Jun. 16, 2011 (TheNewswire.ca) --
June 16, 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 initiated exploration work at the Trapper gold project in northern British Columbia, and at the Chisna gold project in south-central Alaska. Geophysical surveying will begin in July at the Adelita porphyry copper-gold-molybdenum-silver project in southern Sonora, Mexico.
Camp construction is now underway at the Trapper gold project in advance of a $4M+ exploration program that will include over 5000 metres of diamond drilling. Drilling is anticipated to begin in late July. The phase 1 drill program will test a historically defined gold-in-soils and bedrock anomaly that has been traced for over 2 kilometres of strike and up to 500 metres in width.
Drill target definition has commenced at the Chisna gold project in Alaska on the Golden Range and Southwest Grubstake precious metal targets. The Golden Range target is defined by over 300 rock and soil samples taken across a 9+ kilometre by 2+ kilometre area and shows largely continuous elevated gold values, with a high value of 50.4 g/t gold and average of 0.60 g/t gold from all rock samples. The Southwest Grubstake target is defined by a mineralized trend with a mapped strike in excess of 600 metres. 19 rock samples taken from in-place boulder trains and outcrop returned an average of 7.38 g/t gold, 8.82 g/t silver, 0.91% lead and 0.16% zinc, with highs of 46.5 g/t gold, 29.8 g/t silver, 4.22% lead and 1.22% zinc across separate samples.
A ground-based Induced Polarization geophysical survey will commence at the Adelita copper-gold-molybdenum-silver porphyry project in southern Sonora, Mexico, in July. The survey will cover a 4 kilometre by 2 kilometre gold, copper, silver and molybdenum-in-soils anomaly defined by mapping and soil sampling in 2010. A copper-gold skarn from this target was drill-tested in 2010 and returned 16.15 metres of 1.97% copper and 0.84 g/t gold, and 47.64 metres of 0.98% Cu and 0.46 g/t gold in two separate drill holes. A 2000 metre phase 1 drill campaign will begin after target definition is complete.
The Trapper project is a joint venture between Ocean Park and Constantine Metal Resources Ltd. (TSXV:CEM) (TSX-V: CEM, "Constantine"). In order to earn a 50% interest in the property Ocean Park must make $4.75M of cumulative exploration expenditures by December 15, 2014. In order to earn an additional 20%, for a total of 70% interest, the company must make an additional $5M of exploration expenditures by December 15, 2017. Ocean Park must make cash payments of $100,000 and issue 1.5M shares to Constantine over the course of the earn-in.
The Chisna project is a Joint Venture between Ocean Park's wholly owned subsidiary Ocean Park Alaska Corp. and Corvus Gold Inc.'s (TSX:KOR) (TSX: KOR, "Corvus") wholly owned subsidiary Raven Gold Alaska Inc. . Ocean Park's initial 51% interest is earned by its US$20M contribution for exploration by March 15, 2015. An additional 19%, for a total of 70% interest can be earned by completing a positive feasibility study within 5 years of the initial earn-in. Ocean Park must issue 1M shares to Corvus over the course of the earn-in. Ocean Park has fulfilled over US$6M in exploration expenditures to date.
The Adelita project is a Joint Venture between Ocean Park and Minaurum Gold Inc. (TSXV:MGG) (OOTC:MMRGF) (TSX-V: MGG). To earn a 51% interest in the property, Ocean Park must make cumulative exploration expenditures on the property of $1,425,000 by December 31, 2012. This is expandable to a 65% interest through additional exploration expenditures of $2,375,000 by December 31, 2014 and by completion of a prefeasibility study by December 15, 2015. A 75% interest may be obtained by completing a feasibility study on the property by December 31, 2018. Ocean Park must make cash payments to MGG and underlying property owners of $1,025,000, and issue 2,175,000 shares over the course of the earn-in.
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.
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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