysical surveys with a view to delineating the gold bearing zones for follow up drilling. Initially, surveys will be performed on holes MC10-10 and MC10-11. This program anticipates expanding upon the previous diamond drill results at the Minto, which include 13.3 g/t Au over 82.5m from 508.5m to 591.4m (uncut) in hole MC09-01 (see Creso press release of August 9, 2010).
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.
Options
The board of directors has approved the grant of an aggregate of 1,670,000 options to directors and officers of the Company of which 1,000,000 were granted to a director who is also an officer; 470,000 to directors; and 200,000 to officers. In addition, 100,000 were granted to a consultant who provides investor relations services. The options are exercisable at a price of
.10 during a five year period expiring on February 20, 2017