CALGARY--(Business Wire)--
Coastal Pacific Mining (OTCBB: CPMCF) announces after reviewing numerous
reports, consisting of geotechnical, geological, geochemical and geophysical
data and a recent 43-101 report completed by Geovector of Ottawa(September
2008), management believes that the McNeil Property is presenting greater
potential than earlier anticipated.
The McNeil Gold Property consists of 256 claim units, approximately 4100
hectares, and is located 65 km south-east of Timmins, Ontario and 25 km
north-west of Matachewan, Ontario, along the prolific Montreal River Fault
within the famous Abitibi Greenstone Belt.
Within the nearby Timmins Gold Camp, Kirkland Lake Gold Camp and the Matachewan
Gold Camp many gold deposits are found in close proximity to each other in a
relatively small area.
The majority of the gold mines in the Timmins Camp are found within an 8
kilometer long by 6 km wide extent of the Destor-Porcupine Fault, which has
produced over 60 million ounces of gold since the early 1900`s.
The area of the McNeil property is approximately 8.5 kilometers long and 6
kilometers wide with extensive gold mineralization occurrences and zones
throughout the project area, with one such gold zone covering 2 kilometers in
length and 1 kilometer in width, the Isadore-MicMac.
We believe that the Isadore-MicMac gold zone, given the size and extent,
represents the potential for a large tonnage, "Super-Pit" style gold enrichment
similar to those being currently mined in Timmins by Porcupine PJV (Goldcorp).
"We are excited by this review and are looking forward to our summer exploration
programs. There appears to be a bigger picture immerging within the McNeil Gold
Property and a very large gold system at work mineralizing the area. Coastal
Pacific is focused on detailed exploration within the McNeil Gold Property in
defining this "Big Picture" that we believe offers great potential for multiple
discoveries." commented President Ken Berscht.
For further information please contact Joe Bucci at www.coastalpacificmining.com
FORWARD-LOOKING STATEMENTS: "Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995: Statements relating to the company`s business
activities and other statements in this press release are forward-looking
statements within the meaning of the Securities Litigation Reform Act of 1995.
Such statements are based on current expectations about the Company`s business.
Words such as expects, anticipates, intends, plans, believes, estimates and
similar words and expressions are intended to identify such forward-looking
statements. These statements involve risks that are difficult to evaluate.
Actual results can vary from descriptions herein due to many factors including
changes in metal prices and business conditions; changes in laws and
regulations; problems encountered in exploration and obtaining permits; changes
in the competitive environment; technological advances; shortages of skilled
workers, drill rigs and equipment; the need for additional capital and other
risks listed in the Company`s Securities and Exchange Commission filings under
"risk factors" and elsewhere. Forward-looking statements speak only as of the
date they were made. The Company does not undertake any obligation to update
forward-looking statements.
Coastal Pacific Mining
Joe Bucci, 403.612.3001
joebucci@coastalpacificmining.com
Copyright Business Wire 2009
