Jul. 25, 2011 (Canada NewsWire Group) --
VANCOUVER, July 25, 2011 /CNW/ - GMV Minerals Inc. (the "Company" or "GMV") (TSX-V: GMV) is pleased to announce that it has drilled approximately 800 metres to date. As expected, the drilling has encountered a well-defined siliceous brecciated unit with sulfide-rich sequences with elevated copper, arsenic, and zinc indicated by X-ray fluorescence testing. This geochemically anomalous horizon was targeted, however gold assay analysis will be the defining value. Importantly, these intersections have occurred near the depths indicated and identified by the Company's 3D IP ground geophysical program. Robert Lunceford, MSc. P. Geo., GMV Minerals' QP on a recent review of the property and drilling stated "The silicification encountered has demonstrated that geophysical surveys are a successful and essential method of drill targeting within extensive greenstone belts within Guyana."
The Company continues to drill its initial targets in the Puruni region. While drilling is ongoing it has been slower than expected. A variety of unforeseen manufacturer's defects with the brand new drill heads have led to delays. However, the drill manufacturer has been on site and has advised the Company that both drills will be fully operational with new drive heads within two weeks. Currently, the Company is running two drills at an average of 30 meters per shift with the defective heads. Despite the delays, GMV is on track to complete its drilling program of a minimum of 10,000 metres in 2011. Drill platforms have been constructed in advance of the drills at 8 locations.
The Company has been notified to expect final airborne geophysical data shortly. Delivery of the final sets of data from Geotech has been delayed due to the size of the airborne survey and the volume of information in processing the radiometric data. Over 33,600 line km were flown, which is the largest private airborne program ever conducted in Guyana. The initial data has provided many targets which are being followed-up by ground confirmation and 3D IP geophysical programs which have validated the initial targets and provided greater definition. The Company's geochemical programs have also confirmed values that indicate the geophysically targeted alteration packages. There are numerous targets outlined by the airborne geophysics which has provided exceptional data and would not have been available by other methods. For example, the twin crystal packs sampled radiometrics as close as every 7.5 meters; an airborne sampling scale which would have been impossible by any other means.
Recent geological reconnaissance conducted by Mr. Lunceford and GMV's geologists during the field visit discovered a resistive and heavily iron-stained unit which crops out on a small ridge about 170 m southeast of the DDH-01. The resistive outcrop occurs at the edge of a topographic break in slope, possibly a bounding key fault break, which was modeled from the geophysical data. Gravels from the creek at the base of the small hill were actively exploited for gold within the past year. A drill is presently turning on this target and is testing the anomaly to depth.
Core samples are in the process of being assayed by Acme Analytical and the Company expects values from the first samples in 3 weeks with samples processed in the Vancouver Lab. Mr. Lunceford, GMV's QP, independently collected, transported, and submitted duplicate splits of the core which are also presently being analyzed at Acme.
The Company also wishes to announce that Mr. Clare R. Copeland has joined the Board of Directors effective immediately. He has enjoyed an illustrious career as an entrepreneur, senior executive and board member of many well-known corporations. Mr. Copeland has held senior executive positions with major corporations such as Zale Corporation, and Drake International for the past 35 years. He served as Chief Operating Officer of Zale Corporation from 1991 to 1993. He has also served as the Chair of Sun Media Corporation from 1997 to 1999 and Ontario Place from 1987 to 1997.
Mr. Copeland is currently the Chairman of Toronto Hydro and sits on the boards of MDC partners Inc., Telesat Canada and Scott's Restaurant as well as the Retail Council of Canada and the Molson Indy Foundation. He serves as a Member of the Advisory Board at the University of Western Ontario's Richard Ivey School of Business. Mr. Copeland will sit on the Company's Audit Committee.
Lastly, subject to regulatory approval the Company announces that it has granted incentive stock options to various directors and consultants to purchase up to 300,000 common shares at an exercise price of $0.50 for a period of 5 years from date of grant.
This news release has been reviewed and approved by Robert Lunceford, MSc. P. Geo., a Qualified Person under NI 43-101.
About GMV Minerals Inc.
GMV Minerals Inc. is a junior exploration company focused on the discovery of gold assets in Guyana, South America where it holds mineral rights to nearly 1000 sq. miles. The Company currently has approximately C$7.0M in treasury and is conducting a variety of advanced exploration programs during 2011.
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 or has in any way passed upon the merits of the transaction and has neither approved nor disproved the contents of this press release.
GMV Minerals Inc.
Tel: (604) 899-0106