NEWS OUT - HOUSTON LAKE MINING - HLM
Houston Lake Mining Inc.: Drilling Commences on the West Cedartree Gold Project Shareholders Strongly Endorse Houston Lake Management at AGM
2/21/2007
Sudbury, Ontario CANADA, Feb 21, 2007 (M2 PRESSWIRE via COMTEX News Network) --
Houston Lake Mining Inc. (HLM - TSX Venture, HLKMF.PK - OTCBB_Pink_Sheets), is pleased to provide an update on exploration it's 100% owned and optioned 1310 hectare (3236 acre) West Cedartree Gold Project located near Sioux Narrows, Ontario and to report on proceedings from last week's Annual General Meeting. The 2500m (8200ft) delineation drill program commenced last Thursday on the 100% optioned Dogpaw Lake Property ("DLP"). As of Monday 4 drill holes have been completed and Visible Gold has been observed in the first hole.
The 25 hole, 2500m (8200ft) drill program aims to infill between historic drill holes on the Dogpaw No. 1 Vein system such that the zone will be tested every 25m (82ft) over a 150m (492ft) strike length. Step out drilling will be systematically test the depth extensions of the No. 1 Vein 20m (66ft) deeper on each successive pass to a maximum depth of 200m (656ft) under the bulk sample pit. Approximately 6,656m (21,831ft.) of core from historic drilling will be re-logged and re-sampled to supplement the systematic coverage. A 30km IP geophysical survey is also scheduled for the end of February. The purpose of the IP survey is to trace the northern strike extensions of the Angel Hill and McLennan gold zones onto to the DLP and to generate additional drill targets on a number of high grade gold-bearing vein systems on the property.
The mining permit application for the Angel Hill Gold Zone has been updated with a revised closure plan and the application will be reviewed by Wardrop Engineering Inc. prior to submission. A 10,000 tonne bulk sample is recommended as the next step in the economic appraisal of the Angel Hill inferred mineral resource (as disclosed in the press release of October 20, 2005).
Independent Consulting Geologist Dean R. Cutting, P. Geo., is the Qualified Person under the guidelines of National Instrument 43-101 and has reviewed this press release in its entirety.
Annual General Meeting
Houston Lake held its Annual General Meeting (AGM) of Shareholders on February 15, 2007 at their Head Offices in Sudbury. Houston Lake is pleased to report that a total of 46.7% of the outstanding shares were voted at the Meeting.
The meeting saw the re-election of the Board of Directors by a unanimous vote of 10,344,188 with 534,099 votes abstaining. The Board of Directors include Chairman Reginald F. Walker, John G. Kelly, P. Eng, Robert J. McLean, C.H.R.P., and E. Grayme Anthony, P. Geo. Sievert, Sawrantschuk & Associates, LLP were ratified as the Auditors of the Company by vote of 10,878,287 in favour with no abstentions.
President and C.E.O., E. Grayme Anthony stated: "Our strategic decision to focus on the West Cedartree Gold Project was rewarded in 2006 by an outstanding year of achievement for Houston Lake Mining Inc. Market capitalization grew from about $5 million a year ago to over $14 million presently. With our land position assembled, exploration infrastructure completed and funds raised we can look ahead to a dynamic 2007. I can say with full confidence that Houston Lake is well positioned to build on the success of the past year towards our goal of gold production at West Cedartree."
About Houston Lake Mining Inc.
Houston Lake's objective in the short term is to become a gold producer by surface mining our West Cedartree gold project and apply the profits towards the development of our 100% owned and optioned northwestern Ontario properties. The Company has a total of 23,638,270 common shares issued and outstanding. For additional information, we invite you to visit us at www.houstonlakemining.com.
Company Contacts:
A. Schwab & Associates E. Grayme Anthony B.Sc., P. Geo., FGAC, MBA Investor Relations President & CEO 1-800-537-4099 (toll-free) Tel: (705) 897-7622 Fax: (705) 897-7618 aschwab@silk.net ganthony@vianet.on.ca
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's registered filings what are available at www.sedar.com.
Source: Houston Lake Mining Inc. (TSX-V: HLM) https://www.houstonlakemining.com
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