Commences Work Program on Laird and Issues ThreshoChamplain Resources Inc. Commences Work Program on Laird Lake Gold Property and Issues Threshold Notice to Warrantholders
Calgary, Alberta CANADA, October 14, 2010 /FSC/ - Champlain Resources Inc. (TSX - VX: CPL), is pleased to announce that a fall exploration program has commenced on the Laird Lake Gold Project located in the prolific Red Lake Gold Camp in northern, Ontario of which the Corporation may earn a 100% interest. The program will be carried out by a crew of four experienced prospectors and is expected to be completed by mid November. All known historic gold showings will be re-visited, sampled and re-evaluated. Numerous other priority targets will be investigated and reconnaissance prospecting of the claims will be performed. A compilation of all available data is currently on-going. The Phase 1 prospecting program will help define priority targets for a more extensive 2011 program expected to begin in the spring of 2011.
The Laird Lake Property consists of 24 contiguous unpatented mining claims covering a 3872 hectare area located approximately 20 kilometers southwest from the town of Red Lake. Locally, the claims are situated 2.5 and 4 kilometers along strike to the west of the historic Madsen and Starrett-Olsen Gold Deposits which have historically produced 2.45 million oz Au at a grade of 0.283 oz/ton Au and 163,990 oz/ton Au at a grade of 0.18 oz/ton Au respectively. Sporadic exploration work has been ongoing in this area since 1936 and numerous high grade, gold bearing quartz veins and alteration zones have been identified with historical samples collected on the Property assaying up to 4.7 ounces per ton gold. The property is thought to contain favorable geology and structure to host significant gold deposits and an intensive exploration program will be required to fully determine its potential.
Threshold Notice issued to Warrantholders
The Corporation also wishes to announce that it has issued a Threshold Notice advising Warrantholders that the volume weighted average closing market price of the Corporation's common shares during a consecutive five (5) day period has been equal to or greater than
.10 (the "Threshold Event") and declaring that as a consequence of the Threshold Event the Warrants shall expire on November 5, 2010 unless exercised by the Warrantholders on or before November 5, 2010.
Forward-Looking Information
This news release contains forward-looking statements which include statements regarding the Corporation's future plans, as well as statements regarding financial and business prospects and the Corporation's future plans, objectives or economic performance and financial outlooks. The Company believes that the expectations reflected in this news release are reasonable but actual results may be affected by a variety of variables and may be materially different from the results or events predicted in the forward-looking statements. Readers are therefore cautioned not to place undue reliance on these forward-looking statements.
There can be no assurance that the exploration program will identify any priority targets. The actual results and future events could differ materially from those anticipated in this news release. The time frames identified to work programs and other activities may vary significantly from actual completion of the proposed work programs.
In evaluating forward-looking statements readers should consider the risk factors which could cause actual results or events to differ materially from those indicated by such forward-looking statements. These forward-looking statements are made as of the date hereof, and unless otherwise required by applicable securities laws, the Corporation does not intend nor does it undertake any obligation to update or revise any forward-looking statements.
This news release has been reviewed and approved by R. Dean Fraser, P.Geol, and a "qualified person" person under National Instrument 43-101.
For further information contact:
Mr. Troy Mochoruk
Chairman and Chief Executive Officer
#1614, 246 Stewart Green SW
Calgary, AB T3H 3C8
Tel:
(403) 618-8989 begin_of_the_skype_highlighting (403) 618-8989end_of_the_skype_highlighting
tdmochoruk@shaw.ca
www.champlainresources.com