Feb. 28, 2011 (Filing Services Canada) -- Erin Ventures Inc. (EV - TSX Venture), is pleased to announce the completion of a technical report for the Deep River gold exploration prospect in Randolph and Moore Counties in North Carolina. The project is within the same gold belt as Romarco Minerals Haile Gold Mine feasibility and Revolution Resources Corporation recent exploration news.
The report, entitled "DEEP RIVER GOLD PROSPECT, Moore and Randolph Counties, North Carolina, USA" was prepared by consulting minerals geologist and Qualified Person Dr. Richard C. Capps at the request of Erin Ventures, Inc. The technical report is written in compliance with disclosure and reporting requirements set forth in the Canadian Securities Administrator's National Instrument 43-101, Companion Policy 43-101CP, and form 43-101F1. The report presents the results of historic exploration on the prospect. The prospect area is located in central North Carolina about 60 straight-line miles southeast of Raleigh, North Carolina. In combined total, Noranda, Cyprus, Goldleaf, and Erin Ventures have spent over $2,000,000 USD on gold exploration at the Deep River prospect. This includes over $600,000 USD spent in 2009 on 12 vertical core holes (DRC-2007-01 through DRC-2007-12) drilled by Erin Ventures, Inc. which are the basis of the reported inferred gold resource by Dr. Capps.
Dr. Capps has calculated an inferred gold resource of 708,000 ounces at a grade of 0.012 ounces per ton and 59 million tons of ore material.
All verified Erin core drill hole data was used in the gold grade estimation. A secure Microsoft Access database was used by Rockworks modeling software to calculate grades directly from the database. Assays are reported in the database in parts per billion ("ppb") and are converted to troy ounces per short ton ("opt"). The drill hole spacing ranged from about 35 meters to over 135 meters but was generally on nominal 70 meter centers. All drill holes used in the estimate are vertical. The drilling was focused in an area with a north-northwest trend that is approximately 335 meters long and 300 meters wide.
The Deep River database assays range up to 5,170 ppb and the overall average is 204 ppb. Most assays are between 340 ppb (0.01 opt) and 680 ppb (0.02 opt) and assays in this range most nearly represent a normal distribution for the current database and are used as lower and upper cutoffs for this estimate. The grade range between 0.01 opt and 0.02 opt includes samples that most nearly represent a normal distribution of the gold values and excludes high-grade samples mostly more than one standard deviation unit outside the population. The mean for this 340 ppb to 680 ppb distribution is 420 ppb (0.012 opt) and is used in the current technical report as an estimate of grade.
Gold mineralization is not closed in any direction including depth and advanced exploration is recommended by the report. A drilling program is recommended which includes 26,000 feet for diamond core drilling. The drilling program should include:
* fill-in core holes to demonstrate continuity and to upgrade the inferred resource estimate presented in this current technical report
* core holes should be drilled along trend to extend the shallow inferred resource, and
* angle holes should be drilled across mineralized trends to test for continuity of mineralization between these widely spaced holes and to potentially increase grade by intersecting high-angle structures missed by vertical drilling.
The total recommended exploration budget is $1,812,800 USD.
According to Dr. Capps "The Deep River Prospect is a Project of Merit and further exploration is needed to evaluate this mineralizing system."
Detailed logging of exploration drill holes and geologic mapping identifies as least five centers of higher grade gold mineralization which show strong geologic, textural, and mineralogical evidence of early acid-sulfate and possible high-sulfidation alteration and intense leaching; including the formation of large pyrophyllite bodies. The early alteration was overprinted by lower temperature and lower-sulfidation gold mineralization and related alteration in near vertical structurally controlled zones containing ferruginous, locally vuggy hydrothermal breccias, adjacent overpressure brecciation (crackle-breccia stockworks), and stratiform disseminations into mostly felsic volcanic rocks. This generally north-northwest-striking trend of alteration and mineralization is centered on outcrops of mostly intensely silicified porphyritic metadacite hypabbysal intrusive dikes, domes and flows, and cogenetic fragmental volcanic rocks. The intrusives dikes and domes cut the surrounding metavolcanic and volcaniclastic metasedimentary rocks and mineralization and alteration are centered on these intrusives.
The Deep River prospect has no recorded gold production but a few shallow prospects are evidence of historic exploration in the area. Modern exploration began in 1989 by Noranda Exploration and consisted of stream sediment sampling followed up by extensive shallow soil sampling, trenching across anomalous soil trends, airborne geophysical surveys and saprolite, core and rotary drilling through 1991. Later, through agreements with Appalachian Resources LLC, Cyprus (1993 to 1994) and Goldleaf (1997) also conducted limited exploration but no drilling. The Project was placed in Triangle Minerals LLC, and in 2009, through Agreement with Erin Ventures, an additional $619,000 USD in direct exploration costs was spent, including 12 vertical core holes by Erin Ventures. Historic exploration drilling by Noranda includes 9 core holes totaling 2,546 feet, 20 saprolite borings totaling 1,790 feet, and one 300-foot rotary water well drill hole.
Erin Ventures is very pleased with the conclusions of this report and is evaluating options to further develop and expand this inferred gold resource. A copy of the report has been filed on SEDAR and may be viewed at www.sedar.com.
On behalf of the Board of Directors,
Blake Fallis, General Manager
For further information, please contact:
Erin Ventures Inc.
Blake Fallis, General Manager
Phone: 1-250- 384-1999 or 1-888-289-3746
Erin's Public Quotations:
TSX Venture: EV
SEC 12G3-2(B) #82-4432
Berlin Stock Exchange: EKV
The technical information in this release was prepared and approved by Dennis LaPoint, Registered Geologist in the State of North Carolina, a director of the Corporation, who is a Qualified Person under National Instrument 43-101.
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 release
Forward Looking Statements
This release contains forward looking statements. The words "believe," "expect," "feel," "plan," "anticipate," "project," "could," "should" and other similar expressions generally identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are subject to a number of risks and uncertainties including, without limitation, variations in estimated costs, the failure to discover or recover economic grades of minerals, and the inability to raise the funds necessary for the continued operations of the Company, changes in external market factors including commodity prices, and other risks and uncertainties. Actual results could differ materially from the results referred to in the forward-looking statements.
Source: Erin Ventures Inc. (TSX-V: EV) http://www.erinventures.com
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