De Beira is pleased to announce drilling has begun at the Company's Minanca Project in Portovelo, Zaruma mining district of the El Oro province in Southern Ecuador
2006-09-26 02:23 ET - News Release
PERTH, WESTERN AUSTRALIA -- (MARKET WIRE) -- 09/26/06
De Beira Goldfields Inc ("DE BEIRA" or the "Company") (OTCBB: DBGFE.OB)(FWB: D1Q)(WKN: A0JDS0): is pleased to announce that a drill rig has arrived onsite at the highly prospective Minanca project in the El Oro province in southern Ecuador.
Drilling has begun at the Company's Minanca Project in Portovelo - Zaruma mining district in Southern Ecuador. The Company is targeting the extensive stock work system that encompasses the numerous high-grade gold, silver, lead and zinc quartz veins currently being exploited from under ground.
The 45-hectare property Minanca mining property is located in the highly productive Portovelo-Zaruma gold belt in the El Oro province of Ecuador. The Portovelo region is host to a 15 km long system of poly metallic epithermal veins. Locally the vein system covers an area approximately 7 km long by 1 km wide, with mineralisation hosted in highly fractured host rocks with quartz and carbonate filling.
The geology of the Minanca property relates to its position within the base of a caldera, resulting in a series of north south striking, east-dipping swarms of gold, silver and base metals bearing quartz veins located near the western boundary of the Minanca property. This vein swarm is approximately 7 km long and 1 km wide.
Drilling will initially focus on the centrally located topographic high in the central part of the Minanca project which is completely composed of hydrothermally-altered silicic pyroclastic material probably formed during the post-caldera stage of volcanic activity.
The presence of such vein swarms, across silicic calderas is considered typical of this style of mineralisation. It is suggested that these vein swarms are a result of fissures dilating as a result of strike-slip fault movements along regional faults, which control the calderas location. The style of mineralisation is compared to ore bodies of the Uzon Caldera in Eastern Kamchatka, Russia.
The Minanca property has been continuously mined since 1845 and mining in the region dates back to the 1600's. Mineralisation on the Minanca property includes gold, silver, copper, zinc and lead occurring in quartz calcite veins within an andesite host rock. The mine has 3 principal veins, varying in widths from 0.6m to 5m and length between 500m and 800m, of which only the Abundancia vein is the focus of current mining activity. This vein system is postulated as originating from dilational fissure openings resulting from the strike slip fault movements associated with the Portovelo Caldera. Numerous stockwork veinlets separate the major veins, and these stockworks are currently undergoing evaluation for an open pit-mining development.
Encouraging results from systematic sampling of surface outcrops, trenches and underground lithologies, coupled with structural interpretations, suggest that drilling has the potential to rapidly identify a large economic polymetalic stockwork system.
DE BEIRA GOLDFIELDS INC
Reg Gillard, President
About DE BEIRA GOLDFIELDS INC.
DE BEIRA is a Nevada based mineral exploration company. The Company has recently initiated a new program to evaluate undervalued assets for potential addition to its mineral claim portfolio.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains statements that plan for or anticipate the future, called "forward-looking statements." In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of those terms and other comparable terminology.
These forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements about: our market opportunity; revenue generation; our strategies; competition; expected activities and expenditures as we pursue our business plan; the adequacy of our available cash resources; our ability to acquire properties on commercially viable terms; challenges to our title to our properties; operating or technical difficulties in connection with our exploration and development activities; currency fluctuations; fluctuating market prices for precious and base medals; the speculative nature of precious and base medals exploration and development activities; environmental risks and hazards; governmental regulations; and conduct of operations in politically and economically less developed areas of the world.
Many of these contingencies and uncertainties can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to our most recent annual report on Form 10KSB and other filings made by us with the United States Securities and Exchange Commission for more detailed discussions of the contingencies and uncertainties enumerated above and the factors underlying the forward-looking statements. These reports and filings may be inspected and copied at the Public Reference Room maintained by the U.S. Securities & Exchange Commission at 100 F Street, N.E., Washington, D.C. 20549. You can obtain information about operation of the Public Reference Room by calling the U.S. Securities & Exchange Commission at 1-800-SEC-0330. The U.S. Securities & Exchange Commission also maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the U.S. Securities & Exchange Commission at www.sec.gov.
We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.
This press release is for informational purposes only and is not and should not be construed as an offer to solicit, buy, or sell any security.
Contacts:
De Beira Goldfields Inc.
Reg Gillard
Director
+61 (08) 9240 6717 / 9240 2836
+61 (08) 9240 2406 (FAX)
www.debeira.com
