Naples, DIR management approves Kaibab phase II program
Naples Capital Corp (C:NAP)
Shares Issued 3,500,000
Last Close NAP.P 9/5/2007 $0.39
Tuesday October 30 2007 - News Release
Ms. Jennifer Boyle reports
NAPLES CAPITAL CORP.: PHASE II PROGRAM KAIBAB JOINT VENTURE APPROVED
The phase II exploration program for the Kaibab joint venture between Naples Capital Corp. and DIR Exploration, Inc. has been approved by the joint venture management committee, and is designed to refine up to 30 geological targets for further testing in subsequent rotary downhole hammer and spot coring campaigns. The continuing phase II program is being carried out by a team of field geologists, and includes surface geochemical and geophysical surveys (EM, CSAMT and possible seismic), archaeological surveys, data analysis and modelling, and operations permitting, all of which will be followed by drill site preparation, drilling and reclamation work on selected targets. Phase II is budgeted at approximately $700,000 (U.S.) in expenditures and is expected to extend over the next 12 months.
This phase II exploration program is a follow-up from the Kaibab joint venture's phase I reconnaissance program, which was carried out during the period October, 2006, to August, 2007, where about 200 new targets were acquired by staking based on a selective filtering process incorporating both geochemical and structural criteria (see news as reported in Stockwatch Oct. 19, 2007). The ensuing phase III program is planned to overlap phase II activities in spring 2008, and will include drill testing of up to seven breccia pipe targets with additional financing specifically budgeted for phase III joint venture drilling operations.
The breccia pipe uranium district of northern Arizona is relatively under-explored and is believed to be the only North American region to host uranium-mineralized solution-collapse breccia pipes. These target ore structures are located in flat-lying upper Palaeozoic and Triassic rocks of the southwestern part of the Colorado Plateau. The Kaibab joint venture holds an enhanced land position in the region, and its management is currently focused on expediting the phase II exploration program.
Dr. Scott Jobin-Bevans, PGeo, vice-president, exploration, is a qualified person as defined in National Instrument 43-101 and has reviewed the technical information presented in this news release.
© 2007 Canjex Publishing Ltd.