VANCOUVER, BRITISH COLUMBIA --Mountain Boy Minerals Ltd. ("Mountain Boy") (TSX VENTURE:MTB) announcesthat in 2011 the company will actively explore nine of the Company'sprojects. The largest two, Silver Coin and the BA, are totally funded bythe joint venture partners. There is no cost to Mountain Boy. Adescription of the projects and work programs are as follows:
Silver Coin
Mountain Boy announces that its joint venturepartner, Jayden Resources Inc. has approved a $5 million dollar budgetfor a significant development drilling program at the Silver CoinProject near Stewart, B.C., with an anticipated start-up by June 1. Atpresent Mountain Boy owns 30% of the project with Jayden having theoption to earn an additional 10% through this year's program. Theoverall goals for Silver Coin project in the coming year are tosignificantly advance the project towards production by expanding theresource and upgrading existing resource classifications, improvingunderstanding of metallurgy and processing options, continuing to refinemine engineering and project economics and continuing our ongoingenvironmental studies. Jayden aims to bring the project to theprefeasibility stage by early 2012. In addition, this year's programwill have a strong geologic component which will significantly enhancethe company's ability to model the already demonstrated, significanthigh-grade portions of the Silver Coin deposit.
Drilling Program
Additional drilling is required to upgrade resourceclassification and to expand the existing resource. Infill drilling willfacilitate upgrade of the resource from the inferred category tomeasured and indicated, as well as contribute significantly to ongoingefforts to build a comprehensive geologic model for Silver Coin'smineralization. Approximately 80% of the planned 2011 drilling will becomprised of infill and close extension drilling, with the additional20% focusing on exploration drilling on several surface showings ofmineralization outside of the resource area that have not been drilltested. We are planning 15,000 to 20,000 metres of diamond drilling andtwo drill rigs have been contracted through Sunrise Drilling Ltd.,Burnaby, B.C. In addition to resource drilling, the Company isconsidering additional drilling to collect geotechnical and hydrologicaldata, however this program has not been finalized at this time.
Metallurgy and Processing
Additional metallurgical testing is planned and willinvolve the creation of a new master composite sample at a grade of 1gram per tonne gold. Further flotation and cyanidation tests will beconducted on the composite in a continuing effort to optimizerecoveries. This work is being supervised by F. Wright Consulting,Vancouver, B.C. The drilling of large diameter metallurgical core may beundertaken later in the season to conduct comminution tests, and, ifnecessary, to further optimize recoveries based on variations in depositgrade and mineralogy.
Mining Engineering
The Company is currently soliciting bids foradditional engineering studies. These will focus on facilities layout,including power and roads, waste and tailings engineering and pipelines.
Environmental Studies
Geochemical characterization of waste rock and lowgrade mineralization are underway, to determine the acid generatingpotential of Silver Coin, and appropriate mitigation measures. Baselinesurface water studies were initiated in the past and data collection tosupport these studies is continuing with additional sampling andmonitoring. Plant and wildlife studies are also planned, and the companycontinues to collect meteorological data from its onsite weatherstation. AMEC Earth & Environmental Inc., Vancouver, B.C., has beencontracted to complete this work.
The BA, George Copper and Surprise Creek Projects
Great Bear Resources Ltd. ("Great Bear") is earning a51% interest in the BA project. The Surprise Creek property, locatedimmediately north of the BA project, is included under the terms of theJV Agreement The terms of this agreement (announced on October 28, 2010)are as follows:
- Acquisition costs for the Surprise Creek property will be borne entirely by Great Bear, and will be applied against its earn-in requirement towards the BA property.
- Great Bear now has until December 2015 to complete a Positive Feasibility Study that will give it the option to acquire a 70% interest in the BA project.
- In addition, Great Bear is now required to fund all costs associated with the BA project through December 2015.
