TSX-V: ORS November 5, 2008 - With the recent market turmoil, Orestone management would like to present the Company’s financial position and revised plans for the remainder of 2008 and 2009.
The Company completed extensive Induced Polarization surveys and soil geochemical surveys on the Captain Property and rock and soil geochemical surveys on the LaForce and Lay Properties in 2008.
Orestone now finds itself in the enviable position of having enough funds already in the bank for next year’s proposed program. The Company has $971,000 on hand. These funds are more than sufficient to fund our exploration programs and take care of our corporate needs to approximately January 2010.
The Company has two gold (Au) and one gold-copper (Au-Cu) exploration properties all within the prospective Quesnel Terrain of north central B.C.
Following is a summary of our projects:
- Captain Property: A work permit has been approved for the drilling of up to 80 percussion drill holes at a budgeted cost of $150,000. This relatively inexpensive drilling method will be used to evaluate the numerous geophysical and geochemical targets in 11 widely separated areas on this large property. Positive results from this preliminary test will be recommended for diamond drilling.
- LaForce Property: A work permit for diamond drilling is being resubmitted to show the change of drill hole locations necessitated by this past summer’s positive assay results. Assays of 17.7 g/T Au over 5 m and 10.6 g/T Au over 2 m were collected 700 m apart from the hangingwall side of the main structure.
- Total showing length was lengthened from its previous 2007 length of 500 m to 1700 m.
- Lay Property: Evaluation of a preliminary 2008 soil and rock chip survey is under review with results to be released this winter.
Plans for the 2009 field program are to begin with the percussion drill program on the Captain Property. Drill holes with sufficiently encouraging results will be diamond drilled for more reliable grades and geology. A diamond drilling program could also be carried out on the LaForce Property.
Orestone has quality properties well-positioned geologically and geographically, and a skilled management team for developing these properties and growing the Company.
Orestone will continue to be aggressive in exploring for and seeking investment opportunities in major mineral resource deposits with a strong emphasis on gold.
Orestone is presently exploring three large claim blocks in northern B.C. within Quesnel Terrane, which extends from the US border to northern B.C. Quesnel Terrane hosts numerous mines and many developing bulk tonnage Cu-Au prospects such as those on the Mt. Milligan and Kwanika properties in north-central B.C., as well as sediment-hosted gold mineralization on the Spanish Mountain and Frasergold properties in south-central B.C. For further information contact Gordon Richards, the President of Orestone, at
(604) 940-6466 or Jim Mitchell, a director of Orestone, at 1-604-796-9893.
ON BEHALF OF THE BOARD OF DIRECTORS OF ORESTONE MINING CORP.
Gordon Richards, President
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