Hornby Bay Provides Exploration Update
11 Agosto 2010 - 6:32PM
Marketwired
Hornby Bay Mineral Exploration Ltd. (the "Company") (TSX VENTURE:
HBE) wishes to provide an update with respect to its 2010/11
exploration program on its Coppermine River Property in Nunavut. As
set out in its press release of June 22, 2010, the drilling
component of the 2010/11 exploration program is focused on drilling
several unconformity type targets on the Coppermine Property. The
first hole HB10-11#one was stopped short at 344 meters due to
difficult drilling conditions. There were 66 drill rods and the
core barrel assembly lost in the hole due to freezing. The Company
has delayed further drilling until the seismic portion of the
exploration program is complete and high efficiency water line
heaters have been delivered to the site to deal with permafrost
issues.
In addition, all required camp improvements have been installed
and inspected by the Nunavut Water Board and the Land
Administration of the Indian and Northern Affairs Canada. Upon
completion of the shareholders rights issue announced on July 29,
2010, preparations will be underway to obtain seismic signal
generating vehicles (Vibroseis) to complete the seismic portion of
the exploration program on the Coppermine Property which is
expected to proceed when surface areas are frozen and weather and
daylight conditions permit.
The diamond drill remains on site and will be ready to test the
key unconformity targets when the seismic data processing and
interpretation is complete. The Seismic Research Program was
designed by the University of Saskatchewan Department of Geological
Sciences and will be conducted with their advice and guidance.
In addition, options to purchase an aggregate of 2,750,000
common shares exercisable at a price of $0.20 per common share for
a period of five years have been granted to officers, directors,
employees and consultants of the Company. The common shares
issuable upon exercise of the options are subject to a four month
hold period from the original date of grant.
This news release may contain forward-looking statements
including but not limited to comments regarding the timing and
content of upcoming work programs, geological interpretations,
receipt of property titles, potential mineral recovery processes,
etc. Forward-looking statements address future events and
conditions and therefore, involve inherent risks and uncertainties.
Actual results may differ materially from those currently
anticipated in such statements.
Rights Symbol: HBE.RT
Shares Outstanding: 48,438,330
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.
Contacts: Hornby Bay Mineral Exploration Ltd. Maurice Colson
President and CEO 416-597-0960 www.hbe.stocknetwork.com
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