Feb. 23, 2011 (TheNewswire.ca) --
February 23, 2011 - Vancouver, B.C. Ocean Park Ventures Corp. (TSXV:OCP) (OOTC:OCPFF) ("Ocean Park" or the "Company" )(TSX-V: OCP) is pleased to announce that it has received TSX Venture Exchange approval of the option agreement (the "Option Agreement") entered into with Minaurum Gold Inc. (TSXV:MGG) (OOTC:MMRGF) ("MGG"), and announced on February 15, 2011. Pursuant to the terms of the Option Agreement, the Company has now paid $35,000 and issued 150,000 common shares to MGG, and is required to incur exploration expenditures of $475,000 by December 31, 2011. The Option Agreement allows the Company to acquire up to a 75% interest in MGG's Adelita Copper-Gold Project in Mexico. For other terms of the Option Agreement, see the Company's news release of February 15, 2011.
Adelita Copper-Gold Project Background
The Property straddles the boundary between Sonora and Sinaloa States, Mexico, and lies just 6 kilometres east of Pan American Silver's (TSX:PAA) (NASDAQ:PAAS) open pit Alamo Dorado silver mine. The geologic setting of the Property is broadly similar to that of Alamo Dorado (proven and probable reserves of 10 Mt of 95 g/t silver and 0.33 g/t gold) and the Piedras Verdes Porphyry Copper deposit (proven and probable reserves of 194 Mt of 0.36% copper), located 60 kilometres to the northwest.
A high grade copper-gold-silver skarn target was drill confirmed by Minaurum in 2010. Highlights include diamond drill holes CGDD-10-001, which returned 16.15 metres of 1.97% copper, 0.84 g/t gold and 73 g/t silver, and CGDD-10-002 which returned 47.64 metres of 0.98% copper, 0.46 g/t gold and 46 g/t silver. The skarn mineralization occurs near the edge of a 500 metre by 2,000 metre undrilled copper soil geochemical anomaly. Regional sampling and mapping of altered intrusive rocks suggests a possible buried porphyry system over a 3 square kilometre area.
The current underlying owner of the property recognized that high-grade mineral showings and widespread anomalous geochemistry on the property indicate excellent potential for additional discoveries in this demonstrably mineralized, but as-yet undrilled region. The main Adelita copper-gold-silver skarn zone saw minor exploitation prior to its acquisition by the current underlying owner in 1998. Rock-chip sampling of the Adelita skarn target in 1998 revealed a mineralized structural zone 600 metres long by 18 metres wide. Copper-gold-silver mineralization has now been drill tested by MGG's 2010 exploration program, which confirms the presence of a downward-thickening, polymetallic mineralized skarn system that is open to expansion.
Mr. Chris Taylor, M.Sc. P.Geo, is a Senior Geologist with Ocean Park and is the Qualified Person as defined by National Instrument 43-101, who supervised the preparation of the above information. The information was obtained from previous public disclosure by MGG.
For further information please contact Mr. Paul Matysek, M.Sc. P.Geo., acting President and Chairman at 604-684-9007, or Mr. Chris Taylor, P.Geo., Senior Geologist at 604-681-0084.
OCEAN PARK VENTURES CORP.
On behalf of the Board
Paul Matysek, Acting President and Chairman
Neither 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 release.
This new release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements.
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