Jul. 21, 2011 (Canada NewsWire Group) --
ROUYN-NORANDA, QC, July 21, 2011 /CNW Telbec/ - Visible Gold Mines (TSV: VGD) (Frankfurt: 3V4) is pleased to provide an exploration update for its various gold projects in northwest Quebec, comprising more than 20,000 hectares, as the company continues an aggressive 40,000 metre drill campaign.
Cadillac/Lucky Break Projects
Three drill rigs are now operating at the Lucky Break Project (seven
holes and approximately 4,000 metres have been completed as of today)
with drilling concentrating on the company's newly-named "Wasa Creek"
Property adjoining Richmont Mines' Wasamac Property to the south and
west. The northern boundary of Wasa Creek, which also includes
additional claims immediately to the west of Wasamac, is approximately
1,200 metres south of the Wasamac Main Zone and 900 metres south of the
Wildcat Zone.
As previously reported, three holes were drilled at the Cadillac Break Project in Dasserat township, 30 kilometres west of Rouyn-Noranda, near Vantex Resources' Moriss Zone discovery at its Galloway Project.
Initial assay results for Cadillac/Lucky Break will be released when received and reviewed by the company's geological team. Visible Gold Mines has an option to earn a 60% interest in the Cadillac/Lucky Break Projects that cover approximately 24 kilometres of the prolific Cadillac Break and are situated between the Noranda camp which has produced 18 million ounces of gold and the 11-million ounce former Kerr Addison Mine at Virginiatown, Ontario.
Joutel Project
Preparations continue for a major drill program commencing this summer
at Joutel, a joint-venture with Agnico-Eagle Mines Ltd., where the
company has already identified several promising targets over the
Joutel Eastern Extension (formerly known as the McClure Property). The
Eastern Extension has a six kilometre strike length and exhibits
similar lithologies to the previously mined Telbel, Eagle and Eagle
West deposits at Joutel, 150 kilometres north of Rouyn-Noranda. The
company continues to review extensive historical data and expects to
release additional information regarding this exciting project in the
near future.
Silidor
Further to the company's June 16, 2011, news release, assays that were
pending for hole #27 have now been received. This hole, one of 28
drilled over the winter and spring at Silidor, intersected 8.3 g/t Au
over 2.3 metres (228.25 to 230.55 metres). True width of the intercept
is unknown at this time.
Additional drilling is being planned for this property, 4 kilometres west of Rouyn-Noranda, in an attempt to delineate extensions to the past producing Silidor Mine.
Stadacona-East
A minimum 10-hole drill program is slated to begin within the next two
weeks at Stadacona-East, in the immediate vicinity of Rouyn-Noranda,
where the company's goal is to expand on the NI-43-101 inferred
resource estimate of 163,800 ounces (980,000 tonnes grading 5.19 g/t Au
at a cut-off of 2.5 g/t Au) as announced April 8, 2011. Drilling will
focus on the unexplored potential of the northeastern section of
Stadacona-East.
Visible Gold Mines has current working capital of $6 million and continues to evaluate additional opportunities in northwest Quebec as part of its corporate strategy to become a leader in the vibrant Quebec gold sector and maximize shareholder value.
About Visible Gold Mines
Visible Gold Mines Inc. is a dynamic company aggressively searching for
the next important gold deposit in northwestern Quebec, an area
consistently ranked as one of the world's best jurisdictions for mining
and exploration. Visible Gold Mines is in the midst of a $6.5 million,
40,000 metre drill program covering strategic areas in the
Rouyn-Noranda mining region.
Qualified Person
This news release was written by Martin Dallaire, P.Eng., President and
Chief Executive Officer of Visible Gold Mines and approved by Robert
Sansfaçon, P.Geo., in his capacity as a Qualified Person (QP) under
NI-43-101.
Quality Control
Visible Gold Mines has implemented and adheres to strict Quality
Assurance/Quality Control for its current drill programs. It includes
one mineralized gold standard, one duplicate and one blank for one
batch of samples. Analyses are performed by ALS Chemex, Val-d'Or, or
Techni-Lab, Ste-Germaine - Boulé, accredited laboratories.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Martin Dallaire, President and Chief Executive Officer
Telephone: 819-762-0609, Fax: 819-762-0097
E-mail: mdallaire@visiblegoldmines.com
Website: www.visiblegoldmines.com