VANCOUVER, BRITISH COLUMBIA, Dec 05, 2012 (Menafn – MARKETWIRE via COMTEX) –Citation Resources Inc. (the “Company”) ispleased to announce preliminary results of its airborne versatiletime-domain electromagnetic (“VTEM”) survey completed in October 2012over a substantial portion of the Biricu Gold Project located withinMexico’s Guerrero gold belt.
The VTEM survey was conducted by Geotech Ltd. and coveredapproximately 1,400 line kilometres at 150 metre spacing over threespecific high-priority areas of the concession within a broadersurvey coverage at 200 metre spacing. Condor Consulting Inc.(“Condor”), experts in the field of airborne electromagnetics, hasbeen retained to perform a detailed interpretation of the results andtheir final report regarding the significance of the survey is stillpending.
The preliminary interpretation by Condor has identified 19 potentialtarget zones as defined by conductivity and magnetic geophysicalanomalies on the Biricu Project. Six of these target zones arealigned along a 5 kilometer northeast trending corridor, which todate has only been partially ground tested. A field crew has beenmobilized to conduct further mapping and sampling over thegeophysical anomalies in order to prioritize areas for possible drilltesting. Upon receipt of the final geophysical interpretation, theresults will be integrated with the analysis of the field workcompleted and drill targets will be prioritized. The details of thefinal results will be presented in a future news release.
Upon finalization of specific drill targeting the Company expects toinitiate its environmental permitting process and commit to adrilling contract in February 2013.
Qualified Persons
The exploration program is being carried out under the direction ofDavid M. Jones, technical consultant to the Company. Mr. Jones iscredited with discovering the Los Filos property currently beingmined by Goldcorp which is 10 km from the Biricu Project. Applicationof his model to other properties in the region dramatically expandedthe conceptual extent of the Guerrero Gold Belt and led to thediscoveries of El Limon and Los Guajes deposits. He has publishednumerous technical articles and is considered to be an expert onGuerrero Gold Belt type deposits. Mr. Jones has worked extensivelythroughout the Guerrero Gold Belt for clients including Teck, WheatonRiver, Goldcorp, Penoles, Grupo Mexico, Torex, and a number of otherCanadian juniors.
The technical content of this news release has been reviewed,verified and is the responsibility of Richard Graham, P. Geol., whois a Qualified Person as defined in NI 43-101.
About Citation Resources
Citation Resources Inc. is a growth-oriented, Canadian mining companydedicated to the exploration and development of precious and basemetal resources. Citation is based in Vancouver, British Columbia andaims to create shareholder value through the acquisition,exploration, and development of profitable mineral properties, in amanner that is consistent with best practice in environmentalstewardship, safety and stakeholder engagement. The Company has anoption agreement with Esperanza Resources Corp. to acquire a 100%interest in the Biricu Project mineral exploration concession locatedin Guerrero State, Mexico. The Biricu Project comprises more than41,000 hectares located to the south and along strike of five skarngold deposits in the Guerrero Gold Belt (El Limon-Los Guajes – TorexGold Resources Inc.; Bermejal, Los Filos, and Nukay – Goldcorp Inc.;Ana Paula – Newstrike Capital Inc.).
Forward-Looking Statement
Some statements in this report contain forward-looking information.These statements include, but are not limited to, statements withrespect to future exploration, expenditures, transactions andfinancings. These statements address future events and conditionsand, as such, involve known and unknown risks, uncertainties andother factors which may cause the actual results, performance orachievements of to be materially different from any future results,performance or achievements expressed or implied by the statements.Such factors include, among others, risks related to actual resultsof exploration activities, the timing and amount of expenditures andthe completion of transactions and financings.
ON BEHALF OF THE BOARD OF DIRECTORS
CITATION RESOURCES INC.
Nigel Kirkwood, CFO
Neither TSX Venture Exchange nor its Regulation Services Provider (asthat term is defined in policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
Contacts:
Citation Resources Inc.
Nigel Kirkwood
CFO
604-682-6784
[email protected]
www.citationresources.com
SOURCE: Citation Resources Inc.
