|
October 27, 2011 Vancouver, BC, Canada -
Fire River Gold Corp. and Mystery Creek Resources Inc. (TSX.V: FAU), (OTCQX:
FVGCF), (FSE: FWR) (collectively "the Company") are pleased to
provide this update for the Nixon Fork Mine Property.
Fire River Gold Corp. is in the process of having its current NI 43-101
resource estimate updated by the end of the calendar year 2011. This
will replace the resources used in the Preliminary Economic Assessment
(PEA) completed in February, 2011. The February 2011 resource estimate
did not include the 2010 or 2011 drill results. As of October 17th 2011,
a total of 16,636 meters have been drilled underground in the Nixon Fork
Mine in 2011 plus 4,032 m of surface drilling.
In addition to this, Fire River Gold Corp. has commissioned Curtis J.
Freeman of Avalon Development Corp. to develop an exploration report and
2012 plan for the Nixon Fork Mine property. Mr. Freeman has consulted
for numerous major and junior mining companies and has been involved in
a number of gold, silver, platinum group and base metal discoveries in
Alaska and other parts of the world. Fire River Gold Corp. is budgeting
for a $3 million surface drill exploration program in 2012 on its Nixon
Fork property.
About Fire River Gold Corp.
Fire River Gold Corp.'s Nixon Fork Mine is operated by Mystery Creek
Resources, a wholly owned subsidiary of Fire River Gold, which is based
in Anchorage, Alaska.
The Nixon Fork Mine, located in the resource rich Tintina Gold Belt, is
Alaska's newest operating gold mine and is projected to produce 50,000
ounces of gold per year.
Operations started in July of 2011. This year-round mining program will
be producing both concentrate and doré bars. Fire River Gold will be
replenishing what is mined on an annual basis by further drilling
exploration targets on surface and underground thereby extending the
life of the operation and receiving further benefit from the strong
metals market.
Fire River Gold has a stable platform for growth due to its talented and
knowledgeable management team and Board of Directors who have the
experience to execute on Fire River Gold's strategy.
Nixon Fork is a past producing mine with a high grade production history
(42 g/t), and a low capital requirement due to pre-existing
infrastructure.
On behalf of the Board of Directors,
"Richard Goodwin"
Richard Goodwin
President and COO
Certain information regarding the Company including management's
assessment of future plans and operations, may constitute forward-looking
statements under applicable securities laws and necessarily involve risks
associated with mining exploration and development, volatility of prices,
currency fluctuations, imprecision of resource estimates, environmental and
permitting risks, access to labour and services, competition from other
companies and ability to access sufficient capital. As a consequence, actual
results may differ materially from those anticipated in the forward-looking
statements. A feasibility study has not been completed and there is no certainty
the disclosed targets will be reached nor that the proposed operations will be
economically viable. The TSX Venture Exchange or its Regulation Services
Provider have not reviewed and do not accept responsibility for the adequacy or
accuracy of the contents of this news release, which has been prepared
by management. We seek
safe harbour.
|
