News ReleaseHello everyone,
Frontier Pacific & Cosigo Resources are awarded and sign Taraira Gold Concession, Southeastern Colombia
10/1/2007
VANCOUVER, Oct. 1, 2007 (Canada NewsWire via COMTEX News Network) --
Frontier Pacific Mining Corporation ("Frontier Pacific")(TSX-V: FRP) and Cosigo Resources Inc. ("Cosigo"), a private B.C. corporation, are pleased to announce the award and signing of a Concession Contract (the "Contract") with the Instituto Colombiano de Geologia y Minera ("INGEOMINAS") for the Taraira Gold Concession (the "Taraira Concession") in the Department of Vaupes, south eastern Colombia. The Contract was signed on September 28, 2007 by the Colombian branch of Cosigo Frontier Mining Corp. ("Cosigo - Frontier"), a private B.C. company. The B.C. company is owned 51% by Frontier Pacific and 49% by Cosigo.
The 9,973 hectare Taraira Concession was awarded to Cosigo - Frontier by INGEOMINAS following a competitive bidding process involving a number of international mining companies. Frontier Pacific has the option to invest US $2 million on exploration over a three year period to retain its ownership position in Cosigo - Frontier. The Contract duration is for thirty years with an option to extend the option period for an additional thirty years.
The Taraira Concession covers portions of the Taraira Gold Belt in south eastern Colombia and north western Brazil. Gold in the Belt is hosted in Precambrian metasedimentary conglomerates of the Pedrera Formation part of the Guyana shield that are exposed in prominent erosional ridges. Dr. Joseph H. Montgomery has stated that: "The Taraira Gold Belt may be likened to paleoplacer deposits similar geologically to the classical Witwatersrand of South Africa. The deposits carry both stratabound detrital gold and later hydrothermal gold/quartz mineralization. In addition, extensive recent placer deposits have formed through erosion of the original deposits."
Minercol, now part of INGEOMINAS, carried out a diamond drill program to identify gold occurrences and complete thin section analysis on the Taraira Concession. Cosigo-Frontier will follow-up the Minercol work and commence a mapping and sampling program of the extensive known gold occurrences on the Taraira Concession. Starting in October the program will focus on the Serrania (ridge) de Machado within the Taraira Concession. Trenching and sampling of the gold occurrences that have produced important quantities of alluvial gold as documented by Minercol, will be followed by an exploratory drilling program in January 2008.
Peter F. Tegart, P.Geo. of Frontier Pacific and Dr. Joseph H. Montgomery, P.Eng. of Cosigo, both Qualified Persons under the guidelines of National Instrument 43-101 policies, are responsible for the contents of this news release.
About Frontier Pacific:
Frontier Pacific is developing the advanced Perama Hill gold project in north eastern Greece, held by its wholly-owned subsidiary Thracean Gold Mining S.A. The Company has earned an undivided 50% interest in the Macusani Uranium Project in south eastern Peru where it is the operator and has recently completed a twenty thousand meter diamond drill program. More information is available on https://www.frontierpacific.com
<< On Behalf of the Board of Directors, FRONTIER PACIFIC MINING CORPORATION "Peter F. Tegart" Peter F. Tegart, P. Geo., President & CEO >>
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Cheers,
I_luv_GVG