January 13th, 2011
Vancouver, British Columbia - Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSXV:BAR) announced today that it has significantly expanded the size of its Fenelon gold project in Quebec. Balmoral has acquired, by staking, a total of 92 claims, covering approximately 50 square kilometres adjoining the eastern boundary of the Fenelon Project and extending along the Sunday-Detour Lake Deformation Zone. The Fenelon Project now covers over 24 kilometres of the interpreted extension of Sunday-Detour Lake Deformation Zone and is centered on the high-grade Discovery Zone. The Discovery Zone, which was the focus of pre-feasibility level studies and initial underground development between 2001-2004, has been only shallowly tested and remains open below the 100 metre vertical level.
“Our initial review of available information in the Fenelon area indicates potential for additional “Fenelon-like” discoveries along this section of Sunday-Detour Lake Deformation Zone,” said Darin Wagner, President and CEO of Balmoral Resources. “With the imminent commencement of drilling at Fenelon, we have been able to significantly expand our holdings and exploration potential at nominal cost by staking the Fenelon East package.”
The previously announced 13,000 metre diamond drill program (see NR10-12, December 15, 2010) is expected to commence on the Company’s Fenelon and nearby Martiniere gold projects within the next 7-10 days.
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 visited the properties and reviewed the technical documents from the projects.
About Balmoral Resources Ltd. (www.balmoralresources.com)
Balmoral Resources Ltd. is a Vancouver-based precious metal exploration and development company focused on district scale precious metal opportunities in politically favourable jurisdictions in North America. With a philosophy of creating value through the drill bit and with a focus on proven productive precious metal belts in Canada, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery and expansion of high-grade gold resources.
On behalf of the board of directors of
BALMORAL RESOURCES LTD.
President and CEO
For further information contact:
John Toporowski, Manager, Corporate Development
Balmoral Resources Ltd.
Tel: (604) 638-5815 / Toll Free: (877) 838-3664
E-mail: [email protected]
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 press release.
This press release includes certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. 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. Forward-looking statements in this press release include, but are not limited to, statements regarding the anticipated start date of drilling operations, timing on a resource update for the Fenelon project and drill targeting. 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 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.