CALGARY, June 18 /CNW/ - General Properties Ltd. (TSX Venture Exchange: GPL) (the "Corporation") is pleased to announce drilling results from the North Rambling Creek Prospect (the "Prospect") in which the Corporation's wholly owned subsidiary Clear Hills Iron Ltd. ("Clear Hills"), has an interest. The Prospect is located northeast of Worsley, Alberta.
The Corporation conducted a limited drilling program on the Prospect which confirmed the presence of the historical iron mineralization hosted within the Bad Heart Formation on the property. This has been previously reported in the Corporation's National Instrument 43-101 technical report which is available on www.sedar.com . The diamond drill holes were collared on hill tops due to wet conditions in the adjacent valleys. Diamond drill hole CHI-NRC-202 was collared at 2,830 feet elevation and returned 15 feet grading 28.74% Fe(2)O(3). Diamond drill hole CHI-NRC-203 was collared at 2,904 feet elevation and returned 26.8 feet grading 32.8% Fe(2)O(3).
The exploration and drilling program on the Prospect was carried out under the direction of Mr. Tom Sneddon P.Geol., a qualified person within the meaning of National Instrument 43-101. Mr. Sneddon has reviewed the exploration results contained in this press release. The core was split in half by Core Laboratories Canada Ltd. and sent to Saskatchewan Research Council labs for whole rock analysis.
Reconnaissance sampling of the iron outcrop at 118.8490208 W 56.6155357 N (05-11-088-06W6), approximately one kilometer south of hole CHI-NRC-203 obtained during a previous field program were tested in the 2006 program to provide a control reference for the diamond drill holes and graded 44.5% Fe(2)O(3) and 46.8% Fe(2)O(3). The samples were collected across a weathered 6 foot cut, bagged and sent to Saskatchewan Research Council labs for preparation and analysis using whole rock assay. These samples are being used for a basis for comparison and quality control purposes.
The Corporation previously announced on June 4, 2007 that it is undertaking a non-brokered private placement offering of up to $1,020,000 worth of common shares issued on a "flow-through basis" and up to $1,020,000 worth of equity units, each such unit consisting of a common share of the Corporation and a common share purchase warrant. The net proceeds from the proposed private placement will be used to undertake additional exploration in respect of the lands (the "Lands") covered by the 32 Metallic and Industrial Mineral Permits held indirectly by the Corporation, such permits covering an area of approximately 213,206 hectares (823.2 square miles) in the Peace River area of northern Alberta, and for general corporate purposes. The Corporation proposes to conduct up to 5,000 meters of exploratory drilling on the Prospect and its South Whitemud Lake prospects as well as other exploration on the Lands.
The Corporation is a mining exploration and development company with holdings in Northern Alberta, Canada. Information about the Corporation can be found at www.sedar.com.
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