VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 20, 2012) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX VENTURE:BAR)(OTCQX:BALMF) has been advised by GTA Resources and Mining Inc. ("GTA") (TSX VENTURE:GTA) that drilling has resumed on the Company's Northshore Property located in the Hemlo-Schreiber greenstone belt of Ontario. The Phase 3 drilling program will consist of approximately 20 diamond drill holes totaling a minimum of 5,000 metres.
According to GTA, drilling will target further expansion of the Afric Gold Zone and high-grade Audney and Caly vein systems contained there-in. To date drilling by GTA has confirmed the presence of gold mineralization associated with the broad Afric Gold Zone for 280 metres in an east-west direction and to vertical depths in excess of 300 metres (see NR12-18, July, 12, 2012 at www.balmoralresources.com). The mineralized corridor remains open to the east, west, north and to depth.
Recent highlights from drilling at Northshore have included intercepts of 0.90 g/t gold over 143.00 metres (WB-12-15) and 1.41 g/t gold over 240.00 metres (WB-12-17) (see news releases NR12-11 and NR12-18, respectively). The Audney and Caly systems have returned numerous high-grade gold intercepts highlighted by 13.23 g/t gold over 6.50 metres and 12.49 g/t gold over 33.80 metres, respectively (see NR12-03; Feb. 14, 2012).
"With the success of our exploration efforts and on-going drilling on the Martiniere Property in Quebec and resumption of drilling at Northshore, our shareholders should have a great deal to look forward to this fall," said Darin Wagner, President and CEO of Balmoral.
Exploration work on the Northshore Property is being funded by GTA as part of their First Option earn-in requirements under an Option Agreement announced July 27, 2011 (see NR11-17). Balmoral currently holds approximately 7.0% of the issued and outstanding shares of GTA.
Mr. Darin Wagner (P.Geo.), President and CEO of the Company, is the non-independent qualified person for the technical disclosure contained in this news release. Mr. Wagner has reviewed the results of the GTA work programs completed to date on the Northshore Property, visited the property on multiple occasions, examined the drill core from the holes summarized in this release and reviewed the available analytical and quality control results.
About Balmoral Resources Ltd. - www.balmoralresources.com
Balmoral is a Vancouver-based precious metal discovery company focused on district scale gold opportunities in North America. Balmoral's flagship Detour Gold Trend Property encompasses 82 kilometres of the gold-bearing Sunday Lake Deformation Zone in Quebec and is centered around the expanding Martiniere high-grade gold system. With a philosophy of creating value through the drill bit and with a focus on proven productive precious metal belts, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery.
On behalf of the board of directors of BALMORAL RESOURCES LTD.
Darin Wagner, President and CEO
This press release contains forward-looking statements and forward-looking information (collectively, "forward looking statements") within the meaning of applicable Canadian and United States securities laws. All statements, other than statements of historical fact, included herein, including statements regarding the anticipated content, commencement, duration and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the timing of the receipt of assay results, and business and financing plans and trends, are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions or are those which, by their nature, refer to future events. Although the Company believes that such statements are reasonable, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results may differ materially from those in forward-looking statements. Important factors that could cause actual events and results to differ materially from the Company's expectations include those related to weather, equipment and staff availability; performance of third parties; risks related to the exploration stage of the Company's projects; market fluctuations in prices for securities of exploration stage companies and in commodity prices; and uncertainties about the availability of additional financing; risks related to the Company's ability to identify one or more economic deposits on the properties, and variations in the nature, quality and quantity of any mineral deposits that may be located on the properties; risks related to the Company's ability to obtain any necessary permits, consents or authorizations required for its activities on the properties; and risks related to the Company's ability to produce minerals from the properties successfully or profitably. Trading in the securities of the Company should be considered highly speculative. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the latest technical reports filed with respect to the Company's mineral properties.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
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