February 28, 2012 - Vancouver, B.C. Ocean Park Ventures Corp. ("Ocean Park" or the "Company") (TSX-V: OCP) is pleased to announce that it has begun diamond drilling at the Adelita project, southern Sonora, Mexico. The Adelita project hosts skarn mineralization with strong copper, gold and silver values, flanking a 10 square kilometre copper, gold, silver and molybdenum-in-soil anomaly which has a porphyry signature. The Phase 1, 2500 metre drill program will test both skarn and porphyry targets.
Ocean Park can earn up to a 75% interest in the Adelita project through its joint venture with Minaurum Gold Inc. (TSX-V: MGG). The Property is located in Sonora State, Mexico, and lies 6 kilometres east of Pan American Silver Corp.'s (TSX: PAA) open pit Alamo Dorado silver mine. The geologic setting 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 of Frontera Copper Corp. (proven and probable reserves of greater than 500 Mt of greater than 0.36% copper), located 60 kilometres to the northwest.
The copper-gold-silver skarn target was drill confirmed at Adelita 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.
A ground-based Induced Polarization (IP) geophysical survey completed by Ocean Park in late 2011 has discovered strong conductivity and resistivity anomalies across more than three kilometres of strike underlying the core of the main polymetallic soil anomaly. These results are consistent with a broad altered and mineralized system. Property-wide sampling and mapping of altered intrusive rocks suggests the mineralization is likely porphyry-associated.
The Company also announces the resignation of Mr. Giulio Bonifacio from the Board of Directors. The Board would like to thank Mr. Bonifacio for his hard work and wish him success in his future endeavours.
Mr. Chris Taylor, M.Sc. P.Geo, is Vice President Exploration with Ocean Park and is the Qualified Person as defined by National Instrument 43-101, who supervised the preparation of the above information. Information related to past drilling and highlighted mineral properties was taken from previous public disclosures issued by the companies listed above.
For further information please contact Mr. Paul Matysek, M.Sc. P.Geo, Acting President and Chairman, Mr. Chris Taylor, M.Sc. P.Geo, Vice President Exploration or Mr. Robert Orr, Investor Relations at 604-681-0084.
OCEAN PARK VENTURES CORP.
On behalf of the Board
Paul Matysek, Acting President and Chairman
About Ocean Park Ventures
Ocean Park is a well-funded Canadian mineral exploration company working in three leading jurisdictions, with active exploration including diamond drilling underway on 3 properties. Ocean Park can earn a 70% interest through its joint venture in the Trapper Gold project, northern British Columbia, where Ocean Park has identified a gold-copper porphyry complex with a surface signature of over 15 square kilometres and visible gold in drill core. The Company can earn up to a 100% interest in the Metla property, located 5 kilometres south of Trapper, through its earn-in agreement. The Company can also earn up to a 70% interest through its joint venture in the Chisna Gold project, south-central Alaska, where a 12+ kilometre gold-in-bedrock and soils target has been identified returning results as high as 260 g/t gold, the Golden Range. A 75% interest can be earned through its joint venture in the Adelita Copper-Gold-Silver project, Sonora, Mexico, where a 10+ square kilometer polymetallic soil anomaly having a porphyry signature includes a copper-gold-silver mineralized, drill-tested skarn.
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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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