In 2010, all zones explored and discovered wereexpanded through sequential step out drilling. The drilled strike lengthof the Main zone has been extended to 800+ metres, while the Stockworkzone has been extended to 300+ metres. Prospecting at the George Copperclaims on the BA property has resulted in discovery of multiple goldbearing structures associated with a higher temperature phase of the VMSsystem that is developed at BA.
In 2011, Great Bear will apparently continue exploration on the joint venture properties.
Dunwell Project
The Dunwell Gold Mine is a former producing gold mineowned 100% by the Company,and is located 7.5 kilometres northeast ofStewart BC, 2 kilometres off paved highway 37A. The property hasexcellent infrastructure. In addition its low elevation allows for yearround exploration.
Drilling is directed at expanding the zones ofmineralization, established in 2009 and 2010. Holes to date haveintersected pyrite, sphalerite, galena and chalcopyrite mineralizationwithin quartz breccia and brecciated argillite zones next to alteredweakly mineralized dyke rocks. Mineralization forms zones ranging from 3to 9 metres in width. Drilling is intersecting these zones between 170and 260 metres below the original gold mine's No. 4 level, the lowestlevel on which mining occurred during previous operations. This drillinghas extended the zone 75 metres along strike over a dip extent of 260metres. The mineralized zone is open in all directions. Recent drillingis testing the zone just below the No 4 Level down to the area of thedeep intersections.
MB Silver and FR
Mountain Boy plans to explore the high grade silverproperties it owns along American Creek during the 2011 field season.The exploration will follow up on results obtained in programs carriedout in 2006 and 2007. Elevated silver values occur in replacement typemineralization, sulphide veins and breccia zones within rocks along thevalley. The main properties to be explored include the Mountain Boy andFR claims. The Company plans to explore both the High Grade and Mannveins with approximately 5,000 metres of drilling.
Blackwater Area
Mountain Boy Minerals Ltd. acquired 3 separate blocksof claims (by jointly staking with its partner Decade Resources Ltd.)in the Blackwater region of BC. One block adjoins the discovery propertyowned by Richfield Ventures Ltd. The companies acquired a total of37,296.28 ha in 80 claims. The properties are readily accessible along awell developed network of established forestry roads in the area.
At Blackwater, disseminated gold-silvermineralization and high-grade gold in shear-hosted veins is reported asbeing hosted in Jurassic aged Hazelton Group rhyolites.
Mountain Boy and Decade plan to explore the claimswith a program of geochemical sampling and prospecting starting in thenext 2 weeks.
Red Cliff
A program of modeling all available drill data will be incorporated in planning the next drill program.
This is the area where extremely rich zones have beenidentified. One of the holes (DDH-MON-31) yielded 25.91 meters of 10.91grams gold per ton. There are approximately 150 drill holes from theRedcliff and Montrose zones to be entered into a concentrated program.The Company plans to use the information to guide in continuedexploration, particularly on the Montrose zone where the goal is todefine a gold resource.
Ed Kruchkowski, P. Geo., a qualified person underNational Instrument 43-101, has prepared this release and is charge ofthe exploration program on behalf of the company.
About Mountain Boy Minerals:
Mountain Boy Minerals Ltd. is a Canadian basedmineral exploration company with diverse property and resource holdingsaround the Stewart region in British Columbia's golden triangle. It owns30% of the Silver Coin project, a gold-silver-base metals project thatis having a new 43-101 compliant resource calculated. The Company isalso exploring silver-base metals on its American Creek and Bear Valleyproperties as well as copper-gold on their Stewart area claims.
For further information, please contact Companyinvestor relations at 604-681-0710, Ed Kruchkowski at 250-636-9232 orvisit the website at https://www.mountainboyminerals.ca (The Companywebsite is being changed at present and will be available shortly).
ON BEHALF OF THE BOARD
Ed Kruchkowski, Director
"This news release may contain forward–lookingstatements. Forward-looking statements address future events andconditions and therefore involve inherent risks and uncertainties.Actual results may differ materially from those currently anticipated insuch statements."
"Neither the TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policies ofthe TSX Venture Exchange) accepts responsibility for the adequacy oraccuracy of this release."