TSX Venture Exchange Symbol: EMR
U.S. OTC: EGMCF.PK
U.S. 20-F Registration: 000-51411
VANCOUVER, Oct. 24 /CNW/ - Emgold Mining Corporation ("Emgold") is
pleased to announce that it has commenced a 500-metre diamond drill program on
its Stewart Molybdenum Project, located near the community of Salmo in south
eastern British Columbia. The intent of the drill program is to test a zone of
molybdenum mineralization and confirm the results from past drill programs
conducted by previous operators. This work will allow Emgold to assess the
potential for further exploration and possible development of the molybdenum
zone.
The Stewart Molybdenum Property was previously drilled during the early
1980s by Shell Minerals and Selco Inc. This work outlined three breccia zones
that contain significant molybdenum mineralization. In 1980, Shell diamond
drilled 3 holes and returned a best intercept of 57 metres grading 0.46% MoS2
(BC Ministry of Energy and Mines Assessment Report No. 10072). An additional
16 holes were drilled in 1981 by Shell Minerals, and 4 by Selco in 1983. The
results are summarized in the BC Ministry of Energy and Mines Minfile
No. 082FSW229 Report which states that "the (Phase II) breccia zone contains
204,000 tonnes of 0.37% MoS2." Reports by Selco also indicate the potential
for a porphyry style molybdenum deposit adjacent to this Phase II breccia zone
(BC Ministry of Energy and Mines Assessment Report No. 12251). The historic
resource calculation reported here is not NI 43-101 compliant and must not be
relied upon for investment purposes.
The current diamond drill program will test the historic drill results as
part of a due diligence program. Emgold will be twinning 3 to 4 of the
1980-1981 Shell Minerals drill holes in the Phase II breccia zone. This
drilling will determine the reliability of the historical resource estimate by
comparing historic Shell results with those obtained by Emgold. This
comparison will allow Emgold to determine whether the historic resource
estimate may be integrated with the current results and be used to produce a
National Instrument 43-101 compliant resource calculation for the Phase II
breccia zone.
Should the results from this due diligence drilling be encouraging,
additional exploratory drilling is required to expand our current knowledge of
the molybdenum mineralization in both the Phase II and Phase I breccia zones.
Perry Grunenberg, P.Geo., of P&L Geological Services is the project supervisor
and "Qualified Person" for the purpose of National Instrument 43-101 who has
reviewed and verified the contents of this news release.
For more information about Emgold, the Stewart, Rozan and Jazz Properties
in British Columbia, the Idaho-Maryland Project and the Ceramext(TM) Process,
please visit www.emgold.com or www.sedar.com.
On behalf of the Board of Directors,
William J. Witte, P.Eng.
President and Chief Executive Officer
No regulatory authority has approved or disapproved the information
contained in this news release.
This news release includes certain statements that may be deemed "forward-
looking statements". All statements in this release, other than statements of
historical facts, that address future production, reserve potential,
exploration drilling, exploitation activities and events or developments that
the Company expects are forward-looking statements. Although the Company
believes the expectations expressed in such forward looking statements are
based on reasonable assumptions, such statements are not guarantees of future
performance and actual results or developments may differ materially from
those in the forward-looking statements. Factors that could cause actual
results to differ materially from those in forward-looking statements include
market prices, exploitation and exploration successes, and continued
availability of capital and financing, and general economic, market or
business conditions. Investors are cautioned that any such statements are not
guarantees of future performance and that actual results or developments may
differ materially from those projected in the forward-looking statements. For
more information on the Company, Investors should review the Company's filings
that are available at www.sedar.com or the Company's website at
www.emgold.com.
