PMR NEWSMay 16, 2007 11:25:00 AM
CALGARY, ALBERTA--(CCNMatthews - May 16, 2007) - Prime Meridian Resources Corp. (TSX VENTURE:PMR) (FRANKFURT:DYD) ("Prime Meridian") is pleased to provide a drilling update. In addition the web site, www.primemeridianres.com, is now "live" on-line and its common shares are listed on the Frankfurt Stock Exchange under the symbol DYD.
Drilling was started in March, 2007 in the southern portion of the Kiernan Sills Project Area in Michigan where there were no access restrictions during the Spring breakup period. Prime Meridian has now completed testing of 2 nickel-copper targets of the 9 targets in the Kiernan Sills Project Area. While there was some copper mineralization in the cores from the drill holes, there was no evidence of a commercial deposit. A summary description of the core recovery is shown below.
The Kiernan Sills (East and West) form a very large Proterozoic intrusive complex with approximate thickness of 4,000 and 8,000 feet and strike lengths of 7 and 18 miles, respectively. The entire sill complex was surveyed using MEGATEM in the southern half and GEOTEM in the northern half of the Project. Nine priority targets were discovered from these surveys, 4 in the southern block and 5 in the northern block.
The continuous drill testing of 29 drill ready targets is underway on the Kiernan Sills and 4 other Midcontinent Rift System projects in Michigan. All of the drill targets are in the northern region of the Midcontinent Rift System where, historically, large and valuable base metal mines have been developed in the northern USA. The drill rig is now fully crewed and works two-12 hour shifts each day on a 10 day on, 4 day off schedule.
Drilling and Exploration Plans
The next target, KS-1, is also in Kiernan South and is currently underway. Drilling results will be reported when assay results are received, approximately each 4 to 6 weeks throughout 2007 and into 2008.
Prime Meridian has completed ground geophysical surveys over 6 nickel-copper and 3 Iron Oxide Copper Gold ("IOCG") targets in preparation for drilling. Geophysical survey and grid preparation work is continuing to complete the balance of 29 defined drill ready targets. The grid preparation work is contracted to First Nation crews from Thunder Bay, Ontario. The ground geophysical surveys are being conducted by TMC Geophysics, Val d'Or, Quebec and Prime Meridian field crews. Results are being interpreted by TMC and Big Sky Geophysics.
This summer Prime Meridian will also conduct ground and airborne geophysics, reconnaissance geological mapping and sampling on the 10 mid-stage projects as described in the Press Release dated April 10, 2007, now available on the Prime Meridian website, www.primemeridianres.com.
Summary Description of Drill Results
The target tested at KS-102-1 is a strong magnetic positive anomaly with a weak to moderate coincident EM response at the eastern contact of an ultramafic (peridotite) unit that forms the basal unit of the West Kiernan Sill. No significant sulfide intercepts were encountered. The anomaly was explained by strongly magnetic, altered peridotite, with local traces of pyrrhotite, chalcopyrite and graphitic volcaniclastic sediments.
The target tested at KS-102-2 is a strong magnetic positive anomaly with notable copper mineralization at surface (azurite, malachite, chalcopyrite in mafic volcanics - assays to 0.2% copper). Drilling intercepted trace copper mineralization over an 8 ft thickness (approximately 7.2 ft true thickness) in a magnetic chert unit. This interval is presently being prepared for geochemical analysis, including gold. Assay results will be reported when available.
Prime Meridian Resources Corp. is a Canadian exploration company focused on the Midcontinent Rift system in Michigan and Minnesota.
Michael Senn, P.Geol, President of Prime Meridian and a "qualified person" as defined by National Instrument 43-101, prepared the information in this release. Detailed information on the projects described above can be accessed in NI43-101 reports available at www.sedar.com.
Prime Meridian Resources Corp.
Michael Senn, President and CEO
Certain disclosures in this release, including management's assessment of Prime Meridian's plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Prime Meridian's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Prime Meridian expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future