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TORONTO, ONTARIO--(Marketwire - Feb. 3, 2012) - Alder Resources Ltd. ("Alder" or the "Company") (TSX VENTURE:ALR) is pleased to announce the appointment of Mr. John Spurney to the position of Vice President, Exploration, effective immediately.
Mr. Spurney is a geologist with over 30 years of diversified technical and managerial experience in mineral exploration, primarily in Latin America, the Western United States and Asia. He has evaluated a wide variety of precious and base metal deposits in metallogenic belts around the world. Mr. Spurney played a key role in the discovery of the Cerro Crucitas and Conchudita epithermal gold deposits in Costa Rica, and the Cerro Casale porphyry gold-copper deposit in Chile. Mr. Spurney has worked both as an independent consultant and an employee for such world class companies as Placer Dome, Barrick Gold, Kinross Gold, Brett Resources, Bema Gold, and Getty Mining. Mr. Spurney received his B.Sc. (1979) and M.Sc. (1984) degrees in geology from Kent State University in the United States.
Alder's President and CEO, Joseph Arengi, stated, "I am personally very pleased to welcome John to this key position on the Alder team. John's wide range of experience in exploration and project evaluation in a variety of countries and geologic settings augers well for the company as we continue to explore and grow our flagship Rosita project. I would also like to thank Marcelo Albuquerque for his valued contribution to the company."
The appointment of Mr. Spurney follows the resignation of Mr. Marcelo Albuquerque, who will now focus on Forbes & Manhattan Group companies with operations in Brazil.
Alder is also pleased to announce the arrival of a diamond drill rig to its Rosita property to complement the ongoing reverse circulation (RC) drill rig. This diamond drill rig will focus on confirming historic mineralized drill intercepts below and in the vicinity of the Santa Rita and R-13 pits. In total, 5,000 metres of RC and 8,000 metres of diamond drilling have been allocated for the Rosita project.
The Rosita Project
Alder has entered into an option agreement to acquire from Calibre Mining Corp. a 65% interest in the Rosita D concession (as disclosed in a press release issued by Alder on August 22, 2011), which hosts the historic open-pit Santa Rita copper-gold-silver deposit from which 5.37 million tonnes of ore grading 2.06% copper, 0.93 g/t gold, and 15.08 g/t silver was extracted. The mine closed in 1975 due to low copper prices. Alder's management believes that a substantial amount of copper-gold-silver mineralization lies both below and adjacent to the Santa Rita pit. Recent one metre vertical channel sampling at the mine dumps returned individual channels with average values of up to 2.27% total copper, 1.76% soluble copper, 2.37 g/t gold and 24.60 g/t silver. The average grades for the 17 sample traverses are 0.55% total copper, 0.28% soluble copper, 0.47 g/t gold and 8.73 g/t silver with traverse lengths of between 5 and 36 metres. Historic drilling below the Santa Rita pit returned intercepts that included 2.27% copper, 0.21 g/t gold and 30.85 g/t silver over 16.7 metres true width at a vertical depth of 225 metres below the assumed base of the pit. The mineralization at the Rosita deposit is open to depth and along strike.
The Bambana prospect, located four kilometres northwest of the Santa Rita open pit, returned historic intercepts of up to 0.43% copper and 6.54 g/t silver over 42.0 metres and 0.51% copper, 0.25 g/t gold and 10.41 g/t silver over 11.5 metres in two diamond drill holes completed in 2010. A review of this area by Alder confirmed copper porphyry-style alteration and sulphide mineralization.
Alder has not yet verified the historic drill results referenced in this news release and does not intend to use this information for purposes other than planning and prioritizing exploration targets.
Qualified Person
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 news release.
Alder Resources Ltd.
Joseph Arengi, President & CEO
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 the impact of the appointment of Mr. Spurney on the Company, potential mineralization, and the Company's 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, 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 has 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. Alder does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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.
FOR FURTHER INFORMATION PLEASE CONTACT: Alder Resources Ltd. Joseph Arengi 416-309-4296 info@alderresources.cawww.alderltd.caSource: Alder Resources Ltd.https://alderresources.ca/News/News/News-Details/2012/Alder-Strengthens-Management-Team-and-Adds-Second-Drill-Rig-to-Rosita-Copper-Gold-Silver-Project-in-Nicaragua1128128/default.aspx
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